[Fun Fact] Is Gold scarce ? Bitcoin is !

Victorik

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Quote from: pawanjain on June 21, 2023, 12:42:28 PM

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this

Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Source: https://www.instagram.com/p/CtvdmZoPmxV/?igshid=MTc4MmM1YmI2Ng%3D%3D

Funny, for what is worth, that kind of wishful thinking about gold falling from the sky is not possible in the first, even if it happens, do you think they will give you a share from it? Hell no! The rich and mighty will hold on to it and still continue to oppress the poor.

savetheFORUM

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Quote from: Dr.Bitcoin_Strange on June 24, 2023, 07:24:13 PM

All this still rests on the fact that Bitcoin has a known total supply, whereas gold has no maximum supply. There is a possibility that a very huge ton of gold could be discovered any day, and as you have described, if such a thing happens without killing us all before the use of the gold is made, then I think it's going to still reduce the current worth of gold because if everyone has like $93 billion worth of gold, they can sell it at any price they deem fit. As such, it will reduce the gold price in the market. Since Bitcoin has a limited supply, if demand is higher than supply, the price will shoot up.

I think we are talking about the possibilities, so there are a lot of things that can possibly happen but the chances of them happening are very low or near zero, we can make different assumptions and create made-up stories about how the supply of gold can increase significantly, we can also do that for Bitcoin saying there can be something created that might make Bitcoin become less worthy than now since we are talking about possibilities.

If we talk about what currently exists, we shouldn't call gold not scarce, because even if there is more gold to be found, we haven't found it yet and that is just a possibility and we don't live off of possibilities but we believe in what we have right now, so gold is also scarce and that is the reason why it's a precious metal.

xSkylarx

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It is just a made-up story, but if this is true, then for sure we are all dead because that is a huge asteroids that is capable of destroying our planet; if not, then for sure half of the earth. But I know the point is about how valuable it is. The same is true with Bitcoin; it's just like when you've been able to dig up a working hard drive that has tons of bitcoin on it, which also makes you wealthy.

MusaMohamed

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Quote from: ImThour on June 25, 2023, 06:51:09 AM

That's a very big "If" situation which isn't going to happen anytime soon on this planet. Gold is not scarce, we haven't even explored the whole earth right now. So there may be some countries still which has Gold underneath it but still not discovered. Bitcoin is true scarcity, 21 million pre-defined by the God aka Satoshi Nakamoto. Many of the original miners have surely lost their Bitcoin so I think almost 20% of the total supply might not be accessible.

Around 208,874 tonnes of gold has been mined throughout history in estimation. You can create your account log in and download the report

How much gold is in the world?
An estimation on underground gold reserves, it is about 53,000 tonnes of gold in identified reserves.

We can have more gold from other planets or asteroids in future with more advanced technology to harvest gold in the space.

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Quote from: Texac on June 25, 2023, 06:44:56 AM

Quote from: fullhdpixel on June 22, 2023, 08:09:43 AM

Quote from: pawanjain on June 21, 2023, 12:42:28 PM

what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Well, even if gold isn't as scarce as Bitcoin, it still has the trust of the world and people don't believe in Bitcoin as much as they do in Gold because they know that the supply of Gold, no matter how big it is, will never get cleared from existence no matter what happens because it exists in reality which means it has a physical existence while Bitcoin is just a digital currency and a technology and we all know that technologies are not really that scarce as they are always replaceable.

We all know that there can't be any other asset to replace Gold until the existence of humanity but we all know that Bitcoin is something that can be replaced by something else in the future, something with better functionalities and properties can take its place.

you have a point there, you have a very fair view of these two assets, what people are trying to deny is that gold is still being trusted and used more than bitcoin. bitcoin is still something of an uncertainty and can still be replaced in the future with better technology. But with gold, at least it has been around for thousands of years and still stands as the most valuable asset and is still absolutely trusted by people.
Bitcoin is a great invention, it has many outstanding advantages over other asset classes and especially it brings wealth to many people. but that doesn't mean it will surpass gold, surpass everything in this world to become a god, people are exaggerating about bitcoin.

Intriguing viewpoint, but lets flip the coin, shall we? Gold's been our pal for eons, no question! But does longevity necessarily imply indispensability? The mighty dinosaurs enjoyed a longer reign, and we all know their fate

True, Bitcoin's roller-coaster ride and unpredictability give us jitters. However, isn't this inherent to any budding technology? Can we reject it just because it’s novel and unorthodox? If Bitcoin gets dethroned, wouldn't that be the law of tech evolution? Unlike Bitcoin, gold cant adapt - it remains merely gold

Bitcoin won’t ascend to divinity, agreed, and such claims are hyperboles. Yet, let’s not downplay the might of innovation. Perhaps, we'll soon be trading Bitcoin

Minhxx

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In my opinion, over time gold will not be scarce anymore, we will have more advanced technologies to mine harder places, or chemicals that can make gold. Bitcoin is different, the total supply is 21 million, cannot be increased, they will become rarer and rarer over time

ImThour

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That's a very big "If" situation which isn't going to happen anytime soon on this planet. Gold is not scarce, we haven't even explored the whole earth right now. So there may be some countries still which has Gold underneath it but still not discovered. Bitcoin is true scarcity, 21 million pre-defined by the God aka Satoshi Nakamoto. Many of the original miners have surely lost their Bitcoin so I think almost 20% of the total supply might not be accessible.

