Topic: What the CEO of a Gold mining company has to say about Bitcoin (Read 209 times)

It is easy to agree to all the things that you mentioned. I don't understand why a lot of gold bugs cannot appreciate the unique qualities of Bitcoin which make it a lot more advantageous than gold in many aspects.

The list could actually go on. We could also mention that Bitcoin is literally a lot safer to own than gold. You can own Bitcoin and sleep in the streets at night. Moreover, you could stay significantly anonymous keeping your wealth in Bitcoin rather than gold. You can keep even a million Bitcoin to yourself alone without even your wife-- who you cannot trust at times-- knowing. Your gold could also be seized, robbed from you a lot more easily than Bitcoin.

Anyway, gold is not a stone or a rock. Gold is a metal. And I think I don't agree that since we are already in the 21st century we could do away with all these precious rocks and metals. After all, their value goes beyond their face value.

Personally, I don't subscribe to the idea that Bitcoin is the new gold. In my view, gold will always be gold no matter what will happen to cryptocurrency. Bitcoin is a different category, it is not physical but digital. Bitcoin is very volatile hence it can not be on the same category as gold acting as safe haven though both can be a store of value. There are many advantages of Bitcoin, and we are already aware of them for a long time. While we can never make something out of Bitcoin which can be done with gold, it would be impossible to store the real gold in our smartphones. So in my mind...is being digital the biggest reason why Bitcoin is very volatile?

Let's also not forget about the outer space stuff. These are not easily accessible now, but hasn't a mining rover been sent only recently towards other planets? (might be Mandala effect since I can't seem to find anything about it no more, lol) Like.. NASA is already planning for a future space-mining program..

The supply debate is useless. One is exact, the other is simply unknown. All you need is a few minutes of googling to find out the truth.

You can't print it, but you can find it. All the gold discovered would fit in a cube that is 28 meters wide on every side.
There's around 400 billion kg of gold throughout the entire crust. That's 50 kg per person. Gold isn't scarce, it's scattered
And I'm not even getting into the estimate that 1.6 quadrillion tons of gold must lie in Earth's core. That's 200 million kg per person
So although most of this gold is obviously inaccessible, it's also clear the total supply will always keep growing. Gold is like Dogecoin, not Bitcoin

Making them isn't enough to give them value.

I really enjoyed reading all of your points, but I have to respectfully disagree with #5 ^{[both of its parts]}. 

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Since both of them have their own advantages/disadvantages, then I can't see that happening anytime soon.
^{- There's nothing wrong with using those side by side.}

You can already do that with lightning

science can make new minerals
science can get more gold from mining in space

bitcoins supply cannot be tampered with or mined elsewhere
yes other coins(minerals) can be made. but if comparing gold to bitcoin. altcoins are alt-minerals

gold has had a price hype since 2020. yes gold didnt hype by 5x. gold only hyped by 0.5x

At this point, I'm afraid to give credits to anyone since the happenings with Musk, lol.

As science progresses, it will probably not be a hard job to replicate a certain substance anymore. In fact, scientists are closer than ever before to turn... copper into a gold-like substance. If someone can give copper the properties of gold, just imagine how hard the gold market would drop.

These negative answers could be easily countered. But are we about to revive the gold vs bitcoin debate once again?.. it's been so overly discussed it gets annoying already..

There! I fixed the topic title for you

The price of Bitcoin transaction fees are not static and constantly adjusts to accommodate changes in the network. There's also no fixed fee (only a minimum), users pay different amounts on each txs depending on the size, wallet type or network activity.

He needs to be reminded that

• 1. There are 97 other elements that can be mined in addition to gold.
• 2. There is a nearly unlimited supply of gold if you are willing to pay for it.

But if there will come the time which fee are way way cheaper than its current state, it buying "coffee" and other products with bitcoin will become a norm. I just wonder, how will these fees become way cheaper than how much it is right now.

