Quote from: CoinCube on May 28, 2017, 01:05:07 AM

Quote from: r0ach on May 27, 2017, 11:11:24 PM

Feels like I'm talking to a bunch of millenial transgender children. First of all, only cuckolds go to Starbucks. Secondly, bitcoin is:

1) a currency, not money
2) does not remove counter party risk
3) is not a store of value

...
So please, stop being complete idiots and pretending bitcoin is in some way superior to gold and silver. The noble metals are the only viable candidate for sound money on this entire planet at the moment if you do not want to live under central bankers - which are the one of the main tenets of (((communism))).

Calling Nobel metals the only viable candidate for sound money represents a bias on your part. It remains to be seen if bitcoin will survive to become sound money but if it does it is tremendous undervalued at current prices.

Quote from: CoinCube on January 08, 2017, 04:04:24 PM

Quote from: r0ach on January 08, 2017, 08:24:14 AM

Cryptocurrency is not a real store of value, though. It is basically at the same level as fiat on Exter's pyramid. Wealth is derived from resources and labor. Cryptocurrency will always be the bad money driving out good money compared to an actual resource/commodity based currency whether it's gold, silver, oil, or some other substance. The problem that it's very difficult to remove counterparty risk on things like uranium and oil always switch roles back to metals such as gold and silver instead.
...

The difference is that crypto currency has the potential to someday climb beyond fiat beyond gold even on Exter's pyramid.

Gold can essentially be thought of as an eternal partially anonymous POW blockchain. It is mined and mining requires work limiting its supply and allowing it to be used as a store of value. Gold does have counterparty risk. The counterparty is society. The purchaser of gold takes the risk that the gold network (the network of individuals in society willing to buy and own gold) will continue to exist. Governments play a role here in that they have the power through their actions to strengthen or weaken this network but they lack the ability to destroy it entirely. The gold network has existed for thousands of years it has also survived multiple government attempts to eliminate it so the counterparty risk is lower than with anything else that exists.

To displace gold cryptocurrency would need to have a counterparty risk that was lower than gold.
This would require
A) Demonstration of enternal nature currency would need to hold its value over several generations
B) Demonstration of resilience cryptocurrency network it would need to show its ability to survive outlast and not be broken or destroyed by hostile government action.

The jury is still out on whether bitcoin can meet these very high hurdles. However, even if bitcoin fails it seems almost inevitable that something will come along someday that can meet them.

I already put in on Exter's Pyramid back in 2015. It is that yellow part on the tip (covering the gold)

Quote from: PoolMinor on August 28, 2015, 09:07:59 AM