This is why I think BTC is a much superior asset than gold…
Every time I mention my passion for BTC online, there is always some individual, who is skeptical about digital money and extols the virtues of gold and other precious metals, muh physical, muh precious.
But gold is not money. You cannot go to a shop and pay with your gold bars. You cannot store your gold bars in a purse even unless they are very small. You can sell them for fiat but there is a problem with storage. You can have them in a safe at home but safer storage would be with a custodian like a bank or a specialized company. But in the latter case you are entrusting your treasure to somebody else.
BTC allows for self-custody with a hardware wallet. And BTC is already money albeit not universally accepted. There are shops that accept BTC, usually online businesses selling electronics that are run by enlightened bitcoiners. I have already bought stuff with BTC. So far mostly Bitcoin infrastructure but also stuff for the garden. You can actually get a Visa or Master Card payment card that converts your crypto into fiat and can be used in most stores. I don’t know of any such scheme for gold.
I am not sure if it is even ethical in our technological age to use gold as a store of value. Gold is used in electronics, and it would in my opinion be better if gold served the electrical and by its virtue the bitcoin infrastructure rather than remaining in a vault somewhere. Silver is an even better electrical conductor.
Gold has an inflation, around two percent per year. This is all the gold brought into the system mostly through mining. I was imagining a gold inflation caused by asteroid mining. But would you look at this…
This is pure alchemy. Gold is said to originate from exploding supernovae, and the alchemical sign for gold is the same as the astrological sign for the Sun. The stars are massive fusion reactors.
One only wonders if they can pull this off and make it commercially viable. They could at first make electricity and create gold, after 17 years, they could have the first batch of gold ready to sell, and then every year another batch. They could flood the economy with gold thus reducing its price. It seems like science fiction now but so does asteroid mining or even the universal adoption of Bitcoin.
Insomniac Resurrected 