Topic: Does Bitcoin Change GOLD AS STORE OF VALUE? (Read 272 times)

Gold isn’t going anywhere as a store of value but it has many limitations as we all know. You can’t cross a border with $1,000,000,000 worth of gold on your physical person can you. Gold has a limit to potential profits it can make you too, we’ve all seen that Peter Schiff meme with the price at $1,800 over several decades.

Bitcoin is far better imo, younger people will prefer to buy bitcoin than gold.
Gold isn’t going anywhere in the short term but I think bitcoin has far more potential.

All the same, I am old-fashioned, and for me gold is a more real and certified asset than a digital coin.

I'm not considering it a theory but rather quite a fact.
Gold does a lot of things better than other metals, when it is surpassed by one or a different alloy it is often a case of price rather than that being far much better at everything. Of course, there are exceptions but normally it's the price that dictates everything, like in the semiconductor industry which ironically replaced gold exactly with the copper that is the base material for this new "fake" gold.


That's the point, can you make a "fake" gold that has the same properties cheaper than the real gold or at least with a real discount and at the same time not too costly to have to compete with different alloys? And more important, can you guarantee enough supply for manufacturers to be willing to support the costs of switching to this new solution?

But, this is old news and nothing has changed and besides the "fake" gold has some of the properties of gold, not exactly, although it is resistant to oxidation it doesn't really match gold, and you can see that in two years no progress or new experiments have been made as it's merely a discovery without real-world applications.

this could make for a fascinating experiment in the debate over where gold's value is derived from. there is a popular theory that gold's value storage properties actually stem from its "intrinsic" or real world non-monetary utility---this is what "backs" gold's usage as a form of money.

so, if this "fake gold" can really fulfill all the industrial/medical uses of gold much more cheaply, that would throw that whole thesis into question. if gold's value holds even as this "fake gold" floods manufacturing markets, it would prove that the "store of value" aspect of money has little to do with non-monetary demand.

this would support the idea that bitcoin could have immense value in spite of having no intrinsic or non-monetary value.

As I clicked that and got an error I was wondering what kind of gold manaufacturing are we talkign about
a) the nuclear solution
https://www.scientificamerican.com/article/fact-or-fiction-lead-can-be-turned-into-gold/
b) the not so gold solution as in the articles you've pointed out


So, nope, it's not gold and it can't be passed out as gold:


For the ones interested in it copper density is 8,96 g/cm³ and gold is 19.3 g/cm3 a little bit more than twice so even if you want to coat things with it to pass it as gold you would have to put something far denser even that gold inside to balance it and all those elements are either just as expensive or deadly  

Precious metals are a very fragile proof-of-value. They aren't "that scarce". After all we can't know how many tons are still in the Earth and if we're going to find Gold on Mars or different asteroids.
Space colonization is almost part of our present. With the current advancements I expect people to live on Mars until 2030.

If gold could be created out of copper or through a synthesis of cheap materials and the use of chemicals, it could soon become obsolete and all that capitalization could pour into Bitcoin.

It's not even a complete conversion of copper to gold. If scientists worked at the level of electrons, protons and nuclei of atoms of various chemical elements and, by rearranging their orbits and their quantities, would convert one element into another, it would be interesting. They have been working on this for a long time, but without much success. And the bombardment of atoms, as a result of which several microns of the new substance fall out, will not have special practical significance. Moreover, this will not affect bitcoin and its price in any way.

Yes -- I definitely believe that Bitcoin is taking the wind out of the sails of gold as an inflation hedge.  Gold has not gone up nearly as much as in the past when inflation was a threat.

Gold has lots of real physical functions and a 4000y track record and xxx of second layers / paper gold / ETFs .... products on top. Many tried to fake it by mixxing it with lead. Btc got mixxed with SegWit and has no scaling, no scripting - just no function any more. There might be only one functional Bitcoin

Definitely one of the most "out there" articles I've read in a while, but identical to gold isn't gold. Just as scientists can already create diamonds in the lab, it just doesn't carry the same value as conventional "real" diamonds. Gold's still going to be gold and serves all its purposes for a little while more. Problem is not everyone can get their hands on gold, nor find a practical way to store and transport it.

Modern alchemists, didn't know they existed;)

Does it have exactly thesame physical/"atomic"/chemical properties as gold?
Resisting those things better than copper doesn't qualify it as gold. It could be something else that has similar properties with gold.

