It's All About the Bitcoins

Bitcoin as a More Socially Responsible Alternative to Gold

liberty gold Bitcoin as a More Socially Responsible Alternative to Gold“Gold’s current price of almost $1900 will certainly mean more abuse, corruption, militarization and the erosion of indigenous rights around the world,” writes anti-gold bug Sakura Saunders, the co-founder and editor of ProtestBarrick.net, a campaign against the gold mining company Barrick Gold, the world’s largest pure gold mining company, which ProtestBarrick claims is guilty of human rights violations and environmental destruction in the course of doing business. The activist group has decided to throw its weight behind Bitcoin as a more socially-conscious alternative to gold.

“In turbulent economic times, gold’s appeal to the investor centers on the fact that it’s supply is limited and not subject to the political decisions of a country’s leadership. Bitcoin presents the same appeal, while not causing abuses, rewarding corruption, promoting militarization and eroding indigenous rights around the world,” Ms. Saunders writes.

Bitcoin has many fans among gold bugs, despite the innate contradiction of a fiat currency made out of bits appealing to those who hoard a physical object with practical use and tend to invoke those two characteristics as evidence of gold’s superiority to the dollar, another fiat currency. But the digital currency’s independence from government and the fact that its absolute supply is limited by the underlying algorithm appeal to those with eroding faith in dead paper presidents.

Follow Adrianne Jeffries on Twitter or via RSS. ajeffries@observer.com

Comments

  1. Anonymous says:

    Still seems strange.  I think the model in Cryptonomicon and probably a million other places of a digital currency backed by gold is more likely to succeed broadly.

  2. nocomment says:

    Please look up the definition of fiat money before you continue to apply it incorrectly to bitcoin. 

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  4. Of all the reasons to love Bitcoin, a potential aggregate reduction in the demand for gold mining  might just be the most ridiculous =)