Topic: What if the digital gold narrative is incomplete or misleading? - page 2. (Read 328 times)
September 30, 2020, 12:03:40 AM
Thoughts like that naturally comes out when a person starts to realize those replacement, upgrade and innovation made by technology. Even as me, I thought of it before and you'll see various comparisons and description of bitcoin as the digital gold and potentially will replace in the future. But sometimes, those thoughts are going that much and becomes vague and ambitious due to the feeling that we're getting as someone who really likes bitcoin and being an investor/holder of it.
September 30, 2020, 12:01:21 AM
You are probably right. But the comparison of Bitcoin and gold could be traced back to certain aspects other than the market itself; the design of Bitcoin being scarce just like gold, the concept of Bitcoin mining, the decreasing mining reward, and so on.
I think the competition is not really as heated as it may appear especially on social media. If one is to be objective and neutral about it, one might probably end up having both.
I kind of share your view that the main competitor of Bitcoin is really non-consumption. I went into Bitcoin but I never invested in gold. A lot of people I know invested in Bitcoin without the slightest quandary as to which is the better option, Bitcoin or gold. And so I guess Bitcoin should be defined within its own unique features and not in comparison to gold in convincing others of its investment viability. The goal therefore is not to convert gold bugs into Bitcoin bugs but to convince them of Bitcoin itself.
I think the competition is not really as heated as it may appear especially on social media. If one is to be objective and neutral about it, one might probably end up having both.
I kind of share your view that the main competitor of Bitcoin is really non-consumption. I went into Bitcoin but I never invested in gold. A lot of people I know invested in Bitcoin without the slightest quandary as to which is the better option, Bitcoin or gold. And so I guess Bitcoin should be defined within its own unique features and not in comparison to gold in convincing others of its investment viability. The goal therefore is not to convert gold bugs into Bitcoin bugs but to convince them of Bitcoin itself.
September 29, 2020, 09:48:41 PM
I feel like a lot of the "Bitcoin versus gold" stuff actually comes from the goldbugs. They find themselves in the presence of something they can't quite quantify, so they compare it against the thing they know.
It's probably also that they want it to be separate from something entirely inflationary such as fiat; or something more risky like shares or real estate... Its probably closest to some sort of precious metal as its handy to store and handy to use when needed.
People must vault gold for until they need it and they could do the same with bitcoin...
September 29, 2020, 05:16:10 PM
It's natural for people to try to compare Bitcoin to whatever it is they're using it as. But it's not like we could expect it to match up perfectly with any existing currency or asset because it's unique. If you look closely enough, you can't compare it to anything without finding some inconsistencies. Lately I mostly see it as a pension pot to make up for the actual pension I'm clearly never getting, but someone could write another enormous blog to explain why that comparison isn't particularly apt either.
I feel like a lot of the "Bitcoin versus gold" stuff actually comes from the goldbugs. They find themselves in the presence of something they can't quite quantify, so they compare it against the thing they know.
I feel like a lot of the "Bitcoin versus gold" stuff actually comes from the goldbugs. They find themselves in the presence of something they can't quite quantify, so they compare it against the thing they know.
September 29, 2020, 04:56:36 PM
I've been thinking about the "Bitcoin is digital gold" narrative and have started wondering if thinking about Bitcoin in the context of gold is like thinking about Uber in the context of taxis.
https://andyjagoe.com/why-the-market-for-bitcoin-may-be-bigger-than-you-think/
Wondering what others think?
https://andyjagoe.com/why-the-market-for-bitcoin-may-be-bigger-than-you-think/
Wondering what others think?
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