Comment by johnea
4 days ago
I'm amazed noone has quoted Warren Buffet on this subject:
“[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
The principle point being: "It has no utility".
Like crypto, it's primary function in the modern economy is financial crime...
Being a store of value is utility.
> Being a store of value is utility.
It has utility because it's a store of value, and it's a store of value because it has utility because it's a store of value, and it has utility because it's a store of value because it has utility because it's a store of value...
That explains it perfectly...
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