Bitcoin or Gold? What would you pick? - page 5.

bryant.coleman

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Quote from: Dabs on May 06, 2014, 08:53:46 AM

There would need to be some smart chip physical token, or physical coin, where the value is backed by bitcoin and the token itself is guaranteed to contain the private key with no way to redeem it but to destroy the coin.

Is it possible to create such a coin? If the private key is kept inside the coin, there is no foolproof method to make it sure that there is no replica / backup kept elsewhere. Also, no one can guarantee that the private key can't be somehow stolen (undetected) from the coin.

Dabs

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The Concierge of Crypto

There would need to be some smart chip physical token, or physical coin, where the value is backed by bitcoin and the token itself is guaranteed to contain the private key with no way to redeem it but to destroy the coin.

The current implementation of physical crypto or physical bitcoins is very low tech. It would have to be some smart chip or rfid or something similar. Also has either a long battery, or is solar / movement powered.

That way, you can physically hand it over and anyone can easily verify the value without external power or an internet connection. Eventually, someone has to check on the blockchain.

Nicolas Dorier

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Quote from: IamCANADIAN013 on May 06, 2014, 03:23:16 AM

I don't necessarily mean post-apocalyptic situations. What about a natural disaster like an earthquake? Any situation where power is out for a long period. I don't see how bitcoin would be a viable commodity for trade.

Without electricity and an internet connection, bitcoin will be useless as far as I see it.

Bitcoin is currently online, but can theorically be offline by creating a money indexed on it. (Like dollar was on gold)
Such thing is not impossible, and I suspect some Bitcoin bank will think about it.

IamCANADIAN013

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Quote from: bryant.coleman on May 06, 2014, 01:41:16 AM

Quote from: IamCANADIAN013 on May 05, 2014, 09:10:30 PM

I would pick Gold. If shit ever does hit the fan, I highly doubt you will be to trade digital money for basic needs like food and water. With no electricity, bitcoin will be useless.

Hmmm... talking about post-apocalyptic situations, I will agree that gold will be a better option. During the Soviet famine of 1932 (in parts of Ukraine known as Holdomor), fiat money was completely useless, as it couldn't be used to buy food. Those with gold coins / jewelry survived, as they exchanged it for wheat or barley flour. Others perished. Some 4 million died in Ukraine alone, and 8 million more died in Russia and Kazakhstan. Angry

I don't necessarily mean post-apocalyptic situations. What about a natural disaster like an earthquake? Any situation where power is out for a long period. I don't see how bitcoin would be a viable commodity for trade.

Without electricity and an internet connection, bitcoin will be useless as far as I see it.

bryant.coleman

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Quote from: IamCANADIAN013 on May 05, 2014, 09:10:30 PM

I would pick Gold. If shit ever does hit the fan, I highly doubt you will be to trade digital money for basic needs like food and water. With no electricity, bitcoin will be useless.

Hmmm... talking about post-apocalyptic situations, I will agree that gold will be a better option. During the Soviet famine of 1932 (in parts of Ukraine known as Holdomor), fiat money was completely useless, as it couldn't be used to buy food. Those with gold coins / jewelry survived, as they exchanged it for wheat or barley flour. Others perished. Some 4 million died in Ukraine alone, and 8 million more died in Russia and Kazakhstan. Angry

OROBTC

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...

I have enjoyed the discussions above, the back-and-forth.

Of course owning both is better, diversification is almost always better. And like one poster above remarked, you could choose gold, THEN sell half and buy BTC...

Speaking overly generally (as this is hypothetical and no one can predict the future) I would list the below as what each person might hold as %-age of net assets beyond real estate and stocks & bonds.

Gold% > BTC% > CA$H% (physical dollars in your hand/safe) > electrons at the bank%

Everyone should have cash at home for the unexpected...

...

IamCANADIAN013

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I would pick Gold. If shit ever does hit the fan, I highly doubt you will be to trade digital money for basic needs like food and water. With no electricity, bitcoin will be useless.

hightide

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Both serves different purpose hence comparison not relevant.

noviapriani

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hmmm I beleive I would pick bitcoin cause at least I wont have to deal with middle man when I have to sell it. Gold loses value alone due to people that wanna make money on it.

marife01

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Quote from: bryant.coleman on May 04, 2014, 06:04:13 AM

Quote from: marife01 on May 04, 2014, 03:44:18 AM

I thought the increasing prices of gold pieces/jewelries in the market could be my reference of the real value of gold. Well, thanks for giving me the information especially about the Bitcoin. There is really a big difference.

