Bitcoin is already harder to counterfeit than gold:
Bitcoin cannot be filled with Tungsten
Topic: Proof that BITCOIN is more scarce than GOLD & DIAMONDS - page 2. (Read 7179 times)
Well, Bitcoin has a much higher chance to fail than gold, since it depends on brittle socialistic factors.
Already the Foundation is considered by some as threatening to the coin, and many other threats can arrive.
Think of algorithmic errors, propaganda wars, power battles, centralization, etc. etc.
Gold by comparison is backed by physics, for all we know.
Anyway, gold an Bitcoin aren't comparable directly. Gold has the upper hand in the physical world, while Bitcoin has it in the digital one.
BTW, diamonds aren't naturally scarce at all.
They're scarce because a single cartel controls the market.
And regardless, there're artificial diamonds which aren't distinguishable from natural ones. They cost about 1/3 the price.
Already the Foundation is considered by some as threatening to the coin, and many other threats can arrive.
Think of algorithmic errors, propaganda wars, power battles, centralization, etc. etc.
Gold by comparison is backed by physics, for all we know.
Anyway, gold an Bitcoin aren't comparable directly. Gold has the upper hand in the physical world, while Bitcoin has it in the digital one.
BTW, diamonds aren't naturally scarce at all.
They're scarce because a single cartel controls the market.
And regardless, there're artificial diamonds which aren't distinguishable from natural ones. They cost about 1/3 the price.
maybe in 100 years we can crack Bitcoin aswell , (quantum computers and what not ) ... so what
maybe at that age of time we dont need no money at all...
till then enjoy the ride
maybe at that age of time we dont need no money at all...
till then enjoy the ride
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.
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".
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".
Logical fallacy. You assume that this is possible (that energy will one day be exponentially cheaper). If we *know* its possible, then we'd have achieved it. Since we don't yet know for sure, this is a weak argument against gold.
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 same has already happened with DIAMONDS which can be cheaply produced by chemical reaction. The only reason they are still expensive is repressive regulation by monopolies such as De Beers which prohibit free circulation of synthetic diamonds.
In opposite, the generation of bitcoins cannot be accelerated at all, and, to crack private key it won't be enough the whole energy generated by our Sun for all the time it exists.
Source: http://en.wikipedia.org/wiki/Synthesis_of_precious_metals#Gold_synthesis_in_an_accelerator
Souce: http://en.wikipedia.org/wiki/Synthetic_diamond
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 same has already happened with DIAMONDS which can be cheaply produced by chemical reaction. The only reason they are still expensive is repressive regulation by monopolies such as De Beers which prohibit free circulation of synthetic diamonds.
In opposite, the generation of bitcoins cannot be accelerated at all, and, to crack private key it won't be enough the whole energy generated by our Sun for all the time it exists.
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It is possible in particle accelerators or nuclear reactors, although the production cost is currently many times the market price of gold. Since there is only one stable gold isotope, 197Au, nuclear reactions must create this isotope in order to produce usable gold.
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Gold synthesis in an accelerator
Gold synthesis in a particle accelerator is possible in many ways. The Spallation Neutron Source has a liquid mercury target which will be transmuted into gold, platinum, and iridium, which are lower in atomic number than gold.[citation needed]
Gold synthesis in a nuclear reactor
Gold was synthesized from mercury by neutron bombardment in 1941, but the isotopes of gold produced were all radioactive.[12] In 1924, a Japanese physicist, Hantaro Nagaoka, accomplished the same feat.[13]
Gold can currently be manufactured in a nuclear reactor by irradiation either of platinum or mercury.
Only the mercury isotope 196Hg, which occurs with a frequency of 0.15% in natural mercury, can be converted to gold by slow neutron capture, and following electron capture, decay into gold's only stable isotope, 197Au. Other mercury isotopes are converted when irradiated with slow neutrons into one another, or formed mercury isotopes which beta decay into thallium.
Using fast neutrons, the mercury isotope 198Hg, which composes 9.97% of natural mercury, can be converted by splitting off a neutron and becoming 197Hg, which then disintegrates to stable gold. This reaction, however, possesses a smaller activation cross-section and is feasible only with un-moderated reactors.
It is also possible to eject several neutrons with very high energy into the other mercury isotopes in order to form 197Hg. However such high-energy neutrons can be produced only by particle accelerators.[clarification needed].
In 1980, Glenn Seaborg transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory. His experimental technique, using nuclear physics, was able to remove protons and neutrons from the bismuth atoms. Seaborg's technique would have been far too expensive to enable the routine manufacture of gold, however
Gold synthesis in a particle accelerator is possible in many ways. The Spallation Neutron Source has a liquid mercury target which will be transmuted into gold, platinum, and iridium, which are lower in atomic number than gold.[citation needed]
Gold synthesis in a nuclear reactor
Gold was synthesized from mercury by neutron bombardment in 1941, but the isotopes of gold produced were all radioactive.[12] In 1924, a Japanese physicist, Hantaro Nagaoka, accomplished the same feat.[13]
Gold can currently be manufactured in a nuclear reactor by irradiation either of platinum or mercury.
Only the mercury isotope 196Hg, which occurs with a frequency of 0.15% in natural mercury, can be converted to gold by slow neutron capture, and following electron capture, decay into gold's only stable isotope, 197Au. Other mercury isotopes are converted when irradiated with slow neutrons into one another, or formed mercury isotopes which beta decay into thallium.
Using fast neutrons, the mercury isotope 198Hg, which composes 9.97% of natural mercury, can be converted by splitting off a neutron and becoming 197Hg, which then disintegrates to stable gold. This reaction, however, possesses a smaller activation cross-section and is feasible only with un-moderated reactors.
It is also possible to eject several neutrons with very high energy into the other mercury isotopes in order to form 197Hg. However such high-energy neutrons can be produced only by particle accelerators.[clarification needed].
In 1980, Glenn Seaborg transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory. His experimental technique, using nuclear physics, was able to remove protons and neutrons from the bismuth atoms. Seaborg's technique would have been far too expensive to enable the routine manufacture of gold, however
Source: http://en.wikipedia.org/wiki/Synthesis_of_precious_metals#Gold_synthesis_in_an_accelerator
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Synthetic diamond (also known as laboratory-created diamond, laboratory-grown diamond, cultured diamond or cultivated diamond) is diamond produced in an artificial process, as opposed to natural diamonds, which are created by geological processes. Synthetic diamond is also widely known as HPHT diamond or CVD diamond after the two common production methods (referring to the high-pressure high-temperature and chemical vapor deposition crystal formation methods, respectively).
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Gem-quality diamonds grown in a lab can be chemically, physically and optically identical (and sometimes superior) to naturally occurring ones. The mined diamond industry has undertaken legal, marketing and distribution countermeasures to protect its market from the emerging presence of synthetic diamonds.
Souce: http://en.wikipedia.org/wiki/Synthetic_diamond
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