⚡️🪐 FYI - Asteroid Psyche 16 is said to contain gold reserves estimated to be worth $700 quintillion.
This corresponds to 100 × 10¹⁸ dollars, or the equivalent of 2,000 billion pounds of gold.
If this wealth were distributed equitably, it would represent around 250,000 pounds of gold per inhabitant of the planet, or about $12.5 billion per person at current gold prices.
How much Bitcoin in the asteroid?
0.
Can we use the kinetic energy of the asteroid to hash?
At the very least, its entropy for creating mnemonic seed phrases
Trump be like "Psyche 16 of America!"... plants flag.
Does bitcoin work on other planets as money? Ya know...if we find aliens...
Every resource that is commodified will get. produced to meet demand.
Safe bet current gold prices won't hold. Still, access to that much gold would radically change our physical environments.
Educate me? Are you saying it would just make more things utilize gold and create a more electronically efficient world?
That's the direction I'm thinking. Gold has unique physical traits, but its high price limits its use.
I don't know what all the changes would look like, but gold is one of the best metals, if not the best, in terms of malleability, resisting corrosion, conducting heat and electricity, reflectivity, and probably other things.
The costs of things that require those properties would fall dramatically and lots of new applications would become economically viable.
Or the gold price would just crash to zero
And they will say:
“It was when gold was more common than aluminum, Bitcoin took the world by storm.”
Imagine what such a gold supply injection would do to the price of gold. We’d be cooking with 24K gold foil. 😹
Supply demand.
Sounds like we should go leveraged long on gold
