Topic: Please, Stop Calling Bitcoin "Digital Gold" - page 2. (Read 3563 times)

Yeah bitcoin is very different from the gold and it is not worth calling it. Bitcoin is something futuristic and I would like to call it only as bitcoin or digital currency which owes for itself a good respect in the world. It has earned attention of genuine people with best minds on the earth. Bitcoin is not digital shit it's and real life experiment came out if digital world.

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.

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.

They might be calling it Gold because the value is way more than gold.. And I wouldn't blame anyone for calling BTC digital gold.

I do the same thing, and its not that I mean bad or am blind to the current problems it just makes things easier to explain to people using such metaphors.

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

And Bitcoin is digital.

So

Can you explain how bitcoin can be "peer to peer cash" if in order to make mainstream level of onchain transactions the nodes would be needed to be run under datacenters?

What's peer to peer or cash about it if you are going through a corporation of miners that validate transactions too?

Get real, bitcoin's only true value is digital gold. If you want to build the lightning network on top of that so poor people can use bitcoin too then that's awesome.

But big blockers are truly retarded.

Well i got to admit i call it digital gold many times. But in my defense physical gold is mined and so is btc or other altcoins. We sell them to traders like physical gold also. It is not that i am ignorant but it is not really what is called rather it is just a metaphor for its counterpart. Personally i know it as cryptocurrency or as youu stated, digital currency. If it is wrong to call it like that then i would make changes.

It just looks like there is more to say from the poster and that this was all meant to garner the attention and set the stage, we shall see. I think Bitcoin is not a Digital Gold but only a Digital Currency.

I would say that there is going to be further posting in this thread by the OP, bot so much in response to this post or yours, but because the OP itself really has very little to do with the title.  It looks like the OP has a thing or two to say that he/she feels have not been fully heard from other posts or has an opinion that they want to open a gateway to with this thread. Quoting Satoshi's white paper is great, sharing a phrase that the original coder linked to the coin, which does not mean that is the official designation of the coin, but whatever. 

We definitely need a real solution to the rising fees and I agree a lot of people seem to have their heads in the sand rationalizing everything bad like its good, but I don't think it really matters how they label bitcoin.

Without a proper solution to the scaling crisis other coins will soon overtake btc, ethereum is currently the top contender for that spot.

Hmm!. Very on point!! Referring to bitcoin as digital gold or comparing it with gold is apparently due to high level of ignorance. I can't blame anyone cause I have don't that too before until I realised they are both incomparable. Trust & reliability are 2 main pros we can get from gold which I am sure as enthusiastic as we all are with respect to bitcoin, we all still have double mind one way or the other. Though they both have their own benefits and issues but they are not to be compared as they aren't the same and I for one do not want bitcoin to be only for the rich people but it is certainly tending already towards that.

i feel that the whole bitcoin gold metaphor got lost in a game of 'whispers'..

EG
one guy says to another
bitcoins asset value is kind of like golds asset value because it has utility and scarcity which gives it a public desire value. different utility ofcourse
one guy says to another
bitcoins asset value is kind of like golds asset value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins asset value is like golds asset value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins value is like golds value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is like gold because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has scarcity which gives it value
one guy says to another
bitcoins is gold because it has value

Maybe people who call bitcoin as "digital gold" do not know much and just talk, he is less understanding bitcoin and only know but do not have a deep knowledge of bitcoin. We should give the bitcoin knowledge correctly, they just do not understand

So the software and whitepaper just appeared out of thin air. Hal Finney was communicating with thin air, finding bugs and informing thin air to fix them. Satoshi Nakamoto is real but the question is, an individual or a group of people. There is no smokescreen and the original intent still stands, hence why Bitcoin is stuck in a "civil war."

A payment system vs so-called settlement ponzi scheme.

No mater what is ,the fact that were benefitting in bitcoin. We should always be thankful whomever invented it.

I don't believe there is a 'Satoshi Nakamoto'.  I think that's a smoke screen, therefore we're beyond whatever the original intent was.

I'm not going to split hairs with franky1.  All the similarities to gold have been mentioned and we're going to agree to disagree.

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.

without utility scarcity is meaningless.
pretending bitcoin will hold value even if utility is lost is just foolish people trying to fool other people.

we should be fighting to keep bitcoins utility growing.. not fighting to let bitcoins utility die and then try fooling people into pretending it will hold value.. thats just greedy people not wanting to protect what gives bitcoin real value(utility) and only want to fool people long enough so they themselves can get greedy profits before running off.

whats next selling ice to Eskimo's at a premium by calling ice gold3.0 due to climate change making ice more scarce?

TL:DR;
instead of wasting months trying to slap fools into thinking that bitcoin only needs scarcity.. how about get off your asses and try slapping a few devs around until they make bitcoin better with PROPER dynamic onchain scaling.. and stop removing bitcoin utility and trying to sell people commercialising services of the future.. like what LN managed hubs and managed sidechains will turn out to be.

No one is asking you to worship the founder and the genius behind it is also not looking at these sort of laurels and so is the reason he is still anonymous,but his take on bitcoin is relevant because if not for his crazy idea and brilliance these things wont happen
And coming to OP,if you think digital gold is profane word then do not use that,any one has their free will to call bitcoin anything they want,if you do not accept it,just move on with it,everyone had a chance and it was an equal opportunity platform for a long time and i am not sure whether you are talking about the transaction fees or the price of bitcoin,if you are not able to use it now,no one is forcing you to.

People seems to never understood it or mis interpret bitcoins concept but if those who are much aware keeps on educating coomon or those new users then for sure it would lead to a better understanding