Rational/irrational is a vacuous distinction. Everyone has their own perspective on time and value.
This doesn't address any of the OP's arguments, however.
This doesn't address any of the OP's arguments, however.
> But, and this is a key point, that doesn't make us right and [the people who scam old ladies by extremely pushy sales tactics for vacuum cleaners] wrong. It's just a different kind of market, one that I am not very good at, but it is for sure possible to make money in it. You just need to be a different kind of person. We can say our way is "better", but who are we to decide that?
They have a narrow world view beyond their tech expertise. I saw somebody criticize BTC because they couldn't imagine using so much energy "just to secure money". I was like what you just took for granted is perhaps society's most important need and unsolved problem.
You do know there was no printing in the middle age. Good old days these all were.
see China's Evergrande crisis as an example.
It can barely keep up with the very few transactions now. Its transaction costs are sky high
Oh come now, there was plenty of printing in the latter days of Rome or Wiemar Germany and people managed to starve just fine despite it. Inflation correlates with optimistic times because it implies a debt taken on today will be easier to pay off with money earned tomorrow. That doesn't mean printing money reliably makes people optimistic.
Just because it was the best financial technology hundreds of years ago does not make gold, artificial or not, the best financial technology for today.
"Faster horses"...
Being able to trade gold without technology.
The energy to mine gold is much less (strange, very strange)