Quote from: Majormax on August 12, 2018, 05:05:41 PM

Quote from: Torque on August 12, 2018, 04:40:12 PM

Yep.

If there were 1818 so called "precious metals" in the world, investors/savers would all gravitate to Gold and regard all the rest simply as "fool's gold".

I guess that will happen eventually.

Silver and a few other metals are used as stores of value, plus there are numerous other commodies and collectables etc which perform this function to a limited extent. There could be quite a number of Cryptos that survive long term (but not anywhere near 1818). In the meantime we are in an evolutionary lifeform/species explosion, which is needed to give natural selection a large choice for the eventual extinction.

Lots of fools gold around but no one pays it any attention. Just like all of these altcoins, people notice that the other "commodities" have very limited intrinsic value and don't bother to put much money into them. They do need to exist, however, just to set Bitcoin apart from all the others.

Quote from: Hueristic on August 12, 2018, 03:47:45 PM

I would argue that it is more of a store of wealth these days than an actual currency. And it may be the best way to store value than all the others.

No-one (except those living off their stash) dips into their stash for the weekly groceries do they?

I wouldn't be calling it a currency either, until we can actually buy out milk with it. That won't be happening soon either, so it's a store of wealth for the time being. Ideally we could use it as a currency but it's not practical yet. One day...