⭐ Merited by markj113 (2)
well said. the point here is about value storage. gold may not rise nearly as much as bitcoin over time (though the 2001-2011 run was pretty magnificent). but there are other considerations. gold has a history of thousands of years; bitcoin, less than 10. that's a huge difference in risk profile.
that's why it makes sense for wealthy people to dump only a small amount into bitcoin. they need to hedge wisely, not strike it rich.
That's goldbug propaganda as far as I'm concerned. I read that same statement over and over on coinflation's articles, and it doesn't really mean anything. It doesn't make a lick of difference when gold has been in a bear market for years now.that's why it makes sense for wealthy people to dump only a small amount into bitcoin. they need to hedge wisely, not strike it rich.
lol, bear market for years? that same exact logic applied to bitcoin in late 2015/early 2016. gold literally just ended its biggest bubble in history in 2011 (10 years of hyper bull), what would you expect? immediate explosion into another bubble!?
and how is it propaganda? it's just history. gold is regarded by society as a valuable commodity---that's a simple fact with historical backing. the point was about the difference in risk profile: bitcoin's incentives, consensus methods and robustness are simply not time-tested, certainly not when compared to longstanding everyday commodities with sizeable demand over hundreds or thousands of years.
i'm not a goldbug, btw. i very much prefer bitcoin. just talking about risk...... bitcoin is a brand new kind of asset, untested in many ways. it can't just spring up overnight and immediately be considered a traditional investment/hedging asset. it should be considered very high risk/high reward.