Gold and blockchain Technology | Bitcointalksearch.org

Webetcoins

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Quote from: LUCKMCFLY on January 15, 2020, 12:53:47 PM

It is time to get the idea that gold will be integrated in some way to Blockchain technology, I like the idea, of course it is my particular way of thinking, in this article it is said that you can buy Gold through BitPay:BitPay Integration Lets Users Buy Gold With Cryptocurrency, currently after Conflict that occurred between the US and Iran has increased interest in acquiring both.

I think it is positive, the movement of money towards assets such as gold that are safe and towards Bitcoin, which in the view of many economists is not completely safe due to volatility, but that many people in the world are adopting as a refuge of value ignoring the advice of those economists.

For me, bitcoin is more volatile than the gold. I also disagree with the economists point of view of supporting gold and considering it better than the bitcoin. By carrying on this idea I think the people who are taking refugee in this digital technology ignoring the idea of economist are more on safe side. In the near future the value that bitcoin will gain will never be achieved by the gold.

STT

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That is the main drawback, somewhere the gold must exist physically which means the system will be based on a centralised trust type system subject to confiscation and other types of loss. The accounting could be done via blockchain to be more transparent perhaps but the actual security will still be reliance on conventional business and legal systems.
I have some involvement with crypto use for gold purchasing and it just ended up being hijacked by red tape from central government unfortunately. Gold is not that well suited to very small transactions in this way, it requires major backing to operate indirectly and then you are reliant on that backer.

vintages

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Quote from: LUCKMCFLY on January 15, 2020, 12:53:47 PM

It is time to get the idea that gold will be integrated in some way to Blockchain technology, I like the idea, of course it is my particular way of thinking, in this article it is said that you can buy Gold through BitPay:BitPay Integration Lets Users Buy Gold With Cryptocurrency, currently after Conflict that occurred between the US and Iran has increased interest in acquiring both.

I think it is positive, the movement of money towards assets such as gold that are safe and towards Bitcoin, which in the view of many economists is not completely safe due to volatility, but that many people in the world are adopting as a refuge of value ignoring the advice of those economists.

In as much as we have and love to include Bitcoin or Blockchain in almost everything we do as modern technology. I still think most people will prefer to own Gold in it solid form. Though portability might another issue but offline Gold can't be replaced for an online one.

FLoving

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Quote from: CarnagexD on January 15, 2020, 12:27:16 PM

Quote from: iv4n on January 15, 2020, 11:04:49 AM

Quote from: Polo7 on January 03, 2020, 09:00:59 AM

Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

The most highly conductive metals are silver, copper, and gold. Of course that gold is too expensive, but is it so better than silver? In the end is it matter which metal is the best conductor? It's just piece of metal that have some purpose, for which can be used some other metal as well. On other side blockchain technology is an idea, amazing invention that allows digital information to be distributed but not copied!
People are comparing bitcoin and gold since ever, but truth is that this two can't be compared.

This pretty much points that bitcoin and gold will have minimal effects between each other. In the first place bitcoin itself has a different investment environment from gold, and just because gold is used for construction of technological products it doesn't necessarily mean that it will pump along with an increase on bitcoin's price.

If everyone will have money and everyone will be able to buy instruments for mining then it will have a little bit affect on the price of gold as well but it will not be that much that it will give a profit to the investors. If everyone will know about bitcoin then they will not invest in gold and it is also expected that in that time many investors of gold shift to bitcoin with which I have a doubt that the price of gold may reduce.

LUCKMCFLY

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It is time to get the idea that gold will be integrated in some way to Blockchain technology, I like the idea, of course it is my particular way of thinking, in this article it is said that you can buy Gold through BitPay:BitPay Integration Lets Users Buy Gold With Cryptocurrency, currently after Conflict that occurred between the US and Iran has increased interest in acquiring both.

I think it is positive, the movement of money towards assets such as gold that are safe and towards Bitcoin, which in the view of many economists is not completely safe due to volatility, but that many people in the world are adopting as a refuge of value ignoring the advice of those economists.

Visbay

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Quote from: Amel on January 14, 2020, 07:28:45 AM

Quote from: Polo7 on January 03, 2020, 09:00:59 AM

If the blockchain Technology rises more miners more it Technology and servers and computers.
Then the Gold Price will Go up as demand too
Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

The use of gold in electronic devices in my opinion is very minimal, although later the demand for electronic devices is higher but it is still inferior to the demand for jewelry and jewelry has a much higher gold content than electronic devices. So my conclusion with the many crypto miners is not very helpful in increasing gold, maybe only very little.

