gold vs bitcoin vs us dollar - what's the deal
Never been into the whole bitcoin story, I don't get it and don't care to get it, sure people will become filthy rich by holding it and eventually dumping the bag on people while everyone scrambles to get out, but it'll never be a real store of value or serve society in any meaningful way, just isn't gonna happen sorry.
But --- I also don't understand guys who tout gold as some incredible store of value, like it will protect you from financial uncertainty and collapse. Like Peter Schiff will talk about gold as some savior when the financial system struggles or collapses due to rampant inflation, but what are you gonna do with this gold in that scenario? what value does gold inherently have in that situation? if the financial system goes down or it gets to the point where everyone piles into gold as a "safe store of value" then what do you do with that gold? no one is going to trade you some physical gold for food, water, or supplies, it has absolutely no value on its own. if you truly believe the system is going to somehow collapse then all you should to do to prepare is buy supplies and some rural land, owning physical gold will never matter in that sort of scenario.
-- quick caveat, i'm not saying this scenario is going to happen, but this is what I hear from guys shouting about how great gold is. that the system is broken because of inevitable inflation and continued geopolitic uncertainty and that will cause people to buy gold as a store of value --
Like Schiff will talk about gold being the true "real money", what? what does that even mean? how is it any more real than the us dollar or bitcoin then? in our society they all just serve as a medium of exchange in an agreed upon transaction between two parties, there is no "inherent value" to gold, the us dollar, or bitcoin. their value is only derived from the understanding that the person receiving the gold, us dollar, or bitcoin will then be able to use it in a future transaction with another party for another item or service.
If people like schiff or bitcoin-pumpers think the financial system is so doomed, they should just be buying supplies or whatever they think they'll need in the "collapse" scenarios they always talk about. if the financial system collapses or short-circuits because of inflation like they seem to think then there will be no reason to have any currency at all - just buy food, water, shelter, supplies, etc. if that's the case for you