[Icedcool]

I’d contend that money(any fiat), like Bitcoin, like gold has no intrinsic value.

Historic precedence doesn’t exist... till it does.

No one wants to carry around chickens to trade.

The value of a monetary asset is in its interoperability, and backers of Bitcoin are working to enable that to a high degree.

[sonthonax]

I think you’ve misunderstood me.

Gold has its niche applications where you need a malleable and nonreactive metal (like dentistry). If this was the only use for gold, it would still be at least 800-900USD an ounce, because it that’s what it costs to extract.

The market cap for gold would be like 1 billion USD, rather than 11 trillion USD.

Ironically in a world where gold wasn’t ‘lusted’ after, it might even be more expensive because the market would be illiquid. And a small oligopoly of suppliers would be able to gouge buyers.

This is what happens in the rare earth metals market.

[almost_usual]

If you couldn’t exchange gold for fiat it would still have value. Bitcoin would plummet in value.