I think most goldbugs who dislike bitcoin fundamentally misunderstand why gold is valuable in the first place. So many believe that the monetary premium of gold is based on it’s utility as a commodity, but in fact gold is not actually used very much as a commodity (~10% of what’s mined every year is used this way. ~90% is used simply for it’s monetary properties) and that makes it more useful as money.
They also get the value proposition for gold jewelry backwards. They think “it is used in jewelry and that makes it valuable,” but actually it is used in so much jewelry BECAUSE of it’s value.
jelloshooter848 /
npub18q…wplas
2023-06-14 14:14:09
in reply to nevent1q…2fpm
Author Public Key
npub18q4mmj4slvnw27vqjl9avxt68a48advhlyncfr09g6tuhzhk4n3qzwplasPublished at
2023-06-14 14:14:09Event JSON
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"pubkey": "382bbdcab0fb26e5798097cbd6197a3f6a7eb597f927848de54697cb8af6ace2",
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"kind": 1,
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"content": "I think most goldbugs who dislike bitcoin fundamentally misunderstand why gold is valuable in the first place. So many believe that the monetary premium of gold is based on it’s utility as a commodity, but in fact gold is not actually used very much as a commodity (~10% of what’s mined every year is used this way. ~90% is used simply for it’s monetary properties) and that makes it more useful as money.\n\nThey also get the value proposition for gold jewelry backwards. They think “it is used in jewelry and that makes it valuable,” but actually it is used in so much jewelry BECAUSE of it’s value.",
"sig": "b23e046d4901ec5860850e1283f25d4e7a51f797cc4e8f152a5f1d10db686ea4d77ec71c2bfc88fbe3b68a54ea9a360ba52e954d212a6d5efd3a5397f0d155fc"
}