Bitcoin was never acting like a monetary safe haven. It has always been acting like an emergent monetary good - volatility / price discovery as a network increases by orders of magnitude. It's as if gold-bugs think gold was magically not volatile when it emerged as monetary good.https://twitter.com/PeterSchiff/status/999317444580859904 …
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There was already over a millennium of experience with gold before it appeared in written records, so what those records say about it say is irrelevant to the uncertainty surrounding its use during its first few decades, which common sense tells us would have been quite high.
Uncertainty was so high, indeed, that shell-using cultures almost always ignored gold dust & nuggets in their environment (e.g. indigenous cultures of California). Was highly improbable event when Danubians started supplementing shell beads with gold beads, and then kept at it.
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I think evidence of some cultures ignoring gold doesn't detract from the mystery of why it appears MOST cultures through varying epochs/geographies overwhelmingly VALUED it, based on its natural characteristics. The key here is overwhelming majority.
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No, that's about 99.9% of cultures with gold in their environment, but no exposure to cultures turning gold into artifacts, ignored gold. The first and early uses of gold were extremely non-obvious, entailing extremely high uncertainty.
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Final Twt (as usual enjoyed this). You don't have any evidence for the claim above Nick which is a relatively new, falsifiable anthropological theory. And even if I believe it, doesn't change last 4,500 years where a MAJORITY overwhelmingly embraced the natural properties of AU.
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The stability of the subsequent millennia are irrelevant to the uncertainties entailed in the first few decades.
End of conversation
New conversation -
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h/t "Gold rush what took ye so long":https://elaineou.com/2017/05/05/gold-rush-what-took-ye-so-long/ …
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