Bitcoin is not the new gold, Goldman Sachs says

ZaoXhou

sr. member

Activity: 467

Merit: 251

Quote from: VitKoyn on October 19, 2017, 06:02:30 AM

Cryptocurrencies like bitcoin are not the "new gold," Goldman Sachs said in a note, advising investors that precious metals "remain a relevant asset class" in portfolios.

The analysts said that digital wallets, where people can store cryptocurrencies, are vulnerable to hacking, and virtual currencies also have "significant regulatory risks." For example, China recently banned cryptocurrency exchanges and put a stop to initial coin offerings (ICOs), the new way for start-ups to raise money by issuing digital tokens.

Goldman also said that cryptocurrencies are subject to network or infrastructure risk during a crisis. For example, there was a "hard fork" this summer when bitcoin split to create a new cryptocurrency called bitcoin cash.

The investment bank said that precious metals are "still the best long-term store of value"

Source: https://www.cnbc.com/2017/10/19/bitcoin-is-not-the-new-gold-goldman-sachs-says.html

What are your thoughts?

Bitcoin and gold have some similarities but I don't want to compare both since bitcoin is a digital currency and gold is a precious metal.
But I still pick bitcoin over gold for long term store of value.

I just can't take anything that comes out of their mouth serious, they always have other motives.

Geoll29

member

Activity: 266

Merit: 10

Gold can't be fully compared to bitcoin. Gold is a physical asset and its value is always rising up. While bitcoin is intangible and its value may rise or fall. We can only talk about the advantage of bitcoin over gold which is the former can give us huge income in an instant.

rcoins0720

full member

Activity: 253

Merit: 100

We cannot blame people who thinks that it is like gold.. and I won't lie it is... bitcoin is good investment too if you know how to use it and how it works
Gold in other hand is asset and yess it is much better long term.. but bitcoin and its price value was very high making people attract ... and I wont lie I am one of them.. every year bitcoin price increases and down are not new to cryptos right .. he has own opinion and it is good... both of them are good and have basis it is depends where you want to put your money

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: VitKoyn on October 19, 2017, 06:02:30 AM

Cryptocurrencies like bitcoin are not the "new gold," Goldman Sachs said in a note, advising investors that precious metals "remain a relevant asset class" in portfolios.

The analysts said that digital wallets, where people can store cryptocurrencies, are vulnerable to hacking, and virtual currencies also have "significant regulatory risks." For example, China recently banned cryptocurrency exchanges and put a stop to initial coin offerings (ICOs), the new way for start-ups to raise money by issuing digital tokens.

Goldman also said that cryptocurrencies are subject to network or infrastructure risk during a crisis. For example, there was a "hard fork" this summer when bitcoin split to create a new cryptocurrency called bitcoin cash.

The investment bank said that precious metals are "still the best long-term store of value"

Source: https://www.cnbc.com/2017/10/19/bitcoin-is-not-the-new-gold-goldman-sachs-says.html

What are your thoughts?

Bitcoin and gold have some similarities but I don't want to compare both since bitcoin is a digital currency and gold is a precious metal.
But I still pick bitcoin over gold for long term store of value.

Well, some of what they have commented on is right, but it's for the wrong reasons. They say that a lot of the virtual wallets are prone to hacking, which is actually really rare, provided that the wallet is trusted and has a backing for it already. It's the exchanges which seem to have abysmal network security and often fail to recover from hacks, although some do. They're right about regulatory risks, although that's only for government lapdogs. The network is only at a risk when people are trying to fork, which has happened once in ~8 years. Will be twice soon.

PMs being a store of value remains the same; accurate. Bitcoin is a volatile growth asset right now.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Bitcoin is not the new gold because it's much better. It's not something they can steal or seize as easily as fiat. With fiat you have that false feeling of security, because you think that there are other people responsible for your money's safety. You think that if some professionals are being paid to make it safe you have nothing to worry about and worst case scenario will have someone to blame. But when you think about it it's really better not to have people to blame but rely on yourself. What difference does it make if there's 10 or 100 people shaking their heads and saying sorry when your money is gone? People at Goldman are those head shakers that want you to invest but if anything goes wrong will wash their hands of it and lawyer up.

