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Does the younger generation think bitcoin is the new gold?

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That is the perspective of this guy…that younger people weren’t raised on the “gold is place to run in a crisis” line of thinking. So when governments start to seem unstable to them, they run to a currency that is independent of government. Thoughts? I’m not saying it’s the correct response, just wondering about a generational break in perception.

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Posted by (Questions: 14, Responses: 8)
Posted on 08/20/2017 3:54 PM
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Interesting question. I really don’t know the answer. Young people are certainly more interested in Bitcoin than gold so there’s some validity here. The thing about Bitcoin is that there really is nothing to back it up. It’s a pure faith play until it becomes a really useful medium of exchange which it isn’t at present. So I don’t see how it solves the problems that people are worried about with fiat currencies.

Personally, I never understand why these anti-government types don’t loves stocks. Stocks are the way capitalists obtain access to the production of the real economy. And in a hyperinflation it is stocks that crush everything else because corporations pass on their extra costs. It’s the ultimate capitalist free market play. So who needs bitcoin to protect you from fiat currency when you can just buy stocks and take a pure anti-government anti-fiat position there!?!?!

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Cullen Roche Posted by (Questions: 10, Responses: 1858)
Answered on 08/23/2017 1:42 AM
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Whippersnappers are just more comfortable with electronic means of money, especially as stores of value, as that is that they grew up being familiar with. So they are driving the change to the existing order. It’s virtually impossible to quickly or easily sell real estate during a major crisis, lug a bunch of gold coins or bars across borders manned by government thugs, etc..

Stocks rely on the same legal coercion that fiat does, so that isn’t appealing as a way to diversify sovereign risk which hyperinflation is one of the worst outcomes of. The allure of Bitcoin in its initial genesis was that it didn’t rely on such potentially bad actors for its value, transferrability, verification and immutability. That is the revolution. Where we’re at now with coins seems to be basically a fixed supply combined with the usual behavioral issues. It’s different than shares which can be issued in virtually unlimited quantities as was done back during the dot.com bubble.

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Posted by (Questions: 36, Responses: 644)
Answered on 12/22/2017 6:35 AM
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Also, stock exchanges can be nationalized, closed, shut down, etc. and the real gains of stocks may not even outpace the hyperinflaton. You’re basically betting that the economy will remain functioning which is a bit of an oxymoron when discussing hyperinflation.

Nor do you actually own any stocks unless you specifically request share certificates in your own name which is not cheap to do. Good luck getting any fiat for share certificates in another country during a major crisis. Credit and counterparty risk matters a lot when you deal with all forms of fiat. How much is my Iraqi, Argentinian or Venzuelean share certificates worth to a foreigner other than a hedge fund vulture??? lol

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Posted by (Questions: 36, Responses: 644)
Answered on 12/22/2017 6:40 AM