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RE: 🧠 Gold Will Be Worthless - Thanks to Asteroid Mining
The whole gold asteroid thing is silly and ridiculous. Mining is expensive. Space mining is stupidly expensive.
So, lets say you start mining this asteroid... the more precious metals you bring back to Earth... the less money it is worth, making the mining operation less and less profitable.
To assume you're going to mine all the metal at once is just... "ambitious".
In the end gold is still an "energy" currency just like Bitcoin. It costs resources to mine it, and if the supply gets too high and the price too diluted it's no longer worth mining.
Of course their will artifcal supply to keep gold price up like Diamonds but it will either way make the gold price go down way done in the future
Golden asteroid story ‘complete BS’ spread by bitcoin bulls to pump up crypto, Peter Schiff tells RT
What do you think?
Sounds somewhat legit but I don't care enough to research it more.
Yeah saw that before. He exaggerating his point. It true other metal our in asteroid but scientist can know "estimate" how much gold is in a asteroid.
Mining on gold used to be cheaper now more expensive as the supply of gold in now harder to get ie need to dig deeper and more. So yes he right but the technology and theory is still there/coming. Plus the asteroid has more valuable resources that so happen to be near the gold as well. So when the miners mine the other stuff they can also bring the gold.
it not going to happen now nor in 50 years but it will happen maybe the next 100+ years.
But gold won't be as unique anymore. Why choose it over aluminum?
Golden asteroid story ‘complete BS’ spread by bitcoin bulls to pump up crypto, Peter Schiff tells RT
What do you think?
Sounds somewhat legit but I don't care enough to research it more.
Here's a paper on the feasibility of asteroid mining. It's not a thing of the near future but something to consider in the long term nonetheless.
https://arxiv.org/abs/1808.05099