Quote:
Originally Posted by Enoch Root
First of all, I didn't cherry pick the years, I literally used the same ones from the example I saw (to the best of my memory) because it doesn't matter.
That's the point - it has been that way for hundreds of years.
As for recent volatility, yes there has been a fair bit of it in the last 20 years. Volatility is going to happen over short periods, and inflation hedges have never claimed to be perfect correlators to inflation - that is an unreasonable ask. Just as it would be unfair to assume that for Bitcoin. What does matter though, is that it continues to correlate over longer time frames - which it has always managed to do.
Regarding your last statement, what is weird is people who get emotionally connected to things like this. Whatever happens with Bitcoin is what it will be. So be it. But some people seem to want to cheerlead it, which I just don't get.
You say the answer is yes, Bitcoin could replace gold. Okay, tell us why - the onus is on the claim, so let's here it. Convince us.
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Convince you of what? That Bitcoin will replace Gold? Who knows. I don’t think I ever stated that. I was speculating as to the maximum value of Bitcoin if it did replace gold. Then you and AFC came in with reasons why it wouldn’t so you were the one making a claim. I’m not a Bitcoin cheerleader by any means I own 1/10th of a coin.
Obviously you didn’t cherry pick the years but the quotes about an ounce of gold vs buying a suit do. I looked over 120 years and what you said is not true from 1900 to now gold has increased in value at a greater rate than inflation.