I don't hate you jr65, I just don't believe your magical. I have been reading about bitcoins imminent collapse for years now.
"Bitcoin will NEVER reach $1. It's impossible and here is a chart I made to prove it!"
"Bitcoin can't reach $10, it has no intrinsic value!"
I think your forgetting that value is an illusion created by humans. Gold is just a shinny rock and the money in your pocket is just fancy paper. They derive their value from a common belief in their value. As long as I have another person to trade with bitcoin will survive in my economy.
Gold has the first mover advantage of being a currency that has been accepted all over the world in every country and civilization for thousands of years. People trust gold because it has proven itself over the test of time to hold its value for thousands of years. Bitcoin has been around for, what... 5 years? Even after bitcoin is gone/broken, the internet is gone, or the world as we know it has been wiped out by nuclear holocaust and civilization is rebuilt, gold will still be here and will still have value.
I agree with you. Which is why I also own gold. And even though the internet will be gone one day, I invest in tech start-ups and bitcoin to profit while I can. I mean, even gold will be valueless when we humans are gone. Which we will be eventually.
The idea behind bitcoin is too powerful to ever die. Even in TEOTWAWKI situations, a portion of our infrastructure will remain. If people are incentivized to maintain this infrastructure, it will be maintained. Bitcoin itself provides this economic incentive, even if no one cares about webpages any longer.
The current bitcoin nework of nodes, miners and source code is like a living animal. It tries to grow and thrive; yet like all animals, its life is always at risk. But the death of one animal does not mean the death of a species: bitcoin's DNA will live on, mutate, and give birth to new stronger cryptocurrency animals. Part of this DNA is the blockchain ledger. So your private keys work on the new animal too. Perhaps consensus will change the inflation rate, mining scheme, or try to redistribute coins more "fairly," but for the new animal to thrive, the private key holders must believe the new ledger to be legitimate. And the best way to ensure the legitimacy of the new ledger is to use the exact ledger that was already accepted as legitimate.
To me, bitcoin is more powerful than gold. Bitcoin is an idea whose time has come.
