[2017-08-31] Bitcoin Is The New 'Gold'

cr1776

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Quote from: eckmar on September 03, 2017, 04:22:03 PM

Quote from: Granxis on September 03, 2017, 01:13:49 PM

It's really very similar to gold, there were no banks everywhere, people kept their gold under their house in their yard (wallets and keys), there were people working in gold mines(miners). Really look very much like each other.

Yep. And we are experiencing what should be "gold rush" where everyone wants to mine and take a pice of the pie. I know guys that don't even understand what BTC is but they are investing in mining heavily because they heard it's profitable

And like the '49ers, today the ones making most of the money were the ones selling supplies (mining equip, food/power etc).

eckmar

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Quote from: Granxis on September 03, 2017, 01:13:49 PM

It's really very similar to gold, there were no banks everywhere, people kept their gold under their house in their yard (wallets and keys), there were people working in gold mines(miners). Really look very much like each other.

Yep. And we are experiencing what should be "gold rush" where everyone wants to mine and take a pice of the pie. I know guys that don't even understand what BTC is but they are investing in mining heavily because they heard it's profitable

Granxis

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It's really very similar to gold, there were no banks everywhere, people kept their gold under their house in their yard (wallets and keys), there were people working in gold mines(miners). Really look very much like each other.

CryptoBry

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Quote from: Wekkel on August 31, 2017, 02:10:27 AM

You mean 'Gold' as in -> the physical or 'Gold' as in -> an electronic derivative?

The new gold is no other than Bitcoin the current king of the world of cryptocurrencies. Investors who usually go to gold (the physical one or the real gold) are now turning to Bitcoin as the new safe haven...a safe haven with much bigger returns. However, these funds can come in and can also go out in minutes.

Wekkel

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yes

Of course Bitcoin is more profitable:
* the world is not ending just yet
* Bitcoin is made for this ever further digitalising world
* the ability to move 'value' over the Internet without barriers has huge, HUGE effects for decades to come
* all of this is in a very early stage
* no luck paying anything with gold bars/coins right now

I strongly believe that Gold has a purpose and should have a place in any decent sized investment portfolio. But denying yourself the investment opportunity that cryptocurrencies offer, and blockchains in general. That would be denying a way to potentially avoid the effects of further (fiat) currency destruction.

SvenBomvolen

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Quote from: Wekkel on August 31, 2017, 02:10:27 AM

You mean 'Gold' as in -> the physical or 'Gold' as in -> an electronic derivative?

I think GOLD was taken in commas exactly to show an electronic derivative sense of this word. Bitcoin has some things alike to gold, that's why they both compared so often. Bitcoin and gold are limited and both should be mined, add to that they are staying as the best choice for storage with the perspective of it's raising price and skipping of the inflation. But in this case Bitcoin is much more profitable today, it's price is growing just like a crazy!

Karartma1

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Quote from: Wekkel on August 31, 2017, 02:10:27 AM

You mean 'Gold' as in -> the physical or 'Gold' as in -> an electronic derivative?

Have you ever read this from Satoshi? Have a look:

Quote

...there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.

In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.

I believe that to be utterly true.

Karartma1

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I can only talk for myself as I am not the author Grin

I personally believe that Bitcoin represents quite well the main characteristics that gold has while also having some unique featurs. It may be missing the shiny feature and the long succesful history but we will see over time if it proves resilient. I think it is

Wekkel

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You mean 'Gold' as in -> the physical or 'Gold' as in -> an electronic derivative?

Karartma1

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North Korean dictator Kim Jong-un is launching missiles over Japan. China is trying to write its own navigation rules in South China Sea. Washington is in disarray. Global debt continues to pile up. And central banks continue to hold interest rates at near zero levels.

Global uncertainty is rising. Yet, gold isn’t rallying.

Bitcoin, the new ‘gold,’ is.

Read more @ https://www.forbes.com/sites/panosmourdoukoutas/2017/08/30/bitcoin-is-the-new-gold/#6e1c7da73b36

Topic: [2017-08-31] Bitcoin Is The New 'Gold' (Read 4535 times)