Quote from: relative on June 23, 2011, 12:30:21 PM

Quote from: killer2021 on June 23, 2011, 12:28:26 PM

Quote from: relative on June 23, 2011, 12:24:16 PM

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?

I was explaining why goldbugs fear bitcoin. Most goldbugs believe that gold is money and will eventually be used as money again. Thats why they hate bitcoin. If the dollar collapses and people start to use bitcoin instead of gold, there goes their big plan of gold going up 10,000,000%.

But of course many libertarians (such as myself) see bitcoin as just another currency and yes I agree with you that gold and bitcoin can compliment each other (but I prefer to hold silver, myself).