In agreement ,there is also an awful lot of gold in solution in the worlds oceans, nearly every commodity has slowly got relatively cheaper over the long term , even oil , which is actually used and no longer around , which many said was going to run out etc The trend is even stronger when commodities are compared with the stock market over the long term.
So what? No problem there. I don't care how many coins people and businesses choose to use. Makes no difference at all. All it matters is that people use it. Plus, you people keep writing as if I'm defending bitcoin. I don't give a shit about bitcoin. I only care if something is useful to me and if it turns out that bitcoin fills this criteria, I'll use it. Plus, the "price" of the crypto bears very little relevance when considering buying it. This is what exchange rates are for. What matters is how much stuff I can buy with it. I can use R$ 4.00 or $ 1.00, in a free floating exchange rate environment, these are the same. The acceptance of each currency however changes dramatically. There are many currencies that are "cheaper" than the dollar in face of my currency (BRL). But I don't pay attention to that, since my interest is to have usable money. I simply convert it to the current exchange rate and my buying power stays virtually the same.
A few errant EMPs, and all cryptos are lost forever. Gold will still be around though. Non-ferrous and shit. P.S. Actually, that brings up an interesting thought. Let's say some EMPs wiped out all blockchain records. So there's no more cryptos anywhere. Once everything is back up and running, would we be able to start mining again from ground zero? Like, would the BTC chain be reset to zero, and we'd be back on the hunt for the 21millionth bitcoin starting at number 1?
Have you ever noticed usable currencies are all backed by stable and powerful governments? There would eventually need to be a crypto corporation or board of some sort with a lot of power and that sort of defeats the purpose. I hope they figure this out but thus far I'm far from convinced.
On top of that oil has critical practical value on top of that while gold very little. The reality is that if things get extremely bad, gold will lose it's value fast because of its uselessness. A barter economy will return in this case and oil will be worth much more.
Not true. 2 years ago bitcoin failed when tx fees went up to 50 bucks, yet other coins operated just fine, BCH's fee was a few pennies IIRC. Other coins already have taken its place by having better features, except in price. That just shows its cult status, nothing else.
The comparison to gold is just as silly as gold vs. beanie baby, although that is actually a valid comparison. Check out this bad boy for 18K bucks!: https://www.etsy.com/listing/747422...MI79DC5fbc5QIVov_jBx1e_wAREAQYAyABEgKqSfD_BwE " Beanie Babies emerged as a major fad and collectable. They have been cited as being the world's first Internet sensation in 1995.They were collected not only as toys, but also as a financial investment, due to the high resale value of particular ones."