realize gold isnt backed by anything
Isn't it backed by labor? But labor will be cheap with robots so yeah
>>62008181Its backed by divine magic
blah blah bitsheep, have you any value?No sir no sir no physical value at all.dont care, still stacking metals
>>62008181It's backed by being shiny.>>62008186A hole I dug and filled up 1000 times is backed by a lot of labor too. Well, then again: that's POW.
>>62008186No. Backed by work would mean you can get amount of work done whit your gold bar. It's just has cost to make(mine) and miners need profits. Usually any business need 20-30%, but some "easy" and high volume can be under 10%, like food stores.Gold can be found whitout machines and refine can be almost free for small amounts.Let's compare to Bitcoin. Same way it has no backing. Costs are "fixed" at that moment and they change in time.Cost to mine bitcoin will go up becauseHalvingsMore hashrateMachines gets better and more expenciveElectricity gets more expenciveBitcoin in a way is backed by need to make profit from mining what lowers sellpressure when we go under mining price. Witch is controlled by multiple variables in real world.Gold is backed the same way, but as it can be mined for free and there is much more owners of gold who might sell its not as strong backing as bitcoin has. FIAT money has no backing at all. It's just controlled teft so you don't panic.
>>62008181When will they realise? Its been over 10,000 years and I'm waiting for the dump
>>62008300Gold can be used without electricity or internet
>>62008181It's backed by not being able to asteroid mine yet.Once Musk announces that mission the price will literally go to zero overnight.
>>62008616Its not happening in our lifetime so who cares
>>62008346For what?
>>62008181what is fiat currency backed by?
>>62008181It is backed by China kek
Gold is backed by scarcity
>>62008305>this time is different.soon people will realize that 1s and 0s are what matters and stuff in the real world is just fake and gay.
Gold is backed by golden toilets.
>>62008181> nothing is backed by anything Gold is a good looking metal. Buying weakness like I’ve always done. A lot of fiat is sitting on the sidelines. Will eventually need to find a new home during geopolitical uncertainty. Gold will recover nicely. Just needed to get rid of the tourists before hitting the $6,000 oz range.
>>62008181Backed by three thousand years of history, the myth, legend, and literature of every culture on the planet, and the fact that it can only be created by slamming two neutron stars together in a cosmic cataclysm. But I guess some folks prefer banker cum rags that can be created in infinite quantity by the most untrustworthy humans alive.
>>62008181I mostly stacked silver, which has more and more applications as the world develops... And even if we have some kind of collapse or whatever, it purifies water.
Backed by 5000 years of use as currency, and its unique metal properties give it intrinsic value. It is malleable and easy to make into coins/buillons, it does not tarnish or rust, so coins last centuries, and it looks aesthetic to human eyes.
Gold is backed by it being gold fuckmongoloid. That's why banks and governments hoard it and the ME is selling it off now for fiat they need:)
>>62008181it costs trillions of watts of energy to create a gram of gold thougheverbeit
>gold is shilled on crypto exchange ads nowIt's over
