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RE: Bitcoin Vs Gold - Why I Believe Bitcoin Will Pan Out To Be More Valueable Than Gold

in #bitcoin8 years ago

Great article!!

As I read, I kept thinking, "We've really drank the cool-aid if we denominate everything in the paper empty promises of the Fed". We have and we do.
Then I thought, "Why shouldn't bitcoin be denominated in gold?" It makes more sense. One BTC is currently worth about .65 oz of gold (off the top of my head, so not quite accurate).
As an interesting aside - BTC is the closest thing we've ever had to fiat money (as opposed to fiat currency). It fits the Aristotelian definition of money except in one area, inherent value, where it half fits it (the Aristotelian definition included, Durable, Portable, Divisible and Inherent value - Some say "intrinsic", but economists argue that the only intrinsic value is life itself, to which I'd agree). Durability could be argued too. Gold is always gold. If you lose it, someone can dig it up and it's still gold. If you lose your hard drive, someone can dig it up and won't be able to do a thing with it.
I'm with you, and think it'll outpace gold. When we see 1 BTC = 1 OZ AU, it'll be a glorious thing. Does that mean we can look forward to 1 ETH = 1 OZ AG?

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As I read, I kept thinking, "We've really drank the cool-aid if we denominate everything in the paper empty promises of the Fed". We have and we do.

The fed and BTC denominate money in the same way -- with an electronic ledger. The only difference is that the ledger is decentralized in btc. Dollars aren't made out of paper.

The same "way", but not the same "thing" at all.

ever heard of goldmoney.com ??

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