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Quote from: fullhdpixel on June 22, 2023, 08:09:43 AM

Quote from: pawanjain on June 21, 2023, 12:42:28 PM

what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Well, even if gold isn't as scarce as Bitcoin, it still has the trust of the world and people don't believe in Bitcoin as much as they do in Gold because they know that the supply of Gold, no matter how big it is, will never get cleared from existence no matter what happens because it exists in reality which means it has a physical existence while Bitcoin is just a digital currency and a technology and we all know that technologies are not really that scarce as they are always replaceable.

We all know that there can't be any other asset to replace Gold until the existence of humanity but we all know that Bitcoin is something that can be replaced by something else in the future, something with better functionalities and properties can take its place.

you have a point there, you have a very fair view of these two assets, what people are trying to deny is that gold is still being trusted and used more than bitcoin. bitcoin is still something of an uncertainty and can still be replaced in the future with better technology. But with gold, at least it has been around for thousands of years and still stands as the most valuable asset and is still absolutely trusted by people.
Bitcoin is a great invention, it has many outstanding advantages over other asset classes and especially it brings wealth to many people. but that doesn't mean it will surpass gold, surpass everything in this world to become a god, people are exaggerating about bitcoin.

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Quote

[Fun Fact] Is Gold scarce ? Bitcoin is !

I would call this more "low value topic" considering that on the topic of Bitcoin - Gold there are hundreds of topics and I really do not think that anything useful can be said more. Besides, there is no point in hypothesizing what would happen if a large asteroid hit the earth because then all the gold and all Bitcoin, among other things, would become completely irrelevant and worthless.

According to some estimates, in about fifty years gold mining outside our planet will become profitable. Have you heard of Psyche 16? It's an asteroid that supposedly has $10 000 quadrillion worth of gold in it, if anyone can even imagine that number Roll Eyes

Quote from: https://www.the-sun.com/news/3445882/nasa-golden-asteroid-everyone-earth-billionaire/

GOLDEN IDEA Nasa to visit $10,000quadrillion ‘GOLDEN asteroid’ that could make everyone on Earth a billionaire

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Quote from: Dr.Bitcoin_Strange on June 24, 2023, 07:24:13 PM

All this still rests on the fact that Bitcoin has a known total supply, whereas gold has no maximum supply. There is a possibility that a very huge ton of gold could be discovered any day, and as you have described, if such a thing happens without killing us all before the use of the gold is made, then I think it's going to still reduce the current worth of gold because if everyone has like $93 billion worth of gold, they can sell it at any price they deem fit. As such, it will reduce the gold price in the market. Since Bitcoin has a limited supply, if demand is higher than supply, the price will shoot up.

And it's all just a hypothesis, an illusion of bitcoin investors, but it's not real. We should be more realistic with what's going on that gold is still a scarce metal, and the demand for it is still much higher than bitcoin. Bitcoin will not be able to surpass gold in terms of demand and market capitalization for the foreseeable future. That's the truth that I'm seeing, I don't see any delusional theory being discussed that will happen and depreciate the value of gold.

Dr.Bitcoin_Strange

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All this still rests on the fact that Bitcoin has a known total supply, whereas gold has no maximum supply. There is a possibility that a very huge ton of gold could be discovered any day, and as you have described, if such a thing happens without killing us all before the use of the gold is made, then I think it's going to still reduce the current worth of gold because if everyone has like $93 billion worth of gold, they can sell it at any price they deem fit. As such, it will reduce the gold price in the market. Since Bitcoin has a limited supply, if demand is higher than supply, the price will shoot up.

Mr.right85

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Quote from: pawanjain on June 21, 2023, 12:42:28 PM

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this

Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

As fictitious as it may seem, it’s something that could be the case. Perhaps, not an asteroid but, some new discovery that lead to other discoveries and the next thing, we’ve got more gold than would have been hoped for in the next thousand years.
When the case is turned to bitcoin, it’s finite value remains that but, if I were to take a perspective from the skeptics point of view, I suppose they would like to oppose the above with a statement like,
‘What if Satoshi Nakamoto just drops in out of the blue’ increases the capped value and add some more changes to the network…

We all making imaginations and assumptions!

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Quote from: hatshepsut93 on June 24, 2023, 06:27:04 PM

There's a lot of gold hidden in the ground and in the oceans, or even in asteroids, but it's all very expensive to mine. This means that this gold will be slowly increasing the supply on the market and won't crash the price.

