[dcosson]

> Gold has practical use in industry which puts lower bound on its value.

How did that work out for oil a couple years ago?

Yes there's some lower bound on gold, but if it turns out it's lower than you thought, or if the supply can be altered to manipulate the price and drive it even lower, it's not very useful.

Given that gold prices 20 years ago were somewhere around 1/6 the maximum price in that period ($300 vs $1800), it's reasonable to assert that this lower bound on gold lower than even that. Meaning if I invest in gold and people completely lose faith in it, I could lose 85%+ of my investment. Not a very helpful safety net.

[jonas21]

I don't think the comment you're replying to is trying to argue that gold is a particularly good investment -- just that Bitcoin is worse.

[Agathos]

> How did that work out for oil a couple years ago?

Do you think there's a new technology on the way that will increase the supply of gold the way fracking increased the supply of natural gas and oil?

Fun to think about asteroid mining...