well wouldnt the whole store of value be working, if not everyone were allowed to sell it whenever they want.
so it forces the value rise automatically. or limit the # of sales within that year or something.
Topic: Can Bitcoin surpass Gold ? Could it be used as (Store of Value) instead of Gold? - page 2. (Read 3068 times)
June 09, 2015, 07:39:48 PM
June 09, 2015, 05:41:52 PM
Why would bitcoin surpass gold? 
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
+1
A scarce digital alternative asset class. Very possible and i don't mind this either. Question is, would its value escalate wildly if its use as an alternative became mainstream?
that's the point, it won't raise for nothing, if it would remain only a mere alternative, and maybe a niche alternative, well it depend how big you can see this alternative
going mainstream and being alternative are two things that can live together
then again, what do people consider mainstream bitcoin usage? world wide accepted by merchants? being able to have a bitcoin balance in your bank account and thus spending it as easily as fiat currency?
What?
YOU are the bank... Exchanges are the middle man between the banks and bitcoin. If the banks stop doing business with exchanges, exchanges will begin banking. I bet you coinbase would.
Does this mean the bank would hold your coin for you? I sure as hell hope not. I would hold it yourself.
June 09, 2015, 05:18:40 PM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
+1
A scarce digital alternative asset class. Very possible and i don't mind this either. Question is, would its value escalate wildly if its use as an alternative became mainstream?
that's the point, it won't raise for nothing, if it would remain only a mere alternative, and maybe a niche alternative, well it depend how big you can see this alternative
going mainstream and being alternative are two things that can live together
then again, what do people consider mainstream bitcoin usage? world wide accepted by merchants? being able to have a bitcoin balance in your bank account and thus spending it as easily as fiat currency?
June 09, 2015, 10:44:20 AM
When I was debating the gold vs. bitcoin argument with a colleague, he used to say that gold was the best store of value. And I agreed with him. But I said that bitcoin would one day replace that because not only does it share similar properties to gold (it's technologically scarce), but it also has properties that make it far superior to gold. As many have said here, and as I said to him, I can walk into a store and pay with bitcoin if the shop accepts it. And my bitcoin will be easily broken up depending on if he is charging me $1.99 or $1.95. Doing that with gold is virtually impossible. He argued, "but there are gold coins." And I replied, "those gold coins are worth more than their face value."
The moral of the argument is this: gold isn't going away, but as bitcoin appreciates in value and becomes more stable, people will move to bitcoin. And what they'll like about it is the ease in which they can still transact while having a "safe" currency.
The moral of the argument is this: gold isn't going away, but as bitcoin appreciates in value and becomes more stable, people will move to bitcoin. And what they'll like about it is the ease in which they can still transact while having a "safe" currency.
June 08, 2015, 01:39:02 PM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
+1
A scarce digital alternative asset class. Very possible and i don't mind this either. Question is, would its value escalate wildly if its use as an alternative became mainstream?
that's the point, it won't raise for nothing, if it would remain only a mere alternative, and maybe a niche alternative, well it depend how big you can see this alternative
going mainstream and being alternative are two things that can't live together
June 08, 2015, 01:14:52 PM
If there was only 1 bitcoin in existence but it is infinitely divisible it is not scarce.
You are wrong. If you were on a desert island, and the only food there was a piece of bread. If the piece of bread was infinitely divisible, you don't think it is scarce?
Bit of a pointless comparison because the value (calories) of the bread is fixed. The value of a division of a bitcoin is not and can be valued at any price people agree on.
The same applies to gold, so I guess gold isn't scarce then.
With modern technology you could split a microscopic amount of Gold... the thing is with Bitcoin we can do it in an easier and immediate way, that's why it's superior.
Gold can be very valuable, but if we are in the desert dying of thirst worrying for our life, we will value more a glass of water than all the gold in the world. Just like Richard III in William Shakespeare said: "a horse, a horse, my kingdom for a horse".
The value of a good then depends on its scarcity, but also of the utility that we consider we can give to it.
June 08, 2015, 11:04:17 AM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
+1
A scarce digital alternative asset class. Very possible and i don't mind this either. Question is, would its value escalate wildly if its use as an alternative became mainstream?
June 08, 2015, 11:02:12 AM
If there was only 1 bitcoin in existence but it is infinitely divisible it is not scarce.
You are wrong. If you were on a desert island, and the only food there was a piece of bread. If the piece of bread was infinitely divisible, you don't think it is scarce?
Bit of a pointless comparison because the value (calories) of the bread is fixed. The value of a division of a bitcoin is not and can be valued at any price people agree on.
The same applies to gold, so I guess gold isn't scarce then.
