There's always the unstoppable comparison between bitcoin and gold. I agree with the argument that bitcoin is scarcer than gold and the fact that it's near to the supply limit but, it will take a hundred years before the last bitcoin is mined.
But the world isn't yet ready for its massive adoption or if it does, we're already starting to see that progress. I'd say that bitcoin is a more convenient asset class than gold.
Topic: BTC is scarcer than gold. - page 9. (Read 2074 times)
Yes bitcoin is more scarce than gold. That's a true statement! But if you look at the acceptability of Gold and bitcoin, gold is a clear winner. Scarcity alone doesn't make something costlier. It has be adopted and accepted widely. That's how you can bet on its future value.
Bitcoin is a very new asset class compared to gold. It has a long way to go! So instead of drawing a comparison between these two assets, let's help in bitcoin adoption.
Bitcoin is a very new asset class compared to gold. It has a long way to go! So instead of drawing a comparison between these two assets, let's help in bitcoin adoption.
244,000 metric tons of gold has been discovered to date, 55,000 tons of gold are left.
With BTC it's another story. We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
With BTC it's another story. We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
How do you even compare the scarcity of those two things?
It's one BTC against a ton of gold, a kilo an ounce, or a milligram of gold against one satoshi?
What is scarcer, 0.002 BTC or 300 grams per living human?
Also, I find it weird to mention the remaining supply, for gold is ~20% and for Bitcoin is ~10%, that's not such a huge difference, and if we talk about lost coins, shouldn't we take about lost gold also? Tons of jewelry are lost each year, gold that can't be recycled after being used in components, or is simply not worth recycling due to the quantities.
I never understood this competition between bitcoin and gold, each has its own pro and cons, bitcoin does a lot of things better than gold but at the same time, it can't be used in tens of cases where gold simply rules. If it weren't like that gold wouldn't be worth a penny now, but, well, it does!
To be honest jewelries are the only real usage I see for gold myself. I suppose we can't wear a BTC as a necklace.
Lol... I guess we would have seen musicians with them BTC teeth. 
Well, BTC and gold have got lots of differences and similarities too. More notably, we could say BTC is indid following the gold path. In the senses that, it started as money but its lack of proper used case has made it more of an asset. Gold stands an asset now which ever form it is found. You could resell when ever and still get the value.
Looking at scarcity, with bitcoin been held by only a handful of individuals, it is indeed scares and not at its fullest yet as, the demand on it is only within a few for now but, would be more in time and so would the price appreciation be at the apex.
Norway doesn't even have gold reserves anymore because, according to them, it's not a great investment. They only kept a few historical gold bars:
This story also shows how inconvenient it is to have a large amount of gold:
There are countless of examples of how inconvenient it is to transport and make sure you have real gold instead of fake gold:
Gold just feels like such an ancient method to store value. Bitcoin is so much better in pretty much every way.
Quote from: https://www.norges-bank.no/en/news-events/news-publications/Press-releases/2004/2004-01-28T09-11-39fgenhtml/
The background to the sale is that gold only accounted for just over one per cent of the Bank's international reserves, and thus contributed little towards diversifying the risk associated with the reserves. The return on gold has historically been low.
This story also shows how inconvenient it is to have a large amount of gold:
Quote from: =https://www.norges-bank.no/en/news-events/news-publications/Press-releases/2004/2004-01-28T09-11-39fgenhtml/
Excluded from the sale are seven gold bars that have been used for exhibition purposes and a large number of gold coins that were transported to England when Norway was attacked in 1940.
There are countless of examples of how inconvenient it is to transport and make sure you have real gold instead of fake gold:
Over $2bn of loans may have been backed by fake gold, finds corruption probe.
Gold just feels like such an ancient method to store value. Bitcoin is so much better in pretty much every way.
I don’t know which formula is used by those who give estimates of how much gold is still underground, but I hope it’s not something similar to what led us to speculate that 3-4 million BTC was lost. By this, I mean that this number is the result of an analysis that concluded that all the BTC that did not move x years was lost.
It depends on the quantities, but I don't see a problem in transporting 1 kg of gold or a little more than that, it fits in an ordinary handbag - and it's worth 2 BTC at the moment. As for selling gold, I personally have no problem with that, there is a physical store on every corner that buys gold, or I can even sell gold by sending it by a special courier service to a company that buys gold.
Of course, I have no doubt that Bitcoin has its practicality when it comes to storage and transfer, but not everything is so impractical when it comes to gold. Still, I speak from my personal experience, it may be really difficult for someone to buy or sell gold, but for some, the problem is how to buy or sell Bitcoin - I have witnessed this many times.
However, gold is hard to move around, weighs a lot, it's hard to sell or buy, it's not practicable.
It depends on the quantities, but I don't see a problem in transporting 1 kg of gold or a little more than that, it fits in an ordinary handbag - and it's worth 2 BTC at the moment. As for selling gold, I personally have no problem with that, there is a physical store on every corner that buys gold, or I can even sell gold by sending it by a special courier service to a company that buys gold.
