[magnamerc]

Except bitcoin can't be manufactured on demand. I'm sorry, but this is a terrible analogy. There's a reason why people compare bitcoin to gold, because it makes for a better analogy, despite the fact that gold is actually ubiquitous throughout the solar system, and bitcoin is actually finite. For the record, I own zero bitcoin.

[klodolph]

Analogy illustrates a point, it’s not meant to claim that two things are totally equivalent. It’s very hard to make an analogy on HN because someone will make a complaint about it like this one, and the overall effect just lowers the quality of discourse.

[beagle3]

I don’t understand where you believe I am wrong; I said the gold, diamond and bitcoin all have the property that they cannot be manufactured on demand.

[oarabbus_]

I mean, it's a bit overly broad of an analogy. Iron can't be manufactured on demand either. Neither can corn.

[beagle3]

Corn can be, and regularly is; iron is abundant. Both are priced by their functionality (with a price floor set by the cost of manufacturing/extracting/growing if we ignore subsidies for a moment). If they become too expensive, they will be replaced by other cheap metals or crop in most uses.

Gold/bitcoins/diamonds just become more desirable when their price goes up.