Topic: Do you think a Bitcoin is worth more than a metric ton of gold? (Read 224 times)
Someday it can be equal to the value you are mentioning but scarcity is not alone enough to something that much worthy because we also need demand if Bitcoin has that much demand so it can be equal to 1 pound or 1 ton or even more but today the value is 23K dollars and that is the reality of now.
on a scale or 'scarcity'
everyone has some possession of gold
jewellery,, tooth fillings, electronics
if you have a phone tablet, pc or laptop to read this.. you have possession of gold
at 244,000 tonnes = 240,000,000kg = 240,000,000,000grams
most people establish that 1 gram of gold is the smallest unit of account that people would trade/use gold in effectively/usefully
in bitcoin though its measured beneath the code in satoshi's it has an effective/useful minimum measure of trade of about 10,000sat (due to the fee making it impractical to move/trade just 1sat-2500sat without it all disapearing in standard fee costs(~10sat/byte of a 250byte tx))
so
240,000,000,000grams
190,000,000,000reasonable units of sharable coin
there are less units of coin than grams of gold in circulation
as for the 'worth'
1gram of gold is $61.73 (an ounce at $1.75k / ~28.3495)
1 effectively sharable unit of coin is $24 ($24kbtc/1000)
here is the important thing
if doesnt actually matter how much asset(coin/mineral) exists. as most coins are not on market orders to actually touch, change/move the price. its only the coins/minerals listed on a market that change the price of that market
so although less people have bitcoin, less sharable units are in circulation of bitcoin. its price is not more than gold.
that said.
gold has been around millions of years and traded for thousands of years and is only at a <3x price of bitcoins sharable unit price.
bitcoin is still early on in its 'price discovery' phases. the price has not stabalised and is still volatile and this very month it at its 'value' (cheap) end of the market window of speculative prices.
gold is at the higher end of its speculative window. so bitcoin has alot more potential to be worth a heck of alot more long term. where as gold could become worth a heck of alot les long term
everyone has some possession of gold
jewellery,, tooth fillings, electronics
if you have a phone tablet, pc or laptop to read this.. you have possession of gold
at 244,000 tonnes = 240,000,000kg = 240,000,000,000grams
most people establish that 1 gram of gold is the smallest unit of account that people would trade/use gold in effectively/usefully
in bitcoin though its measured beneath the code in satoshi's it has an effective/useful minimum measure of trade of about 10,000sat (due to the fee making it impractical to move/trade just 1sat-2500sat without it all disapearing in standard fee costs(~10sat/byte of a 250byte tx))
so
240,000,000,000grams
190,000,000,000reasonable units of sharable coin
there are less units of coin than grams of gold in circulation
as for the 'worth'
1gram of gold is $61.73 (an ounce at $1.75k / ~28.3495)
1 effectively sharable unit of coin is $24 ($24kbtc/1000)
here is the important thing
if doesnt actually matter how much asset(coin/mineral) exists. as most coins are not on market orders to actually touch, change/move the price. its only the coins/minerals listed on a market that change the price of that market
so although less people have bitcoin, less sharable units are in circulation of bitcoin. its price is not more than gold.
that said.
gold has been around millions of years and traded for thousands of years and is only at a <3x price of bitcoins sharable unit price.
bitcoin is still early on in its 'price discovery' phases. the price has not stabalised and is still volatile and this very month it at its 'value' (cheap) end of the market window of speculative prices.
gold is at the higher end of its speculative window. so bitcoin has alot more potential to be worth a heck of alot more long term. where as gold could become worth a heck of alot les long term
Aren't both equally valuable and promising for investment, especially for the long term?
There are people who like to invest in both or one of them. But for sure, both gold and Bitcoin have their own positive sides. Bitcoin can indeed provide higher profits but can also shock us because the price drops. For those who are used to this, this is not a problem, but for newbies, this will shock and worry them so that they panic.
