2026-01-16 03:10:12

#数字资产市场动态 The recent views of investment legend Howard Marks have caused a stir on social media—the idea that gold cannot generate cash flow at all, and its so-called store of value ability is nothing more than a "collective psychological game." When a crisis hits, even this traditional safe haven asset has to plunge in value.

It sounds reasonable, but the reality is much more interesting.

Central banks are desperately buying gold, and this year, gold prices have risen by a solid 7%. Does this count as a contradiction? Not really—it actually reveals a deeper truth: **The value of any asset ultimately stems from collective consensus**. The thousands of years of gold’s status is built on exactly this.

This logic becomes especially striking when applied to the crypto world.

As the traditional "store of value myth" begins to crack, smart money is already redefining the anchor points of value. Bitcoin is more than just a token—on-chain traceable cash flows, transparent rule mechanisms, and global liquidity are helping to build a more solid valuation foundation. To some extent, this is the most powerful response to the "Emperor’s New Clothes" of gold.

Where old stories collapse, new opportunities often take root. Once you understand the essence of gold’s valuation, where should your next focus be?

BTC7,71%

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AirdropNinja

· 01-18 07:35

Max is right, but the central bank's move this time is really brilliant, directly hitting back and proving the point. Collective consensus, BTC is much more transparent than gold. Wait, if you flip this logic around, it could also backfire on yourself. I'm tired of this; I still find watching K-line charts more practical. On-chain cash flow explanations sound so comfortable. It's just a gold wrapper, nothing more than changing the vest to continue cutting. Is this writing trying to brainwash us all into Bitcoin believers? The central bank is stockpiling gold, and we're still talking about new paradigms? A collective psychological game, and Bitcoin is the same. Why bother putting gold on your face? Transparent rules and mechanisms? Ha, give me a break.

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AirdropHunterWang

· 01-16 05:12

Max, this guy just loves to go against the grain. The central bank is buying gold, and he's talking about collective psychological games. I really can't hold it together anymore. Gold can't generate cash flow, so what about Bitcoin? I don't think it can either; it's all just a faith game. Wait, are you saying that gold and BTC are actually the same? Then what's the point of doing this? I'm just puzzled. The answer is the central bank's bottom fishing; institutions are stacking up, while retail investors are still debating value. It's hilarious. Is the point of this article implying that it's time to buy BTC? The more I read, the more I feel like there's some sort of guidance behind it.

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LiquidationWatcher

· 01-16 03:39

yo marks saying gold's just vibes but cbs are literally accumulating... watch your health factor tho, don't get caught chasing narratives like 2022 did me dirty 💀

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PumpingCroissant

· 01-16 03:37

Max's words are just for listening; even the central bank is hoarding gold. What does that mean? Collective consensus is value, and Bitcoin is much more transparent than gold.

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FancyResearchLab

· 01-16 03:33

Max, this guy, says gold is a psychological game, but the central banks are still frantically buying the dip. Doesn't this just confirm the theory of "collective consensus"? Theoretically, it should work, but in practice... hmm, I've trapped myself in this logical pit again.

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BlockBargainHunter

· 01-16 03:33

Max is right, gold is just air, but the central banks are bottom fishing? Isn't this just blatant collective delusion? Wait, if we apply this logic to Bitcoin... then BTC is also an illusion? Don't tell me on-chain cash flow can save the day. Central banks are playing chess, we need to see the whole game clearly, don't be blinded by a bunch of data. This wave of shift isn't just about gold; the entire store of value system is rewriting the rules. Gold has been hyped for so many years, but when a crisis hits, it still gets cut in half. Won't Bitcoin be different?

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MetaverseHobo

· 01-16 03:26

Marx was right, but the central bank's frantic gold buying is really ironic... Collective consensus indeed is everything, but what about Bitcoin? On-chain cash flow sounds impressive, but in reality, it's still a confidence game. Is it the central bank or smart money doing the bottom fishing? It's really hard to tell the difference. Wait, according to this logic, should I go all in on Bitcoin now? Or wait and see? Honestly, gold has maintained its value for thousands of years, so why can Bitcoin, which is only a little over a decade old, replace it? But on the other hand, if the central bank is hoarding gold like crazy, are we still debating here? You're all too slow. The real question now is, can someone tell me where the next value anchor point will be...

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