Gold exist 1000+ years. while bitcoins exist 10 years. - page 9.

BillyBurns

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Quote from: NeuroticFish on July 01, 2019, 10:27:42 AM

The limited supply of gold made it an interesting asset over history. Just the technology is advancing and many keep forgetting that.
We are getting closer and closer to the point such resources will be mined from other places (outer space) or various methods for easier mining/retrieving the gold from Earth can be also invented, making gold scarcity not a reliable property.

Instead something unnatural, something ensured by math to be in limited supply will remain in limited supply.
When Bitcoin history will become as long as gold's, I guess that gold will be no longer (by far) a reserve asset. And Bitcoin price? Well, sky is the limit.

I think you will be crying later, a sucker is born everyday!

NeuroticFish

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The limited supply of gold made it an interesting asset over history. Just the technology is advancing and many keep forgetting that.
We are getting closer and closer to the point such resources will be mined from other places (outer space) or various methods for easier mining/retrieving the gold from Earth can be also invented, making gold scarcity not a reliable property.

Instead something unnatural, something ensured by math to be in limited supply will remain in limited supply.
When Bitcoin history will become as long as gold's, I guess that gold will be no longer (by far) a reserve asset. And Bitcoin price? Well, sky is the limit.

BillyBurns

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Quote from: Sithara007 on July 01, 2019, 09:59:53 AM

The logic behind the OP is laughable. Before silver coins were minted 2,000 years ago, iron spits were used as a form of money in Greece. Now are you going to say that iron has existed as a form of money for 2,000 years and Bitcoin has existed only for 10 years? IMO, the duration is of little relevance here. On a technological viewpoint, Bitcoin is the most advanced form of money.

Bitcoin has never been money. Until goods and services are paid and accepted in bitcoin and loans are made in bitcoin terms it is not money.

Sithara007

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The logic behind the OP is laughable. Before silver coins were minted 2,000 years ago, iron spits were used as a form of money in Greece. Now are you going to say that iron has existed as a form of money for 2,000 years and Bitcoin has existed only for 10 years? IMO, the duration is of little relevance here. On a technological viewpoint, Bitcoin is the most advanced form of money.

BillyBurns

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Quote from: Cnut237 on June 13, 2019, 03:33:53 AM

Gold is valuable because everyone agrees that it is valuable. And because it has been valuable through all of recorded history, the consensus is that it will retain that value for the future. That's it. There's nothing intrinsic to gold itself that makes it valuable, it's just the consensus. Many other things are stores of value, despite having no intrinsic worth. Fine art, for example. People don't buy a Van Gogh because it's a good painting, but because it's a good investment.

So is Bitcoin a better store of value than gold? Well the answer is that it depends on what people want to do with a store of value item. If all they want to do is lock it in a vault, then gold is probably good enough. But if they actually want to use it, to transfer it, and to be 100% confident in the maximum possible supply, then Bitcoin is far far superior. All that remains, however difficult that might be, is for this to become the consensus opinion.

This is false, and a lot of misinformation is your post. You say gold has no intrinsic value, this is false. Gold is the best conductor of electricity and to proof it has intrinsic value let me show you something.

Fiat also has intrinsic value, since when it go's to zero you can use it to keep you warm at night or use it to wipe your ass. Thus at zero you can extract value which is it's intrinsic value.

Gold at Zero you can use it's electricity conducting properties or wear it as jewelry or store it for hundreds of years and its properties will never change. This is intrinsic value because at zero I can still extract value from it!

Digital fiat ( AKA Bitcoin) at zero has no intrinsic value because at zero you won't be able to do anything with it, so digital fiat has less intrinsic value than fiat!.

Don't be fooled by these clowns people, they lack common sense and logic!

salad daging

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it cannot be interrelated because technological differences are very striking, I mean here is a greater economic flow because it is supported by currently available technology, but gold remains the main thing because physical factors have high value, while bitcoin will still go up and down by so much debate.

But if you talk about potential economic alternatives that continue to grow, bitcoin will move faster, and if evolution does not experience controversy that is deadlocked it will become a rocket that can no longer be prevented.

flemmings02

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You can not compare both gold and bitcoin, they do not have any thing in common, gold is a physical valuable, while bitcoin is a digital asset and Bitcoin has achieved more value in 10 years than gold in 1000 years.

wxa7115

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The OP is being really unfair to gold, it is true that the price of one bitcoin is superior to one oz of gold but if we compare the market caps of both of them we can clearly see that the market cap of gold is many times bigger than the market cap of bitcoin and that is without taking into account that there is a huge amount of money spent by governments to reduce the price of gold.

While I believe bitcoin is superior to gold we cannot underestimate gold, gold has been around for thousand of years and people know that no matter what happens it will continue to have value for a very long time and in a time of crisis you can be sure that people will flock to gold first trying to find a way to save the little money they have.

dat.ho12492

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Quote from: MidKnight on June 13, 2019, 08:43:24 AM

Quote from: bitcoinsc on January 26, 2019, 08:54:31 PM

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.

