@RolandStautz @PeterMcCormack It was and could be again. Gold is used in industry. It’s a metal, therefore it has real value. #Bitcoin does not. For Bitcoin to be money it needs to function as money, the way #gold once did. Otherwise it can’t be a store of value either, as it has no monetary value to store.

@PeterMcCormack No any more, but at one time they were, and could be again. #Gold is now used as a metal and a store of value. But #Bitcoin needs to be used as money, as gold once was. If it can’t then it also can’t be a store of value, as it has no monetary or industrial value to store.

@PeterMcCormack I don’t think it can work. But if over time prices for commonly used goods and services are quoted in Bitcoin, insurance policies, employment contracts, annuities, pensions, rents are denominated in Bitcoin, there’s a #Bitcoin bond market, then I’ll admit I was wrong.

@PeterMcCormack Almost as many as #Bitcoin has been around. The only think I got wrong was how big the bubble would ultimately get before it popped. I’m right on everything else. You’re wrong on everything else!

@PeterMcCormack I am not against people buying or even trying to use #Bitcoin as a store of “value” or medium of exchange. I also don’t think government should regulate Bitcoin. I just don’t think it will work, and that people HODLing it will eventually lose a lot of money.

I think it’s interesting the many of the people on social media criticizing me for being against Bitcoin are also criticizing me for being against the #MinimumWage. If you’re anti-force, and support a free market when it comes to #Bitcoin you should feel the same way about wages.

@MohithAgadi #Bitcoin is much higher maintenance than #gold. Bitcoin requires an entire network, with lots of computer hardware and energy to support it. Once gold is mined, no further support is required other than storage, which is cheap or free if you store it yourself.