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Douglas_Knight comments on Bitcoin value and small probability / high impact arguments - Less Wrong Discussion
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The effect on synthetic gems on the market is a good example, but the effect is zero. They haven't stopped being treasure. But they haven't yet gotten to the point of indistinguishable at gem sizes. Synthetic gems have displaced mined gems for some industrial uses, but mainly they have greatly expanded industrial applications.
Synthetic diamonds maybe, but synthetic rubies were around a hundred years ago, and even with diamonds it seems clear that it's only a matter of time (if we're not already there). I hear that synthetic emeralds are actually preferred to natural emeralds for jewelry because they're significantly prettier.
Big nice rubies were produced a hundred years ago, but I'm pretty sure that even today they are distinguishable. It's just a matter of time, yet the prices do not seem to reflect that. And that's not just an illusion of jeweler's markup, but resale value.
I am not sure. They haven't stopped being high-status jewelry, but I don't know if they're still a store-of-value.
If you don't know, don't make shit up.
Do you happen to know? People still buy gold as an investment / store-of-value. Does anyone buy rubies and sapphires as an investment / store-of-value nowadays?
I don't know what people do or what they ever did, but I do know what I said: the effect on the market price of high-end gems has been zero.