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Monday, November 18, 2013

Gold vs Bitcoin instrinsic value

Gold is just a chunk of metal, people's belief made it have value, it's all depends on what you believe. In a logical world, platinum should be 40X more expensive than gold, since it's rarity is 40X of gold, yet the price of platinum and gold is roughly the same.

Gold, platinum or Bitcoin all have zero value to a monkey, because monkeys doesn't believe in them, monkeys may believe a banana has more value than all the gold in the world. You see? gold does not have intrinsic value, unless it's useful to its users. Gold is useful to humans, and so is Bitcoin.

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