Both Bitcoin and gold have value in that department, but it's difficult for someone to build and guard their own gold vault all day.
Very weak argument. One who can't hide well 100 Kruggerands, is an inept person.
How is that a weak argument? [...] On the other hand, there's obviously little future for gold due to this scenario. Almost everyone would place their gold in a 3rd party vault and now it's the same thing as fiat. [...]
You are evaluating gold systemically in terms of whether it is a replacement for fiat. I am pointing out that for the wealthy person, the use case of gold is irrelevant to whether the masses don't adopt gold:
One who can't hide well 100 Kruggerands, is an inept person.
[...]
Clearly I think crypto-currency is better for most needs, but gold still has some unique use cases, i.e. 1 - 5% of networth as a hedge against apocalypse.
[...]
Clearly I think crypto-currency is better for most needs, but gold still has some unique use cases, i.e. 1 - 5% of networth as a hedge against apocalypse.
The utility of crypto-currency from a personal standpoint is it much more prone to become a top-down controlled fiat and thus lose its permission-less quality.
Gold systemically doesn't solve the fiat problem, but to a wealthy person it is personally it is guaranteed to not be a fiat, as I hold it in my hand and no government can cancel gold as they routinely do for cash[1]. They can erect capital controls, but my gold can remain buried until the government has changed.
In short, gold is more durable than crypto-currency. Whether that is useful to me personally or not, is a matter of personal analysis, perspective, and opinion.
Gold systemically doesn't solve the fiat problem, but to a wealthy person it is personally it is guaranteed to not be a fiat, as I hold it in my hand and no government can cancel gold as they routinely do for cash[1]. They can erect capital controls, but my gold can remain buried until the government has changed.
In short, gold is more durable than crypto-currency. Whether that is useful to me personally or not, is a matter of personal analysis, perspective, and opinion.
