> That is incorrect on many levels. Gold has applications in MANY things.
We still have a more gold that it is put productive uses. Gold reserves/production ratio is 60. No other commodity comes even close. So most of the world's gold is similarly useless as bitcoin, and more will be if some day gold will be re-monetized.
But, maybe, a better analogy would have been, dollar (outside of USA) is similarly useless as bitcoin.
There are a lot of raw resources that we have excess of; some call it reserve. To try and explain the reason gold is so much is a ridiculous task. Practical uses(better than copper in some applications) and non-practical uses(it looks good on me). To compare BitCoins to gold is a horrible analogy to even begin with.
We still have a more gold that it is put productive uses. Gold reserves/production ratio is 60. No other commodity comes even close. So most of the world's gold is similarly useless as bitcoin, and more will be if some day gold will be re-monetized.
But, maybe, a better analogy would have been, dollar (outside of USA) is similarly useless as bitcoin.