Quote:
Originally Posted by ShopCat
I guess I don't consider jewelry as "utility" as this discussion is in regard to the need for mining gold as a justification of the energy and emissions cost. Taking the context into the equation one would be hard pressed to argue the jewelry portion is utility without being intentionally misleading. But you do you.  |
Quote:
Originally Posted by ShopCat
This proves my point though right? Investors and speculators have driven gold pricing many x its utility value.
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The comparison to gold is a classic straw man argument. The energy consumption, lack of utility, and classic pattern of a multi-level marketing system cannot be reconciled by Bitcoin investors, so there is a common technique to deflect away by using a comparison to gold. It's all an MLM scheme / system right now that is attracting all of the "quick money" investors, plain and simple. Nothing wrong with that, I just prefer to call it like it is.
If Bitcoin were 100% stable and moved maybe 2-3% per year, I'd be willing to bet that most everyone who was "in Bitcoin" right now would not maintain their position.
-Wayne