Re: Will Gold and Silver lose all its speculative value to Bitcoin?
All of Bitcoin's rules require math only and no electricity. As I said, it's impossible to place transactions in blocks without electricity. However this is always impossible with gold. So, without electricity, Bitcoin will merely fall back to the less efficient solution used by gold. I don't think I can spell it out even more.
Gold doesn't require a "block", math or anything digital to be used as a medium of exchange. And I don't know anybody who can solve "blocks" math problems by hand so, your argument is garbage. Without electricity, there is no mining and without mining, there is no way to prevent double spending. So, without electricity, Bitcoin is worthless numbers written on a paper. Sounds a lot like our current paper fiat. I'll stick with gold in such a situation, thanks.
