Topic: Please, Stop Calling Bitcoin "Digital Gold" - page 3. (Read 3563 times)

lol

store of value 'coz' store of value
(facepalm) such an empty argument

gold is not a store of value because its a store of value.
gold is a store of value because it has utility to uphold the value.

take away gold utility for being a good material for industry and fashion.. and all you have left is a chunk of metal
chunk of metal vs chunk of metal. ask yourself why is gold better than platinum

take away bitcoins utility for being a good network for transactions.. and all you have left is a chunk of data

fiat is a store of value because it has laws that make it have utility of value of being a $10 bank note is worth 1 hour 20 minutes minimum wage
take away the fiat laws of utility and all you have left is a chunk of paper

just screaming "store of value" is meaningless without showing knowing WHY where and how that value came to be and what upholds that value

The most times that the term digital was used in comparison with a crypto coin did not refer to Bitcoin, but to Ethereum in a small wave of techno press in the last months of 2016, this phrases was used because Ethereum behaved more like gold than Bitcoin in the sense that ETH has spawned a token or two that took direct asset value from the parent currency.

I love the way that members here throw around information.  First of all, the phrase was termed to Bitcoin in a Chinese news article in the first week of this year and that is when the phrase grabbed a little attention.  Actually, a bit of real information gathering would show that fact and a few others.  There is an actual coin that we call digital fund, but that is because that is how the English language translates its actual name of "Digital Gold".

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.

We don't need to dig deeper regarding people to call it as digital Gold, although it has an appreciation that it's the same as Gold which is also as the best investment. It also come to a time it beats gold's price, that's why it's been always compared to gold, and the only difference is that it's a physical form and bitcoin is digital which cannot be hold by our physical hands. So stop calling bitcoin as digital gold, and refer to what's been mentions difference between the two.

I believe that Bitcoin is created as peer to peer currency digital currency but due to the high transaction fee, people tend to use it as store of value just like gold.  Besides, investors are being educated bitcoin as the best way to store their money since it has a huge possibility to increase in price in the long run.  This in fact this is the reason why people call Bitcoin as Digital Gold. Well we cannot blame them 

Basically bitcoin and gold is not the same it's clearly that they call it gold because bitcoin can be used as an investment tool as like gold and i think there's nothing bad calling bitcoin as digital gold,  honestly it sounds better than "ponzi scheme" like you've just mentioned above i know everyone has their own perspective to the bitcoin and i respect that, but according to the creator it's obvious for payment system purpose.

name them!!

but name them with the real understanding of where those attributes come from and have value

remember. scarcity of something useless has no meaning... scarcity of something useful has meaning

In my opinion, it is still gold in the digital world. Not that we are comparing it to gold or anything else. It's just that bitcoins are considered as somewhat like gold because of it being valuable. Not really because we use it similar to gold. Since bitcoins are something unique, then we can't really say it is cash, money, currency, or gold. It can't be classified under what the current system has.

Franky1, though I have great respect for your input on this forum, having read many of your posts,  do you have a problem with the concept of 'metaphor'?  Bitcoin isn'tliterally gold but has many of the same attributes and thus gets referred to as digital gold.  Sheesh.

"speaks a lot" == True
I am out of time but couldn't let this pass:
"Spendable" = Depends on the amount
"Anon" = Are you serious, or simply uninformed?
"Transfer Delay" = How much are you willing to pay.
"Transaction Fee" = Did you read the fine print on your own "evidence"?

"Theft Resistant" = True enough until you add the human layer « Insert smiling picture of MtGox Mark »
At best, the graphic is out of date & still not entirely correct.

Been too long since I laughed, thanks franky1.  

Digital Gold? In this time, IT is.
If many country started to accept bitcoin,only then people will think bitcoin is a currency
But for now,looking at the price and how to get the bitcoin,it doesn't make people wrong for their perspective at bitcoin and calling bitcoin a digital gold

what satoshi stated don't go against the definition of digital gold imho, because electronic cash don't mean that gold is excluded, gold can be electronic too you know, the similarity with gold is evident, they are both minable and they are both a store of value, they share many similarity it make sense to call it digital gold

Apart from electronic cash, Satoshi did refer to bitcoin as an implementation of Nick Szabo’s BitGold proposal.


Bitcoin can be categorized as digital cash as well as gold because it can be used both as a store of value, and as a payment medium.

It would be inappropriate to compare Tulip Mania with BTC, during that time, Tulips were used as a currency and traded, but it was restricted to Netherlands only. Look at the impact of bitcoins, not restricted to a particular region, internet money, anyone with internet anywhere can access it. This obviously gives bitcoin some advantage over Tulips.

Yeah, the current crisis is definitely problematic. Many options have been put forward, waiting for Segwit to be activated by 2018 would take a toll on bitcoin community. The imminent solution might split the chain.

Don't take it so seriously, there is no bad intentions in it. People often call digital gold because is valuable and precious like gold, not because they think it's similar. Except that both are kind of investment and the most profitable on long term. But otherwise these two things shouldn't be compared.

IT is just a comparison and I do like the way people mention bitcoin as digital gold. In my opinion, bitcoin is truly a digital gold because of its price and the way it is being used by many people. Moreover, as you can see, bitcoin can not be used for micro transacitons anymore.

I'd like to quote the image posted from a thread entitled "So Bitcoin is better than Gold?":

https://bitcointalksearch.org/topic/so-bitcoin-is-better-than-gold-1923060


The image points out the difference between Bitcoin and gold that make them both different in definition and characteristic. The image surely explains a lot why Bitcoin should not be called gold or digital gold since Bitcoin is Bitcoin like what the OP' quote as to how Satoshi Nakamoto defines Bitcoin:


I believe what I quoted speaks a lot. Nothing to elaborate more.

Mate Bitcoin is no longer a digital gold but rather equal to what diamonds are worth vs gold in real world. crisis?

If there was any crisis then people would've stopped investing a long time ago, peer to peer electronic cash system?

That's a joke there are no peer to peer, only when you send some coins to someone else they never receive it not until

A miner includes your tx in a block, if miners refuse to provide you with their services you are screwed.