I love how Peter is saying merchants will be pricing their items in gold in future but can't see the same happening for bitcoin. What will the kids of today use? Why would they use gold when bitcoin does the same job better. But it's always good to hear the reasons from the "other side".
He's also saying people might not want bitcoin tomorrow, but if bitcoin is digital gold, why wouldn't they? It's very hard to move gold around and there's a lot of fees, also somebody could easily stop you. Either he's not seeing the full picture or he's just touting gold because it's his work and that brings food to his table. I'd say it's the latter.
I think this stems from the difficulty people have of measuring value without a yardstick, local currency is that yardstick. There will be a global currency and unless something monumental happens it will be Bitcoin but also there will be others as well. I think local currency will survive for some years as the yardstick of value but will decline slowly over the years, it is possible that one time in the distant future there will be only one dominant universal currency.
Makes sense. With the globalization it's only a matter of time.
Perhaps because its NOT digital GOLD - its just digits with a traceable ledger that governments, should they so decide/decree - can get their corrupt paws on in a few quick pieces of tyrannical legislation....
No, its better than digital Gold, governments have seized Gold before but unless you handover the private key they can't take your bitcoin.
I hear ya stimp, but if they really wanted to, you and I both now they could make it illegal to use - thus rendering it worthless... At least precious metals have intrinsic value beyond that which any government may render the underlying as non-legal tender... Best bet - have a good bit of both on hand and you'll be far better off than with just one or the other.... Just my opinion... :)
I am not knocking Gold, been valuable for donkeys years and will always have intrinsic value, so holding a bit of both is a wise call, eggs in one basket and all that :)