I think counterfeiting could however be a problem if this is very similar to gold, can easily be replicated and can be a possible substitute for gold in most industrial applications that rely on real gold, with little to no problems to the products it's made with, and the products are safe for use.

That's great scientists turn copper into gold but we can not use it as real gold and I feel this invention will not impact the gold value. I believe many traders also taking interest in Bitcoin as compared to gold. Only those are investing who love to take the risk but a normal personal still stick to the gold as it can be stored and it does not need any password it can be physically stored on the other hand Btc stores through the internet and we saw many cases where people lost the access to their wallet so they book the complete loss, on the contrary, this can not happen with Gold. It's very early to say Btc change gold as a store of value.

What does this have to do with Bitcoin? Providing the news are true and not just another fake story from Chinese government, this only concerns some specific chemical properties of gold. It's not even going to affect it as a store of value. If they created economically efficient way of using nuclear reactions to transform one element into another, that would indeed shake our perception of gold as a store of value, and at least some part of it would migrate to Bitcoin. But such technologies only exist in fiction, so there's no point in thinking about them too much.

Gold has being with humans from time immemorial and as years goes by, its value has grown so much more and that is why many investors or rather people sees it fit to hold or keep gold as a store of value other than fiat currency. In my own opinion, I don't think Bitcoin can replace gold as a store of value because unlike gold, Bitcoin is very volatile, also unlike gold which has lasted for years, Bitcoin is yet to attain that level with gold, in the same way, unlike gold which is easily trusted by everyone in the world, many countries are still yet to come to terms with Bitcoin; thus comparing all these, one can see that, Bitcoin still have a long way to go if it will ever replace gold as a store of value. Also, I believe that, just like fiat which can be used to complement things, Bitcoin will also be used in the same manner, but not to replace both fiat nor gold in whichever sense.

Cubic Zirconia - Almost like a Diamond

"Scientists Turn Copper into Substance ‘Almost Identical’ to Gold" this is a great breakthrough
and may well lead to industrial applications including space exploration applications and in turn
reduce the cost for the respective industry.

Investments are already migrating from Gold to Bitcoin.
As an asset Gold is almost perfect except that it is a FIAT based one.
Nobody knows how much Gold is on the earth, if humans put more energy into mining Gold,
more will be found and this is the case if the value of Gold ever went up massively.

The opposite is the case for Bitcoin, more human energy put into it will not yield the rewards
quicker, its still every 10 minutes and the reward will be for that 10 minutes 6.25btc until the
next halving.

Investors see this as a bigger advantage as a store of value than Gold.
I dont know if the new invention will affect the price of Gold, maybe a little, but Bitcoin will do
more damage to Gold anyway.

Yes, they can produce something that is identical to gold and this might have many industrial uses actually but one thing for sure nothing can ever replace the original. I think we already have laboratory-produced meat but I am sure that it will never replace the original meat. And we already have something that is almost identical to diamond but in terms of value and price we know the truth. In China, they produce knock-offs which looks really identical to the original item, but we know that nothing will ever replace the original. That is the truth. This is also the reason why Bitcoin and gold should be viewed as different assets and not a version of the other.

There are probably going to be such scientific breakthroughs - I expect it, since science just keeps evolving on a daily basis. It could be added next to gold, but won't replace it. Gold has lots of advantages and is scarce but cannot be split into as many pieces as you like and is heavy while Bitcoin has the advantage of being weightless, instantly transferrable and can be split into as many pieces as you like.

BTC is online while gold isn't.. In the event of a EMP attack, gold might be the only one surviving. In the event of a war, it would survive but its weight makes it hard to move gold to another place. So the best thing to do isn't replacing gold but being added next to it as a store of value.

How can it be bullish for Bitcoin? Even is the discovered method isn't expensive, "synthetic gold" will never replace "genuine" one. For example, lab-created diamonds didn't replace natural diamonds. Despite they look nearly identical, lab-created diamonds are almost 50% cheaper. However, the lab-created diamond doesn’t retain any value. It can’t be resold to a jeweler. The situation with lab-created gold is the same.

does the substance that's " almost identical to gold" weigh the same ?
What weighs more , a pound of gold ,or a pound of bit coin?

