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Comment by placeybordeaux | Hacker News Reader

> It is even worse than Gold because you can't just hold when market crash.

Could you elaborate?

What good are your altcoins when the developers/miners give up on the project? A bar of gold is always a bar of gold, no matter what the price of gold is.

A bar of gold is pretty useless though.

There are both industrial and decorative uses for gold, and always will be.

Bitcoin could hypothetically be replaced by Dogecoin and bitcoin would have no value.

Ehhh kinda. I think the point is that gold has been used as a means of exchange for centuries, so even if you bought at the peak of a gold-price boom and it crashed you could still hang onto it and be reasonably sure that you could sell it once things recover. We can't really say the same for BTC, ETH, dogecoin, etc

Not in India, we are the largest importers of Gold.

That's a tautological argument though. It's useful because we import it.

No we import it because its useful. Indians think gold is a safe haven because we consider it as an investment and of course most Indian women want to put on gold bling during marriages and festivals.

> A bar of gold is always a bar of gold, no matter what the price of gold is.

A cryptotoken is still a cryptotoken as long as the network is propagating tx & blocks. The whole point of them is that they continue to function regardless of if the "developer" is around.

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