I recently had this heated argument with a financial executive on the difference between Bitcoin and gold. He argued that they were pretty much the same thing. Gold's price has always been whatever people think it was worth. The same with cryptocurrencies.
I retorted that they are not the same. Gold is tangible. You can hold it in your hand. You know how much of it is being stored in vaults. Although the price certainly fluctuates, gold has been a store of value for thousands of years. It doesn't rust or corrode.
But what exactly is Bitcoin and its thousands of cousins? It's computer code and exists only in the imagination and in cyberspace. Its price is something borne of pure speculation. If cryptos are a store of value, what are they truly representing?
Read more:
https://www.forbes.com/sites/johnwasik/2018/06/15/what-if-bitcoin-crypto-prices-are-being-manipulated/#482d55ff2350I do not understand what was your discussion about in the end.
And how does it is connected you your subject.
I can comment on different points of your post .
As about price manipulation about Gold and Silver and BTC. Yes, we all knew that BTC price is relatively easy to manipulate even before the recent research about USDT and BTC price manipulation.
But the gold and silver markets also are and have been manipulated by big and smart players, some of them have been caught and i have to draw your attention what happens when for example Silver price is manipulated to such extent when it falls below certain level that actual people who mine it in pour countries are committing suicides.
Also your comment about BTC being something imaginary is just ridiculous to say the least.
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