Dan D. Lion

newbie

Activity: 55

Merit: 0

Whenever I read something from Goldman Sachs or JP Morgan Chase or any massive, institutionalized financial organization about Bitcoin, I usually just assume the opposite. They always have an anti-Bitcoin bias and hence cannot be trusted for objective opinions, views or conclusions. The intent here, of course, is to disparage Bitcoin by making a false comparison, kind of like saying a tricycle is not a Ferrari.

pearlmen

sr. member

Activity: 322

Merit: 250

Goldman Sachs can say whatever they want to say but making reference to what is not comparable is what I see as making an uninformed decision. Who said bitcoin is trying to be like gold or wanting to replace gold. Gold is not even a competitor to start with as they both serve different primary objective even though I agree that their objective might clash in the area of keeping as an asset hoping for appreciation in the future.

lighpulsar07

sr. member

Activity: 518

Merit: 271

Goldman is right you can't just compare bitcoin to a gold, they have very huge differences on each other bitcoin is a merely best digital asset and new to this world with market capitalization of 100 billion while gold is very precious tangible asset and it has one of the oldest form of the asset in the world we have using gold since medieval times and it has market captalization of 7 trillion but they have both in common which is good investments

Cutekittens21

full member

Activity: 140

Merit: 100

Quote from: bitcoinvestor on October 19, 2017, 06:50:13 AM

Gold is gold and bitcoin is bitcoin. They are two diferrent asset. Gold is the best metal asset and bitcoin is the best crypto asset. If you try to make the same between gold and bitcoin, it is impossible. Gold is tangible and bitcoin is intangible. How can they be the same. When we talk about the value, there are some aspects that both are good investments. Gold is good investment for long term, whereas bitcoin is also good crypto investment for long term and for short term. Think about the risk, bitcoin is more risky than gold. I think bitcoin drags more interest to young generation because bitcoin values as money or fiat.

Exactly. Couldn't have said it better. To be honest I don't even think Goldman believes what they're saying. They just have a hidden agenda. Gold is gold and bitcoin is bitcoin and Goldman is investing in both.

aencarnaci

sr. member

Activity: 448

Merit: 281

Quote from: Reid on October 19, 2017, 06:13:55 AM

What else could be the answer. They just posted the truth.
How can you hack a gold? You can only rob them and you have the chance to fight for it while in bitcoin once it is done then say goodbye to it. The physical form of gold is what makes it precious which bitcoin dont have.
Power of the internet and you will also have a problem.
I say investing with bitcoin is for risk takers. This is not something that is always safe like the banks. You will always be prone to attacks.

I think there is no match between gold and bitcoin. Both have different values and features. Gold is more secure and trustworthy for almost all the people in the world and on the other hand bitcoin is more profitable than gold. So many people prefer bitcoin to increase their investment in a short time rather than waiting for a long time. Therefore I think both are important in their places.

salihno71

sr. member

Activity: 420

Merit: 250

I don't trust anything that big banks say since their first concern is their own profit and wellbeing so this statement is merely in this function and nothing more.

The_prodigy

hero member

Activity: 924

Merit: 500

Quote from: VitKoyn on October 19, 2017, 06:02:30 AM

Cryptocurrencies like bitcoin are not the "new gold," Goldman Sachs said in a note, advising investors that precious metals "remain a relevant asset class" in portfolios.

The analysts said that digital wallets, where people can store cryptocurrencies, are vulnerable to hacking, and virtual currencies also have "significant regulatory risks." For example, China recently banned cryptocurrency exchanges and put a stop to initial coin offerings (ICOs), the new way for start-ups to raise money by issuing digital tokens.

Goldman also said that cryptocurrencies are subject to network or infrastructure risk during a crisis. For example, there was a "hard fork" this summer when bitcoin split to create a new cryptocurrency called bitcoin cash.

The investment bank said that precious metals are "still the best long-term store of value"

Source: https://www.cnbc.com/2017/10/19/bitcoin-is-not-the-new-gold-goldman-sachs-says.html

What are your thoughts?

Bitcoin and gold have some similarities but I don't want to compare both since bitcoin is a digital currency and gold is a precious metal.
But I still pick bitcoin over gold for long term store of value.

Bitcoin can never be gold as much as gold can never be the same woth bitcoin. GOld is something that can never lose its value and would always be valuable. While in crypto it always depend on the stock market on a lot of variances and it needs to be secured as it is probe to hacking and manilulation.

Gaaara

hero member

Activity: 1106

Merit: 501

Quote from: Reid on October 19, 2017, 06:13:55 AM

What else could be the answer. They just posted the truth.
How can you hack a gold? You can only rob them and you have the chance to fight for it while in bitcoin once it is done then say goodbye to it. The physical form of gold is what makes it precious which bitcoin dont have.
Power of the internet and you will also have a problem.
I say investing with bitcoin is for risk takers. This is not something that is always safe like the banks. You will always be prone to attacks.

