Bitcoin will replace oil and Gold - page 2.

Semar Mesem

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Quote from: Polo7 on October 15, 2020, 08:45:32 PM

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.

I said this before but nobody didnt listen but now its here!!

If many countries around the world legalize bitcoin of course this is a good thing, the value of bitcoin will skyrocket and make 1 btc holders become new rich people, of course this is still a big issue and I'm sure one day it can happen.

markdario112616

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Quote from: PhucS on October 01, 2021, 04:46:24 AM

Quote from: XCANA on September 30, 2021, 09:47:00 PM

How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

I agree with your opinion. As for gold, Bitcoin is always compared to it, there are even rumors that Bitcoin can replace gold. However, for oil, I don't think that's possible. As you said, the purpose of oil and Bitcoin is different. Oil is a very important material for daily life, it will not be replaced by Bitcoin

Same thought as well, Even Electic cars will not mobilize using Bitcoin. Oil is essential not only for daily usage but as well to keep some Businesses alive. Not sure how will a restaurant operates without oil, it's quite absurd thinking, to be honest. But for Gold and Bitcoin, maybe we can have a discussion at least this one is debatable.

Talking Oil and Bitcoin is a bit Off-topic like one said they serve different purposes. Not sure how did Oil have a discussion within Bitcoin.

PhucS

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Quote from: XCANA on September 30, 2021, 09:47:00 PM

How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

I agree with your opinion. As for gold, Bitcoin is always compared to it, there are even rumors that Bitcoin can replace gold. However, for oil, I don't think that's possible. As you said, the purpose of oil and Bitcoin is different. Oil is a very important material for daily life, it will not be replaced by Bitcoin

Sithara007

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Quote from: southerngentuk on September 30, 2021, 10:43:29 PM

Quote from: XCANA on September 30, 2021, 09:47:00 PM

How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

Maybe you're looking at a different angle the OP is referring to.
I think it's a matter of its importance in life, but substitute is a word that can be misunderstood by many.
The problem here as you talk about their different uses is about the nature of the common. But I think if you look at the fact that it's all things that serve a human purpose, so I just look at it as tools to solve life's problems and one day we might see the importance between them is the same.

Nothing wrong in what XCANA said. If the OP meant differently, then he should have clarified it in his post. The topic was not how Bitcoin will replace oil in terms of importance or in commodity trading. When you say just replacement, it naturally means substitution. And even in this sense, I am not sure how Bitcoin is going to replace oil, because the position of oil in commodity trading is secure, at least for the next few decades. And also let's not forget the fact that the oil prices have gone up by almost 100% in the recent times. It proves that oil is still very relevant.

southerngentuk

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Quote from: XCANA on September 30, 2021, 09:47:00 PM

How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

Maybe you're looking at a different angle the OP is referring to.
I think it's a matter of its importance in life, but substitute is a word that can be misunderstood by many.
The problem here as you talk about their different uses is about the nature of the common. But I think if you look at the fact that it's all things that serve a human purpose, so I just look at it as tools to solve life's problems and one day we might see the importance between them is the same.

XCANA

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How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

Rajamuda

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This is like a mix between the real and virtual world, it will continue to last a long time all the time, also has its own advantages over the characteristics of the profits that can be obtained from it.
They won't replace each other, but there will probably be one at any given time that stands out more and is closer to a lot of people in terms of finances or income.

perryxi2

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No, I don't think Bitcoin won't replace oil and gold, although we know that gold is not more flexible than Bitcoin. Bitcoin's existence is very small at the moment when compared to some resource businesses in the world.Bitcoin has monetary value but that doesn't mean it will replace these things, the price will go up but that does not mean is oil and gold will be lost. Oil will have a place in the economy, even though oil prices are plummeting. Gold will always hold a value and it is the fact about the physical metal of the gold metal. higher value and but in terms of quality and applications in everyday life such as creating machine parts to serve production needs, BTC cannot be compared with gold.

ndgo

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Peak Oil will come. Peak Gold will come. Peak Bitcoin will come.

Which will remain money after mining ends?

Not oil. 04-20-2020 proves this.

zanezane

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Can some infrastructures run in bitcoin? I don't think so. Can bitcoin be used as a protection film for astronaut's helmet? I don't think so too. Each has their own uses and it's not really a matter of hype that will cause this stuffs to be useless, in terms of investment, it's unlikely that they will ever be truly gone and if it is, it's going to take a long time.

worldofcoins

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Oil and Gold both are various things to use. Oil gets replaced by how people will drive their cars and bike.
Discussion about Gold, which is more famous than bitcoin, is unimaginable for bitcoin to supplant it.
Gold is more adaptable, and individuals favor it. The government is behind the Gold and oil, and they'll never wish to supplant it anything.

Ebede

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Quote from: Polo7 on October 15, 2020, 08:45:32 PM

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.

