is bitcoin x200 rarer than gold? | Bitcointalksearch.org

FallenBtcAngel

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Quote from: UmerIdrees on November 14, 2018, 06:16:21 AM

Quote from: DennyPen on November 14, 2018, 05:07:10 AM

btc and gold can't be compared. You can't create something out of btc, but gold is what actually needed in technologies. Both gold and btc have some weak points, and possibly both won't be used in 100-300 years, as industries upgrade and come up with new tools like more advanced metals.

I think there is no harm in comparing gold and bitcoin. Gold was the first medium to store value and bitcoin is and will be the future medium for the store of value currency.

btc may become the gold of the new era. But it's still very prematurely to state this or be sure of this.

UmerIdrees

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Quote from: DennyPen on November 14, 2018, 05:07:10 AM

btc and gold can't be compared. You can't create something out of btc, but gold is what actually needed in technologies. Both gold and btc have some weak points, and possibly both won't be used in 100-300 years, as industries upgrade and come up with new tools like more advanced metals.

I think there is no harm in comparing gold and bitcoin. Gold was the first medium to store value and bitcoin is and will be the future medium for the store of value currency.

BuyBuyBitcoin

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Get Maximalist or Get Wrecked

Can gold miners even run nodes yet?

dohh

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Quote from: snatoshi on October 18, 2018, 06:55:53 PM

I remember have heard this long ago on Reddit but was never interested in doing the research needed, then I found it was indeed even more rarer Grin

Here is what I got:

"The World Gold Council estimates that all the gold ever mined totaled 187,200 metric tons in 2017" so this means there is a total equivalent in ounces of 187200000/0.02835 = 6,603,174,603 ever mined at this point in earth.

So with a total of 21,000,000 that would be ever created this means a total of 6,603,174,603/21000000 = 314 bitcoin ratio against gold, so you can say per one bitcoin there is 314 gold ounces Grin

Links: https://en.wikipedia.org/wiki/Gold_reserve

My saliva is even much more rare: Im capable of producing it only about 700 000 ounces in my lifetime. Its also unique, coded with my DNA, no one else can reproduce it.

It is about 30 times rarer, than BTC.

DennyPen

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btc and gold can't be compared. You can't create something out of btc, but gold is what actually needed in technologies. Both gold and btc have some weak points, and possibly both won't be used in 100-300 years, as industries upgrade and come up with new tools like more advanced metals.

dablatair

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Hello,

Bitcoin and gold are always compared because they are the kings in their domain. Gold for classic values and BTC for crypto values. But definitely it is not possible to compare them like this because the scales taken are arbritary. What is sure is that these two assets are precious, both in their domains and they complementary in use and basis for economy.

jseverson

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Quote from: HabBear on October 29, 2018, 11:26:16 PM

Quote from: jseverson on October 29, 2018, 11:11:18 PM

One is digital, the other is physical. They're literally incomparable

Digital vs. physical does not equal "incomparable". Most gold owned is owned "digitally". People don't actually have gold bars in their home.

That's all well and dandy but you cut out my reasoning behind their incomparability: units. There's really no standard way of measuring their rarity because there is no equivalence on their units of measure. It's going to be completely arbitrary, which some the other posters pointed out. Alternatively, you can measure value, but that also accounts for other variables like utility which has nothing to do with rarity.

Quote from: HabBear on October 29, 2018, 11:26:16 PM

Quote from: jseverson on October 29, 2018, 11:11:18 PM

People should really stop comparing Bitcoin to gold in my opinion. They have similarities, but Bitcoin is an entirely new asset class. Comparisons like this are why critics are saying that people are only into crypto for the money.

Actually, they should continue to compare bitcoin to gold because they are both asset classes. They are competitors for the same euro to be invested. A euro invested in gold cannot be invested in bitcoin.

We can agree to disagree. I'm fine with people investing in Bitcoin but I personally don't treat it as an investment.

HabBear

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Your math is correct but the valuation requires that the demand be the same as the supply. Obviously the demand for bitcoin is not as great for the demand of gold, thus the lower price despite bitcoin being rarer than gold.

Quote from: jseverson on October 29, 2018, 11:11:18 PM

One is digital, the other is physical. They're literally incomparable

Digital vs. physical does not equal "incomparable". Most gold owned is owned "digitally". People don't actually have gold bars in their home.

Quote from: jseverson on October 29, 2018, 11:11:18 PM

We also have no idea exactly how much gold there is left to mine -- a mother lode could be discovered somewhere new tomorrow for all we know. It's an entirely pointless comparison.

Very, very true. The gold market is manipulated...the bitcoin market is not.

Quote from: jseverson on October 29, 2018, 11:11:18 PM

People should really stop comparing Bitcoin to gold in my opinion. They have similarities, but Bitcoin is an entirely new asset class. Comparisons like this are why critics are saying that people are only into crypto for the money.

