2026-01-16 03:28:44

Investment guru Howard Marks's recent remarks have once again stirred the market—he straightforwardly stated that gold does not generate cash flow and its valuation is essentially a collective illusion. These words caused a buzz online.

Thinking carefully, his logic indeed hits the core. Traditional safe-haven assets, even in times of real crisis, can still face liquidity crises and price plunges. Seemingly solid "fortresses" are nothing more than illusions.

But here’s an interesting twist—global central banks are疯狂买入黄金, with gold prices rising by 7% this year. This appears contradictory, but it precisely reveals a truth: the value of any asset, ultimately, is built on consensus. There is no absolute store-of-value myth, only a relative game of confidence.

This logic is very similar to the essence of the crypto market. When the "Emperor's New Clothes" of traditional finance begin to show flaws, capital will inevitably seek more transparent, cash-flow-backed, and globally liquid alternatives. Bitcoin’s on-chain mechanisms, transparency of rules, and cross-border liquidity are building a brand new valuation logic.

When the old narrative framework begins to crack, it is often also the moment when new assets shine. When the myth of gold is shattered, where will you turn your gaze?

BTC2,34%

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just_another_fish

· 01-19 03:27

Max's words are actually just a cover for bottom fishing. Don't be naive and take it seriously. I think the central bank buying gold is purely a sign of distrust in the US dollar. In plain terms, it's just a change in consensus. Bitcoin is indeed transparent, but isn't everyone just gambling on stupidity right now? If this round of the "Emperor's New Clothes" really gets exposed, retail investors like us might end up getting wiped out. Wait, could this be the real consensus game? The more players there are, the more stable the rules become?

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ApeEscapeArtist

· 01-18 16:37

Max is right, but the central bank is buying, so it's awkward. Gold is also an illusion, BTC is also an illusion; frankly, it's all a consensus game. When traditional finance cracks, you have to find a new outlet; transparency is the key. Everyone knows the emperor's new clothes, but no one dares not to wear them.

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BearEatsAll

· 01-18 00:36

Marx's way of thinking sounds like it's just causing trouble. Isn't the central bank's frantic gold purchases a clear sign that he's talking nonsense? This thing called consensus... to put it simply, whoever believes wins. The same goes for Bitcoin. If gold's liquidity collapses, does that mean Bitcoin is okay? I don't think so; it all depends on market sentiment. Traditional finance is indeed going bankrupt, but it's strange that new assets can fill this gap. The central bank is still hoarding gold, so should retail investors follow the trend and shift? I find this logic a bit hard to understand. All that talk about the emperor's new clothes, I've heard enough. The key still depends on whose wallet is fat.

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liquidation_surfer

· 01-17 07:29

Howard says gold is an illusion, but the central bank is frantically buying it. Isn't that the biggest irony? Gold, this old antique, can now really only be supported by faith. Bitcoin is the true transparent player. Max is right, but he underestimates the future potential of crypto. Central banks are stockpiling gold. What does that mean? Everyone is looking for an exit. The fortress of traditional assets has long been breached; it's just that no one dares to be the first to say it. Cash flow? Algorithmic stablecoins can solve this problem. The term "collective illusion" is well used, but don't forget that consensus is value, and blockchain has encoded this into the code. It's the same old "new clothes of the financial empire" argument, but in terms of rule transparency, blockchain has truly won. Central bank gold accumulation and retail investors buying gold are not the same thing at all. This point hasn't been thought through. I just want to know if he holds Bitcoin, otherwise these comments are too awkward.

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Ser_Liquidated

· 01-16 03:58

Max's words are very clear, but the central bank buying gold is even clearer haha

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VitalikFanAccount

· 01-16 03:57

The central bank buying gold and retail investors bottom-fishing, at the end of the day, it's all about fear. Max is right, but the central bank doesn't know a damn thing.

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SurvivorshipBias

· 01-16 03:54

Max said that gold is a collective illusion, and the fact that central banks are frantically buying gold is indeed ironic. Central banks know more than we do. What game are they playing? Come to think of it, no asset is not a confidence game; Bitcoin is the same. Instead of worrying about whether gold is worth it, it's better to think about what true hedging is. The trap is right here: experts say gold is water, but central banks are bottom-fishing. Who believes it, who loses. To put it simply, this is now a process of finding the next consensus.

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Liquidated_Larry

· 01-16 03:53

Max is right, gold is just a confidence game, and central banks are betting too. When central banks buy gold, we buy Bitcoin. Basically, it's all about playing the consensus game. Wait, then why is traditional finance still stubbornly supporting the price of gold? The lack of cash flow from gold is indeed a tough pill to swallow, but Bitcoin doesn't have that either. The real question is, who should we trust? Central banks or code? The moment the consensus breaks is when the opportunity arises, brother. The gold myth has shattered, and a new myth hasn't been established yet. Right now, it's all risky. But to be fair, central banks aggressively buying gold is something retail investors simply can't compete with. At least with Bitcoin, we can all participate, and that's where the transparency lies.

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ContractCollector

· 01-16 03:49

Marx was right, but the central bank's crazy gold hoarding is quite interesting. This thing is essentially a confidence game, just like gold and Bitcoin. In simple terms, they are all consensus values, with no fundamental difference. Wait, so how is the "transparency" in the crypto world better than traditional finance? Is on-chain transparency equal to security? I just want to know who can run when a real crisis comes. The central bank's gold hoarding is quite extreme, does it mean they no longer trust the US dollar?

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DeFi_Dad_Jokes

· 01-16 03:41

Max says gold is an illusion, but central banks are frantically hoarding gold. Isn't that the biggest irony? Central banks understand that consensus equals value, regardless of cash flow. Gold is collapsing, Bitcoin should take off now. One fortress falls, who should be the next fortress? At its core, it's all a confidence game—who has the stronger underlying logic. The skin of traditional finance has been peeled away; it's time for on-chain assets to shine.

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