Of course, I have no doubt that Bitcoin has its practicality when it comes to storage and transfer, but not everything is so impractical when it comes to gold. Still, I speak from my personal experience, it may be really difficult for someone to buy or sell gold, but for some, the problem is how to buy or sell Bitcoin - I have witnessed this many times.
While this is of course true I think it’s important to note that there are many more differences when it comes to comparing bitcoin and gold. Personally I can’t stand this comparison and don’t understand why so many people are so quick to compare the two. Gold is a physical asset, a metal, and used for a lot more things than bitcoin is, such as use in cars, electronics, jewelry etc.
And gold being physical is more of a flaw than an advantage, imo (security, portability, divisibility, etc) — and I'm pretty sure a lot of the more younger folks would agree. I used to think that gold being physical is a huge advantage, until I became more and more financially literate throughout the years and I want less and less physical stuff and I'm more interested in digital intangible stuff(bitcoin, stocks, etc).
This is just like the Peter Schiff argument. Yes, gold is used for a lot of things like jewelries and he likes, but who cares when it comes to giving good return. If I invest on bitcoin I expect more return than gold, yet the investment is easy for me because I can do it with nobody knowing I am even investing in bitcoin, unlike gold that is physical. I can buy and hold bitcoin right from my home.
Not to mention that gold's physical use is just a small percentage. Most of it's 'use' is for bragging rights or to "flex" — to show that you have some money. And obviously it's scarcity, which bitcoin is better at.
But there is still a lot of gold left in the universe. There is gold on asteroids for example. One day these will be minable. So the gold supply is not as limited as some may think.
Because of the large mass of gold existence even on only earth, gold is considered not to have a limited supply.BTC is scarcer than gold. I think one day 1 BTC will enter the $xxx,xxx zone then the $x,xxx,xxx HODL BTC
Definitely, but gold is still a safe haven asset, and have the highest marketcap of all assets in the world. Although, I can not go for gold when bitcoin is existing.While this is of course true I think it’s important to note that there are many more differences when it comes to comparing bitcoin and gold. Personally I can’t stand this comparison and don’t understand why so many people are so quick to compare the two. Gold is a physical asset, a metal, and used for a lot more things than bitcoin is, such as use in cars, electronics, jewelry etc.
This is just like the Peter Schiff argument. Yes, gold is used for a lot of things like jewelries and the likes, but who cares when it comes to giving good return. If I invest on bitcoin I expect more return than gold, yet the investment is easy for me because I can do it with nobody knowing I am even investing in bitcoin, unlike gold that is physical, I can buy and hold bitcoin right from my home.
This graph shows the world production of gold:
You can see how it's clearly not scarce.
Bitcoin, on the other hand, is designed to be scarce. There's now only less than 10% left to be mined, ever.
You can see how it's clearly not scarce.
Bitcoin, on the other hand, is designed to be scarce. There's now only less than 10% left to be mined, ever.
We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
Lots are lost, but much less than 3-4 million and only a fraction of those are provably lost. So, in the far future, they can re-enter the circulation. Especially the early P2PK outputs that have revealed their public key; those are likely to be accessed with quantum computing overtime.I can’t stand this comparison and don’t understand why so many people are so quick to compare the two.
It's simple. Both have store-of-value characteristics. You don't compare them as metals nor as "networks", but as hard money. While this is of course true I think it’s important to note that there are many more differences when it comes to comparing bitcoin and gold. Personally I can’t stand this comparison and don’t understand why so many people are so quick to compare the two. Gold is a physical asset, a metal, and used for a lot more things than bitcoin is, such as use in cars, electronics, jewelry etc.
To be honest jewelries are the only real usage I see for gold myself. I suppose we can't wear a BTC as a necklace.
While this is of course true I think it’s important to note that there are many more differences when it comes to comparing bitcoin and gold. Personally I can’t stand this comparison and don’t understand why so many people are so quick to compare the two. Gold is a physical asset, a metal, and used for a lot more things than bitcoin is, such as use in cars, electronics, jewelry etc.
244,000 metric tons of gold has been discovered to date, 55,000 tons of gold are left.
But there is still a lot of gold left in the universe. There is gold on asteroids for example. One day these will be minable. So the gold supply is not as limited as some may think.
However, gold is hard to move around, weighs a lot, it's hard to sell or buy, it's not practicable.
With BTC it's another story. We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
There is no Bitcoin in the whole Universe, except on Planet Earth.
BTC is scarcer than gold. I think one day 1 BTC will enter the $xxx,xxx zone then the $x,xxx,xxx HODL BTC
But there is still a lot of gold left in the universe. There is gold on asteroids for example. One day these will be minable. So the gold supply is not as limited as some may think.
However, gold is hard to move around, weighs a lot, it's hard to sell or buy, it's not practicable.
With BTC it's another story. We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
There is no Bitcoin in the whole Universe, except on Planet Earth.
BTC is scarcer than gold. I think one day 1 BTC will enter the $xxx,xxx zone then the $x,xxx,xxx HODL BTC
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