"Gold isn’t valuable because it's used for jewelry, jewelry is valuable because it’s made of gold." --@NickSzabo4
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Social status is what is most scarce. Gold is a good signal, rare gold jewelry with a story is much better
Within a local community. Except for story-telling via mass media for a few objects it doesn't socially scale.
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Social status also rests on stories. Bogotá gold museum is full of status symbols worth more than their weight
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