Originally Posted by
RonPaulIsGreat
Well, obviously disliking bitcoin doesn't mean you hate Ron Paul, anymore than disliking gold would mean you hate Ron Paul.
I flirted with the "gold" bug side of things for a while. But Gold is to flawed to work at scale in the modern world.
Why?
1. The only way gold could ever be used for day to day normal transactions EVER, is if you hand your gold to a central authority, and then they allow you to sell microportions of your Database Gold for fiat to be used at store checkout. To me that doesn't have an essential quality, which is decentralizatioin outside of direct government control. IF the gold backed debit cards ever took off it would be trivial, as in one phone call easy for the goobermint to lock your account, or seize the whole of the gold vault. So, it solves nothing. Sure you can hold physical gold in your house, but that does nothing towards becoming a day to day currency of the masses. All the roads for gold and wide spread use lead to a central authority, so it is not a compelling case. You can not order off ebay with a Silver Eagle, and you never will be able to in a decentralized manner, but Ebay could today add the option to accept bitcoin, and bitcoin would remain just as decentralized as it is today or more actually because then ebay would be running nodes as well.
That flaw doesn't exist with cryptocurrencies at least, I have in my possession right now the only private key that will allow the spending of my Bitcoins, no government, no corporation, can do anything to them, unless they want to send in a swat team and torture me for them, which at least makes it orders of magnitude more difficult to take them, as opposed to centralized database gold, which requires a phone call.
IF I were an anti-fed gold bug. I'd likely have most of my money in Gold, and a small amount in bitcoin as the "internet" enabled layer of my "anti-fed" stash. I do actually buy things with bitcoin online, mostly at newegg.com
There really doesn't have to be a "enemy" perspective between Gold and bitcoin. Gold is protected by the essential laws of physics, but as a consequence very difficult to use in the modern age, so yeah, use it if you want as a store of value. Bitcoin is protected by the immutability of math, and functions well, in nearly all the spots Gold does not work well, as in online. And since Bitcoin is decentralized, it is the obvious preferred Second choice for any anti-fed gold bug. A Gold Backed Debit card is CENTRALIZED!, no other way to look at it, which means super easy to control. So, not a valid solution, IMO.
So, I'd say an Anti-Fed Gold Bug, should have like 90% Gold 10% Bitcoin. And an anti-Fed Nerd should likely have the inverse for his stash. I do own some silver eagles, I do toy with the idea of converting a small percent of my bitcoins to a few Gold Eagles or equivalent, but then the Gold Nazis open their mouths.
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