Ditto. Maybe you read my comment wrong but I am arguing for a store of value - not a currency. And I am asking why it should fail as a store of value because I don't see how gold has any advantage over it.
Sorry, I guess I conflated it with your initial statement of "What currency is not being used in the drug market?".
The first difference to come to mind is that if you forget the password to your gold, the gold still exists. If you forget the password to your wallet, your bitcoin is pretty much unsalvageable. And assets that are so easy to destroy aren't particularly stable. And yes, most wallets have all sorts of backup capabilities and safety features, but in the end it's used by humans and humans are stupid [citation needed].
taywrobel|8 years ago
The first difference to come to mind is that if you forget the password to your gold, the gold still exists. If you forget the password to your wallet, your bitcoin is pretty much unsalvageable. And assets that are so easy to destroy aren't particularly stable. And yes, most wallets have all sorts of backup capabilities and safety features, but in the end it's used by humans and humans are stupid [citation needed].
spiorf|8 years ago
Gold can be stolen, gold can be lost. You can hide your gold in the woods, and forget the location.
Also paper money can rot and can burn.
If i memorize my bitcoin seed, my brain is in fact my bank, and if I trust some external entity more than my own brain, bitcoin is not for me.
Fjolsvith|8 years ago