Quote:
Originally Posted by dyna mo
certainly good points made.
what do you think about the scarcity comparison, the author seems to think that is a critical component to the success of both gold and (potentially) btc?
also, can you really buy at a local store with gold? how do they check the gold content?
not doubting you, just curious.
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Don't get me wrong, there are a few comparisons. I am only debating the statement of "bitcoins are just like gold."
Regarding what you can buy in Asia, it depends on who you are dealing with and how you are doing it. I can't walk into 7-11 and buy stuff with gold. I can however buy items from (mostly Chinese / wealthy Thais) stores simply by having gold stamped from known and trusted gold shops. That said, I wouldn't go buy a soda with it. But if I wanted to buy a condo or a car, even a scooter, something large, I could use gold easily. One of my friends bought a condo with gold last year. He did have to have it verified by the shop it was stamped by.
When people think "gold" they think giant bars that weigh a lot. That is picture the media has painted into everyone's head. In reality, those (the big ones) are for only very wealthy people. Normal people buy small ones, or tiny pieces. For example, a piece of gold worth around $800 is no larger in width than my pinky fingernail. On the Thai gold scale that is 1 Thai baht of gold. You can also get 1/2 baht, 1/4 baht and so on. So you can take those smaller ones to the shops in Chinatown and buy pretty much anything, as the Chinese are hip and use gold themselves.
Let me find some pics or take some and you can see just how small it is. BRB....