One Bitcoin Now Worth More than One Ounce of Gold

[maverikv]

That's why I'd rather buy ammunition than gold. #1. You can't kill a deer by throwing gold at it. #2 If I have enough ammunition, I can get plenty of gold, either by trade or by...

If the economy collapses, the first thing likely to go is infrastructure... roads, plumbing, electrical grid. Good luck using those BTCs when there's no power.

The US is less than 20 years from total economic collapse unless something is done about the debt. We ( the USA ) are suffering from all of the problems the Roman Empire suffered from in the late 300's AD.

The only thing we are suffering from right now that is the same as the Romans in the late 300's is an excess of influence by Christians

And the debt doom and gloom is misplaced

 

[HockeyJon]

Don't get me wrong. I completely buy into the fantasy and will continue to exchange paper that, in and of itself, is worthless as long as everyone else plays along with me and pretends they have worth. However, the notes themselves cannot be planted to grow something, cannot be melted to forge something (coins notwithstanding), and cannot be plugged into a USB port to game. And they have no value unless there exists a consensus that says they do.

In any case, ultimate value is a personal assessment anyway, whether the subject is tangible or intangible. And when organized government dissolves, food will still be food, metal will still be metal, love will still be love, and paper currency will be fuel.

Yes, but at the end of the day, the medium of exchange doesn't have to be a commodity in of itself in order to have intrinsic value. Everyone in the world needs to pay taxes. This is the vehicle used to pay taxes, therefore, there will always be "intrinsic value" despite the fact that you can't plant it or do anything of that nature. Not going to jail has a lot of intrinsic value if you want my opinion.

If you want to get down to the nitty gritty of it, gold is something that has little intrinsic value by the same definition. Sure, it has some industrial applications, primarily in electronics, but people valued it far before that was even a factor and it has been a medium of exchange for millennia.

Contrast all of this with Bitcoin. Bitcoin currently has no one "needing" to accept it as a medium of exchange, and most people are valuing it in terms of dollars (as the de facto unit of measurement of value) since a lot of them are clearly intent on eventually converting it back into hard currency. By that standard, I fail to see how it's going to have long term value. It's possible it might, but I don't see the NEED for it, nor do most governments.