What if China ends up being the only entity who values gold in a digital age?
Does it really have value?
Discussion
good timing, i just wrote this note: nostr:nevent1qqswyvn8vjnvtwp89c576rqyc50ssptdyl64a4yw3y8r6m577gv4d6gpz9mhxue69uhkummnw3ezuamfdejj7q3q9ma2w9dmk3kat0nt0k5dwuqzvmg3va9ezwup0zkakhpwv0vcwvcsxpqqqqqqzg2ng3v
I'd like to read it but it doesn't do anything when I click the link?
hm not sure, its just a note id. maybe i need to try to broadcast it to more relays
ah it was a reply to a highlight!
here is what it said:
i nearly entirely agree except in one way: gold itself, as an object in the world, isn't sensitive to the whims of consensus. a utxo is. when you consider a utxo's properties with regard to what it 'is', if anything, and what it can 'do' in the world.
i'm wrong about that in an important way, though: a given utxo holder can ride forks that keep their utxo "what it was when he got a hold of it". but the "bitcoin can't be changed" thing really is only ever scoped to the individual and whoever else chooses to live in the same universe. its not an objective fact about the whole world. its a subjective thing.
the 'physical' properties of a utxo are local network properties. the physical properties of gold are 'local' to physics. the economic properties of both are consensus based.
i nearly entirely agree except in one way: gold itself, as an object in the world, isn't sensitive to the whims of consensus. a utxo is. when you consider a utxo's properties with regard to what it 'is', if anything, and what it can 'do' in the world.
i'm wrong about that in an important way, though: a given utxo holder can ride forks that keep their utxo "what it was when he got a hold of it". but the "bitcoin can't be changed" thing really is only ever scoped to the individual and whoever else chooses to live in the same universe. its not an objective fact about the whole world. its a subjective thing.
the 'physical' properties of a utxo are local network properties. the physical properties of gold are 'local' to physics. the economic properties of both are consensus based.
Nothing has value unless society deems it, and thus nothing can hold value without the demand. If the demand goes away, it’s just a cool looking rock. I have cool looking quartz on my desk from a recent hike, that is more valuable to myself but to others a waste. The same thing could happen to BTC, or even to USD, it’s all relative. The question might be, what will AI find valuable in the next 5-10 years? Who knows, it could be uranium for energy that tops it all. Only time will tell
Lol you’re assuming we won’t buy anything from China
So many countries and institutions value gold and it doesn't seem to be changing any time soon, actually the opposite they are going back to gold as we see lately with more countries buying gold. So I wouldn't underestimate the situation. I am happy for China and the rest of the world to move away from fiat and hopefully soon they will move into bitcoin as well.