Topic: Gold has been down 90% Nobody said "Gold is Dead" - BTC is the New Gold - Right? (Read 674 times)

I think this quite different that when the price of gold decrease people wouldn't says gold died because gold has been became an valuable commodity since thousands of years ago and people also consider gold as good investment tools even for long term gold still good but for bitcoin if people says bitcoin died when the price fall because most people still doubt about the future of bitcoin that whether bitcoin will survive or not

i think nobody dont talk gold is dead because gold have the physic form. it makes the people who have the gold have the opportunity to use it in another way. like the jewelry and anything else. how about bitcoin? many peopel said that bitcoin is abubble because of this. bitcoin just used for digital currency. nothing else.

that's really true bro. but what makes me wonder. there are some of my friends. who saves. their assets in gold bro. because they see that investing in gold is more profitable than investing in bitcoin bro. even though such thoughts are very wrong

I do not understand why people try to compare Bitcoin with gold. They are completely two different instruments that are used for completely different things. Such a comparison is as pointless as comparing companies shares to fiat money.

 

Couldn't agree more!

I like to compare gold and BTC as well, I often use this comparison to assure people that BTC is not dead and it will not die. First of all, both these assets are scarce and that is the biggest benefit. Some day, we will mine both of this completely and what do you think that will happen to the price? Gold is a metal, shiny metal that people gave value to at some point in history. Then it penetrated the market and everyday functions and it takes the primate of the market. The same thing is happening with BTC. It is steadily being implemented in different segments of life and it is here to stay.

you must be really naive to think that people put higher value on gold compared to bitcoin on a bitcoin forum that you start such discussions and then tell others that you are buying gold instead of bitcoin

Wow, what can I say???

I can go yesterday, today, and tomorrow anywhere and sell GOLD 24/7, anywhere on earth,

With btc, I need to find an asshole (exchange) who trades, and maybe gives me 20% haircut both directions,

You go ahead and buy your BTC, and I will buy gold.

When I could mine btc for free it was a good deal, but BUYING btc was always a fools game, per the kelley-criterion. You don't place bets on 50/50 odds. BTC is rolling the dice, its NOT investing, the price support of BTC has no historic basis, the entire PONZI could evaporate tomorrow.

For gold its pricey right now, but below say $1100 I would accumulate,

On the other hand I would not BUY btc for any price, like I said it was MEANT to be mined for free, that's how it was designed, this day-trading  ( &HODL) bullshit was created by assholes to fleece sheep.

GOLD has a stable floor price, but BTC has no floor, it could go to zero anytime. ZERO

Bitcoin price is much better than gold. Early 2017, bitcoin price at $900 and right now at $4300. Its still profitable except for people who bought at highest price. But many people panic and selling their bitcoin at cheap price and i am believe bitcoin is better than gold because its digital and more flexible.

The comparison was that they both in recent historical history have seen near 90% total loss of value, that is as far as the comparison has gone.

If you dispute this reality, then what is a mother to say?

The reason for this OP post is that I have read far&wide in the past weeks that "BTC is DEAD", because of the 90% collapse in its total market capitalization, well then why haven't I seen that logic for gold? Well its because people are more comfortable with gold, and its not going to go away, well if your smart enough to HOLD it physically in your possession ( like they do in Asia ).

I think that is possible to have a crypto-currency, that is safe, secure, and private; The problem is bitcoin was not designed for that purpose, it was designed to be tracked, it was designed to be controlled, it was designed to be taxed.

People talk a lot about 'community' here but what they mean is status-quo corporate communtiy ( the true owners of the deep-state ), SHA-256 is NSA, ECDSA-SECP256k1 is NSA, everything about BITCOIN is NSA, which means that they have the back-door, as never in my lifetime have I seen NSA release a public-domain algo, where they didn't hold a back-door.

Libertarians such as the early promise of Satoshi, believed in 'power of the people', but its clear now that BTC doesn't empower people it empower criminals ( exchanges ), and it isn't safe, secure, or private.

CORE must make a decision, come out with a SECURE/PRIVATE bitcoin, or accept the fact that some new COIN will become the 'coin of the people'.

Crypto is great, crypto is the future, but there is a war, between absolute control of everything  by BEZOS/JACK-MA, and the little-people; Posting here is like being in the hornets nest, but people need to wake up, and choose the blue or red pill.

Well the PRESS or the past two weeks has been declaring BTC dead, and obviously the draw-down of BTC was to be expected, nothing goes parabolic, without a collapse to follow, but like GOLD its not going away, simply mean-reverting to its TRUE VALUE, before the idiots came to the test post Jan 2017 and drove up the price with credit-card debt, and FED-FIAT for free. Now there is no MORON money coming to the table, so the  VALUE of BTC will more reflect its value as a means to move assets from A to B during a crisis ( think war ), GOLD can no longer be used and diamonds with the advent of modern body scanners, so now the only SAFE way for people to move vast wealth when they flea a country is with something like BTC, so its NOT going away.

