Bitcoin discussion, page-71

Agreed, too many shitcoins that should not exist and bitcoins true test will come when liquidity dries up and unemployment is high. At that point however many banks would fail, especially here in Aus where banks are so leveraged up to property. And knowing how the system works many countries will resort to bailouts and bail-ins. Meaning gold, traditionally, is the only place to preserve wealth in such an environment but now with bitcoin there is a very high likelihood that capital also flows to it due to its benefits over gold. As shown in the US when some banks went under it caused an increase in btc demand. Its not physical like gold but still does use real energy and capital to produce and the vast majority of golds value is purely monetary.