Bitcoin is still early

[CordMcNally]

Sometimes that which is intangible can be worth more than tangibles. You can't hold the internet, but the cloud is worth a few bucks to companies like Google, Amazon, Microsoft, and your EMR company. Gold in electronics is negligible and clearly not a method of holding value. Bitcoin and gold one can argue do indeed serve a similar purpose as Napoleon argues.

That’s my point. If Bitcoin turns into something then it’ll be something all its own instead of everything everyone is trying to compare it to. As far as electronic usage, the point was that gold has industrial uses outside of jewelry and the intrinsic value humans place on it.

Lordosis nailed it. Bitcoiners are touting it as this revolutionary store of value, however, it’s volatility and seemingly unpredictability make it a terrible choice for that.

[G]

Humans have always put a value on gold as a precious metal.

Don't exaggerate. "Always" is not the same as 4-6 millennia.

[CordMcNally]

Don't exaggerate. "Always" is not the same as 4-6 millennia.

I’m like 99% sure the Peking Man was found clutching a gold bar with an inscription carved into it that said “down with Bitcoin”.

[G]

I’m like 99% sure the Peking Man was found clutching a gold bar with an inscription carved into it that said “down with Bitcoin”.

stick to H. sapiens, please.

[CordMcNally]

stick to H. sapiens, please.

My knowledge of humans gets pretty fuzzy before 1986.

[NapoleanDynamite]

That’s my point. If Bitcoin turns into something then it’ll be something all its own instead of everything everyone is trying to compare it to. As far as electronic usage, the point was that gold has industrial uses outside of jewelry and the intrinsic value humans place on it.

Lordosis nailed it. Bitcoiners are touting it as this revolutionary store of value, however, it’s volatility and seemingly unpredictability make it a terrible choice for that.

Check a volatility index. BTC has less Volatility then Gold, NASDAQ, and S/P in 2020. It has a serious history of volatility over the past 10 years. But Volatility decreases with adoption. We are still very early.

[burritos]

Cognitively who are the most ardent fanboys? Tesla? Bitcoin? Or Gold? And usually it's a male thing too right? I rarely see a woman losing their minds when talking about these things.

[Brains428]

I think TSLA still wins the fanboi argument. BTC isn't very far behind. It also depends on which Twitter wormhole you want to jump into.

[burritos]

I think TSLA still wins the fanboi argument. BTC isn't very far behind. It also depends on which Twitter wormhole you want to jump into.

Are there legions of tsla fanboys thinking that tsla is going to a million per share?

[CordMcNally]

Check a volatility index. BTC has less Volatility then Gold, NASDAQ, and S/P in 2020. It has a serious history of volatility over the past 10 years. But Volatility decreases with adoption. We are still very early.

Again, I'm still confused on what Bitcoin is supposed to be because you compare it to everything. I think you're running into pushback here because of a few things:

1.) Your audience. The majority of people here don't have to venture into things like Bitcoin to reach their financial and/or retirement goals. I'd be curious to see the socioeconomic breakdown of those who invest (and how much) into Bitcoin. With that said, some people do like to allocate a certain percentage of their portfolio for risky things like this.

2.) You still can't really explain it. If I told a patient they had a diagnosis and then couldn't explain it to them but I did give them some articles I found on the internet, I don't think they would feel very confident in my recommendations. Granted, your knowledge of Bitcoin with have minimal, if any, impact on how good (or bad) Bitcoin does for you.

[Brains428]

burritos both camps think their thing will change the world. Once we start talking about the TSLA stock price in BTCs, then we've reached the new world order that Twitter is calling for.

[xraygoggles]

Cognitively who are the most ardent fanboys? Tesla? Bitcoin? Or Gold? And usually it's a male thing too right? I rarely see a woman losing their minds when talking about these things.

If there was a Venn diagram, those 3 would definitely overlap. The same type of people gravitate towards bitcoin/gold/tesla: pie-in-the-sky, "doom & gloom", libertarian, decentralized govt type of folks. Mix in a little bit of conspiracy theorists and that makes up the majority of fanboys.

Of course there are normal people and investors who also speculate in these, such as myself (except gold). But from the few books, blogs, podcasts, and tweets I've read about bitcoin and tesla, I've noticed these trends in general.

[burritos]

If there was a Venn diagram, those 3 would definitely overlap. The same type of people gravitate towards bitcoin/gold/tesla: pie-in-the-sky, "doom & gloom", libertarian, decentralized govt type of folks. Mix in a little bit of conspiracy theorists and that makes up the majority of fanboys.

Of course there are normal people and investors who also speculate in these, such as myself (except gold). But from the few books, blogs, podcasts, and tweets I've read about bitcoin and tesla, I've noticed these trends in general.

Well if they were in heavy with either BTC or TSLA or both early, they've made a killing that's not likely to reverse. And I'm definitely jealous.

[docnews]

Does a Chief Investment Officer of Blackrock know anything about value? I don't own a Tesla but can realize the company has value. I think my last post was links were ignored as well... There are valuable use cases even if it isn't you.

https://www.cnbc.com/2020/11/20/blackrocks-rick-rieder-bitcoin-can-replace-gold-to-a-large-extent-.html

[Max Power]

Does a Chief Investment Officer of Blackrock know anything about value? I don't own a Tesla but can realize the company has value. I think my last post was links were ignored as well... There are valuable use cases even if it isn't you.

https://www.cnbc.com/2020/11/20/blac...e-extent-.html

Are you being daft?

Gold's whole strength is not that it looks cool or doesn't rust or is conductive or is basically bomb-proof. Its primary strength is that it has finite supply (rougly 1oz per person on Earth) and it cannot be made in a lab. That is why it stores value like nothing else... then, now, or ever.

People - top level metal chemists - have been trying to make gold since the dawn of civilization due to its value. Counterfeiters have been trying in vain to replicate it. People have been looking for gold to mine at the ocean bottom, mountain cores, asteroids, etc for the same reasoning. Wars are fought over gold. Early USA prospectors and many other waves of similar around the globe have risked their life for gold. Why do you think central banks hoard gold? Why do you think any new currency or bank compares itself and its service and security to "as good as gold"? Why do you think Bitcoin itself is pictured as golden??? Why do you think human paper currencies all over the planet fail and fail and fail... yet gold persists?

...Bitcoin itself is made from thin air. It does not now - and never will - be worthy of comparison to gold. Gold is the undefeated, undisputed, all-time champ of human money. Just like paper money - USD or other, BTC's supply is variable and can be upped and value inflated/deflated... even printed to oblivion at any time. Bitcoin itself has forked dozens of times already... it is merely numbers on a computer that even most BTC owners don't understand. Have you ever heard of black hat hackers? Corrupt programmers? Corrupt bankers? Corrupt white hat hackers? Govt with guns and legislation (controlled by central banks) making BTC illegal and wiping it off the face of the Earth? Oh, but gold will still be around... so no, they are not comparable.