GoSeigen wrote:Leif wrote:
And yet it acts like gold, albeit with some advantages eg no need to have a huge armoured vault. Despite what you wrote, it’s not suitable as a currency, as it would consume absurd amounts of energy. It is a commodity rather than a currency.
If alchemy produces gold then yes, bitcoin is like gold. Funny, so far it has been a currency, then a store of value and now gold. IMO it's a rubik's cube, intriguing, a flash in the pan, perhaps with a long-term niche interest but as valuable as a lump of plastic in the long term.
Doesn't matter whether hiriskpaul likes bitcoin or not, his argument is 100% sound.
GS
Bitcoin is like gold as it is hoarded as an investment. It’s use as a currency is insignificant. Do you understand how it works? If the US was to use it in place of the dollar, energy use would rocket. It’s also too volatile to be useful as a currency.