Bitcoin is an innovative tool perfect for our modern advanced technology. It is very useful for our day to day life if it gets adopted worldwide while gold does not really do anything and we don't really need it and it's only precious because of its structure. Gold is just there to symbolize it's holder's status in our society. While the internet and bitcoin exist to ease life to the fullest.

I think you are too idolizing bitcoin, agreeing that bitcoin is a very useful product to help us get good income, but it is not a perfect product, it still has great risks, many people are still losing money in bitcoin even many big investors have pushed others into bankruptcy when they control the price of bitcoin too closely. While gold may not do so much for us, it is just a product that honors nobility but at least, it does not bring too much risk, and the value of gold actually increases steadily over time, in the long run, what's better, it's still a difficult question to answer

MidKnight

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Quote from: bitcoinsc on January 26, 2019, 08:54:31 PM

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.

Bitcoin is an innovative tool perfect for our modern advanced technology. It is very useful for our day to day life if it gets adopted worldwide while gold does not really do anything and we don't really need it and it's only precious because of its structure. Gold is just there to symbolize it's holder's status in our society. While the internet and bitcoin exist to ease life to the fullest.

Nhebu

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Can human create a bar of pure gold? If does, I will believe that gold can exists 1000 years or so. So far, I did hear any news saying that we can be able to form it. You can dig the earth up to its mantle until you find a gold. Well, scientifically, the existing of gold is likely because of the supernova billion years ago. Bitcoin is intangible, it is pure digital and made by computers complex equations with bits and bytes. Technically, it is made by people and until there are people the existence of bitcoin will not die. You think which currency will lasts?

Cnut237

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Gold is valuable because everyone agrees that it is valuable. And because it has been valuable through all of recorded history, the consensus is that it will retain that value for the future. That's it. There's nothing intrinsic to gold itself that makes it valuable, it's just the consensus. Many other things are stores of value, despite having no intrinsic worth. Fine art, for example. People don't buy a Van Gogh because it's a good painting, but because it's a good investment.

So is Bitcoin a better store of value than gold? Well the answer is that it depends on what people want to do with a store of value item. If all they want to do is lock it in a vault, then gold is probably good enough. But if they actually want to use it, to transfer it, and to be 100% confident in the maximum possible supply, then Bitcoin is far far superior. All that remains, however difficult that might be, is for this to become the consensus opinion.

Danslip

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This discussion can be a real fundamental debate between economists but the value of both financial asset is from each other. The price graphic is different if you zoom in but both charts have the same similarities and correlation. There is no reason to compare the gold price and expect the same move by Bitcoin. It is more suitable to compare the digital money with the Dot com bubble.

uray

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Quote from: Sithara007 on June 07, 2019, 11:41:31 AM

During old times, gold coins were used as a currency everywhere in the world. But as the population increased, it became difficult to find enough gold to mint the coins. So the governments came up with the alternative of fiat coins and banknotes. And in due course of time, this fiat currency will be replaced by cryptocurrencies such as Bitcoin.

Here you are talking about thousands of years of currency evolution from the gold coins of the Roman empire to the current state which took centuries to reach where we are now and to image that the world will adopt bitcoin in the near future is a fantasy thought process, bitcoin is not empowered by any state or country to adopt them as their primary currency and bitcoin is not here to take over any countries fiat currency, it is still in the beginning phase and governments around the world are planning to implement rules and regulations to see how bitcoin fit in their economy.

Boh manok

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In my opinion. Gold will last until whenever in the world because gold has been very trusted by the people in investing or saving money, but even though there are also those who choose bitcoin who are not even 10 years old. At present, but this is good enough for bitcoin or gold because if you have a lot of interest, then both will remain at the peak of glory

unusualfacts30

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Quote from: bitcoinsc on January 26, 2019, 08:54:31 PM

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.

Gold has existed for much much longer than 1000 years. There is strong evidence that it has been here since the begining of the planet earth, possibly before? From human perspective it may be losing value since we're moving towards digital economy but there are many physical uses of gold which we do not even know yet. Once we've completely moved away from physical money and physical investment, we can finally start using gold for more productive things.

onrise

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Quote from: ?? on ??

You can not compare both gold and bitcoin, they do not have any thing in common, gold is a physical valuable, while bitcoin is a digital asset and Bitcoin has achieved more value in 10 years than gold in 1000 years.

That is true that btc is a recent phenomenon and future may be great for countries which ban it or may not make it legal will be worthless and for them gold will only be the case they have to be with it and btc is digital currency which has many uses as well .

Leh-Meh

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Quote from: bitcoinsc on January 26, 2019, 08:54:31 PM

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.

You got it all right. Today An airport in Saudi Arabia was hit by a missile fired by Houthi rebels. Looks bad for middle east, Gulf and Stock markets.

Gold going to $1800/ounce

mazdafunsun

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Quote from: bitcoinsc on January 26, 2019, 08:54:31 PM

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.

Gold exists for millions of years and have been used as asset for much longer than just 1000 years.

And it is completely inaccurate to compare BTC price and the gold supply since golds supply is not the same as bitcoins.

Adriano2010

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Well gold is physical while bitcoin is virtual, but both have their role, while gold can be stored and sold when want, and bitcoin can be used for payments is more usefull bitcoin on my opinion then gold.

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