Crypto and hold both of them are not the same then how can blockchain take part in progress or increase in the price of Gold. We know Gold is jewelry but how many people are interested in wearing it. People only want a good income and better life that’s only possible with blockchain technology and crypto so Gold can never get the same value as a blockchain because it’s all about crypto now.

CarnagexD

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Quote from: iv4n on January 15, 2020, 11:04:49 AM

Quote from: Polo7 on January 03, 2020, 09:00:59 AM

Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

The most highly conductive metals are silver, copper, and gold. Of course that gold is too expensive, but is it so better than silver? In the end is it matter which metal is the best conductor? It's just piece of metal that have some purpose, for which can be used some other metal as well. On other side blockchain technology is an idea, amazing invention that allows digital information to be distributed but not copied!
People are comparing bitcoin and gold since ever, but truth is that this two can't be compared.

This pretty much points that bitcoin and gold will have minimal effects between each other. In the first place bitcoin itself has a different investment environment from gold, and just because gold is used for construction of technological products it doesn't necessarily mean that it will pump along with an increase on bitcoin's price.

iv4n

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Quote from: Polo7 on January 03, 2020, 09:00:59 AM

Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

The most highly conductive metals are silver, copper, and gold. Of course that gold is too expensive, but is it so better than silver? In the end is it matter which metal is the best conductor? It's just piece of metal that have some purpose, for which can be used some other metal as well. On other side blockchain technology is an idea, amazing invention that allows digital information to be distributed but not copied!
People are comparing bitcoin and gold since ever, but truth is that this two can't be compared.

davinchi

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There has been many tries to combine gold and blockchain together, like have some sort of stable currency just like USDT but for gold instead of dollar but because it is hard to move gold digitally compared to dollars, it never really worked out. If we could somehow manage to peg crypto into gold with a stablecurrency that represents gold instead of fiat, we could actually have something very solid which would affect the price of bitcoin a lot.

People don't want to move their money into fiat because they know even if bitcoin is about to drop and they have to move out, they would prefer to move out to something more valuable like gold instead of fiat which loses its value due to inflation every single year. These are two very different but both loved things, combining them both would be awesome.

Shasha80

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In my opinion gold and bitcoin with blockchain technology is similar but not the same. Indeed, both gold and bitcoin are assets
which is very good to save. Because the price will both go up in the future, but the difference is that gold the price increase is slow.
And bitcoin increase is very significant. From this comparison alone I conclude more people prefer investing in bitcoin compared to gold.
Even investing in bitcoin is very risky.

STT

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Gold is used in more electronic devices then ever but in far smaller finer precise amounts then was true in the 1980's Technology has brought us a long way and finer circuits are the norm now, its far less profitable to recycle a new motherboard over the really ancient technology.

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If the metal is gold, then the demands of gold will be decreasing,

Gold as a metal is in a bull market for over a decade. The reasons are monetary, central banks are net buyers for a long time because we have such loose monetary policy world wide to an extent we are more reliant on debt and the promise to repay then any other time for hundreds of years. Its very likely we peak in this promises meta and politics control of economies and return to commodities and basic supply and demand, part of that will be gold but we hope also technology such as Bitcoin is greatly useful for security.

carter34

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Quote from: heidikim on January 03, 2020, 10:23:38 AM

Now, if gold and blockchain build an economy together, I think a very solid order can be established.

These are isolated in nature and might not be compared in that way. The thing about this is that you blockchain is more of an abstract that has produced an important outcome which happens to be bitcoin. This has really made bitcoin to be relevant lately and much people are looking inwards to investing in crypto than in gold.

salad daging

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Gold is widely used for core hardware, but using other components as a coating, if the majority of parts use gold, then the demand will be very little because the price is very expensive, sellers also think to reduce the budget as effectively as possible to be able to adjust prices. gold and blockchain will not have a large dependency if only associated with part of the device, the gold fundamentals are much greater than that.

