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Comment by learnstats2 | Hacker News Reader

I would agree, and this matches it to gold, also from Ray Dalio's perspective.

Ray Dalio invested heavily into gold, and has since repeatedly press released that he had done so. It's the same characteristics as an MLM scheme.

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Apples to oranges comparison: gold actually has a use, and its value is kept in check by that - it's tied to the physical world, to reality, and gold also wasn't/isn't an attempt to replace a transactional layer. I'm sure there are more differences that make it incomparable - certainly that pro-Bitcoiners will simply dismiss the differences saying they're unimportant, irrelevant.

Edit to add: qualitative comments rebutting my argument points would be greatly appreciated.

>Apples to oranges comparison: gold actually has a use, and its value is kept in check by that

Is it? According to one source[1], the overwhelming majority of the gold use is for speculation (investment/central banks) or quasi-speculation (jewelry).

[1] https://www.statista.com/statistics/299609/gold-demand-by-in...

If gold was dirt and had no fallback value, would it . Interestingly the marketing that gold is so valuable, more so diamonds, to artificially inflate its price mimics Bitcoin well. Bitcoin's also called a Ponzi-like scheme because in the end, if everyone in society adopts Bitcoin, it actually has no additional value to the last one stuck holding the bag - you've just transferred all wealth through a system that unnecessarily, unreasonably, transfers wealth weighted towards earlier adopters from later adopters.

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