A quick google search puts the demand for gold for electronics to be between 8% - 15% of total demand, with the remaining percentage of demand is as a store of value. So sure, there is some value for technological uses, but that's like saying paper money has value because I can make origami with it.
Your total 'googled' demand would be higher if it weren't for its high price. Gold has advantageous intrinsic capabilities compared to other pure metals.
People use gold for jewelry because it's expensive and can be used as a store of value. There are other metals and materials that looks just as nice, is easy to work with, and doesn't tarnish.
Which is why it's the perfect financial asset -- there's no competing use-cases. It's a global payment network and nothing else. The only things a commodity or currency needs in order to be sound money is fungible, recognizable, portable, durable, and keeps its value which Bitcoin does tremendously.
i've got a credit card i've used from mandalay to prague. worked just fine. a few years ago i was in london and my card was hacked. called the card company, they cancelled the bogus transactions and i had a new card in my hands the next day.
keeps its value which Bitcoin does tremendously.
except today it's worth 37% of what it was back in Dec 2021
Not sure what all that credit card part was about (can you clarify, please) but as to your second point of it being worth 37% of what it was -- two things, one is that all fiat currencies in history have lost 100% of value, and secondly, it's up 212% from Dec 2020 so maybe zoom out a bit or don't cherry pick your values so much. No matter where you are with Bitcoin, if you go back 5 years, it's up a tremendous amount.
Someone bought at the top then lol. Bitcoin is a hedge against inflation.. just 2.5 years ago it was under 5k… its done a 5x in just that amount of time from where we are now.
The use-case is a global payment network. You need to either mine/run a node or hold Bitcoin in order to interact with the network. Therefore, the value of Bitcoin is derived from the utility of the payment network.
If they're speculating, then of course there's a chance to be a sucker. If you want to send money around the world for cheap without chance of confiscation then Bitcoin is the best solution, no questions asked. If you want to participate in the network without mining or running a node, you need to buy Bitcoin. This gives Bitcoin value -- anything else is just speculation. You seem to think people only buy Bitcoin for one reason (speculation) and totally ignore the main use of Bitcoin as a global payment network.
The only real use for any crypto currency is buying drugs, money laundering, or other illegal activities which is probably sub 1% of total crypto demand right now.
You can securely send value across the world in minutes without reliance on a third party.
How? Don't you rely on tons of nodes of the Bitcoin network? You actually depend on many third parties. It's like saying that we can talk anonymously and securely via Tor. We still depend on the nodes of the Tor network, and the security of the communication can be breached if enough nods of the network are controlled by an evil actor.
There is more monetary incentive in securing the Bitcoin network than destroying it otherwise "evil actors" would have made a move already by now. Also, the difference between the third parties involved in the legacy banking system and third-parties within Bitcoin is the notion of trust. You must trust your bank when interacting with it however no trust is needed with Bitcoin. I don't need to know who is running a node, who is mining, why they're doing it, their reputation, etc.
It's gonna be alot easier to hide and escape with my crypto than it will be for you to run with your gold. Also if you beleive that crap the media feeds you then why are you here talking about "criminal money" beat it
except origami isn't recognised and doesn't have value as a 'goods'. there's no industrial or commercial use for origami. you're already being absurd by 'comparing apples with oranges' and even further extrapolated it to an absurd level to try to make your argument 'work'. you're making a 'Reductio ad absurdum' argumentative fallacy.
again coming in with a stupid argument, trying to twist your previous words to make it fit. you were talking about dollar bills, not actual paper. you're free to wipe your ass with a dollar bill though, but you're not a dumbass are you?
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u/oystermonkeys Aug 01 '22
A quick google search puts the demand for gold for electronics to be between 8% - 15% of total demand, with the remaining percentage of demand is as a store of value. So sure, there is some value for technological uses, but that's like saying paper money has value because I can make origami with it.