Quote:
Originally Posted by Wayne 962
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
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I just don't understand your argument I guess. So do you consider gold a mlm system? It meets the same criteria. Is volatility the crossover? 2-3% vs 200% acceptable vs unacceptable? I'm just trying to grasp the mindset and viewpoint. To me, bitcoin has utility because I have used it to purchase goods. It also has a lot of utility in countries with less stable governments for the same reason, millions of dollars are exchanged pier to pier every day worldwide in real physical good purchases to live, eat ect. Not in your neck of the woods does not mean it doesn't happen and no utility to you does not equal no utility to all.