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0 pointstradertef3y ago0 comments

For the record: I agree except "its cost" part. Bitcoin consumes less energy than cloth dryers. It is not "cheap" for the environment to mine gold, haul it around the globe, have those gold shops, build storage for gold etc. etc. This is not even considering whole banking system.

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SergeAx3y ago

Gold has a lot of applications besides wealth accumulation, electronics and jewelry together makes almost 2/3 of demand [1]

[1] https://www.statista.com/statistics/299609/gold-demand-by-in...

Drying machines makes life of a lots and lots of people more comfortable. Hundreds of millions is my lower estimation, maybe even billions (if we include industrial dryers used in textile and clothes-making). Useful segment (eg except speculation and illegal activities) of Bitcoin operation is consumed by millions of people tops, two or three orders of magnitude less. And I never heard about using dryers for drug trade.

tradertefOP3y ago

95% of existing gold is used for store (including jewelery) [1]; not for industrial applications.

[1] https://www.bullionvault.com/gold-guide/why-gold

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