Actually, they should continue to compare bitcoin to gold because they are both asset classes. They are competitors for the same euro to be invested. A euro invested in gold cannot be invested in bitcoin.

jseverson

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One is digital, the other is physical. They're literally incomparable because they have no comparable units. We also have no idea exactly how much gold there is left to mine -- a mother lode could be discovered somewhere new tomorrow for all we know. It's an entirely pointless comparison.

People should really stop comparing Bitcoin to gold in my opinion. They have similarities, but Bitcoin is an entirely new asset class. Comparisons like this are why critics are saying that people are only into crypto for the money.

blocklancer8

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Gold and bitcoin are so special in front of many people. Gold can still be on the mine and prices continue to rise and stabilize but bitcoin is limited when many people mine it, so the value of bitcoin does exceed gold as you say.

wahyu wida

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Quote from: bayu7adi on October 29, 2018, 09:46:50 PM

what is your job so you have time to compare gold with bitcoin?
whereas these two valuable assets in the world have different characteristics and also
I like bitcoin, and I keep some in my wallet, but the world recognizes more gold than bitcoin to be known as a real asset
now it's not the time to compare, but how to make bitcoin acceptable to the world like the world accepts the existence of gold

right, gold can be accepted by people all over the world. certainly has its own advantages. different from bitcoin which has its own advantages. i think where we choose to invest is, or even both

bayu7adi

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dont be greedy

what is your job so you have time to compare gold with bitcoin?
whereas these two valuable assets in the world have different characteristics and also
I like bitcoin, and I keep some in my wallet, but the world recognizes more gold than bitcoin to be known as a real asset
now it's not the time to compare, but how to make bitcoin acceptable to the world like the world accepts the existence of gold

dealsmith

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Both are valuable to us, and it's hard to say which one is worth more in the future, bitcoin is limited, and gold is not, it's still so much somewhere in the world.

Marbelli

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EndChain - Complete Logistical Solution

I absolutely do not see the logic in your calculations by the author. no one says that in the future we will only be using gold and bitcoin

rosemary4u

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You can't really compare bitcoin to gold. Bitcoin is a digital asset whiles on the other hand, the same cannot be said of gold which is a physical asset. I believe when you talk of gold there is no exact or fixed amount in the world. I believe the amount of bitcoin can easily be quantified.

Kakmakr

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Bitcoin was modeled on the same concept that gives Gold it's value - rarity and it is actually much better at doing this, because you know what the total amount of bitcoins will be, once everything is mined.

Gold on the other hand is more complex, because new Gold deposits are found very frequently and we know Gold are also present in some asteroids, so once we are able to mine in space, the Gold total will increase dramatically and the price will drop. Roll Eyes

digitalcryptocoin

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Strange.

Gold and Bitcoin are very different things. No one can compare them together except than its exchange value in fiat. But in reality Bitcoin is virtual and gold is physical.

So, now the matter of, what you believe. If you believe in virtual world which already have been creating its own value with help of technology. And second one is gold which is physical thing which can be brought with money anywhere in world.

The World is entering into new era of technology. AI, Blockchain, ML are major tech component taking major actions for creating revolutionary tokenized economy.

Now its up to user what they see in future.

mmo4me.2016

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Gold has a real value in terms of use in the industry and fashion! Bitcoins are high value but can easily lose value whenever the community does not care about it! So! Bitcoin has a pretty high risk!

pavka

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Quote from: Rustamm on October 20, 2018, 04:09:58 PM

Quote from: odolvlobo on October 19, 2018, 01:15:44 PM

Quote from: snatoshi on October 18, 2018, 06:55:53 PM

So with a total of 21,000,000 that would be ever created this means a total of 6,603,174,603/21000000 = 314 bitcoin ratio against gold, so you can say per one bitcoin there is 314 gold ounces Grin

The units are completely arbitrary. You could also say that for every ounce of gold there are 320,000 satoshis, or that for every satoshi there are 2.7x10¹⁷ atoms of gold.

Yes, on the other hand, it shows how much satosh is compared to grams of gold, or in other words, how meaningless such comparisons are.
In general, comparing Bitcoin and gold is very stupid, since they generally differ almost completely from each other and there is very little in common between them.

Yet they have something in common - both gold and bitcoins are a measure of wealth these days. If you have a deposit in gold and bitcoins in your e-wallet, then you are a wealthy person.

Rustamm

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Quote from: odolvlobo on October 19, 2018, 01:15:44 PM

Quote from: snatoshi on October 18, 2018, 06:55:53 PM

So with a total of 21,000,000 that would be ever created this means a total of 6,603,174,603/21000000 = 314 bitcoin ratio against gold, so you can say per one bitcoin there is 314 gold ounces Grin

The units are completely arbitrary. You could also say that for every ounce of gold there are 320,000 satoshis, or that for every satoshi there are 2.7x10¹⁷ atoms of gold.

Yes, on the other hand, it shows how much satosh is compared to grams of gold, or in other words, how meaningless such comparisons are.
In general, comparing Bitcoin and gold is very stupid, since they generally differ almost completely from each other and there is very little in common between them.

Topic: is bitcoin x200 rarer than gold? (Read 320 times)