Topic: Please, Stop Calling Bitcoin "Digital Gold" - page 4. (Read 3563 times)

By considering what most people are saying here, and the developers irresponsibility and inertia, I believe Bitcoin is a lost cause for now. They are not going to change their mind and just treat Bitcoin as their digital gold, rich maker, etc...

When Bitcoin infrastructure collapses due to lack of real world usage you will all be disappointed. If the majority of people really want this for Bitcoin then I can do nothing.

I'm looking for something with a future, with a goal, not just some sort of digital gold. Gold is valuable by itself, but Bitcoin is just a network, which without a sound goal it worth nothing.

There are many advantages of bitcoin over the gold so I agree that calling it a digital gold is not appropriate. Gold is something that has no digital existence (other than for speculative purpose) where as bitcoin acts as a medium of exchanging the value over the internet. The core principle of bitcoin is to use it as a payment solution and that is not possible when it comes to the gold.

For above question there is no positive answers everything is true and final point i dont accept bitcoin to be only for rich it is not false. Why bitcoin called digital gold people keep gold for their difficult times . once they find too difficult to arrange money tghen they sell gold and get money so that it called digital gold

I am not sure whats problem calling Bitcoin "Digital Gold".its pretty seems like gold.earning gold you need mining earning bitcoin also you need mining.bitcoin is now not a payment system its now like asset.hold bitcoin sell when price raise up.

if this is just data then its must be asset how this can be a cash.like valuable data can be sold by cash.

Bitcoins can be compared to gold in real life in terms of value because bitcoins and gold has the highest price in the two different market they are in so comparison and bitcoins being called as digital gold by other user/imvestor is just normal op

For thousands of years gold was a peer-to-peer cash system, until the central banks decided to implement their debt slavery system.

Not to mention that the person most likely to be Satoshi developed their first p2p cash system based on gold..

To those idiots saying, "Whitepaper is useless blah blah blah."

The whitepaper is fundamental under common law contract. All contract begins with an offer, then a consideration, follow by acceptance. Satoshi made an offer for peer to peer electronic cash system to make online payment. The whitepaper is the consideration, whereas people on a voluntary basis, decide or not to get involved. In getting involved, that is oneself making an acceptance. Thus a contract is formed. To ignore the whitepaper is folly.

Gold has other utilities, ring, necklace, bracelet, manufacturing of goods, etc. Bitcoin has one utility as payment. Take away the payment utility then you are left with nothing, thus bitcoin will be nothing more than a decentralised ponzi scheme, because you have taken away the medium of exchange part of currency. Buying btc low with fiat then selling btc high back to fiat is the classic mark of a Ponzi scheme. There is a finite number of users and fiat that will be pumped into btc. At some point when btc stops going up and those who want fiat to buy goods/services will then sell their btc. Since there is a finite number, the value of btc will drop and keep on dropping until those left holding btc refused to sell.

It is therefore essential that bitcoin has an utility and that is online payment as a currency. A settlement layer is useless and a misdirection is making people believe that all will be ok and it's not a ponzi scheme.

I can understand your viewpoint and where you're coming from but when people try to explain the concept of Bitcoin and why the value increases than it's simplest way to explain it - to compare it to gold.

Yes Bitcoin is not a gold people should not call it Digital Gold because they might mislead people who are new to Bitcoin, We all know that Bitcoin is good for investment like gold, buy and sell when the time is right that is how Bitcoin is used today.

yes i doi i agree its not digital gold but people are calling it as a digital gold they think that gold value increasing in the previous decades like they also comparing bitcoin with gold there nothing wrong with that but yes we have to accept its peer to peer cash transfer system .

If bitcoin price will be growing in the same rate as it used to do. Then buying bitcoin will soon be impossible for the greater part of society.
They still will be able to buy fracture of bitcoin though. What do you propose?  Are you're going to give away all your bitcoins?
Bitcoin is not come communist invention. We don't have to share our coins with anyone.

The question is who would educate them? If people now then gets wrong information and then they believes on it the detency is just like what happem to some of the users who actually think that this is actually a gold digitally

The fact that btc isn't physical is such a minor, unimportant aspect of it. What person investing in gold actually buys physical gold? You just buy gold futures. To the investor, you never see the physical form of either so what is the difference? Furthermore, as you know, you can get physical bitcoins. Either way though, this is not a hallmark characteristic of bitcoin.

Both bitcoin and gold are decentralized, which actually is an important characteristic of bitcoin. As you mentioned, they both are a place to flee when fiat/stocks go to shit. They also both have a limited, finite supply available. In addition to the other points I mentioned, I think it is pretty undeniable that they are similar. Bitcoin is certainly more similar to gold than it is to, say, Microsoft stock or cattle futures.

Yes, I agree with you. Bitcoin not digital  gold, people just use hyperbole like advertising crime.

Well you can't really fault them for that. At a price like what we have now, you'd want to save your bitcoins up and not spend them. Im sure even Satoshi didn't expect the price to skyrocket this early.

I really want to know what your point is at but seeing the price action right now is hard to believe your claim that Bitcoin is on a crisis, a crisis so bad that it is on life support. I understand your hate about people especially those people who are saying "Bitcoin is the new Gold" or something similar, but when you think of it in a broader way it is simply called as a hype in which people are doing when a price action occurs right now people who are saying that are supporters of Bitcoin because of the recent up trend.

Some economists or bitcoin experts called bitcoin as"digital gold" in the most beginning and this words just stayed in our minds. Yes, if to go in details bitcoin have nothing to be compared with gold. But it was called so to make explain for newbies easier. They just made such parallel between gold and bitcoin mining and I discovered bitcoin by this analogue too.

Digital gold seems like a marketing scheme to me, to appeal to the "common man", I find it hard to explain to the normal guy what is bitcoin and what is the concept of cryptocurrency, but when I use a term like "Digital Gold" suddenly they seem to understand that it has great value and it's digital.

I think your just being too deep about it.People call it "Digital Gold" because it is precious and has great value,It is a good investment,It is actually mined like the real gold.We have the right to call it in the way we want.Just let those people call it what they want as long as they are not affecting the actual value of it.

Some people say bitcoin as digital gold maybe they're thinking it as an investment.  Well bitcoin is not comparable to digital gold. Maybe theyre saying it because both has a good future.