I said this before but nobody didnt listen but now its here!!

bitcoin will not replace gold or oil but rather but will grow side by side ,as bitcoin will forever remain relevant for monetary transaction, for instance those who will sale or buy the gold and oil will soon be buying and saleing there products using bitcoin as the safe means of transaction without involving the various financial institutions that will regulate or hinder them with there rigorous policies ,but rather with bitcoin there business will strive very easy and fast

dimox

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nope, they will survive and cant be replace by other think. both of them have different skill, and you cant compare each other.
sometimes, people will agree that A is beauty than other despite have different appearances. main reason is how much people about this A

Spaffin

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undoubtedly today in the world there are very relevant producers of technology for alternative energy sources, but nevertheless, oil is still in demand on the market and its amount in the world is decreasing every year. The same situation will be with gold, because with the growth of high technologies, the demand for this metal, due to its physical and technical properties, only rises. Based on this, both gold and oil will have a fairly high price on the market. The only difference today between these assets is that Bitcoin, due to its volatility, provides great opportunities for making huge profits. but today it is gold that is a reliable storehouse for its capital, although I agree that the safety of funds is more securely implemented best of all with Bitcoin.

grabpopcorn536

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This topic is quite interesting and the comments I have read are convincing. Bitcoin comparing gold and oil is not a comparison to compare. There are many reasons regarding their actual use.
If comparing Bitcoin to currency or FIAT, it probably makes more sense.
I know that governments cannot manipulate the value of Bitcoin like gold and oil because they don't hold Bitcoin more than the people.

avadonne

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They are a different things so I guess oil will still play a good role in the market. Bitcoin is a different one. But anyhow, as Bitcoin grows higher and higher, its price will pass the oil and gold price but that is okay. It is a currency anyway.

nicecrypto

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Quote from: pankowri on April 09, 2021, 05:33:59 AM

Bitcoin can't directly replace oil and gold but it may replace the demand and effectiveness of them. Oil and gold are most useful thing in the world but bitcoin is a digital currency that can be use instead of fiat. Bitcoin will accepted widely and it will handle the economy soon.

How is that? Bitcoin has turned out to be a very useful entity that is making all the investors Rich if I may say so but replacing both Gold and Oil doesn't seem likely as those two items have their different uses as well. We can argue that BTC will over shine Gold and oil in price, if it hasn't already but it terms of what they all provide, I will say they all have their Unique and one cannot replace the other in that regard.

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Quote from: Ewox on April 10, 2021, 05:04:49 AM

Even in my wildest dreams never have I thought Bitcoin will replace oil and gold. And I don’t think that’s Bitcoins purpose also when it was created. Although it had grown a lot and has been very in demand nowadays, but I don’t think it’ll come to a point wherein it’ll replace both of them.

Because it will not. It is ridiculous to say that Bitcoin will replace gold. Both the assets can't even be compared. Gold is a physical asset that has been in use for thousands of years, while Bitcoin is a digital asset that is only a decade old. And even the talk of Bitcoin replacing oil is ridiculous. No one in their right state of mind would claim that Bitcoin will replace crude oil. It is like saying that HIV can be treated with aspirin instead of Abacavir.

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Quote from: Vishnu.Reang on April 07, 2021, 08:44:51 AM

Quote from: jaysabi on April 06, 2021, 05:43:15 PM

Bitcoin hasn't outperformed the best tech stocks, so the speculation has been driving up all speculative investments at the same rate. There's no real "increase" in demand for bitcoin relative to other types of speculative investments. I'll be interested to see what happens in the next large scale market pullback, because my prediction is bitcoin will crash in about the same proportion as speculative tech stocks.

There seems to be an oversupply of funds and probably that is the reason why many of these assets are getting overpriced. But unlike the case with equities and real estate, I would say that cryptocurrency is still underpriced at these levels. Bitcoin is having 100 million to 200 million active users, and ideally it should translate to a much higher market cap compared to the current $1.1 trillion figure.

I agree that it's the availability of cash pushing all speculative asset prices up. I disagree bitcoin isn't in the same boat as all the other speculative assets. At the end of the day, bitcoin is a speculative asset. It doesn't produce cashflow, it's not a business, it doesn't have valuation metrics. The only thing driving the price is a collective expectation that the price will rise. That's speculation in a nutshell. There is literally nothing else driving the price. If the collective expectation falters, this proves to be a bubble and it pops. Because this is an arbitrary distinction, it's a dangerous investment to put significant wealth into and expect guaranteed safety.

Ewox

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Even in my wildest dreams never have I thought Bitcoin will replace oil and gold. And I don’t think that’s Bitcoins purpose also when it was created. Although it had grown a lot and has been very in demand nowadays, but I don’t think it’ll come to a point wherein it’ll replace both of them.

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