June 08, 2015, 09:58:56 AM
Hello,
After watching this YouTube video
Bitcoin 101 - Modelling the Price of Bitcoin - Is a $100,000 bitcoin possible?
https://www.youtube.com/watch?v=g2nXgK34HIM
A question has raised a flag in my head.
Can Bitcoin surpass Gold ? Could it be used as (Store of Value) instead of Gold in the coming 5 - 10 years ?
Is it possible and probable ? Not even 100%, but like 20-50% ?
What do you think ?
https://www.youtube.com/watch?v=yPIvqJsCOSoAfter watching this YouTube video
Bitcoin 101 - Modelling the Price of Bitcoin - Is a $100,000 bitcoin possible?
https://www.youtube.com/watch?v=g2nXgK34HIM
A question has raised a flag in my head.
Can Bitcoin surpass Gold ? Could it be used as (Store of Value) instead of Gold in the coming 5 - 10 years ?
Is it possible and probable ? Not even 100%, but like 20-50% ?
What do you think ?
Check this video out. I think it's a realistic approach. I don't see Bitcoin replacing national currencies, but I see it becoming Gold 2.0. The ultimate way to store value on the cloud.
As for time required to defeat Gold, I think it will take more than 5 years, but 10 years from now we'll see the first signs of serious amounts of wealth moving from Gold to BTC.
June 07, 2015, 11:26:38 AM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
Gold has some properties that bitcoin lacks. For one thing people can use it to show off by wearing bling gold jewelry. Those wearing it instantly make a statement that they have thousands of dollars without saying a word. There is a whole industry of jewelry shops and pawn shops making a living from that property of gold.
Showing off that you have thousands of dollars worth of bitcoins is not as easy. Bitcoin might become worth more than gold, but it's never going to take its place.
I would say bitcoin [Or some other crypto currency] could quite easily take gold's place as the world's "preferred" means of "storing worth." For one, it takes up very little space in comparison to gold. Which means one could easily carry around billions of dollars in "net worth" without breaking a swet. If you read the link I posted earlier, you will see how much better bitcoin [Or some other crypto] is much better than gold and can be worth far more than gold in the future.
https://cdn.panteracapital.com/wp-content/uploads/Bitcoin-vs-Gold.pdf
June 07, 2015, 08:51:14 AM
If there was only 1 bitcoin in existence but it is infinitely divisible it is not scarce.
You are wrong. If you were on a desert island, and the only food there was a piece of bread. If the piece of bread was infinitely divisible, you don't think it is scarce?
Bit of a pointless comparison because the value (calories) of the bread is fixed. The value of a division of a bitcoin is not and can be valued at any price people agree on.
June 07, 2015, 06:07:51 AM
If there was only 1 bitcoin in existence but it is infinitely divisible it is not scarce.
You are wrong. If you were on a desert island, and the only food there was a piece of bread. If the piece of bread was infinitely divisible, you don't think it is scarce?
June 07, 2015, 05:36:18 AM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
Gold has some properties that bitcoin lacks. For one thing people can use it to show off by wearing bling gold jewelry. Those wearing it instantly make a statement that they have thousands of dollars without saying a word. There is a whole industry of jewelry shops and pawn shops making a living from that property of gold.
Showing off that you have thousands of dollars worth of bitcoins is not as easy. Bitcoin might become worth more than gold, but it's never going to take its place.
June 07, 2015, 04:39:47 AM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
people like to fantasize about bitcoin taking over fiat currency and gold. it's only not going to happen. what's wrong with bitcoin being an alternative instead of saying it will take over this and that.
June 07, 2015, 04:15:47 AM
Why would bitcoin surpass gold?
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
Give it time. Even if bitcoin is here to stay, Rome wasn't built in a day. But hey, I'm not one to believe that BTC is about to become world reserve currency, or some craziness like that, either.
June 07, 2015, 04:12:56 AM
talking from a mere price point of view, gold was already surpassed, talking about store of value, bitcoin is born for that with is limited amount and deflationary system, add to this
comodity, you don't need so much space to story it like gold
no taxes needed to store it(but this may change in a far distant future if they tax your bitcoin directly, and not only when you dump for fiat), so moot point
easy trasportable compared to gold, and no fees again(or small ones)
much easy to hide than gold(here i'm talking only about physical gold)
harder to steal if you know what you are doing...
not seizable by any bank(this is related to the second point, it can change in the future, no one know...)
so there all the possibility for it to surpass gold as a store of value
comodity, you don't need so much space to story it like gold
no taxes needed to store it(but this may change in a far distant future if they tax your bitcoin directly, and not only when you dump for fiat), so moot point
easy trasportable compared to gold, and no fees again(or small ones)
much easy to hide than gold(here i'm talking only about physical gold)
harder to steal if you know what you are doing...
not seizable by any bank(this is related to the second point, it can change in the future, no one know...)
so there all the possibility for it to surpass gold as a store of value
June 06, 2015, 10:51:13 PM
I guess it could one day, I mean who knows, in ten years gold might not have the shine (at current falling rate) and bitcoin may still be here to take the front stage. At that point, we can finally use Bitcoin as Store of Value.