Well... the bullion rates for gold is not increasing. If the prices of Gold jewelry is increasing in your country, a possible reason can be the change in the value-added tax (VAT) or the import duty.

It could be because of the less supply just like the law of demand and supply.
I just saw the value of BTC today and I would now say, I chose Bitcoin. Tongue

Moonway99

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I'm not familiar with gold, silver and other earth resources so I would go with Bitcoins because I'm just more familiar with them and about gold I basically don't know anything like price, history and other so I can really compare which investment Is better. I'll have a task to find out more about gold now

bryant.coleman

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Quote from: marife01 on May 04, 2014, 03:44:18 AM

I thought the increasing prices of gold pieces/jewelries in the market could be my reference of the real value of gold. Well, thanks for giving me the information especially about the Bitcoin. There is really a big difference.

Well... the bullion rates for gold is not increasing. If the prices of Gold jewelry is increasing in your country, a possible reason can be the change in the value-added tax (VAT) or the import duty.

marife01

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Quote from: bryant.coleman on May 04, 2014, 03:33:53 AM

Quote from: marife01 on May 04, 2014, 02:54:29 AM

If just the same value between the two, I would pick the gold.
The value of gold here is increasing and I could easily translate it to money.

Wrong argument. In 2012, Gold was trading at $1,800 / Oz. Now it has come down to $1,280 / Oz. That is a decline of more than 40%.

Now check bitcoin. In 2012, BTC was trading at $5/coin. Now it is trading at $430/coin. That is an increase by 8,600%.

I thought the increasing prices of gold pieces/jewelries in the market could be my reference of the real value of gold. Well, thanks for giving me the information especially about the Bitcoin. There is really a big difference.

bryant.coleman

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Quote from: marife01 on May 04, 2014, 02:54:29 AM

If just the same value between the two, I would pick the gold.
The value of gold here is increasing and I could easily translate it to money.

Wrong argument. In 2012, Gold was trading at $1,800 / Oz. Now it has come down to $1,280 / Oz. That is a decline of more than 40%.

Now check bitcoin. In 2012, BTC was trading at $5/coin. Now it is trading at $430/coin. That is an increase by 8,600%.

marife01

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If just the same value between the two, I would pick the gold.
The value of gold here is increasing and I could easily translate it to money.

yanlap

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I would choose gold Wink

Beef Supreme

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Put your trust in MATH.

Quote from: gentlemand on May 03, 2014, 02:57:07 PM

If the power goes out for good I really can't see gold having much value other than its prettiness. It's an abstract reward of value that only retains that in a society that functions normally.

I'd be doing deals with the guy with a barn full of toilet paper.

Hahaha. And then selling everything but the kitchen sink for a gallon of drinking water.

vipgelsi

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Gold/silver

gentlemand

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Welt Am Draht

If the power goes out for good I really can't see gold having much value other than its prettiness. It's an abstract reward of value that only retains that in a society that functions normally.

I'd be doing deals with the guy with a barn full of toilet paper.

Yakamoto

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Quote from: Pony789 on May 03, 2014, 12:53:21 PM

Quote from: Maximizer on May 03, 2014, 12:14:34 PM

Well in my opinion it's a hard pick as there are both limited resources of both so eventually they will be rare commodities, so either will be valuable...
In my opinion, Gold is worth something no matter if it is the year 1000 or the year 5000...So in my personal opinion gold is the better option. Bitcoin is no doubt the best digital commodity, but digital can always be wiped out and thats not a risk I would take if I had the option to own gold over bitcoin!

But as RUEHL mentioned earlier, how can you verify that it is real gold before picking the gold? Tongue

This is the hard part. There is no 100% guarentee, but it has a higher chance of having at least some value as opposed to when the power goes out. Since Bitcoin doesn't have much of a physical representation, it's harder to use without the use of electronics. But gold IS somewhat likely to be counterfeited, but it all comes down to luck, mostly. You'll never have 100% guarentees, unless you did it yourself.

Topic: Bitcoin or Gold? What would you pick? - page 5. (Read 7804 times)