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mk · 4304 days ago · link · · parent · post: Bitcoin loses 44% of its value in one day. Dropping from over $250 to around $150
I disagree. The price of gold doesn't reflect a practical value. People employ it as a commodity as it has a limited supply, and do so based on the sentiment in other markets, not on a perceived rise in the underlying value of gold. I see gold's underlying value being its limited supply and as it cannot be duplicated. BTC shares the same characteristics, but is easier to exchange.Commodities need some sort of underlying value (currency doesn't) and bitcoin doesn't.