| ▲ | jld 6 hours ago |
| While gold has industrial uses, isn't most of its value based on the fact that people like it and believe that it has value? |
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| ▲ | interstice 6 hours ago | parent | next [-] |
| I'm not sure if this means gold isn't powered by memes or whether it's just one of the most long lived memes of all time. Aside from other nice properties like lasting a long time, being pretty, and not requiring electricity to exist. |
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| ▲ | Danox 4 hours ago | parent [-] | | Certainly, gold is not a meme, nor are all the other rare earth metals. This principle applies most to the other elements found on the periodic table. In fact, they have become more valuable due to research and development in today’s modern world, as numerous useful discoveries are made daily. Cryptocurrency, such as Bitcoin, is undoubtedly a meme. If given a choice, one would prefer to possess any of the rare metals, rare earths, or any other elements that can be obtained in sufficient quantities, whether on land or in the ocean. Bitcoin or cryptocurrency is beneficial only to insiders and not to the general public. In essence, they are akin to modern tulips with a cherry on top, and like Tesla in 2030, one should avoid being caught with the bag. |
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| ▲ | jpadkins 5 hours ago | parent | prev | next [-] |
| What you are describing applies to all forms of money. It has value because people believe other people will use it as money. If that belief drops, the value drops. People comment on gold and Bitcoin, but don't realize the same principles apply to US dollars and bonds. |
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| ▲ | chriswarbo 3 hours ago | parent [-] | | > the same principles apply to US dollars Currencies are a little different, since they are required to pay taxes; and payment of taxes is enforced (to varying degrees) by state violence. Hence if you believe you will be taxed ("death and taxes" being the only certainties in life, etc.) then the currency associated with that tax has value, in that it avoids imprisonment, etc. |
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| ▲ | jimnotgym 5 hours ago | parent | prev | next [-] |
| I was once told bitcoin was a 'pet rock'. Thing is people pay a lot of money for rocks when they have no planned industrial activity for them. Diamonds, for instance. I think you are spot on. The problem comes if SpaceX goes out of fashion, not its fundamentals. |
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| ▲ | infinitewars 6 hours ago | parent | prev [-] |
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