I do believe that Bitcoin will be more scarce than gold - page 3.

Fundamentals Of

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Quote from: fzkto on August 08, 2022, 08:35:09 AM

Quote from: Fundamentals Of on August 07, 2022, 10:47:30 PM

Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.

I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.

Those different Bitcoin surrogates and wrapped Bitcoins are not Bitcoins. They're not running on the Bitcoin network. They are simply tokens. Hence, WBTC and BTC are two difference things. What's with the W?

But let's take for example the case of WBTC. WBTC is backed by Bitcoin 1:1. So it is still impossible for them to exceed beyond the supply of Bitcoin because their existence is based on how much Bitcoin they actually have. In line with this, there can never be 22,000,000 WBTC.

fzkto

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Quote from: Fundamentals Of on August 07, 2022, 10:47:30 PM

Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.

I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.

Tellek Garing

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Since bitcoin has utility more than gold it is certain it is going to be more scarce than gold. Bitcoin has limit for mining and once that number is reached we are not going to have another addition but gold is been discovered in many countries in Africa and Asia and at that gold mining continues forever and that will keep affecting its price inflationary.

BlackBaron

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Quote from: Detritus on August 01, 2022, 07:58:45 PM

In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin.
Bitcoin price On June 10 2021 was $36k+, same day an expert of crypto-asset said Bitcoin could surge to $1 million in 6 years as it becomes more scarce than gold (https://www.kitco.com/news/2021-06-10/Bitcoin-to-surge-to-1-million-in-6-years-as-it-becomes-more-scarce-than-gold-says-crypto-asset-expert.html#:~:text=Interviews-,Bitcoin%20could%20surge%20to%20%241%20million%20in%206%20years%20as,gold%2C%20says%20crypto%2Dasset%20expert ). Five months after then, Bitcoin grew over $68k (https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-history/amp/). That has given me the reason to see that Bitcoin will be as scarce as Gold in years to come.

Although there are news popping up about speculation that Bitcoin is rare or not, honestly I don't want to assume that Bitcoin can be as rare as gold, in writing it is true that 21 million pieces were produced, but who knows its authenticity, this has happened to Luna, max supply is actually not, it can be tampered with into trillions.

But I assume Bitcoin can be more expensive or lower based on the trust of the world community and investors.

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Quote from: bbc.reporter on August 07, 2022, 08:27:49 PM

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Volatility is good for speculative investments but very bad for stores of value. This is also why I have began arguing that bitcoin is not a good store of value, which many influencers in the forum appear annoyed. However, this is reality.

I'm a crypto enthusiast and my bitcoin investment is more than I invest in gold, but as a store of value it's impossible to lie that bitcoin outperforms gold. Bitcoin is only 13 years old and gold is a thousand years old, gold is recognized and used by the whole world, it can be said that gold is the best place to store assets. Bitcoin can still be a store of wealth because of its anonymity and privacy, but it cannot be safe from volatility and its limited legitimacy.

Fundamentals Of

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Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.

Lubang Bawah

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We never know the gold reserves, according to research that the gold reserves under the sea are very abundant, the current technology that has not been able to mine gold, while Bitcoin has a fixed stock and cannot be added anymore so that if Bitcoin can last up to 50 years then the value of gold very expensive.

Sodiumdicromate

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Gold is good to buy, Bitcoin is easy to buy and Hold. Bitcoin is Easley more accessible than gold, but is wise to have both assets. You can't compare gold and Bitcoin because their price can grow irrespective of one another.

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Quote from: Minecache on August 07, 2022, 05:24:45 AM

Quote from: bbc.reporter on August 06, 2022, 09:45:54 PM

Quote from: BobK71 on August 06, 2022, 08:09:18 AM

Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.

Although the future of bitcoin isn't as certain as the future of gold, investing in bitcoin is definitely more profitable than investing in gold. What we need to do is diversify our investment portfolio.

Both are very good assets, each with different pros and cons, so holding both is advisable. Bitcoin for speculation and gold can be a safe store because of its certainty and low volatility. In this way, we will limit our risk and maximize our profits.

I very much agree and this is why many of us and many institutional investors have been attracted in the cryptospace. It is not because we are in for the technology. It is because we are in for the profits. 1 year bull market in the cryptospace is more than 5 years bull market for gold and many other commodities. Volatility is good for speculative investments but very bad for stores of value. This is also why I have began arguing that bitcoin is not a good store of value, which many influencers in the forum appear annoyed. However, this is reality.

Nrcewker

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Quote from: nullama on August 01, 2022, 08:19:06 PM

You only need to have a look at the graph of gold production per year to see that Bitcoin is way more scarce than gold:

source: https://ourworldindata.org/grapher/gold-production

Yep people have already known about the limited supply of Bitcoins, but on the other hand golds are continuously discovered and being mined.
In this scenario, I can say that Bitcoins are more scarcer than Gold. Also Bitcoins have many advantages than gold.
Bitcoins also provided a decentralised system for which we have upper hand than the government and therefore making our wealth tax free.
Willing to hear what other people saying on this.

cryptosize

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Gold has had a good run for 5000 years, but now it's time for something new...

Whenever the human species becomes interplanetary (space colonies), I believe we will need a new coin that won't be affected by latency (speed of light), assuming we will want to have interplanetary trade. TCP/IP cannot work with several minutes of latency (even for a Mars colony).

Bitcoin won't be able to fulfill that role, but it's unlikely to establish interplanetary colonies for the next 100-200 years. BTC hodlers can have peace of mind until then.

