Mervyn, Are you saying bitcoin doesn't create wealth?
Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.
Gold has no mechanism to keep it stable either and still is pretty useful for storing wealth. Bitcoin is the same but also is very useful for transferring wealth as well. Once Bitcoin is used widespread then that becomes its own mechanism for stability.
Unlike bitcoin, gold has practical application besides storing and transferring wealth.
And I agree that a big part of gold's value is highly unstable and based on speculation. And that is the reason why gold isn't very practical to be tied with currencies. When a currency is weak against speculative play, then the rich elite have more power, because then, the more wealth you have, the more power you have.
The current generation that gets it's knowledge on youtube propaganda... It's the reason why so many people think that a gold tied currency is actually a good thing. The uneducated youtube generation are the drones who help to keep the crooks in power.
