is bitcoin x200 rarer than gold? - page 2.

odolvlobo

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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.

Thanasis

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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

Availability of gold maybe too abundant still because man only went to the top layer of the earth but no one really know what is at the centre of earth's crust so in future gold may found too much if people can go deeper.But why did you compare bitcoin with gold?

Bagaji

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Bitcoin is very much rarer than Gold. Based on the calculation done by the OP it sis very clear that though Bitcoin has not come into the full light as Gold, imagine Bitcoin gotten the same embrace as Gold then the world will be better and free from slavery. One thing is sure that, after the adoption from the government it will be x200 rarer than Gold.

stompix

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

"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

What is faster? Water or a kangaroo?

What did you compare here, ounces of gold? Why ounces? Only 6% of the world uses those units.
Let's use grams, it's even rarer, 8 thousand times.
But why not use tones, wait gold is rarer.
Or let's compare kilograms of gold to satoshis, or quintals of gold to mbits, or let's not waster times with stupid things!

ShadowBits

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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

They are both unique and a precious. They can't be alike but I guess they will be the most valuable things on earth right now.

snatoshi

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Quote from: xfaqs01 on October 18, 2018, 07:10:18 PM

gold although its hard to mind but its not that finite, so its supply is ever growing, and only rich people can mine it so distribution of ppwer to hold it is limited only to few, unlike bitcoin its limited only and 21m can be mined.

Yes I agree, it's hard to know even know how much are the gold reserves all across the world. The supply will just keep growing and there is clearly a lack of transparency about how they deal with this information.

xfaqs01

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gold although its hard to mind but its not that finite, so its supply is ever growing, and only rich people can mine it so distribution of ppwer to hold it is limited only to few, unlike bitcoin its limited only and 21m can be mined.

snatoshi

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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

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