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RE: Billionaire Peter Thiel: "Bitcoin's Harder To Mine Than Gold... Has Great Potential"
Bitcoin is much better than gold, because even if it's hard to be mined (which could be an advantage by the way) it is very EASY to transport! And it is also used as a currency, which makes it even better
It is also a set amount of 21 million coins. Gold the total supply expands (I believe about 1.5% yearly).
Plus we are moving more and more towards a digital, non-physical world. Digital assets are going to be more valuable than physical ones.
Except it can't actually function as a currency with its minuscule transaction capacity, even though its being valued as if it could be the sole settlement network for an entire country's economy.
Difficulty of mining does not make the obtained item more valuable. Value is determined by the utility it provides. Bitcoin's extreme difficultly is the result of poor design, creating a counterproductive collective action problem.