This is a strange viewpoint considering that crypto is 100% reliant on some of the most complicated and high-maintenance infrastructure ever built by man: the internet.
If "everything else fails" the internet has failed, and crypto will be worthless. Gold will probably still have some value, unless shit really hits the fan.
We’re talking about different “everything else fails” scenarios. Basically, I’m concerned about my bank accounts being frozen (happened with my Revolut account for example).
Ah, yes, the classic 3-2-1 method: three accounts in two different countries, one of them being an offshore. Yeah, I’m doing all that (not the offshore part... at least not yet).
Strictly speaking, directed energy is the ultimate. Both crypto and gold are both just embodiments of energy, gold being the physical embodiment (via mining and refinement) and crypto being the virtual embodiment.
Not really. Gold has no more energy than carbon per gram. E=MC^2. And total energy is unavailable. Carbon had more available chemical energy. (Why we can burn coal not gold).
Bitcoin doesn't store any energy.
Bitcoin is like a F1 car going around a track forever, with your name scribbled on it.
Both gold and bitcoin are a variant of "proof of wasted energy" or more euphemistically "proof of work". Why that makes it valuable is beyond me, but it isn't really a new thing considering the historic value of gold being much more than its utility as a material.
Maybe I didn't explain it well, gold and bitcoin are the 'memory' of used energy, they are not energy sources themselves.
I think of them as representations of the idea that energy is (currently) so abundant and cheap that we can waste it on mining things like gold and crypto, a fundamentally ridiculous concept in terms of real actual human needs.
Once that stops being the case (when fossil fuel starts running out globally), the whole thing - cash, gold, crypto, stocks, bonds, property - everything falls apart.
Bitcoin isn’t valuable because of used energy. The energy here is just a way to limit the rate Bitcoin is produced, and to help prevent double spending.
Bitcoin is valuable because people accept that it’s valuable, same as with cash, gold, crypto, stocks, bonds, property. The price of an apple is $2 is because I offered it to you for $2 and you bought it.
Almost. Bitcoin energy use is a way to have a decentralised trust less network. If bitcoin was free to mine the most money would go to the most nodes. It would be proof of DDOS in a sense and would probably seize up pretty quick.
Gold is a bit different. You could stop mining it today entirely and you could still have a gold currency. Stop mining bitcoin and it all effectively disappears!
The people appreciate the value exactly because of used energy (entropy), if you want to rewrite Bitcoin history you are going to spend no less then it has boon spent. The limit of producing of bitcoins is not related to energy.
Which is why I have a couple bank accounts. If these banks decide they don’t want to work with me anymore (happened a couple times already), or if they decide they don’t want to send money to, say, a particular country (hint hint), I’ll have crypto as a last resort.
(You conveniently left out “cash” from your reply. Cash. I’ll buy groceries with cash, if I can’t use my card.)
And it varies from country to country. (In any case, I wouldn’t use BTC for everyday purchases – it’s too volatile, and transfers are too expensive. As long as we’re stuck with fiat-based economy, stablecoins are the way to go, IMO.)
there is invariably a vantage point at which non-fiat payments are accepted. this may be crypto, given that there is still infrastructure available for it to operate, but that's unlikely imo.
If "everything else fails" the internet has failed, and crypto will be worthless. Gold will probably still have some value, unless shit really hits the fan.