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Topic: Please, Stop Calling Bitcoin "Digital Gold" - page 6. (Read 3563 times)

full member
Activity: 140
Merit: 101
I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I thik it's an apt metaphor.   Sorry that you don't like it.
Agreed. Bitcoin is horrible at acting as cash but excellent as a storer of long term value. The white paper is irrelevant now...
hero member
Activity: 1666
Merit: 502
you are too deep about it. I think why people call bitcoin as digital gold? maybe because gold is precious. gold is a good investment place in the real world and people will usually buy gold as their savings. they just want to tell everyone that bitcoin is also valuable and can be an investment and even its value will go up over time. it's just a parable that's worth the bitcoin.
legendary
Activity: 1148
Merit: 1048
it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

To me, gold and btc couldn't be more dissimilar. They are literally the ideological opposites of one another. One the one hand you have gold, a real substance, pretty heavy, and you can actually use it for more than just a store of value (we use gold for art, electronics, medicine etc). Bitcoin, inversely, isn't real, doesn't have substance, isn't tangible, and has no real world use outside of value transfer and information storage. If anything, bitcoin is akin to paper gold. But despite the differences of character, they serve the same purpose for investors; a place to flee when Fiat/stocks go to shit Wink

But if the shtf, I'd rather gold.
sr. member
Activity: 1190
Merit: 306
I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I think it's an apt metaphor.   Sorry that you don't like it.
hero member
Activity: 2240
Merit: 848
it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.
sr. member
Activity: 1638
Merit: 300
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?

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.
hero member
Activity: 1246
Merit: 588
Great fact indeed. People is now being not properly educated when it regards to bitcoin how ever i may think that those are their opinions.

Q1:
Hmm maybe not so sure about tho

Q2:
Obviously not but instrad i wanted people to be rich thru bitcoin
full member
Activity: 266
Merit: 103
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?

They just call it digital gold because it has similar traits to gold in that there is a finite amount available, you "mine" it, and they are both good safe haven investments during a time of financial crisis. Idk why it bothers you so much. Seems to make sense to me.
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
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?
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