Comments by "Austin Kole Carlisle" (@AustinKoleCarlisle) on "🔴 Bitcoin Is Nothing Like Gold - Ep 694" video.

@totalbullion5882 beanie babies were a great investment--until they weren't.
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@JA-zh5xi Bitcoin was created as a HUGE DISTRACTION from precious metals. Keep the peons distracted with 1's and 0's, meanwhile the truly wealthy buy tangible assets.
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@homageseeds5103 gold is NOT an investment. gold preserves purchasing power over time. bitcoin is a speculative investment, it could be 10x more valuable tomorrow or drop by 50%. how is that a store of value? sure some people make money off of it, but for every person that buys at 10k and sells at 60k, there is another person that bought at 60k and sold at 10k.
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precious metals are naturally scarce. cryptos are common because they are created out of nothing.
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if we're willing to travel intergalactically for a shiny rock then we must think it's pretty valuable, no? meanwhile, joe the computer programmer just made another crypto system on his computer.
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@bradleymcdowell9089 so in other words, gold will remain highly valuable
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if bitcoin was the only crypto in existence, he would probably be wrong. but cryptos can be created from nothing and the collective effect lowers the value of each individual crypto to nothing. on the other hand, tangible assets that improve our standard of living either came from nature or they were created by labor and technical knowledge. trading virtual 1's and 0's do not improve humanity's standard of living, it's literally just gambling.
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Bitcoin is fools gold in the sense that people think it's "scarce" and "deflationary" and therefore has value, the problem with this thinking is that it ignores the THOUSANDS of other cryptos that can easily take the place of it...because crypto isn't scarce at all, it is created from nothing and therefore has zero value to humanity. imaginary 1's and 0's that we create on a computer screen do not improve our standard of living.
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@joshstone313 why not?
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saminami well for one humanity inherently values the properties of gold as it has many uses that improve our quality of life more than any other metal. in fact, if an asteroid of gold hit the earth we'd be better off because that would be less labor and resources we'd have to expend to extract that same amount of gold from the ground. tell me how much better off we'd be if another bitcoin system was created? exactly.
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