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[–] Kleyno 0 points 1 point (+1|-0) ago 

A very poor example. Everyone can shit; everyone can keep their shit. It is not rare.

Also, scarcity does not equal unique either, so I am really not sure where you were going with the shit example.

Demand also does not equal value in and of itself. If supply of a resource is plentiful, then demand for that resource does little for its value, no matter its other qualities.

Gold is valuable because:

  1. The supply is finite.
  2. We cannot create more gold than what we already have.
  3. Extracting and processing what we do have is time consuming and expensive.
  4. It is a malleable, generally non reactive metal (won't rust), that was easy for ancient civilizations to make into long lasting jewellery and mint into coinage when that became a thing.

Demand for gold started from point 4 and the value increases because of the other points. Yes, humans had to collectively agree that gold had value, but demand does not exist in a vacuum. If gold were as plentiful as other metals, it would not be worth nearly as much as it is now.

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[–] Waiyu_Dudat 0 points 1 point (+1|-0) ago 

  1. Bitcoin's and many other crypto's supply is finite also

  2. Bitcoin's distribution will eventually stop creating new coins.

  3. Extracting and processing crypto is costly and time consuming as well.

  4. Crypto is also divisible, immutable, verifiable (verify that actual "work" was accomplished), "malleable" (though malleability in metals as a currency is only important for "divisibility", or paying with a fraction of a gold piece/bitcoin).

It meets all the criteria of tangible currency, just in digital mathematical representation.

There are antiviral, antifungal, antibacterial properties to some metals, others are good for conductivity, and their slow degradation helps for a currency, but our digital marketplace moves so fast now, we need money that can keep up.

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[–] Kleyno 0 points 1 point (+1|-0) ago 

Yes, yes it does. Never said it didn't. I was just pointing out why gold was valuable, as the top comment I replied to did not seem to consider it "solid".