So, this assessment may be more to each individual, how they respond, as well as their awareness and knowledge about investing in Bitcoin or in gold.
There are people who like to invest in both or one of them. But for sure, both gold and Bitcoin have their own positive sides. Bitcoin can indeed provide higher profits but can also shock us because the price drops. For those who are used to this, this is not a problem, but for newbies, this will shock and worry them so that they panic.
So, this assessment may be more to each individual, how they respond, as well as their awareness and knowledge about investing in Bitcoin or in gold.
My opinion is yes,it may vary to other people.Because the opinion of all the people will based on their experience.If they had less experience in the crypto,they will think gold is far better then bitcoin or any other crypto currency.Now the price of bitcoin was increased to some good value above 24k dollars after some huge struggle.It had break the wall of 22k dollars and reached the market top of 24k dollars.
Answer to the titular question: No.
Not everyone is so susceptible to groupthink and simplistic labels as a decision-making process. Moreover, anyone who thinks that 1 BTC is “more precious” than 32,151 XAU is just plain bonkers.
If you disagree, then I invite you to sell me gold for BTC right now, at an exchange rate of 32,151 XAU (1 metric ton of gold) per 1 BTC. If you can’t come up with 32,151 XAU, then I will be happy to buy 32.151 XAU for 0.001 BTC. To avoid delivery overhead, we can complete the transaction in cypherspace by trading Tether Gold for BTC or some form of wrapped BTC. This is a serious offer, although I may need to apply some limitations to large orders based on how much BTC I can come up with, how fast.
Oh, no deal? Why not? 90+% of people here should take the deal, yes?
Bitcoin is an asset that by its nature will appeal to a certain subset of goldbugs: Technologically sophisticated goldbugs with a background in cryptography. Likewise, gold is an asset that will appeal to a certain subset of Bitcoiners: Historically and economically educated Bitcoiners. In my opinion, the two assets are complementary. A Venn diagram of their respective desirable characteristics would have overlap in the middle, on “sound money” and “freedom-preserving” characteristics; but it would be disjoint elsewhere.
Goldbugs who don’t understand Bitcoin will assume it’s a fad. Bitcoiners who don’t understand gold will trash-talk it, as I see sometimes in the speculation threads. But a Venn diagram of Bitcoiners and goldbugs should have significant overlap.
But of course — since you're asking Bitcointalk, a Bitcoin forum, then it's quite safe to assume that 90%+ of us here would say Bitcoin is "more precious".
Not everyone is so susceptible to groupthink and simplistic labels as a decision-making process. Moreover, anyone who thinks that 1 BTC is “more precious” than 32,151 XAU is just plain bonkers.
If you disagree, then I invite you to sell me gold for BTC right now, at an exchange rate of 32,151 XAU (1 metric ton of gold) per 1 BTC. If you can’t come up with 32,151 XAU, then I will be happy to buy 32.151 XAU for 0.001 BTC. To avoid delivery overhead, we can complete the transaction in cypherspace by trading Tether Gold for BTC or some form of wrapped BTC. This is a serious offer, although I may need to apply some limitations to large orders based on how much BTC I can come up with, how fast.
Oh, no deal? Why not? 90+% of people here should take the deal, yes?
Bitcoin is an asset that by its nature will appeal to a certain subset of goldbugs: Technologically sophisticated goldbugs with a background in cryptography. Likewise, gold is an asset that will appeal to a certain subset of Bitcoiners: Historically and economically educated Bitcoiners. In my opinion, the two assets are complementary. A Venn diagram of their respective desirable characteristics would have overlap in the middle, on “sound money” and “freedom-preserving” characteristics; but it would be disjoint elsewhere.
Goldbugs who don’t understand Bitcoin will assume it’s a fad. Bitcoiners who don’t understand gold will trash-talk it, as I see sometimes in the speculation threads. But a Venn diagram of Bitcoiners and goldbugs should have significant overlap.