Always remember that the price is a function of supply and demand. Bitcoin total supply is well known, but supply available on the market is unknown. Any day someone can decide to dump hundreds of coins that they were holding for years. It's even worse with demand - it's unclear whether people buy it with intention to hold for years no matter what, or if they are just speculator who want to make quick profit and then wait for a new low to repeat the process.

and also do take note that not all people are comfortable in dealing with bitcoin. a lot are still on the conservative type. holding tangible assets like gold. so even if we say, btc will be scarcer than gold, still some won't go for btc as they have various reasons not to.
now, the decision depends on how a person is looking at this market. or if you have the means, why not invest in both, especially if you are also a crypto user. both have pros and cons, and you should know how to work around on these cons.

hatshepsut93

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There's a lot of gold hidden in the ground and in the oceans, or even in asteroids, but it's all very expensive to mine. This means that this gold will be slowly increasing the supply on the market and won't crash the price.

Always remember that the price is a function of supply and demand. Bitcoin total supply is well known, but supply available on the market is unknown. Any day someone can decide to dump hundreds of coins that they were holding for years. It's even worse with demand - it's unclear whether people buy it with intention to hold for years no matter what, or if they are just speculator who want to make quick profit and then wait for a new low to repeat the process.

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My point is that bitcoin has the same properties as gold in that it is scarce in mining and has the advantage of being easy to carry because it is in digital form. However, it cannot be completely replaced because gold is a secure, graspable, and controllable physical form that does not need any high-tech intervention such as the internet, encryption,... While bitcoin is a form of asset in cyberspace, it is subject to many technical factors and the risk of loss. Therefore, bitcoin or virtual currencies are only a storage option and cannot completely replace the value of gold in the future.

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Gold & bitcoin are two rare assets but bitcoin has maximum supply. Different from bitcoin, we never know how much the total gold supply is, where every time a new reserve is found, the amount will increase. After all, everyone must spend some money to own one or both of these assets, but of course both also have their own advantages and disadvantages.

Both of these assets can be treated equally by investors as investment assets, but bitcoin may be more profitable due to its high volatility. In addition, bitcoin can also be detrimental to its holder which is referred to as a risk.

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Quote from: mk4 on June 21, 2023, 01:21:24 PM

Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.

That's right, we shouldn't talk much or just argue about our thoughts without looking at the facts. If bitcoin is indeed better and superior to gold, then why does gold still have a market cap 10 times larger than bitcoin, and more people are still looking for gold than bitcoin? If someone says bitcoin is too young compared to gold, stop arguing and come back to this topic when bitcoin surpasses gold in demand and capitalization.

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Quote from: Bushdark on June 22, 2023, 12:07:25 PM

Quote from: posi on June 22, 2023, 05:13:21 AM

If you believe that anything is possible, people will accidentally find another large amount of gold in the world, also there is a chance that one day someone can modify and create more bitcoins in the future. Anything is possible, and bitcoin is no exception. Don't try to devise fanciful or unrealistic assumptions to exaggerate bitcoins beyond necessity. Gold is still a scarce and very valuable metal for us, bitcoin is a virtual asset but also brings values and benefits to us. I prefer both and invest in both rather than compare them.

Actually I don't really understand what op is trying to pass out but I know the possibility of this happening might be minimal because it is going to cause some great damage that will lead to lose of lives and infractures making millions of people displaced. We should never think of this in any form because because it is going to be a big disaster to the world create waves that could cause sunami and earth quake that will display so many people and can also cause death rate to increase drastically cause illness and poverty to the world.

But you also don't need to worry, all of that is just human imagination, and with the development of technology like today, there is only one thing that threatens the security of the earth that we will destroy it immediately.

But one thing I see in most recent threads comparing gold to bitcoin is that many people are looking to lower the potential of gold and enhance the potential of bitcoin. I know we're on a bitcoin forum, and bitcoin should take precedence, but giving bogus examples like this really isn't necessary. I believe that even without comparing the two assets, we would all choose bitcoin over gold.

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Quote from: mk4 on June 21, 2023, 01:21:24 PM

We all know bitcoin's scarcity is far more guaranteed than golds, but this is the subjective part:

Quote from: pawanjain on June 21, 2023, 12:42:28 PM

It's more precious than gold.

Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.

I agree! Gold's market prices activity in, in a very slow and inefficient way. For example, if a country were able to find and mine a market-impactful amount of gold supply, the pricing in wouldn't occur until the additional reserves move from dealers, to institutions. That process can take weeks, months, even years depending how much supply results. The metal will just be speculative if something like what OP outlines, or a scenario similar to what I outlined (at scale) happens. point being - gold marketcap is just speculation. No one can prove that supply. One day, it could 1/100th if enough powerful holders choose to make that happen, or supply increased enough.

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Quote from: pawanjain on June 21, 2023, 12:42:28 PM

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this

Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Source: https://www.instagram.com/p/CtvdmZoPmxV/?igshid=MTc4MmM1YmI2Ng%3D%3D

It's a joke but maybe actually is not that far away from reality: in the future we'll have space mining, so who knows what some companies will bring back to earth. Many minerals that today are scarse could become common. Of course it's not something that will happen quickly so whoever holds gold is safe but it will be interesting to see how things will develop.

Topic: [Fun Fact] Is Gold scarce ? Bitcoin is ! (Read 317 times)