I didn't write it above but my metals comparison was assuming identical demand for the sake of argument.
There is no "identical demand". The supply of gold/silver is relatively finite. The supply of cryptos is potentially INFINITE! There is no legitimate comparo of "precious metals-to-cryptos".
No, I wasn't talking about the metals comparison to cryptos. I was talking about the metals comparison of gold vs. brass and silver vs. steel. So in other words, if you have a 1000 people who want a certain amount of gold and another 1000 people that want that exact same amount of brass, then the demand for the two metals is identical. The only thing that makes gold orders of magnitude more expensive than brass is the extremely limited supply of gold.
Whoa! No comparo at all. The desire for precious metals vs brass are not compatible on any planet. I don't want to hurt your feelings, but you're making a stupid argument in favor of cryptos. Suggest you turn on your analytical brain and shut down your emotional/hopeful one.
Bitcoin is beautiful, I'm not holding presently. Bitcoin abundantly proves that value is embedded in belief systems, just another form of fiat currency. One can indeed sell horseshit at a racetrack if the story is ample enough.
That's more or less what happenedd end of 2017 with bitcoin & co. And there are a lot of people who are now really in the shit.
Not true. "Belief" is good only to the extent it's accepted. "Belief in crypto is backed only by belief in crypto". You can't exchange it for anything else.
I happen to be a gemologist, seemed like a good way to spend a year studying after work. Even early lab made rubies & sapphires (corundum) were superior in quality and colour/beauty to naturally occurring stones while being literally the same material and unchanging in a further billion years, just like the naturally occurring stones. Aluminium and oxygen are all they really are. But one was valued at $200 and the other inferior but with a story, at $20k. Perception of rarety. Some materials like say helium are unbelievably underpriced, the value is what people perceive it to be. It does not have to make sense.
Not true. $USD... faulty fiat that it is... is still backed by "full faith and credit of US government's authority to levy tax upon us citizens"... to settle all debts... public and private. Crypto is backed by no such promise by anybody or anything.