Bitcoin is a financial asset like Gold and a payments network like Visa, but without all the middlemen.

Thereby, it is detestable to both goldbugs and monopoly money enthusiasts alike.

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Discussion

I think most goldbugs who dislike bitcoin fundamentally misunderstand why gold is valuable in the first place. So many believe that the monetary premium of gold is based on it’s utility as a commodity, but in fact gold is not actually used very much as a commodity (~10% of what’s mined every year is used this way. ~90% is used simply for it’s monetary properties) and that makes it more useful as money.

They also get the value proposition for gold jewelry backwards. They think “it is used in jewelry and that makes it valuable,” but actually it is used in so much jewelry BECAUSE of it’s value.