Hottest Debate on Wall Street Is Buying Bitcoin over Gold

bloomberg.com

16 pointspanarky5 comments

All money is a shared fiction. Some monies have less negative externalities in servicing that fiction. Removing middlemen and friction through a peer to peer, open source network is a beautiful idea. Gold is an especially easy target, as people dig it up one place to bury it in a vault somewhere else. Disclaimer: I founded a multibillion dollar marketcap cryptocurrency.

Everytime I read some know nothing Wall Street analyst or banker claim Bitcoin has no intrinsic value I want to beat my head against a wall.

Ultimately to society it doesn't.

In the same respect ISK has value to players of EVE, it does. There are so many things wrong with it that considering it a currency is flawed.

Unless of course state actors are using the game's currency to move money around. Who owns those empires again?

Well it doesn't really... The value is the transaction infrastucture that it creates around it. If that and the blockchain data is gone some day, it's completely worthless. While gold would still be some nice looking piece of metal...

But eventually the prices are still mostly created just by speculation... So the intrinsic value doesn't even really matter. It just comes down to what is easier to transport and store.

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