It's funny to watch how these completely illogical arguments gain momentum in crypto community, I start to be suspicious that someone is pushing them on purpose to hype the herd.
Gold has superior chemical and physical features, quantum computers are built from gold. One third of the demand comes from jewellery which helps inflate the price, but even without that you hold some of industrial value, just the price would be 1/3 less.
No, cryptocurrencies are not a "commodity," "digital gold," "store of value" and they aren't valuable because "hey, dollar has no value." This is all nonsense.
When you have a humanitarian catastrophe or a conflict first thing enemy does is cut out the energy. Bitcoins are useless.
Physical gold can allow you to travel out with your family. Oil will have value, antibiotics, food, guns, jewellery like Rolex will have some value.
These are commodities.
Yesterday I had to wait one day for my transaction because my gas fee wasn't high enough. Lost 10% too. I get cross-border payments that are instant and without a fee and volatility.
While I see many interesting and even exciting use-cases for cryptocurrencies and even more for blockchain I'm not too bullish on the 'asset' part.
Crypto does have inherent value and that is the ledger. The ledger makes sure that the coins that are with you, are replicated on thousands of nodes across the world without a decentralized entity.
A dollar for example just represents itself. You can't easily find out how many dollars actually exist, have been traded or how many dollars will there be.
A crypto, on the other hand, is completely transparent. The ledger contains the history of all transactions which can be verified. Also cryptos are produced in a completely deterministic way.
>The ledger contains the history of all transactions which can be verified.
I'm probably late to the party here... but just how many transactions can be handled in current ledgers? I mean... let's say everyone on earth suddenly agreed to use some crypto. You suddenly have lets say 4+ billion people (let's ignore kids) doing transactions per day.. can that be anywhere near supported with any current cryptoscheme?
Your physical gold will be confiscated by soldiers at the border. Or by the government in the name of nationalization, like the US did in Executive Order 6102.
Semantically, crypto is a "commodity", its just digital. Some also behave like securities, so it get complicated, but BTC can be compared most to gold.
Gold has superior chemical and physical features, quantum computers are built from gold. One third of the demand comes from jewellery which helps inflate the price, but even without that you hold some of industrial value, just the price would be 1/3 less.
No, cryptocurrencies are not a "commodity," "digital gold," "store of value" and they aren't valuable because "hey, dollar has no value." This is all nonsense.
When you have a humanitarian catastrophe or a conflict first thing enemy does is cut out the energy. Bitcoins are useless.
Physical gold can allow you to travel out with your family. Oil will have value, antibiotics, food, guns, jewellery like Rolex will have some value.
These are commodities.
Yesterday I had to wait one day for my transaction because my gas fee wasn't high enough. Lost 10% too. I get cross-border payments that are instant and without a fee and volatility.
While I see many interesting and even exciting use-cases for cryptocurrencies and even more for blockchain I'm not too bullish on the 'asset' part.