Topic: [Fun Fact] Is Gold scarce ? Bitcoin is ! - page 3. (Read 409 times)
A giant Asteroid falling on Earth will get us all killed. No one will benefit from that quintillion of gold but the bacteria it brings to the surface.
There was news about $13T worth of gold in Uganda https://www.mining-technology.com/features/uganda-gold-deposit-investment/
which I guess the gold was sort of unattractive but definitely it's still to be extracted from the ground, there is no value to it yet. Gold is useful in making electronic products and it's still rare making gold a sound money still since ancient times. It's the preferred investment as part of diversification.
There's a lot of gold deep within our planet, the only problem is that we don't have efficient ways of getting it out. When the digging operation exceeds the value of gold mined it's pointless to try.
What would have to happen for us to increase the supply? One of two things.
Either the demand would have to be very high, but for that we'd have to start using much more gold to produce electronics (or go back to using gold coins for payment), that's one, or the cost of deep mining would have to go down so that we could start accessing new deposits.
What would have to happen for us to increase the supply? One of two things.
Either the demand would have to be very high, but for that we'd have to start using much more gold to produce electronics (or go back to using gold coins for payment), that's one, or the cost of deep mining would have to go down so that we could start accessing new deposits.
But what if it is an asteroid that is capable of destroying the world like what scientists researched on to have caused the extinction of dinosaurs the and capable to destroy human existence for the next era to begin? 
Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:
Five Biggest GoldDiscoveries in Africa in 2022
That is just Africa.
Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.
Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.
@Charles-Tim That's just spitballing at that point. OP made a pretty sound argument about the alteration of gold's supply since the current supply of gold in the planet is scarce and finite and the only logical way it could be supplanted with is through an asteroid impact. That's just stupid and a little cynical in my opinion. And yes that includes the ones that couldn't be mined due to the current limits in technology. Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:
Five Biggest GoldDiscoveries in Africa in 2022
That is just Africa.
Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.
Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.
In the discussion of immutability however OP, while gold can be made infinite virtually, supply isn't the only thing that makes it valuable. It has aesthetic properties that makes it a must-have by every one on the planet, not to mention its practical applications in technology, business, and other ventures which strays from the argument that gold isn't as great as bitcoin cause I could easily add more gold into the system of supply.
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
I hope the asteroid will not hit anyone's head (Haha). First of all i do not believe these types of information which have no solid base, and from what i recall, this news has already shared on this platform and many has already compared the same property of BTC with gold.The news is all over and then the world finds out this
The point is, gold is good in its place and BTC is good in its place, If there will be so much gold this will increase the supply and a time will reach where this supply will overtake demand. But we all know that BTC is scare and gold is not, No ones know how much gold is under the earth crust, but we do know that BTC has 21 million supply which will be mined till 2140 at the current hash rate.
I am not sure if someone has ever claimed that gold is scarce. Because a huge amount of landmass has still not used for mining discovery. A major portion of Africa is still undiscovered. So gold is not scarce in any way. Also gold is not used as an investment anywhere in the world. Gold is mainly used for capital protection. Historically gold price has always shown a steady increase in price keeping the inflation in mind. That's why Gold is precious but not scarce.
On the other hand bitcoin has a limited supply if 21 million. So it is expected that it's price will skyrocket anytime in the future owing to its scarcity. But this feature is only pushing bitcoin out from being a currency system to an investment. So the future is pretty unclear.
On the other hand bitcoin has a limited supply if 21 million. So it is expected that it's price will skyrocket anytime in the future owing to its scarcity. But this feature is only pushing bitcoin out from being a currency system to an investment. So the future is pretty unclear.
We all know bitcoin's scarcity is far more guaranteed than golds, but this is the subjective part:
Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.
It's more precious than gold.
Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.
But what if it is an asteroid that is capable of destroying the world like what scientists researched on to have caused the extinction of dinosaurs the and capable to destroy human existence for the next era to begin?
Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:
Five Biggest GoldDiscoveries in Africa in 2022
That is just Africa.
Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.
Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.
Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:
Five Biggest GoldDiscoveries in Africa in 2022
That is just Africa.
Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.
Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.
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
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
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