That's true, but alot of the biggest buyers of gold are people looking to store their wealth in economic hardships when cash is becoming devalued.
Countries or more so governments are the biggest investors in gold. But I think that's an interesting point you raised about its use as value like that.
Should Bitcoin be accepted as such gold will drop. I had a discussion tonight with someone who said it was all bullshit and fake. I asked why and they said what's the value? I asked them what the value in gold was, they simply said "it's gold".
I then further asked them, yes and how often do you use gold and why is it worth so much? They couldn't respond.
I also showed them Hive and Leo and they immediately said it is built on a fake economy. To which I pointed out they use Facebook and by them being on it they are creating value for Facebook. What's the difference other than Leo creating value for their users rather than a top person.
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This is the thing. Much of the value of anything is based around the narrative of it. In the past, gold had value because it was used to back fiat currencies - now it is free-roaming with very little usecase. Yeah, it can make jewellery and some electronics. But at least the jewellery side of it makes it no different to a painting or an NFT gif.
It is about the brainwashing of society to believe that we can't generate value for ourselves, it has to be created and managed for us.
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You're 100% right.
I won't even go into the discussion we had once I opened up Cubdefi. A coin generating interest was apparently unheard of.....
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