Here is a real bubble - gold - page 2.

polynesia

legendary

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Quote from: fa on August 03, 2014, 08:47:31 AM

Gold is still a good store of value, not necessarily a currency (yes, it WAS currency in the old days).
But people will surely go after btc rather than gold. Why not? One can store $1 million worth of btc just in a USB stick.

The 'store of value' attribute refers to the commodity maintaining its value over a period of time, and not ease of storage.
The $1MM in your usb stick, can lose its value by half over a short period; something gold is unlikely to do.

fa

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Gold is still a good store of value, not necessarily a currency (yes, it WAS currency in the old days).
But people will surely go after btc rather than gold. Why not? One can store $1 million worth of btc just in a USB stick.

botany

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Quote from: teodor87 on August 02, 2014, 09:07:38 AM

Whatever you want to say - gold will always have high value. As for bitcoin - no one knows. It's speculation mostly.

You always have alternatives - gold, bitcoin,...
As long as its value doesn't plummet due to inflation, it is fine.

teodor87

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Man is King!

Whatever you want to say - gold will always have high value. As for bitcoin - no one knows. It's speculation mostly.

hollowframe

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Quote from: IIOII on July 13, 2014, 12:03:26 PM

Quote from: cinder on July 11, 2014, 10:07:02 AM

Quote from: DannyElfman on July 10, 2014, 05:49:15 PM

Quote from: IIOII on July 10, 2014, 08:45:44 AM

Quote from: mcarturr on April 21, 2013, 04:20:33 PM

gold is worse since you have to kept them safe, everyone can robb you the gold.

And bitcoin can't be stolen, right? Grin

Both bitcoin and gold can be stolen, however it is much easier to secure bitcoin then it is to secure gold. Not only that but if you know that your gold is close to being compromised then if you try to move your gold your chances of it being stolen are higher while if your bitcoin was close to being stolen then you could likely solve move attacks by simply moving your bitcoin to another address; both scenarios assume that you are aware of the pending attack.

It isn't easy to secure bitcoin. Cold storage can have corruption, paper wallet can get eating by insect.

I think that securing bitcoin is actually more difficult than securing gold. There are a lot more possible ways to loose your bitcoin (lost passwords, hardware failure, hacking, weak random number generator, social engineering) than loosing the gold. Bitcoin can even get stolen without the thief needing to be at the same place with the victim. So I think the non-physical nature of bitcoin actually adds risk. The less tech-savvy a person is, the higher the risk of loss.

You could potentially test your RNG prior to using it for generating a private key to make sure it really is random.

If you were to diversify your backups of your wallet in both location and method of backing up then it would be unlikely that all your backups would be lost.

As long as you don't use a brain wallet a thief would either need physical access to the harddrive/usb/paper that holds your wallet or digital access to the cloud service provider that holds your backup.

It would not be possible to seize someone's bitcoin without the private key. It is possible for gold to be seized.

earnabit

newbie

Activity: 56

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Gold is only good in a few very specific scenarios, namely huge war that wipes out the government and internet and maybe you could use a gold coin to buy a few pieces of second hand bread or something. In situations like that though, I'd prefer to keep lots of ammo, canned food, seeds, medical kits, etc.

allsopfree

newbie

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Why don't you put graph inside?

IIOII

legendary

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Quote from: cinder on July 11, 2014, 10:07:02 AM

Quote from: DannyElfman on July 10, 2014, 05:49:15 PM

Quote from: IIOII on July 10, 2014, 08:45:44 AM

Quote from: mcarturr on April 21, 2013, 04:20:33 PM

gold is worse since you have to kept them safe, everyone can robb you the gold.

And bitcoin can't be stolen, right? Grin

Both bitcoin and gold can be stolen, however it is much easier to secure bitcoin then it is to secure gold. Not only that but if you know that your gold is close to being compromised then if you try to move your gold your chances of it being stolen are higher while if your bitcoin was close to being stolen then you could likely solve move attacks by simply moving your bitcoin to another address; both scenarios assume that you are aware of the pending attack.

It isn't easy to secure bitcoin. Cold storage can have corruption, paper wallet can get eating by insect.

I think that securing bitcoin is actually more difficult than securing gold. There are a lot more possible ways to loose your bitcoin (lost passwords, hardware failure, hacking, weak random number generator, social engineering) than loosing the gold. Bitcoin can even get stolen without the thief needing to be at the same place with the victim. So I think the non-physical nature of bitcoin actually adds risk. The less tech-savvy a person is, the higher the risk of loss.

Skele

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VocalPlatform.com

Quote from: johnyj on April 15, 2013, 09:51:58 PM

But for bitcoin production rate is always fixed

And that's good or bad stuff for Bitcoin ? If my mind serves me well current prices of the main crypto are making the mining task some hard and not so

profitable...

CryptInvest

legendary

Activity: 2156

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Value of an asset depends on faith in him. Gold ingrained as a truly valuable asset. But besides its value at the point that it is rare in nature and limited. Therefore, gold is by definition no bubble unlike fiat mk limited amount.

