"Gold is used in jewelry and electronics, so it has intrinsic value."
This is a terrible argument for gold as competition for bitcoin.
Firstly, value is subjective and intrinsic value doesn't exist.
Secondly, using gold for non-monetary uses devalues it as a money.
Money is not meant to be consumed. Its purpose is to store value and exchange it for consumables or investments in the future.
100% agree, terrible argument
If a money needs "intrinsic value" and non-monetary uses, we should all just start carrying jugs of water around to pay for things.
Can't think of anything with more uses...
"Intrinsic value doesn't exist." Goldbugs have cost themselves billions by failing to comprehend that simple fact. The obvious natural Bitcoin early adopters let themselves be cucked by Peter Schiff. Oh well, NMP. HFSP
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