Quote from: Elephantag on November 23, 2017, 03:32:59 AM

Quote from: patarfweefwee on November 23, 2017, 03:18:41 AM

Since the beginning of time gold is precious, now gold is still precious and will still be precious. It's one of the main backing for currency in any country, of course other products could be used but gold is one of the standard. Now with bitcoin, this currency just started...

You say nonsense. Gold has always been the guarantor of the economic stability of any state. No bitkoin his never replace.

Maybe maybe not. Gold as a currency is already highly undervalued due to the simple fact that it's useless for anything but face to face transactions. Here in the very, very near future, face to face transactions will be virtually unheard of, with most retail going to online. And what retail is left over, such as perishable goods at grocery stores, will still use digital currency, as the checkouts will not be manned. It's also likely that you will reserve your purchases online, pay for them, then pick them up at the store. The era of large retail spaces is going to be a thing of the past, and in the future retail stores will take products directly from stockroom to customer, likely with some kind of automated fulfillment system.

So if you have a digital currency that can't be inflated, then gold loses its function as a store of wealth.