Topic: Proof that BITCOIN is more scarce than GOLD & DIAMONDS (Read 7179 times)
If we have enough power to make gold and diamonds at will, will that put the BTC protocol at risk, if one group is the first to get this technology?
Gold by comparison is backed by physics, for all we know.
Bitcoin is backed by mathematics. As is physics 
If we can find a way to duplicate gold, i don't think it would be late before some one comes with a solution of creating bitcoins as many he wants.
If we can find a way to duplicate gold, we probably wouldn't worry much about economics, since everything will be in reach. Ie. we'll have plenty of energy & knowledge to transform any material easily into another.
So no one will care much for any currency.
Gold by comparison is backed by physics, for all we know.
Bitcoin is backed by mathematics. As is physics If we can find a way to duplicate gold, i don't think it would be late before some one comes with a solution of creating bitcoins as many he wants.
wow, very interesting thread.. i know bitcoins have always been compared to gold and litecoins to silver, but now with the prices skyrocketing, they are actually getting closer to the real values of gold and silver. i still remember when bitcoins were worth 100$ only a couple of months ago lol
"Real values"? Is this by ounce? Who is to saya Bitcoin weighs an ounce? I think a bitcoin weighs only a few bytes
, so Bitcoin is worth much more than gold.
wow, very interesting thread.. i know bitcoins have always been compared to gold and litecoins to silver, but now with the prices skyrocketing, they are actually getting closer to the real values of gold and silver. i still remember when bitcoins were worth 100$ only a couple of months ago lol
Alchemy vs the decision of the community.
While is impossible to make gold right now , it's not that impossible to generate 1 billion bitcoins.
While is impossible to make gold right now , it's not that impossible to generate 1 billion bitcoins.
Gold by comparison is backed by physics, for all we know.
Bitcoin is backed by mathematics. As is physics 
Bitcoin is cool and Bitcoin is practical in today's modern society, but Gold has been around for thousands of years and will be here thousands of years after computers and internet is gone. It's just not practical to carry a block of gold around in your pockets in this day and age.
bitcoin is not a physical object though.. so maybe bitcoin is more scarce than gold or diamonds, but it's fungible. a satoshi is significantly more common than gold or diamonds then, right?
Fusion reactor is only matter of time.
And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
Going into another Galaxy is only a matter of time.And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
Oh wait.
This made me lol.
Fusion reactor is only matter of time.
And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
Going into another Galaxy is only a matter of time.And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
Oh wait.
Ah!! But not in the correct place, i must say..
These all are nothing but ifs and buts ... Future is as unpredictable...New technologies are developing every second. We are discussing bitcoin as a future of the whole world, but its not as easy as it seems, Bitcoin is very young compared to gold, Gold has been there for centuries much before diamonds. And you are saying about accelerator they are more complex then it seems.
About astroids, there might be more gold awailable but bringing it back would be more costly then mining it here, and as you know cost of manufacturing is more important then availability for a new discovery to be successful, for eg. Solar energy
..
Saying this i am not against any of gold , bitcoin or diamonds. I am investor and look for all the opportunity that i can grab...
About astroids, there might be more gold awailable but bringing it back would be more costly then mining it here, and as you know cost of manufacturing is more important then availability for a new discovery to be successful, for eg. Solar energy
..
Saying this i am not against any of gold , bitcoin or diamonds. I am investor and look for all the opportunity that i can grab...
This is clearly a speculative thread, thanks for stating the obvious...
These all are nothing but ifs and buts ... Future is as unpredictable...New technologies are developing every second. We are discussing bitcoin as a future of the whole world, but its not as easy as it seems, Bitcoin is very young compared to gold, Gold has been there for centuries much before diamonds. And you are saying about accelerator they are more complex then it seems.
About astroids, there might be more gold awailable but bringing it back would be more costly then mining it here, and as you know cost of manufacturing is more important then availability for a new discovery to be successful, for eg. Solar energy
..
Saying this i am not against any of gold , bitcoin or diamonds. I am investor and look for all the opportunity that i can grab...
About astroids, there might be more gold awailable but bringing it back would be more costly then mining it here, and as you know cost of manufacturing is more important then availability for a new discovery to be successful, for eg. Solar energy
..
Saying this i am not against any of gold , bitcoin or diamonds. I am investor and look for all the opportunity that i can grab...
All valid points. I'm a believer.
People who defend that gold or diamonds are hard-limited, do so with the mindset of the last 3000 years. We are going global, which means we must think in terms of outer space too.
There are currently for-profit companies actively looking to mine asteroids in the near future and bring gold and other metals back to the Earth.
http://www.reuters.com/article/2013/11/21/us-space-mining-asteroids-idUSBRE9AK0JF20131121
There are currently for-profit companies actively looking to mine asteroids in the near future and bring gold and other metals back to the Earth.
http://www.reuters.com/article/2013/11/21/us-space-mining-asteroids-idUSBRE9AK0JF20131121
I agree somewhat but not at all. I'm hugely not a fan of diamonds. They are the best example of market manipulation, and convincing people that they want sparkly glass that is no less common than any other shiny rock in the ground. However, I do believe you are incorrect about, "its just a matter of time until we have enough power etc". Its not only power intensive, but its unimaginably slow. Using a large hadron collider it takes something like 50 years to create 1/4th of an oz of gold? Its like setting up a huge CPU miner setup for Bitcoins. Even if you have free power, its still damn stupid.
Just watched Peter Schiff speaking about bitcoin and gold and found how deep is he in his delusion.
The main argument against gold and other precious metals is that they can be synthesized.
As soon as humanity discover cheap way to produce enormous amounts of energy (i.e. fusion), gold/platinum/palladium will be produced from cheap sources like mercury by a process called "transmutation".
I guess in 20-30 years gold will completely lost its value and become just another industrial metal.
The main argument against gold and other precious metals is that they can be synthesized.
As soon as humanity discover cheap way to produce enormous amounts of energy (i.e. fusion), gold/platinum/palladium will be produced from cheap sources like mercury by a process called "transmutation".
I guess in 20-30 years gold will completely lost its value and become just another industrial metal.
Nope. You may right about diamonds but not gold. We are more then 20-30 years away from cheap enormous energy and once we get there the changes in society will be far greater then the price of gold. And still gold made this way will be more expensive then mined.
Making gold in an accelerator takes a million dollar machine and tons of energy to make MOLECULAR level amounts of gold. You could get more gold by licking someones gold ring then from an accelerator. Even with tons of energy the machine cost and speed is just too slow. Free energy does not change the equation much.
That being said.... I prefer Bitcoin.
Fusion reactor is only matter of time.
And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
And what about diamonds? Once it was most scarce stone in the world.
But now their synthetic versions are already superior to natural ones. Diamonds price is still high because of manipulation and prohibition.
In a society that looks to the stars and who want to achieve prosperity and progress yes it is only a matter of time Fusion is harnessed (heck we could've had it by now). However current governments in the past 2 decades are taking us back to the stone ages (quiet successfully in many ways) by de-industrializing us and pushing up energy costs to unaffordable levels. Even free energy sources like solar is taxed to oblivion (they hate the idea of self-sustaining individuals).
For Humanity to progress into the future, we need cheap abundant renewable energy.
i dont think that gold and silver will be replicated in our lifetime.
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