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Quote from: bbc.reporter on August 06, 2022, 09:45:54 PM

Quote from: BobK71 on August 06, 2022, 08:09:18 AM

Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.

Although the future of bitcoin isn't as certain as the future of gold, investing in bitcoin is definitely more profitable than investing in gold. What we need to do is diversify our investment portfolio.

Both are very good assets, each with different pros and cons, so holding both is advisable. Bitcoin for speculation and gold can be a safe store because of its certainty and low volatility. In this way, we will limit our risk and maximize our profits.

SirLancelot

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Quote from: Detritus on August 01, 2022, 07:58:45 PM

In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin.

The bear didn't start on June or in July therefore people are used to it already and there is no reason that they will be afraid on the fud. Btc can be devalued or crash but those who invest on it already know this already, that is why they still choose to invest than to get panic and leave btc.

Btc hit 69k last year but I wonder no expert tell that btc can hit a million dollar but they only came out by the time btc dumped a lot. Maybe this is some kind of encouragement for people to not lose hope and continue the battle? But, btc is really scarce than gold because it's already known that its supply is only 21 million while gold has a lot of it.

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Quote from: mk4 on August 02, 2022, 12:54:10 AM

I don't even need to look at any charts to know that bitcoin will be more scarce, just the fact that there's still potentially a lot more gold still unfound on earth; and to add to that, the potential of mining gold off asteroids.

Now — bitcoin's supply(and supply emissions) is obviously already set and decided, the only question is that will there be enough demand to push up the price.

It is that simple, the maximum supply of bitcoin is fixed and the rate at which is mined is known beforehand, gold while scarce has too many unknowns, even if we were to disregard asteroid mining for now the planet is still not fully explored, there could still be massive amounts of gold yet to be mined so there is no comparison, however while the supply part of the equation is solved we do not know if the demand will be there, if it is then the value of bitcoin will be very high in the future.

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Quote from: BlackHatCoiner on August 02, 2022, 08:11:27 AM

That's inevitable, if it ain't already the most scarce asset. At some point in the future, the inflation rate will drop to 0; perhaps even lower than that, because of lost bitcoins.

But, it's not the scarcity, alone, that's making it valuable. It's the inflation rate's predictability. With a quick gettxoutsetinfo, there are about 19,110,092 BTC. Each block increases the supply by 6.25 BTC, and a year is equivalent to about 52,500 blocks, which increase the supply by 328,125 BTC. Therefore, the annual inflation rate (of the last 52,500 blocks) is (328,125/19,110,092)*100 = ~1.71%. And I can do this for any year.

Good luck on finding another asset with such characteristic.

actually doge will never reach 0% inflation but it gets lower % wise every year.

ie

year 1 x doge
year 2 2x doge 100% inflation
year 3 3x doge 50% inflation
year 4 4x doge. 33% inflation
year 5 5x doge. 25% inflation
year 6 6x doge. 20% inflation

…
…
…
year 10 10x doge
year 11 11x doge 10% inflation

.
.
.
year 25 25x doge
year 26 26x doge 4% inflation

.
.
.
.
year 50 50x doge
year 51 51x doge 2% inflation

.
.
.
year 100 100x doge
year 101 101x doge 1% inflation

.
.
.
year 200 200x doge
year 201 201x doge 0.5% inflation

I would argue that is better than btc
I would argue that in 50 years people will see this and btc could be in trouble.
I would argue that LN network may make it worse and kill off mining of btc.
as it is btc is not pure pow it is pow and pos mix due to LN network.

and yeah I know LN means lightening network and i don’t need to say LN network.

Now do I think the value of btc ever exceeds the value of gold maybe.

but if I were five years old and not 65 years old I would want both BTC and Doge

not just Btc
not just Doge.

I would also take silver as I prefer it over gold.

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Quote from: BobK71 on August 06, 2022, 08:09:18 AM

Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.

kro55

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*STOP NOWHERE*

There are a lot of differences between the two, but overall bitcoin and gold are both excellent and highly valuable assets. In terms of investment and return, both are worthwhile investments, but in this case I would recommend bitcoin, since bitcoin will generate higher returns than gold.

I only use gold to make jewelry for myself, bitcoin will be my investment in the future. Bitcoin provides more of what I need than gold, like bitcoin can provide my own privacy and asset protection without any middleman or bank. I am my own bank.

BobK71

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Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

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Quote from: avikz on August 02, 2022, 12:55:16 AM

Quote from: Jason Brendon on August 02, 2022, 12:35:47 AM

BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.

Lovely! That's exactly what it is! Bitcoin and gold belong to different leagues of assets. They don't have to be compared with each other. Both of these assets have different use cases. In a nutshell, it doesn't matter if bitcoin is more scarce than gold.

On and off, I am seeing a frequent comparison between bitcoin and gold which doesn't really make sense! Even if we consider both as an investment, still they ahould not be compared!

Agreed and as far as scarcity is concerned between gold and bitcoin, it is a head shaking comparison. Gold is in the elemental chart, having physical properties and it cannot be forked and be called gold and gold cash with 2 communities fighting for which one is the real gold.

Bitcoin is different and complicated. It is scarce but only according to social consensus because it can be forked and have another 21 million coins created in the other chain with another community arriving in consensus that their fork is bitcoin.

GeorgeJohn

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The scarcity of bitcoin from my perspective is what is making Bitcoin value to be paramount. The price of Bitcoin is been regulates through the demands and supply of the price. And it's obvious that bitcoin price is something and gold price can't be compare and the Gold demand is not as gravity as the demand of Bitcoin.

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