Amel

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Quote from: Polo7 on January 03, 2020, 09:00:59 AM

If the blockchain Technology rises more miners more it Technology and servers and computers.
Then the Gold Price will Go up as demand too
Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

The use of gold in electronic devices in my opinion is very minimal, although later the demand for electronic devices is higher but it is still inferior to the demand for jewelry and jewelry has a much higher gold content than electronic devices. So my conclusion with the many crypto miners is not very helpful in increasing gold, maybe only very little.

blckhawk

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I don't think it's that much, and there are also other factors to consider in Gold's price. Demand is there, but it might also depend on its reputation of being an accessory, and if people would not consider it that lustrous, then it's sole purpose might only be on electronics, which would also decrease its value.

Although it might be true, and to know that Gold has always been a standard of luxury due to its scarcity and real-life applications, and your argument might be true to some extent.

RealMalatesta

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Quote from: HarmonyA on January 12, 2020, 06:28:14 PM

Gold remains relevant and valuable in every decade. There are precious minerals that are more expensive than Gold, but gold price remain non depreciating on second hand stock.
Now talking about it usage in electrical conductivity, some would argue that there are many wireless devices, therefore the value of gold will reduce, but this is not through because gold is a store of value.

Gold is mostly used in jewelry and for building precious ornaments like rings, necklaces, etc so it is not really used for any kind of wiring. Yes, even in this year gold is been used in some of the technical gadgets but the prices of those gadgets too is much higher and it does not benefit the firm manufacturing such devices and hence they have shifted onto other metals possessing the properties of gold but at a cheaper rate.

Gold is also malleable which allows us to mold it without actually destroying its components also we all know the properties of gold which makes it one of the most precious metal on the earth. The precious nature of gold does not make it highly usable in the wiring or the electrical devices.

barabarian1

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Quote from: oktana on January 03, 2020, 11:27:41 AM

the greatest influence of gold is related to currency reserves and gold trading in a purer form.

Electronic device components and electrical cables only involve a small percentage because they are still mixed with other metal materials, especially silver, iron, and fiberglass. Not only for blockchain technology because the gold component is also used by many other large industrial technologies, I think this is not a strong reason for speculation regarding macro demand.

I agree with you that the use of gold in electronic equipment is only 0.2 grams of very little gold. so I don't think the use of blcockhain technology will make the gold price go up. the value of gold is greatly influenced by the exchange rate of US dollars, the amount of world gold production and gold reserves in banks.

TheCoinGrabber

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Quote from: Polo7 on January 03, 2020, 09:00:59 AM

If the blockchain Technology rises more miners more it Technology and servers and computers.

Then the Gold Price will Go up as demand too
Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

Depends on how much gold is being used in these mining components. Does anyone have an estimate? But from the looks of it, the amount of gold is minimal. I saw a chart showing electronics as the largest user of gold but its' only slightly more than jewelry and coinage, which together makes up 60%.

Still, the demand for industrial use is slow to rise, much of gold's movement is still due to speculation.

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Quote from: Janation on January 04, 2020, 01:15:45 AM

Quote from: Polo7 on January 03, 2020, 09:00:59 AM

If the blockchain Technology rises more miners more it Technology and servers and computers.

Then the Gold Price will Go up as demand too
Coz Every electronic device need gold Gold is best metal for Electrical wires and small things.

It is true that gold is used but I don't think it will be for electrical wires.

Gold is a good conductor but just imagine using a phone and all of its wires are made up of Gold, that would be so expensive. So they used cheaper metal, which is copper. Gold is mostly found on the circuit board of an electronic device. Another thing is that I think Gold's demand is really high right now since we are already using electronic devices every single day, I think what you are saying is that it would increase more.

If you're listening to your science teacher, you're not going to state this. There are a lot more kinds of metals that is also a good conductor of electricity, but not gold. Gold is primarily preserved as a source of money or as an asset but not as an conducting material. If you're a wise you should know that gold can buy you more metal conductor and you should also know that copper, steel, and aluminum are much cheaper to use. You can sell your Gold for a money to be used to buy those materials. Gold is more important and don't just waste it for something that can be solved with any other solution.

NathanJB

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Quote from: BigBos on January 13, 2020, 08:37:35 AM

that makes sense, it's just that I don't think like that. as I know, gold is a good conductor of gold, so it is only used for certain components because the price is quite high, so gold is not used in large quantities. however, when the price of bitcoin goes up, I don't feel that gold will also go up. however, nowadays people don't do so much mining, especially when mining costs are greater than other prices.

Gold is a precious metal. Although it is indeed used in so many technologies, the amount is only very little. This is not enough for the price of gold to rise exponentially. Other than that, the prices of gold and Bitcoin are not directly correlated.

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