Sheldor333

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Activity: 406

Merit: 250

Gold has a recognized limited supply. All the gold ever mined in history would fit in a cube block the size of a tennis court. It is getting even harder to find as the easy spots are thought to have been found. But there could in theory be a new big find which would depress the price.

Bitcoin supply is strictly defined. At a year, likely long after our death, bitcoin will finally reach the end of its new issuance in 2140. That is “hard-coded” into the currency. The rate at which it will be spawned into the system is also predictable. We can write contracts based on the known amount that will be issued. There is no need for speculation forward contracts. It is in much more restrictive limited supply than gold.

ThomasCrowne

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★☆★ 777Coin - The Exciting Bitco

Quote from: TeeBone on April 16, 2013, 12:30:10 AM

When bitcoin loses 85% of its 'value' in a few days, it's a great time to buy. When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable Roll Eyes

Sorry wiseguys, but bitcoin has a loooong way to go before it approaches gold as real money. I have thousands of years to back me up. Bitcoin was invented last week and will likely end up being the netscape or myspace of alternative currencies.

Agreed it has a long way to go but look how far it travels and how quickly Wink

I'm expecting to see alotta ground cover over the next few years

cinder

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Quote from: DannyElfman on July 10, 2014, 05:49:15 PM

Quote from: IIOII on July 10, 2014, 08:45:44 AM

Quote from: mcarturr on April 21, 2013, 04:20:33 PM

gold is worse since you have to kept them safe, everyone can robb you the gold.

And bitcoin can't be stolen, right? Grin

Both bitcoin and gold can be stolen, however it is much easier to secure bitcoin then it is to secure gold. Not only that but if you know that your gold is close to being compromised then if you try to move your gold your chances of it being stolen are higher while if your bitcoin was close to being stolen then you could likely solve move attacks by simply moving your bitcoin to another address; both scenarios assume that you are aware of the pending attack.

It isn't easy to secure bitcoin. Cold storage can have corruption, paper wallet can get eating by insect.

hashman

legendary

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Quote from: dragone on July 10, 2014, 11:11:07 AM

dude regardless of which, gold will just be as valuable as bitcoin.

Its been that way for so long, for original monetary system. Only because its universally accepted.

Gold is valuable because the annunaki used it as money on nbiru and continue to steal it from earth in giant spaceships, or perhaps because bodies encased in it can be smuggled out of the Earth's galactic quarantine. Or maybe it is the health benefits of mother earth's essence.

OK sorry but my point is we need some more creative stories about bitcoin. Get to work please church of satoshi founders!!

Benjig

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Activity: 462

Merit: 250

Quote from: dragone on July 10, 2014, 11:11:07 AM

dude regardless of which, gold will just be as valuable as bitcoin.

Its been that way for so long, for original monetary system. Only because its universally accepted.

But recently there have been alot of new gold mines discovered with new technology, so perhaps the price is being manipulated

DannyElfman

sr. member

Activity: 406

Merit: 250

Quote from: IIOII on July 10, 2014, 08:45:44 AM

Quote from: mcarturr on April 21, 2013, 04:20:33 PM

gold is worse since you have to kept them safe, everyone can robb you the gold.

And bitcoin can't be stolen, right? Grin

Both bitcoin and gold can be stolen, however it is much easier to secure bitcoin then it is to secure gold. Not only that but if you know that your gold is close to being compromised then if you try to move your gold your chances of it being stolen are higher while if your bitcoin was close to being stolen then you could likely solve move attacks by simply moving your bitcoin to another address; both scenarios assume that you are aware of the pending attack.

dragone

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Merit: 10

dude regardless of which, gold will just be as valuable as bitcoin.

Its been that way for so long, for original monetary system. Only because its universally accepted.

negafen

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Quote from: johnyj on April 15, 2013, 09:51:58 PM

In one day it lost all the gain from last 2 years, now people will understand why bitcoin is better than gold Wink

The gold production increased, there are huge amount of gold mined out from china during the last year. But for bitcoin production rate is always fixed

What about the supply of fiat dollar?

ljudotina

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Activity: 1260

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I'm looking at grapsh and i cant see any drop that is any way close to drop BTC had....few times....
And no i dont have any gold, and yes i have BTC....but that wont make me lie to myself about things just to make me feel better about my choice.

IIOII

legendary

Activity: 1153

Merit: 1012

Quote from: mcarturr on April 21, 2013, 04:20:33 PM

gold is worse since you have to kept them safe, everyone can robb you the gold.

And bitcoin can't be stolen, right? Grin

Sorry, but I think a lot of the gold bashing in this thread is plain stupid. In reality bitcoin was modeled after gold (and other precious metals), that's why the generation process of bitcoins is called "mining".

Gold is physical, bitcoin is not. There are advantages and disadvantages for both cases.

The purchasing power of gold pretty much stays the same longterm. If gold value is expressed in fiat, it is mostly an indicator of fiat inflation. I predict that bitcoin will share the same properties once it has reached the saturation point of adoption (until then it will rise in value substantially).

Topic: Here is a real bubble - gold - page 2. (Read 7162 times)