Hi Michiel,

On 2019-08-08 12:42:17, you wrote to Bj”rn Felten:

 MvdV> You know what... it has already happened. Gold has little or no
 MvdV> intrinsic value. It has value just because the vast majority of
 MvdV> people believes it is valuable. Not much different from those pieces
 MvdV> of paper showing Dollar, Euro, Rubel or Yuang signs.

The value of gold is also determined by the fact it is hard to get (mine), and 
there is relatively little of it on earth compared to other elements.

The paper money is much easier to create, or those numbers in your bank account 
can be created at no effort at all, by a push of the button.

So maybe you think gold has little intrinsic value. The intrinsic value of 
those numbers in your bankaccount is 0.

 MvdV> Gold has little more intrinsic value than many other common metals.
 MvdV> Humanity just has not discovered that fact. Wait until the great
 MvdV> famine returns and someone tries to trade his inedible gold for
 MvdV> food...

If that happens I rather have gold than numbers in a bankaccount, of a bank 
that no longer excists...


Bye, Wilfred.

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