> A defender will say that gold is no different, a price that refers only to itself, and that we do not call gold a fraud; but gold carries a floor of industrial demand and a monetary role thousands of years old, and Bitcoin has neither.

I'm always interested to see how anti-crypto people try to differentiate gold from crypto, and so far I've never seen anything convincing. Gold's industrial utility as a good electrical conductor could not have begun before electricity was discovered, but it was valued just as highly for millennia before that. The "monetary role thousands of years old" claim has no force at all, because it does not even attempt to explain what it is about gold that caused it to acquire this role -- and identifying some relevant property of gold that crypto lacks is a prerequisite of any argument that attempts to differentiate the two.