Topic: Bitcoin or Gold? What would you pick? - page 90. (Read 298971 times)

Pretty sure Gold wont be banned in my country.

Until now, all crypto coins have been marketed to investors.


Bitcoin the better gold.

Word.

Hopefully r0ach and others can offer their laymen's summaries.

What you need to know is that Ethereum as it is currently designed can't scale just as Bitcoin can't scale, but the level of scaling which the current Ethereum can do is much less than even Bitcoin's current limitation because verification/validation of Serpent scripts takes more resources than verification/validation of ECDSA signatures.

For both Bitcoin and Ethereum, this is not just an issue of block size limitation. The issue is that in order to scale, the mining becomes more centralized. I think you will should note that Bitcoin and all other major coins are entirely centralized already and on the precipice of failure (all of them! study my links!).

Thus Ethereum proposed Casper which is a design that attempts to use sharding (a.k.a. partitions) to improve scaling decentralized. But I explained in this thread, that can't work. To reduce electricity consumption, Ethereum also proposed PoS-like consensus-by-betting with forfeitable deposits. PoS has known failure modes that violate Nash equilibrium.

So the point of all this is that Ethereum and all the rest of the crypto coins have not yet solved the fundamental issue of decentralized consensus.

If you want to read a theoretical discussion of why, I did that too.

Okay that is enough from me. Adios.

I do not believe they will confiscate gold for there is no intention to return to a gold standard as Roosevelt did in 1934. He confiscated the gold FIRST to profit from the dollar devaluation in 1934. He also wanted to end people hoarding cash outside the banks, which is the same problem we have today which they are addressing with moving electronic and cancelling high denominations. However, what they will do is confiscate gold if you tried to leave the country with it or you travel with it domestically using the Civil Asset Forfeiture laws. That would be the same as if it were cash.

It does appear that old pre-1965 silver coins may be best for small commerce. However, keep in mind that the government may declare any transaction in gold or silver to be illegal and they then get to confiscate all assets involved. They can easily just pass a law and declare anyone dealing in some off-currency exchange to be “money laundering” to hide from taxes. These people will do whatever they can to retain power.

Also keep in mind that as they become more and more desperate for money, all legal forms used today will vanish at the order of any judge.

[...]

So will they confiscate gold? I doubt in a wholesale basis, however, they have shut this down as far as gold being portable. You cannot jump on a plane with a suitcase full of gold as you once could decades ago. So just be prepared, they can make it illegal to conduct a transaction in it.

Governments everywhere are going broke. Despite what people think, gold may yet make new record lows under $1,000 in the months ahead. Canada has sold off the majority of its gold reserve into this rally, leaving less than a ton remaining. There is NO intention of returning to a gold standard. They are moving fully electronic and intend to eliminate cash everywhere. In so doing, the “official” view behind the curtain is that they no longer need gold.

[...]

I have been warning that gold is not really the cornerstone of government nor is it interesting to big money in the context of physical possession. It is a hedge against government for the average person. Governments are turning away from gold, and as they cross that line and head into the sovereign debt crisis, they will sell everything and hunt every person to grab as much wealth as they can to keep their jobs. That is what we are dealing with.

Bitcoin should be the solution for security issue. If you are looking for security then there is no other way to secure your money rather than putting it in bitcoin. Gold has alot of secuirty issue even if you put it at the most secure place since gold will most likely be targeted unlike bitcoin which is totally secure if you put it in cold wallet

If security is a real issue, theres always other options to hold ownership on gold.

Provident Metals has a great selection of gold coins, and you can pay with Bitcoin.  I have bought from them six times, all paying with BTC.  They have the usual "bullion coins" (Krugerrands, American Gold Eagles, etc.) as well as foreign gold, and even old (pre-1933) American $5.00, $10.00 and $20.00 gold pieces.

This will get anyone interested started:

http://www.providentmetals.com/bullion/gold.html

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Hide your gold well.  It is better at home rather than at a bank (many banks do not want you putting gold in a safety deposit box).  Also, IMO the risk of theft from your home is LESS than the risk of it being seized from a safety deposit box or similar.

Do you realize that .5kg is equal to 17 x1oz bars/coins ... right
Personally, I would rather carry a single 1oz bar/coin that it worth the entire amount or more.

When robbed, thieves usually take the laptop and all electronics... but they don't usually strip search you looking for gold coins.

you should browse the http://www.mint.ca section of gold coins

of course,i will pick bitcoin,with same value,bitcoin have more easy to carry than gold i think almost all people will choose to bring smartphone or laptop with $300 bitcoin on wallet,than bring 0.5 KG gold with bag.

Why pick? Why not get a bit of both and see how things work out? It's never good to be so extreme.

I too prefer BITCOIN over GOLD, securing gold would be an additional cost, you need  vault and you can not carry it all the time. While BTC can be easily kept even on your mobile device and always on the go.

I too prefer BITCOIN over GOLD, securing gold would be an additional cost, you need  vault and you can not carry it all the time. While BTC can be easily kept even on your mobile device and always on the go.

On last days gold increased its price, i expect that now remains at this level for some time. And now i'm waiting to see if bitcoin moves at the same direction, stock markets are going down, oil price down, economy down, ... bad economic news are good for gold prices and i expect the same for bitcoin price.

If given a choice to walk away with either Bitcoin or gold of equivalent value, what would you pick?

Asians and Westerners were asked in Taipei in Chinese and English if they would take Bitcoin or gold home with them that day, and the answer might surprise you...

http://www.youtube.com/watch?v=m6GiC8dqN9A

We just shot a video outside the Taipei 101 skyscraper area here and gave people a chance to answer if they would walk away with either Bitcoin or gold- and why.

If you were approached and were offered the same deal, would you walk away with Bitcoin or gold in your pocket, and why???