Post
Topic
Board Bitcoin Discussion
Re: Doug Casey on Bitcoin
by
relative
on 23/06/2011, 12:30:21 UTC

I didnt mean to say gold will become worthless because of bitcoin, or that bitcoin > gold.
(in fact, I still believe it is far less likely that bitcoin will be adopted as a widespread form of payment than gold will "fall off a cliff")

I just dont see the rivalry. one has nothing to do with the other, gold wont be used for trade again.


You have to understand there is a major correlation. The reason gold trades at the value it does is primarily because people place a value on it. In most parts of the world gold is the symbol of wealth and money. It is the stuff of kings and empires. There is a huge value being placed on gold for those qualities. BUT that value ONLY exists if people think that gold = wealth. If that idea is ever lost, then gold will be like just any other metal and will trade primarily at the value placed on it by industrial consumers.

I understand that. I don't understand how that contradicts anything I've said?