[bradleyjg]

We could pick any number of gold-like commmodities, but like Bitcoin, gold has had a history of large expenditures to acquire it. Both are buoyed by that past.

I would have put that the other way around ("like gold, bitcoin ...") but even so the scale of the relevant histories are not even in the same ballpark. Bitcoin has had held value for seven years. Gold for more than seven thousand years.

[dahdum]

Gold has had some ridiculous swings along the way too, though I doubt anything like BTC.

The scale is incomparable, but every year the history grows and the likelihood of permanent acceptance increases.

[AnimalMuppet]

> Gold has had some ridiculous swings along the way too...

The Spanish pulled a large amount of gold out of their New World colonies. It reduced the price of gold in Europe... by 20%. That seems to me to be not much of a swing, given the magnitude of the event.

The biggest swing that I know of was when the US allowed the price of gold to move. The US held the price of gold at $35/oz from (about) 1932 to (about) 1975. When they allowed gold to float, it went to $200/oz, dropped to $100/oz, then went to $800/oz. But I'd ascribe that set of "ridiculous swings" to government messing with the market, not to gold itself.

Off topic, but too fun not to mention: An ounce of gold weighs more than an ounce of feathers. This is because an ounce of gold is a troy ounce (1/12 of a pound), and an ounce of feathers is an avoirdupois ounce (1/16 of a pound).

[badosu]

Off topic, but too fun not to mention: An ounce of gold weighs more than an ounce of feathers. This is because an ounce of gold is a troy ounce (1/12 of a pound), and an ounce of feathers is an avoirdupois ounce (1/16 of a pound).

As a native from a country that uses the metric system, this sentence is both amusing and saddening.

[kybernetikos]

Another interesting swing was Mansa Musa:

> Musa's generous actions inadvertently devastated the economies of the regions through which he passed. In the cities of Cairo, Medina, and Mecca, the sudden influx of gold devalued the metal for the next decade. Prices on goods and wares greatly inflated. To rectify the gold market, on his way back from Mecca, Musa borrowed all the gold he could carry from money-lenders in Cairo, at high interest. This is the only time recorded in history that one man directly controlled the price of gold in the Mediterranean.

https://en.wikipedia.org/wiki/Musa_I_of_Mali