Explaining the subjective theory of value to the mentally disabled.

[Merralea]

How exactly does one do it? I spend too much time with the metals magpies trying to get them to understand that "intrinsic value" is an oxymoron. It's physically painful.

[1715446072]

1715446072

[1715446072]

1715446072

[jojo69]

you mean like the general public?

[Merralea]

Perhaps...mostly the types of people that think gold/silver and bitcoin are diametrically opposed for all eternity.

[Explodicle]

TL;DR version: show some respect.

There is no zinger that will change their minds on the spot. They've been bullshitted for decades by keynesians, and then here we come with a new internet ponzi scheme backed by nothing. I can understand how they feel; metals will always be worth something and you can't honestly say that about cryptocurrency.

Just be truthful with them, and answer their questions politely. Don't call them names. I haven't "won" any arguments with them and I don't think it will ever work that way; next time it comes up I should probably mention that crashing to nothing isn't much worse than crashing to next to nothing. An opinion that served them well during the banking crisis won't be discarded quickly.

[myrkul]

Gold/silver bugs don't all "get" subjective value. But if you explain it in terms they can relate to, it will go down easier.

To them, Precious Metals have "intrinsic" value. And certainly, these metals do have some physical qualities which make them well-suited for use as a currency. But those qualities aren't enough, by themselves, to make a metal valuable.

Point out that the real thing which keeps PMs values high is trust. Gold is gold. It was gold yesterday, it will be gold tomorrow. It's been used as currency for thousands of years, and everyone recognizes it's value. Shake that trust, and the value starts to slip away. Look what happened with the Tungsten scandal. Once you've got him to agree to that, point out that trust is a subjective value - albeit one most everyone agrees on - and you've hopefully at least got him to see your side of things.

[jojo69]

stackers and bitcoiners are natural allies, I agree, be respectful, acknowledge the value that PMs will always have, point out that BTC is deflationary and secured by the most powerful computing effort achieved by humans to date, then observe that while PMs are the ultimate store of value BTC is an excellent means of exchange.

[ShireSilver]

This might help.
http://www.youtube.com/playlist?list=PLEE9A33593A261433

I know it took me over a year to accept bitcoin. I went through a phase where I was willing to accept it as a medium of exchange but not a store of value. Basically, I figured I could accept it and immediately convert it to dollars (which I still do mostly because I need to in order to buy the raw materials for my products).

[Gabi]

Ignore them?

[Mike Christ]

Ignore them?

That's what I'm saying.  You can't help someone who doesn't want help; if they don't want to hear you the first time, then they can stick with their gold and be done with Bitcoin.