A weird question to ask if you mean 'a' as 'one', since from what google tells me, one metric ton of gold is worth $46.7 million, whereas 1 Bitcoin is worth $23.7k.
Yes, I know one Bitcoin is much cheaper than one ton of gold, but there was a time when one Bitcoin was cheaper than one gram of gold. I do not mean “would you take one Bitcoin over one ton of gold today”, because the obvious answer is the ton of gold. However, I believe one Bitcoin is inherently more valuable than one ton of gold; regardless of what the market currently says.
What you or me or we think is irrelevant.
For now, 1g of gold is worth 56 USD.
https://www.goldpriceoz.com/gold-price-per-gram/
This means that 1 centigram (cg), which is 0.01g is about 0.56 USD.
1 satoshi is worth 0.0002 USD.
So no, 1 bitcoin is not worth more than a metric ton of gold.
It may be worth more than this one day? Perhaps. But gold is certainly very valuable, it is one of the oldest forms of currency and it still is, until today, for thousand of years.
A weird question to ask if you mean 'a' as 'one', since from what google tells me, one metric ton of gold is worth $46.7 million, whereas 1 Bitcoin is worth $23.7k.
Yes, I know one Bitcoin is much cheaper than one ton of gold, but there was a time when one Bitcoin was cheaper than one gram of gold. I do not mean “would you take one Bitcoin over one ton of gold today”, because the obvious answer is the ton of gold. However, I believe one Bitcoin is inherently more valuable than one ton of gold; regardless of what the market currently says.
But of course, that word “valuable” must be compared to something like fiat, which is think is more useless than toilet paper.
?
Most of us here are fiat haters (rightfully so), but yea that's too much of a stretch, ain't it? I'd like to see you to live in today's world(in 99% of places) without fiat. Hope you can pay with toilet paper.
Lol I was being facetious, but in the grand scheme of things, fiat is useless. I always consider when the Germans were burning money to keep warm. In that sense, it was about as useful as toilet paper.
A weird question to ask if you mean 'a' as 'one', since from what google tells me, one metric ton of gold is worth $46.7 million, whereas 1 Bitcoin is worth $23.7k. If I was offered the amount of gold that is worth the same in dollars as one Bitcoin, I'd undoubtedly take Bitcoin. But if we take 1 BTC vs tens of millions of dollars worth of gold, then gold in he obvious choice. You can't equate Bitcoin and its denominations with grams or tonnes. Weight and number are two quite different things. Overall, I think Bitcoin is way more practical and has more prospects than gold, but gold is way more stable in terms of value.
Do you think this would make Bitcoin more precious than a metric ton of gold, especially considering it cannot be confiscated and travels at the speed of light?
Lol! Your statement doesn't make any sense! Gold and bitcoin are inherently different asset class and must not be compared to each other. Bitcoin has a different group of takers which is very different than gold.
It may be possible that bitcoin may break the price barrier of Gold, but that doesn't prove anything. Bitcoin is an investment asset for the high risk profile investors and for gold, it is usually the risk averse people. Both are very different and it doesn't mean anything at all if bitcoin's price suppress the price of gold.
But of course, that word “valuable” must be compared to something like fiat, which is think is more useless than toilet paper.
?
Most of us here are fiat haters (rightfully so), but yea that's too much of a stretch, ain't it? I'd like to see you to live in today's world(in 99% of places) without fiat. Hope you can pay with toilet paper.
But of course — since you're asking Bitcointalk, a Bitcoin forum, then it's quite safe to assume that 90%+ of us here would say Bitcoin is "more precious".
Perhaps more valuable is a better question. I agree, Bitcoin is infinitely more precious than gold. But of course, that word “valuable” must be compared to something like fiat, which is think is more useless than toilet paper. That’s why I like comparing Bitcoin to gold. I have absolutely no use for gold, but at least it’s shinier than paper money.
There's 244k tonnes of gold that has been mined from only 3 countries. There might be gold deposits in a lot of other places (and areas we can't access like beneath the ocean).
