Bitcoin is the gold of the crypto world. Yes there might be need for silver too. But you don't seem to understand that gold is a good store of value not because of any superior quality over other metals but because of it's scarcity. And people need a good store of value.
Just because something is rare, does not make it valuable. It's only "gold" because you say so. Litecoin is the "silver" because people say so. It's really arbitrary. Gold is a good store of value for many more reasons than it's scarcity. That's also why the comparison of Bitcoin to Gold is ridiculous to me. Gold is beautiful, tangible, can be molded into art, jewelry, used as a conductor, requires nothing else to exist, has been proven over thousands of years and yes it's rare. Bitcoin is just rare in brand name. But is abundant as crypto. It's nothing like gold. It's not beautiful, tangible, it can't be molded into anything or used in a circuit board, etc, etc. It's been proven over a mere couple of years and it certainly can not exist on its own. It requires the internet, which requires electricity, which requires fuel, which requires infrastructure, which requires taxes, which requires government.
Point is, it's nothing like gold and it will never be as good as gold at storing value for many reasons but the most obvious being, there will always be some form of counter party risk related to Bitcoin. Bitcoin and all of crypto is dependent on something else to exist, thus it's existence can be terminated by someone or something else at anytime. If I own actual gold, it's all mine. See the difference? One is real, the other is merely an illusion of the mind. So by that stance, crypto and the value it stores, is only as safe as the government, taxes, infrastructure, fuel, electricity and internet that props it up. For any signficant storage of value, I think I'll stick with real gold but hey, that's me.
Man, all your posts are weak sauce. You offer opinion only, no facts. No real substantial arguments for anything you write.
When the Spanish invaded Peru, they kidnapped one of the Inca leaders and asked for all their gold. The Incas were relieved and gave them all of it, because they didn't think Gold was anything special. This argument for why gold is so special is bullcrap. Its not the most precious metal. Its not the most utilized metal. Its not the most beautiful metal. Its simple given value by public opinion. And hype.
Bitcoin, unlike gold can be used for business to customer transactions, business to business tranactions, frictionless exchange, borderless exchange, mobile purchasing. Like gold it can me a store of wealth asset, but unlike Gold it only have a finite amount.
You absolutely fail to realize that Gold is valuable because of the massive amount of power, money and interest in keeping it so.
And that is exactly the point I make with BTC. One integrated into society, it will have a massive amount of power, money and interest from people and institutions that will want to make sure it maintains its value.
All this pie in the sky utopian hopes you have for a multi-crypto currency world, rubbish. Maybe in 2050 there will be several cryptos, serving different purposes. But in the near future, BTC will have a tremendous, probably insurmountable lead as the worlds leading crypto currency. Nothing out there offers a game changer in that regard.
You made your bet with Ripple. Lets talk again in 5 years.
