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Gold has value solely because people believe it has value. Intrinsically it is a metal,nothing more.
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Slight correction: value is also based upon the SCARCITY of said metal. True, it is a metal, but a metal w/ certain PROPERTIES as well (non-oxidizing, electric transfer, etc.), again increasing its *value*.
Concur w/ your points vs. BitCoin. One only need at the recent run on banks in Greece/like to see WHY people would want to ‘get away’.
On a side note, did anyone else read ‘War War Z’?? The end of the book also went into the ‘rebuild’ of the NASDAQ and $$...barter had been so ingrained by the survivors, govt (as usual) believing it HAD to but in again to tell the masses what ‘money’ was $$.
Control the food, health & $$$...
Yes —scarcity. However, bitcoin is built on defined amount of supply to be mined [21 million coins ever, a shade under 17M already mined] therefore the scarcity and future supply is known 100%.
Gold is “scarce” but it’s supply is, in fact, increasing by many tons every year (for example: “Chinese annual gold mining output has grown by 62% since 2007, and first exceeded the 300 tonne level in 2009, followed by the 400 tonne level in 2011. By 2014, it had reached a record 478 tonnes of gold output. In early 2017, the Chinese Ministry of Industry and Information Technology stated that the nation plans to boost annual gold output to 500 tonnes per year by 2020. This would mean gold production growing by an annual average 3% over the 2017-2020 period” - Bullionstar.com). Rising gold prices will spur increased mining increasing supply into the rising market and putting on the brakes to some degree.
Therefore over time, gold’s scarcity is a fluctuating and unknown factor. It is possible that some as-yet unknown supply source will overwhelm the market.
I’m NOT saying this to be negative about gold; I’m just saying that as far as scarcity goes, Bitcoin’s knowns vs. gold’s unknowns work in Bitcoin’s favor.