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fulanomengano t1_j30eyvt wrote

Reply to comment by Zealousideal-Web5346 in TIL that all the gold that has ever been mined in all of human history could fill about three Olympic-sized swimming pools. by westondeboer

Nope. It’s value in the past didn’t come from being shinny and pretty. Its physical and chemical properties like not being corroded, it’s usage in alloys and the fact that didn’t cause allergic or other reactions when in contact with skin is what made it valuable.

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LuKeNuKuM t1_j32fk0v wrote

Plus the fact it's hard to mine having a high stock to flow ratio. This makes it a good store of value over time. Unlike fiat currencies that no longer adhere to the gold standard and devalue over time because more is produced.

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zucksucksmyberg t1_j30xtu4 wrote

Funny though that prior to the discovery of vast silver in the New World, silver was rarer and more valuable than gold.

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