June 06, 2015, 10:08:11 PM
It's very possible. Only time will tell.
Food for thought: Bitcoin is extremely scarce with a hard cap. It is infinitely divisible, extremely mobile, cost nothing to "transport" and takes up almost no physical space (other than the device used to send/receive).
There will ever only be 21 million bitcoins. There is over 50 million troy ounces of gold mined each year (current estimates are about 80 million troy ounces per year).
Essentially no store/merchant accepts gold coins/bars in exchange for goods. The number of places accepting bitcoin in exchange for goods/services has gone up dramatically over the past few years.
In 10 years I give Bitcoin a 20%+ chance of truly being a Gold 2.0.
In 20 years I give Bitcoin a 50%+ chance of being the new global reserve currency.
Food for thought: Bitcoin is extremely scarce with a hard cap. It is infinitely divisible, extremely mobile, cost nothing to "transport" and takes up almost no physical space (other than the device used to send/receive).
There will ever only be 21 million bitcoins. There is over 50 million troy ounces of gold mined each year (current estimates are about 80 million troy ounces per year).
Essentially no store/merchant accepts gold coins/bars in exchange for goods. The number of places accepting bitcoin in exchange for goods/services has gone up dramatically over the past few years.
In 10 years I give Bitcoin a 20%+ chance of truly being a Gold 2.0.
In 20 years I give Bitcoin a 50%+ chance of being the new global reserve currency.
Comparing ounces of physical weight to infinitely divisible bitcoins is a bit arbitrary, don't you think?
The scarcity attribute is there, but it's difficult to compare with gold's long history of valuation spanning many thousands of years.
And OP -- 5-10 years? What's the hurry?
June 06, 2015, 09:47:42 PM
I personally like this guy's argument on bitcoin versus gold:
https://cdn.panteracapital.com/wp-content/uploads/Bitcoin-vs-Gold.pdf
I'll chime in later on my opinion. But I must say most of my opinions are right in line with this guy I linked you to.
https://cdn.panteracapital.com/wp-content/uploads/Bitcoin-vs-Gold.pdf
I'll chime in later on my opinion. But I must say most of my opinions are right in line with this guy I linked you to.
June 06, 2015, 04:21:04 PM
It's very possible. Only time will tell.
Food for thought: Bitcoin is extremely scarce with a hard cap. It is infinitely divisible, extremely mobile, cost nothing to "transport" and takes up almost no physical space (other than the device used to send/receive).
There will ever only be 21 million bitcoins. There is over 50 million troy ounces of gold mined each year (current estimates are about 80 million troy ounces per year).
Essentially no store/merchant accepts gold coins/bars in exchange for goods. The number of places accepting bitcoin in exchange for goods/services has gone up dramatically over the past few years.
In 10 years I give Bitcoin a 20%+ chance of truly being a Gold 2.0.
In 20 years I give Bitcoin a 50%+ chance of being the new global reserve currency.
Food for thought: Bitcoin is extremely scarce with a hard cap. It is infinitely divisible, extremely mobile, cost nothing to "transport" and takes up almost no physical space (other than the device used to send/receive).
There will ever only be 21 million bitcoins. There is over 50 million troy ounces of gold mined each year (current estimates are about 80 million troy ounces per year).
Essentially no store/merchant accepts gold coins/bars in exchange for goods. The number of places accepting bitcoin in exchange for goods/services has gone up dramatically over the past few years.
In 10 years I give Bitcoin a 20%+ chance of truly being a Gold 2.0.
In 20 years I give Bitcoin a 50%+ chance of being the new global reserve currency.
Most people cant grasp that the above two statements in bold completely contradict each other.
If there was only 1 bitcoin in existence but it is infinitely divisible it is not scarce.
Essentially no store/merchant accepts gold coins/bars in exchange for goods. The number of places accepting bitcoin in exchange for goods/services has gone up dramatically over the past few years.
Maybe not directly but I bet I could take a gold coin/bar to any country in the world and pretty quickly convert it to the local currency as needed to buy goods and services, try that with BTC
The fact that these BTC v gold threads keep popping up just goes to show its hard wired into people for some unknown reason that gold is special and the ultimate store of wealth.
Gold market cap roughly - $6,843,058,204,925
BTC market cap roughly - $......3,373,831,169
Bitcoin has its place and will evolve over time but it will never surpass gold as a store of wealth.
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