Gold is such a shit metal, I mean sure it looks nice but there are tons of other metals that are lighter...

>Gold is such a shit metal, I mean sure it looks nice but there are tons of other metals that are lighter, easier to transport, more conductive, stronger, rarer. Gold is a dinosaur metal and is going to die one day.

When will you guys realise that value IS consensus, as in the very concept of 'valuable' exists out of social consensus. The sooner you realise that wealth = having something that most people want, and that most people are somewhat dumb and irrational, the sooner you'll become good traders.

It's gonna stay this way until we have an existential crisis (e.g. water shortage).

Bullets, drinkable water, guns, food etc are more worthwhile in a major crisis. Precious metals only hold value in civilization.

What is the point of this thread? It seems like you're attacking something.

Yes that's my point, until we have an existential crisis the market will behave irrationally. Only life or death situations make people truly rational.

Agree, +10 internets

Exactly, that's why those who own Bullets, Guns, Water and Food are all so insanely rich, aren't they?

Gold is useful for glorifying God.
Water just keeps sad sacks of shit like yourself alive a few seconds longer.

Except you can exchange gold for cash in just a few seconds, meanwhile bitcoin transaction times take longer and you have to pay a 20% fee, which is just abysmal

Some of you guys aren't getting what I said about water, I said UNLESS there is a genuine shortage of water, or unless a corporation can start selling air or some shit, then the market is irrational.

In other words probably not for many many many years, so dont be over-rational in your trading. Anticipate the demand not the tech.

Good luck transacting 100k+ in gold for cash in just a few seconds without getting killed/robbed/taxed the fuck out of it.

Also way to miss my point, it's an allegory, I'm not comparing bitcoins to gold, I'm saying gold to other metals is like btc to altcoins.

Functionality =/= value.

It's not like you'd have to carry your gold to a seller/bank and convert it to fiat there at all. Your gold in your safe just magically converts into fiat, all you have to do is close the safe, say "sell gold!" and then when you open it, there's fiat inside. Wow. I wish I had such a safe. Fucking idiot.

Richest people in the world have their own personal armies, food stores and water sources... so ya

Yeah but they didn't get rich buying and then reselling these items. Or if they did it was by buying a fuckton and waiting awhile.

Why are you being intentionally obtuse? We all know investing in water or guns isn't going to yield high returns UNTIL there's a crisis, good luck predicting it. This thread is about comparing btc to alts, the water comment was about a hypothetical.

Of course they have that, because rich people become paranoid and want to secure themselves vs any shortage of those items. But those items are rarely the reason why they got rich in the first place (at least not in the last 50 years - the big players in nutrition & arms have already been around for longer).

I have no idea what point you're trying to make
also value isn't consensus, value is subjective. I think you mean market price is "consensus".

Oh look, someone who understands how currency works.

I think he means value in an economic sense -- the point is that something is "worth" (it's value) what someone is willing to pay for it. Especially with currency, there is no way to value it (in economic terms) other than what people are willing to pay for it/give in exchange for it.

>the market is irrational
>expecting a catastrophe/apocalyptic doomsday

My money’s on civilized society

also gold wasn't used as a currency because it's rare, although that's a part of it. it's because it's easy to purify, malleable, doesn't rust or break down, and other shit I can't pull off the top of my head.

this stuff is pretty well established. but he's the vocabulary wrong like he's a 13 year old who has just realized what economics is and it's blowing his mind.

I'm not saying a doomsday scenario will ever happen, how low is your reading comprehension? I mention it precisely to highlight the only scenario in which my logic doesn't hold up (that value is significantly arbitrary).

If this is well established common sense for you, excellent, I have nothing else to tell you. This isn't blowing my mind, the point of this thread is to address all the people who are convinced BTC will die because altcoins 'are better at x', when like with gold, there is a metal thats better at anything gold is good at.

If what I'm saying is such common sense then Veeky Forums wouldn't be full of so many altcucks.

is Veeky Forums understood economics crypto wouldn't be nearly as popular here.