Quote:
Originally Posted by GGG
I think the finite nature of bitcoin actually works against it.
If it becomes a store of value that people flee to during money printing and harming various governments ability to enact monetary policy the government will step in and regulate. Golds price increase drives an increase in production of gold both in new mines over years or increased production at existing mines.
Bitcoin currently does this with difficulty until it mints its last coin. At that point in time I think there is an unknown risk of what will happen but I don’t think it will be positive.
The bitcoin hodl play exemplifies the problem as having a deflationary currency is really bad for the economy. Ie wait to buy and things get cheaper.
I don’t have a full coherent thought here yet and mostly musing but I do think the success of bitcoin and the last minted coin will facilitate the end of bitcoin or the regulation of bitcoin enough to destroy it.
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the other huge advantage gold and diamonds have is you can literally hide it in a hole in the ground or within your body, you need no access to technology to use it, in unstable countries this is why having some gold is coveted, it's utility for bribes when you have to get out of a country in a hurry is its real use