Post
Topic
Board Speculation
Re: Will Gold and Silver lose all its speculative value to Bitcoin?
by
Coinseeker
on 22/11/2013, 11:56:42 UTC

Either gold and Bitcoin both have intrinsic value, or neither has it. The intrinsic value lies in the attributes. The fact that gold's a nice shiny rock was only useful for bootstrapping gold as a currency.

Can you make a necklace, ring, cups, toilet or any other tangible item from Bitcoin?  Is Bitcoin conductive?  Trying to fit a square peg into a round hole, is never going to work, no matter how bad you want to. Gold has been useful for MANY things beyond currency.  It might behove you to actually research gold throughout history.  Your statement smells a lot like ignorance.

Quote
Either gold and Bitcoin both have counter party risk, or neither has it. Bitcoin functions fine without electricity, it's just the transfers which must occur off-blockchain then. But remember: gold transactions are ALWAYS off blockchain, Bitcoin's only in a weird and unlikely edge case.

Really?  More square peg, round hole syndrome.  How does Bitcoin function without computers?  How would transactions get processed without miners?  Thus, I don't think Bitcoin is going to work "fine" at all without electricity.  Gold requires nothing to exist.  Not sure how to make that any clearer.  There is no comparing tangible gold to digital Bitcoin, except in speculative value.  Which is all Bitcoin has, because it's not tangible.  We agree it's worth "X".  Just like any other fiat.  Doesn't mean Bitcoin is not awesome or that it can't have a higher speculative value, it just means it's not gold and never will be.