Gold Bugs & Assumptions \ stacker news ~bitcoin

We all make assumptions. I'm curious which of my assumptions are correct.

I don't come from an affluent background. I grew up in a blue collar family. My father was born in what I can only describe as poverty. He was the youngest in his family and was born in the single room log cabin. He never finished high school. I say that to explain that there are many assumptions I used to make due to this background. When I was in college and was learning about economics and finance I always assumed that the gold bugs had all their gold in a safe. Fast forward to when I really started digging into bitcoin. I would hear all these gold bugs like Peter Schiff talking about how bitcoin isn't based on anything. How its just computer digits. Peter's arguments make sense if you don't understand bitcoin or even how value/scarcity work. But when I would hear him talk I was listening with a huge assumption.

When I realized how most people that say they own gold or invest in gold mean they buy gold ETFs or at best have their gold in some custodial service I was kinda floored. When I started hearing all the problems associated with gold custody and learned about order 6102 it made me smirk. MANY of these gold bugs are posers. They are empty suits. Sure, there are people that value sovereignty and hold a fair amount of gold in their hands but I actually thought that was what all of them were doing. Much of their talk about gold as a secure investment is based on paper. On trust. Then my views on the functional value of bitcoin increased. The fact that I can have custody of my money without trusting some 3rd party. The fact that there are many ways to handle security that do not involve trust. It just made me realize once again to not make assumptions.

Many men in suits sound smart. My blue collar background and my father's influence has led to me being very skeptical of people like this. I'm far more skeptical than my father though. I think I just have a bit more curiosity in me. Over the years I have seen so many people of status and supposed intelligence be proven fools. More often that that they are proven liars. It kinda brings me joy. If I'm honest, it is one of my favorite things about bitcoin. It exposes the truth in people. They more arrogant they are the more likely they will be humbled. Its beautiful. But still, I need to seek humility for bitcoin will also humble me. If I get arrogant about its purchasing power. If I get reckless with how I handle it. I will pay for this. We all will.

I'm here to learn. Are my assumptions about gold bugs still wrong? Do you know if the average gold bug actually has custody or do they own paper receipts for gold?

33 sats \ 1 reply \ @DarthCoin 19 Mar

I personally don't give a shit anymore about gold bugs or anybody that still do not have some good amount of sats.

ONE BTC is already a dream for many, but that is not my problem anymore. I screamed around to buy BTC all these years, so who listened me, good for them, who doesn't... HFSP. I have no other words for them. Oh yes... I TOLD YOU SO !

The so called "gold bugs" are just idiots. In one meme here:

In other words: FUCK'EM'ALL

0 sats \ 0 replies \ @kepford OP 19 Mar

I love how bitcoin humbles those that think to highly of themselves.

0 sats \ 0 replies \ @TheBTCManual 20 Mar

I had some gold back in the day as I was on my search for anything that could store value but what I realised is the practical reality of gold is a joke.

You can't store any meaningful wealth because of the physical size and it literally increases your attack surface
Most people instinctively know this so they opt for paper gold
Alternatively you can use a custodian but this doesn't work for everyone + you have a leak in your purchasing power due to the custody fees you pay

If you do opt for physical gold you also at the mercy of the pools of liquidity you can access, if you got major bags you get better big ask spreads from premium dealers, if you're a pleb selling to a gold dealer or some cash for gold place you're getting shafted

There is no push or desire to make gold easier to spend either, because of these sweet spreads, versus with bitcoin, there is no gold for cash ATMs, there is no reality where you can spend gold directly for goods and services like Bitcoin can

Gold is a meme, when people shill me gold I try to paint the reality and see if they don't figure it out on their own

0 sats \ 0 replies \ @koqoo 19 Mar

most Gold is paper Gold; HODL

0 sats \ 1 reply \ @jgbtc 19 Mar

Any gold bug that doesn't also own a horse or two is full of shit. A post apocalypse scenario where gold is the only option for money will also mean that getting gas for a car is impossible. Do they think oil wells, tankers, refineries, and gas stations continue to function at scale without a modern economy?

0 sats \ 0 replies \ @TNStacker 19 Mar

Interesting. Define modern economy by, say decade, please. Post-1930s (automobile-age), Post 1950s (jet-age) ,Post-1970s(Telecom-age)? I guess post-1990s would be internet-age.