But as the technologies grow we lessen the risk of being attacked, and there is less risk by buying bitcoin than gold, gold is always been riskier for people who have a less security in their house. Anyways what is their differential is that bitcoin has more and lots of features than gold, you cannot transfer gold without spending too much and it is riskier to transfer gold from one to another. And the problem about bitcoin is that there are too many scams.

chesegrinder

full member

Activity: 182

Merit: 100

Look whos talking again, Goldman issuing another FUD to make bitcoin price decrease as it was now 5700 USD, another strategy to lower the value and they will buy on the dip, It is true that bitcoin investing are only for risk taker where we can not compare it to Gold that have its physical form, but if you want a fast growing investment switch to bitcoin. Goldman sach own bitcoin even they dont say it. It is like what James Dimon last month and then turn away on the table stating that he will not talk about bitcoin anymore.

DoublerHunter

hero member

Activity: 2590

Merit: 644

This is right that bitcoin is not the new kind of gold because the gold has its own uniqueness and bitcoin is not like gold and it is created because of its own purpose and vision and not to be basing in gold. Bitcoin is bitcoin and it is not an improved version of gold. Bitcoin will make people rich in a faster way rather than the gold which will give you only slow process in reaching a rich lifestyle.

Nathland

sr. member

Activity: 317

Merit: 250

Quote from: VitKoyn on October 19, 2017, 06:02:30 AM

Cryptocurrencies like bitcoin are not the "new gold," Goldman Sachs said in a note, advising investors that precious metals "remain a relevant asset class" in portfolios.

The analysts said that digital wallets, where people can store cryptocurrencies, are vulnerable to hacking, and virtual currencies also have "significant regulatory risks." For example, China recently banned cryptocurrency exchanges and put a stop to initial coin offerings (ICOs), the new way for start-ups to raise money by issuing digital tokens.

Goldman also said that cryptocurrencies are subject to network or infrastructure risk during a crisis. For example, there was a "hard fork" this summer when bitcoin split to create a new cryptocurrency called bitcoin cash.

The investment bank said that precious metals are "still the best long-term store of value"

Source: https://www.cnbc.com/2017/10/19/bitcoin-is-not-the-new-gold-goldman-sachs-says.html

What are your thoughts?

Bitcoin and gold have some similarities but I don't want to compare both since bitcoin is a digital currency and gold is a precious metal.
But I still pick bitcoin over gold for long term store of value.

Well bitcoin has defenitely defeated gold in terms of price but still I don’t think that bitcoin will be able to replace gold and become the new gold itself as firstly, gold is a precious metal and has physical identity onthe other hand bitcoin is digital currency. Then gold is stable and is centralised. On the other hand bitcoin is not stable and decentralised. Then gold is accepted everywhere whereas there are still many places which do not accept bitcoin. Lastly gold is way to much popular than bitcoin. So it is way to much in usage as compared to bitcoin.

DaddyMonsi

legendary

Activity: 1344

Merit: 1006

Gold is Gold while Bitcoin is Bitcoin, there should be no argument if Bitcoin replaced Gold because there is no way I can wear Bitcoin around my neck but in terms of investment, Bitcoin remains as a good invest but the risk is high compared to investing in Gold. We may see an increase of interest with investing in Bitcoin but that doesn't mean it will replace Gold. There are people who still prefer to invest in Gold over Bitcoin.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

It's kind of interesting how all these investment bankers are popping up to talk about bitcoin practically every week.

It's almost like they are trying to move the price with their comments...

kiboloves

member

Activity: 242

Merit: 10

There's a lot of gold fixing. Not easy to put on the side, not easy to split. In the long run, it has the function of maintaining value, but it will not increase. Bitcoin can handle the above shortcomings. So I think the first choice is bitcoin.

Almat

sr. member

Activity: 254

Merit: 250

Quote from: BrewMaster on October 20, 2017, 12:10:54 AM

i never get the fascination for comparing bitcoin and gold. they have nothing in common. with gold being physical and being around as long as humanity Wink

and bitcoin being digital and decentralized and being around for 8 years, it is practically a toddler versus an ancient comparison.

Well they're both used as a storage of value, and are both independent of local currencies. They're both mined, and they're both finite. That's as far as the comparisons go though.

Topic: Bitcoin is not the new gold, Goldman Sachs says (Read 781 times)