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166 sats \ 9 replies \ @nerd2ninja 14 Nov 2023 \ on: Will gold be used alongside Bitcoin in a hyperbitcoinized world? bitcoin
Is gold used right now?
Central banks use it, especially since 2019.
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I'd say how its used right now is how it will continue to be used. How its used right now is pretty irrelevant to what we're trying to do with Bitcoin
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I think so, at some point. Maybe it will be used for larger transactions where on chain fees are high or there is no enuts/ecash/chaumian mint available.
I don't really know, which is why I asked this.
In a gold mining town in Venezuela, gold is used for retail. But that's an edge case. Perhaps it will be used in places without a tech infrastructure, for example in those Caribbean islands where coconuts are currently used as currency.
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i dont think both are related,
Gold have its own uses and even if btc is overextended, we dont have to stop using gold,
there are several uses, and store of value is included,
even in hyoper bitcoinization gold will be there as another store of value
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I think a better question would have been: will gold be used more than it is now as a currency in a hyper-bitcoinized world.
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Yes, by central banks. They just keep it secret how little they have. There are also billionaires with substantial amounts of gold in warehouses.
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A warehouse vs a cold card. Those poor bastards don't stand a chance.
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Yeah, I can really see bitcoin eating the gold market.
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in many electronics yes. And that is the ONLY use case.
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