Topic: Please, Stop Calling Bitcoin "Digital Gold" (Read 3563 times)

8MB deemed safe by who? Literally everyone worth listening in the space is against an 8MB blocksize. Everyone I know would drop their nodes because 8MB is simply too much fucking data to bother running a node.

Sorry, no blocksize increase for you. Better luck next time.

The so called "gold use cases" to justify its intrinsic value are greatly exaggerated. Gold is pretty much useless and could be replaced by any other metal with similar malleability and durability, in fact im sure there are cheaper and better alternatives.

Gold is just a good store of value because of its network effect. Bitcoin can become a better one if it survives for a long time.

What? When did Satoshi designed bitcoin to mimic gold?

https://bitcoin.org/bitcoin.pdf
Read the title:
Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin was meant to be a p2p alternative to cash not digital gold silver or diamonds.

Treat bitcoin as digital gold and you'll end up with digital nothing.
Once you stop using bitcoin in the daily life it will lose all reasons to exist.

Gold is not only used as an investment. There are thousands of uses for it, replace it with other materials and you'll see the value drop like a stone and nobody treating it as an investment anymore


Crisis is too much to describe the current situation.
The blocks are still full, transactions are still running a solution is at the horizon.

seriously you gonna continue harping on with the now 3year old empty FUD script found on reddit.

have you actually noticed that 8mb is now deemed as safe compared to 2009

its devs that are holding things back, not tech
devs wanna push people into corporate hubs and offchain services so they can grab fee's

please do research that its not tech holding things back.. but devs

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

I totally agree with what you say, I feel aversion when many people say that bitcoin is digital gold, they do not even know the origin and reason and bitcoin exists, they know nothing Most people come to bitcoins with the desire to make a profit, so they often compare bitcoin with gold, even if the value of bitcoin soars, they say that bitcoin has surpassed gold, and now, they call bitcoin as digital gold.

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

You/We cannot stop others opinion when it comes to their description about in bitcoin. Including me I do agreed that there is an instances that bitcoin has a similarity to gold.

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

But again: how can you call it cash when eventually the blocksize would be too big to cater for everyone complaining about fees being above $1?
If you want to keep fees under $1-5, which is when most people start complaining, advancements in technology will not catch up quick enough to not end up with datacenters running nodes. And once you reach that point, then it's game over because any global attacker can easily control the network. A perfect gov killswitch. Do we really want that?

Yep, digital gold is a harmful (but clever) meme propagated by the malicious schemers from Blockstream.

Bitcoin has WAY WAY WAY too much competition to thrive with high fees when everyone else has low fees.

you miss the point...its first and foremost DIGITAL CASH -- that is what gives the value to the gold like property.

Bit_Happy, who do you think you are to decide for people what they should call Bitcoin? I don't care whether or not Satoshi introduced Bitcoin as a peer to peer payment option. Bitcoin isn't just this or that - Bitcoin is whatever you AS PER INDIVIDUAL want it to be. You don't like it, but I'll say it anyway -> Bitcoin for ME is digital Gold. In that regard, please stop telling people what NOT to do.

Answer: Every store of value.

Because if there's more interest in using Bitcoin as a store of value it loses it's utility as a currency. Store of value and currency fall on opposite ends of the spectrum. There's an inverse and direct relationship to the two.

I realize that Satoshi intended this experiment to enable a new peer-to-peer transaction system. Often, experiments result in unintended or unforeseen results. Those unforeseen results, that may deviate from the original hypothesis don't result in any less value of a study, experiment. I believe Satoshi would be a fan of the organic growth of Bitcoin into whatever the people who use it deem it's most useful for.

I was going to post a few news articles talking about Bitcoin as an asset class, but I suspect you may not value that news as really worthy.

Instead, here's Business School whitepaper on the topic from Melbourne Business School. (As you may be aware) Australia has emerged as a big supporter of Bitcoin.

Bitcoin: Currency or Asset?

One more comment, knowing the evil ways of the rich and powerful, if Bitcoin were to really become a rival of any of the major currencies in the world it would become a greater target for laws to control its use. If Bitcoin becomes an asset class it will be less of a threat, and therefore have greater chance to survive and thrive.

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

I think Bitcoin look like as Gold (increasingly scarce) but it not look like as all. Bitcoin was created want can change old system payment in the World's (visa, banks, paypal, western union ...) and anti-inflation, it not want become to Digital Gold!
Bitcoin want anyone can use it, no distinction poor or rich people, noobs or clever ...

here is the reasons not to call bitcoin "digital gold"

1. golds value is not stable/ holding value, simply because it hold value..... it hold value because it has utility.
2. golds utility is not the same as bitcoins utility.

3. by calling bitcoin digital gold... next make stupid people think bitcoin is a commodity because gold is a commodity.
4. gold sits in many categories. asset and commodity. a commodity is a raw material of measurable stable quality used to create other products
    bitcoin is not a raw material. bitcoin is not used to make other products. bitcoin will not sit on the same market as wheat, oil and gold

5. gold as an asset still has utility, a purpose, a function... its the utility, purpose function that give value.
    take away its utility, purpose, function.. it will not hold value..

put it this way.
if there was a metal eating bacteria. that could turn gold into rust.. (making it useless in industry).. would golds price increase due to supply depleting (scarcity) or price drop due to no one wanting to buy something that will turn to rust in 6 months.

I don't see it as gold but it's very close to a commodity in the way we use it (the majority of us, who are holding) at least, Even though it is money in a way and can be used as a currency but the majority hold it as an investment.