Listening to Schiff vs. Pomp: Thoughts on Gold and Bitcoin

Gold wasn’t used in electronics until electronics were invented. Gold wasn’t used in dentistry until dentistry was invented. Gold’s intrinsic value is that it’s beautiful, shiny, doesn’t tarnish, it’s scarce on earth, and it holds its elemental state better than most other elements... it doesn’t tarnish. Because of these properties, Gold’s first uses were probably as money (and possibly jewelry).

In a similar respect, Bitcoin’s first use case was money (store of value, medium of exchange, unit of account) primarily because of the intrinsic rules of its protocol and how those rules attracted people who believe in radical verification, which created a network effect and gave it a huge head start to develop a community who could put their trust in a protocol that relies on 0 trust and 100% (or 99.99999%) verification.... in time we may see new uses for Bitcoin that we have not invented yet (similar to how we developed other use cases for gold, which didn’t exist when humans first started discovering it around the world).

submitted by /u/the420chronicler
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