It can be seen that the OP was in a great hurry. Since when copying the article, he mixed up the links and inserted another source.
This is what it leads to when something is not done on your own. It has been said many times that copy-paste is not the best way to write useful posts. OP, in fact, on the Internet, many can read articles outside the forum.
Original link to the article.

https://finance.yahoo.com/news/scientists-turn-copper-gold-bitcoin-220121625.html
https://pro-blockchain.com/en/scientists-turn-copper-into-gold-will-bitcoin-replace-as-store-of-value

I think you have to check on your link because upon Checking the website, it shows an error, and it seems not to exist. I just want to verify your post and probably if it’s plagiarized or something.

I think people could say that bitcoin can be compared just because of the price of it is self. Nobody said much when the price is low but compared to now, where we are already at the highest point of the trading range with it, a lot of people are even getting to it.

I think the people who have experienced the lowest point are happy when they bought, but those previously purchased at the all-time high and reached very low are probably not going to go back.

This method is impractical at the moment and the yield of gold that is produced is not enough to balance or profit from the operational cost, what we need is something that does not bombard the atoms to change the element, what we need is to create an artificial sun that can replicate the pressure to make massive quantities. This is a promising research and it has been happening for a long time now.

Scientists Turn Copper into ‘Gold’ — Will Bitcoin Replace as Store of Value?



According to a new paper published in a peer-reviewed scientific journal, researchers in China have made a groundbreaking discovery that could profoundly impact the face of the precious metals landscape — and provide bitcoin with an opportunity to shine.

Scientists Turn Copper into Substance ‘Almost Identical’ to Gold

Per SCMP, a team of scientists at the Dalian Institute of Chemical Physics at the Chinese Academy of Sciences in Liaoning have developed a method to turn cheap, plentiful copper into a substance that is “almost identical” to gold, accomplishing what alchemists have for hundreds of years believed could be a gateway to endless riches.

Lest anyone protest that this sounds like something out of the National Enquirer or one of the more fantastical medieval travel narratives, the study was published in the peer-reviewed journal Science Advances, and the methodology relies on chemical reactions rather than secret incantations.

To create the pseudo-gold, the scientists shot a payload of hot, electrically-charged argon gas at a target made out of copper. The ionized gas particles dislodged copper atoms from the target, and these atoms fell onto a collecting device where they cooled off into a pile of microscopic sand — each grain just a few nanometers in size.

The scientists then tested the properties of these copper particles by using them as a catalyst in a chemical reaction to turn coal into alcohol. Confirming their research, they found that the nanoparticles “achieved catalytic performance extremely similar to that of gold or silver,” Sun and the other researchers wrote, explaining that it can resist high temperatures, oxidization, and erosion much better than standard copper.

Will Bitcoin Replace Gold as Store of Value?



This scientific development raises the question of whether the gold standard of economic hedging could soon lose its luster, forcing gold bugs and other stock market bears to turn to alternative assets. Could this give bitcoin an opening to become a mainstream store of value?

Though proponents frequently cite bitcoin’s utility as a successor to the yellow metal, the answer remains no, at least for the foreseeable future.

Sun and the other researchers explained that, at least in its current incarnation, the process could not practically be used to create counterfeit gold coins or bars since its density remains the same as normal copper.

Nevertheless, anticipating future improvements in the methodology, ordinary retail investors who purchase precious metals for speculative purposes could be taken in by this pseudo-gold if significant quantities ever exit the industrial sector and are repurposed by counterfeiters. This would exacerbate a longstanding problem in precious metals investing, potentially weakening consumer trust in bullion as a store of value.

Moreover, even the production of this pseudo-gold for its intended purpose — industrial applications — could have a significant impact on the value of the true yellow metal. While the vast majority of gold demand is speculative, the material also plays an important role in the production of electronic devices, a fact that crypto skeptics often cite when objecting to the thesis that bitcoin is “digital gold.”

At the very least, the material’s replacement in industrial manufacturing should place equivalent downward pressure on the gold price, though it’s likely that psychological factors would further weaken investor confidence and steepen the asset’s decline.

Consequently, this and other new threats to gold demand, coupled with future improvements in cryptocurrency adoption and technological development, could over the long term provide a gateway toward bitcoin finally becoming a real store of value rather than just a moonshot purchase.


https://www.ccn.com/scientists-turn-copper-into-gold-will-bitcoin-replace-as-store-of-value/