I think there's likely a time where the number of bitcoin will become more scarce than the number of tonnes of gold, it might be a matter of when.
I think there's likely a time where the number of bitcoin will become more scarce than the number of tonnes of gold, it might be a matter of when.
Yes, Bitcoin is already far rarer than pounds of gold, and the price is similar. A ton of gold is about $55 million right now. That price would make one satoshi 55 cents, and still wouldn’t make me a millionaire
It seems a majority of the time, when Bitcoin is compared to gold, it’s compared as 1 BTC to 1 pound of gold. Currently, they are about the same price in fiat dollars. This seems crazy to me, seeing as there is over 500 million pounds of gold, compared to 21 million Bitcoin forever. That means Bitcoin is on a ridiculous sale right now.
Value can be viewed as a subjective thing. One man's trash is another man's treasure. There can be a person that values one Bitcoin higher than a metric ton of gold. But generally speaking, if you would offer people a metric ton of gold or one Bitcoin, nearly everyone would choose gold, even those people that are Bitcoin enthusiasts. They would simply buy more Bitcoin after they sell some of that gold. That's because the market value is determined by supply and demand. And right now the marketcap of gold is way higher than marketcap of Bitcoin, so gold is more valuable than Bitcoin.
Such comparisons is like comparing apples and oranges. Bitcoin is a total different ball game, The value one can gain from bitcoin depends on the level at which you invested in bitcoin. if you invest in bitcoin now and I am sure in next 10-20 years you will get returns worth a ton of gold.
That literally applies to any investable asset though? Even with gold and the likes of stocks. Of course your average entry price is going to matter a lot when talking about how much you'd make.
There's 244k tonnes of gold that has been mined from only 3 countries. There might be gold deposits in a lot of other places (and areas we can't access like beneath the ocean).
I think there's likely a time where the number of bitcoin will become more scarce than the number of tonnes of gold, it might be a matter of when.
I think there's likely a time where the number of bitcoin will become more scarce than the number of tonnes of gold, it might be a matter of when.
Such comparisons is like comparing apples and oranges. Bitcoin is a total different ball game, The value one can gain from bitcoin depends on the level at which you invested in bitcoin. if you invest in bitcoin now and I am sure in next 10-20 years you will get returns worth a ton of gold.
There is nothing bad to diversify, you can invest in bitcoin, that does not stop you to also invest in gold. But bitcoin is limited and far more limited to gold if compared. Also investing in bitcoin is easier and also believed to increase more in price than gold in coming years, the reason I can prefer to go for bitcoin.
What is "more precious" is subjective. What makes gold better to some people today is solely the fact that gold is physical and is shiny.
But of course — since you're asking Bitcointalk, a Bitcoin forum, then it's quite safe to assume that 90%+ of us here would say Bitcoin is "more precious".
But of course — since you're asking Bitcointalk, a Bitcoin forum, then it's quite safe to assume that 90%+ of us here would say Bitcoin is "more precious".
People like to think of Bitcoin as a super-dollar and compare it to fiat, but I like to think of it as a metric ton of gold. That would mean each satoshi is the equivalent of a centagram of gold.
According to the USGS (The U.S. Geological Survey), about 244,000 metric tons of gold have been mined. That is about 537,927,920 pounds of gold, so Bitcoin is already rarer than pounds. Accounting for gold on the 16 Psyche asteroid and other planets, there seems to be a never ending supply.
Do you think this would make Bitcoin more precious than a metric ton of gold, especially considering it cannot be confiscated and travels at the speed of light?
According to the USGS (The U.S. Geological Survey), about 244,000 metric tons of gold have been mined. That is about 537,927,920 pounds of gold, so Bitcoin is already rarer than pounds. Accounting for gold on the 16 Psyche asteroid and other planets, there seems to be a never ending supply.
Do you think this would make Bitcoin more precious than a metric ton of gold, especially considering it cannot be confiscated and travels at the speed of light?
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