Quote:
Originally Posted by Hehe
I'm just highlighting the potential risk. Since no one really controls/manages the gold, what if the owner of a major trade/deposit site decides to take all gold it got and flee? Remember, there is no way of tracing a gold and most gov don't recognize gold. So, if that ever happens... bye bye all your gold and you got no where to file a claim.
Basically, the "bank" you deposit gold can go rogue overnight. However trustful it is. But hey, since there is no law against it, why not if given enough incentive.
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You are finally starting to get it.
Bitcoin is decentralized. Like any other "thing". What you do with that "thing" is up to you. Gold isn't going to protect itself from being stolen, and neither is Bitcoin. The government isn't controlling where your gold sits - you can choose to do whatever you want to store it. Keep it in a bank vault, hide it under your bed, bury it in the back yard. You can do all of that stuff with Bitcoin as well. As long as nobody gets your private key, there is literally nothing they can do with it. If you print the key on a piece of paper and put it in a safety deposit box, it's as safe as anything else you put in there.
People are saying Bitcoin is new, and it is in ways. But in other ways it's going back to the old days, where currency was something you held, and traded in exchange for something, with someone who can then do something with that currency. A long time ago, this was gold and other precious metals. Because it was hard to get, lasted long, and was easy to trade in small amounts by hand.
Governments used to base their money on gold, but now they basically replaced it with a big Ponzi scheme. If people want to go back, they can. But going back to gold is obviously not feasible in this day and age. You can't b uy something on amazon by promising to mail them some gold. So Bitcoin is the alternative to that. If people want to go back. Hopefully there is enough awareness after the shit banks put everyone through in the last several years. We'll see if that happens.