People with wealth will crawl back to it once they see it mean-revert, just like gold has had a safe- band at $1200 for a long time, but it could drop to $1k tomorrow, but that's ok

For now the problem with btc is it could possibly drop back to $400, I think $1400, but $400 is possible;

Lastly the NOTION of INVESTING in BTC is a zero-sum game, its a 50-50 roll of the dice, there is NO  certainty of future value, thus according to Satohsi Math ( Kelley Criterion ) F=2*P-1, when P=0.5, you invest ZERO in something, once BTC falls below its MEAN-REVERSION level then its possible that the P, will go one way or the other,

The problem for now is the UP side is that a WAR tomorrow could drive BTC up but its not likely, on the other hand BTC will continue to draw-down as the idiots are force to close-out.


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BTC for mining is OK, get it for free, especially early, but now its too late to mine, an S-9 Antminer ( bitmain ) will fetch you a loss of $1/day today, so its no longer profitable to mine. Difficulty could drop, but with so many S-9's laying around dormant it will be easy for people in places with cheap-electricity to pick them up, so for most people btc mining will never again be profitable.

IMHO the only profitable way to play BTC is to hack it, and get it for free, runn GPU class mining rigs to find 'lost' pristine SATOSHI pre-2013 coin, is far more profitable than mining. I call this the BTC inflection point, where metal-detecting on the beach looking for lost gold, becomes MORE profitable that scanning the same detector on a river in an old gold mining area. Most people aren't looking for lost-coin, in time that too will dry up, like all things that do, I suspect we'l soon see HW/SW packages sold by china for searching for lost bitcoin gold-dust.

This is one of the most annoying comparisons that has been going on for far too long.  Gold and Bitcoin are not the same thing and there should really be no comparison.  A proper portfolio should be well diverse and having both gold and bitcoin can often make sense.

Here's a good read about Gold's bubble and its historical burst (https://www.marketwatch.com/story/the-day-gold-died-2013-04-16) or this one (https://stepupmoney.com/your-gold-investment-can-be-actually-a-dead-asset-heres-why/)This article was written in 2013, so yes, Gold has its fair of share about being declared as dead because the price plummeted. So your argument is flawed at the very beginning.

 Older people are more trusting gold because it is already tested and proved, so i can surely think that gold would never loose its value completely.

Yeah Bitcoin is called digital gold of crypto world and it will become more protensial in future and price of Bitcoin will increase very much. That's why we love Bitcoin and all crypto investor believe on Bitcoin value.

well, referring the thread title you might say "Gold has been around for millennia and when it was down 90% Nobody said >Gold is Dead<, what about bitcoin?"

I answer, that bitcoin has not been around for millennia and that is the difference, don't you think?

you can't compare bitcoin and gold
both are different commodities
gold has the use of jewelry and investment
whereas bitcoin is a tool for transactions from anywhere to anywhere
and one more thing bitcoin can't become jewelry
so please stop calling bitcoin as New Gold

Bitcoin and gold both are not same they are much different in nature. Although many people called bitcoin as a digital gold, in fact, bitcoin is a digital cryptocurrency which is used for making payment and transaction. Gold has a physical structure and people made ornaments by this but bitcoin has no physical existence.

If you bought GOLD in 1978, and HODL your gold until 1982, you would have lost near 90% of your wealth.

Historically GOLD has performed exactly as BTC is performing now, because then and NOW its speculation ran by FOMO, BTFD, and just plain ignorance that causes parabolic gains.

Parabolic gains, always come back to earth, like Gold, like Bitcoin.

Yes gold market ups and downs but not in such a way whole year down and down that's why people's are panic and in tension and taking some wrong decision as market again drop down because predictions at end of this year and start of next year market of his top.

NOBLE GOALS? Pray tell what are they?

BTC is a religion, its founder is a ghost, the promoters are get rich-quick conmen who prey on the dumb. BTC is much like Scientology.

There is the technology of BTC which is 'good' in the sense of code that works, but the people involved in BTC are 99% get rich quick con-men, really PONZI-PEOPLE. BTC is not a ponzi, but those who promote the exchanges, and all the non-sense associated with HODL are Ponzi-People.

BTC cannot rise like the past, because the balloon has lost its hot-air, the rise in 2017 was from FED FIAT, and credit-card debt, both have been taken away from the party. Now idiot will have save their penny's to buy BTC to get a rise, don't count on the rich investing in BTC as those would did, and the majority would sell out if they could cover that did buy in, BTC still has a long way to go down, before it can even stabilize and find its mean-reversion.