“There’s a lady who’s sure all that glitters is gold
And she’s buying a stairway to heaven”
Robert Plant and Jimmy Page – Led Zeppelin – Stairway To Heaven
“Fool’s gold” is a common nickname for pyrite. It got this nickname because it’s practically worthless, but it has a look that deceives people into believing it’s real gold. With a little practice, there are many easy tests anyone can use to quickly tell the difference between pyrite and gold. The nickname “fool’s gold” has long been used by gold buyers and prospectors who were amused by enthusiastic fools who thought they had found gold. The ignorance of these fools caused many of them to lose their savings and fall into poverty.
Does it sound familiar? Well, if bitcoin is digital gold, it’s only natural that there is also a digital version of fool’s gold — that is, shitcoins.
Gold And Pyrite
Gold is found in nature mainly as nuggets in some river sediments or, to a lesser extent, embedded in rocks. Its name comes from the Latin aurum, which means brilliant. It is a dense, malleable, ductile, bright yellow metal that does not react with other chemicals or oxidize (it does not rust).
Due to these characteristics of brightness and no chemical change, gold has always been considered precious by humans, being used to mint coins by major cultures. As it is a soft metal, it must be hardened to be used and is often mixed with silver and copper to form stronger metal alloys. The fact that gold is malleable allows it to be used for jewelry, as it is possible to mold it without breaking it. Gold is also used in the electronics industry and as a store of value. Gold is scarce, which contributes to its high valuesince humanity values scarcity.
Fool’s gold, as pyrite is informally known, does not have any of gold’ main characteristics other than the bright yellow color. Pyrite is not composed of any precious metal, but rather is a mixture of iron and sulfur, forming an iron sulfide. The color and brightness of pyrite resembles that of gold and can deceive beginners and the most naive, but the similarities stop there. Unlike gold, pyrite has square or hexagonal features and reacts with other chemical elements or when heated, usually giving off a characteristic sulfur dioxide smell (rotten eggs). Pyrite, despite its similar coloring to gold, cannot be used for jewelry, as it is not malleable like gold, but rather brittle. Pyrite is also an abundant mineral and was first called fool’s gold in the California gold rush, when less-experienced miners believed this yellowish, shiny material was real gold.
In the mining industry there are two categories of minerals: ores, which are the material of economic interest, and gangue mineral, which is material with no commercial value that needs to be separated from the ore. By definition, gold is an ore while pyrite is a gangue mineral. In this way, it is dangerous to…
Read more:Bitcoin Vs. Digital Fool’s Gold