I like examples 3 and 4 in your list, but I am not really sure the rest is a correct representation of the state of Bitcoin. From a government perspective untraceable money is a dangerous thing and is regularly associated with criminal activity (what else would you do with stolen funds than want to hide the source?), for that reason they will always want to be able to identify the owner and see movement between countries - much like the regular banking system. You're right about bitcoin being easily identifiable and that might be it's best attribute out of all that you've given - it is not prone to "chargebacks" which offers security similar to cash payments. I think you're reasoning behind the highly divisible is questionable, you can get tiny flecks of gold (micrograms) which could in theory be traded for cheaper goods - but I don't see people buying coffee with bitcoin on a large scale because it is rather inconvenient with variable fees. I read something the other day that said payment networks (visa, banks, etc.) use 20% of the power required for Bitcoin and gold extraction used something like 50% at the current levels, so your fifth example is wrong - there will be mining activity for some time to come so it can not be excluded and over many years it would have to be averaged for fair comparison.

I am very disappointed people I thought are educated are making wrong and false statements about Bitcoin. How is Bitcoin not a store of value? The people that hodl are able to know the true nature of Bitcoin. If not just that gold marketcap is still stronger than Bitcoin but yet gold has not given riches to people like bitcoin did in the last 10 years. I will not be surprised if Elon Musk can make such wrong statement about Bitcoin because of Doge, to see this kind of news also seeing wrong statement about Bitcoin because of gold, but I that know the real benefit of Bitcoin would have used it multiple times and have enough of Bitcoin before I can consider to buy gold.

Bitcoin is just one of the thousands of cryptocurrencies that are existing. This makes his statement to be completely wrong if comparing Bitcoin to gold, only gold will be continued to be mined, Bitcoin will not be mined again after the whole 21 million Bitcoin is mined, unlike gold, Bitcoin has a limited supply.

Not really anywhere near surprising. Ignorance aside, it's no different to Peter Schiff whereas the backbone of their businesses(Schiff Gold and Barrick Gold) is pretty much completely dependent on gold's demand. I mean, of course they would trash the competitor.

Ooooo that's a funny one! It might be better if it were true but any economics history lesson will likely teach you otherwise (gold smiths were the first to utilise a fractional reserve system).

Both are good stores of value but gold requires much more expensive storage and physical ownership to make it retain its value.

I remember gold started a rally also at some point but I haven't checked how it's doing it doesn't really make it stable if it gets noticeable rallies.

The sudden fall in the price of bitcoin and other cryptocurrencies for the past weeks have indeed resulted in trending talks and news, both on social media and the investment market at large, of which according to the statistics given by tradingview(dot)com, it's price has fallen by $10000 for the past 10days, of which no investor will be happy for such a fall within a short period. And this has made Mark Bristow, the CEO of a gold mining company called "Barrick Gold" come up with his comparison to question Bitcoin as no store of value to gold. He said that while no one can print new gold into existence, people can still make cryptocurrencies.

And this is the main reason for me writing this article because thou, bitcoin been so volatile to fall and rise in price within a short period, it still has more advantages than gold, which I will be sharing with you all below.


1.   Easily Portable:
Unlike gold, bitcoin can be transferred anywhere in the world in just a few minutes without anyone or any entity stopping it. But Gold by its nature physically needs someone to transport it to other cities, states, or countries e.t.c, of which it will take weeks or even a month before it will arrive at its destination.


2.  Highly divisible:
Unlike gold, one bitcoin can be divided into 100 million smaller units called Satoshi, or Sats, but it's very hard to take your gold bar to the store and buy a cup of coffee with it because it can not be divided into smaller units.


3. Borderless, global and permissionless:
Unlike gold, bitcoin is borderless, because it is decentralized. It does not require any government, or companies to verify or approve it's transactions, and the government can't even if they wanted to. But if you want to send gold to another country, your country and the country receiving the gold could impose taxes or restrictions, which means it is been controlled by the government.


4.  Easily verifiable:
Unlike gold, bitcoin is far more easily verifiable than gold. Anyone in the world can easily run a bitcoin node on a simple laptop to instantly verify their transactions and bitcoin hodlings, but as for gold, you have to have a specific set of skills and some expensive pieces of equipment to verify the authenticity of your gold, since it can easily be counterfeit.


5.  Energy usage:
Unlike gold, bitcoin uses far less energy in the aggregate compared to gold. Because it is only bitcoin mining that requires a lot of energy usage and not bitcoin transactions. But Gold mining on the other hand is increasing its energy usage over time, as more new machinery is been created to mine more gold.


So in summary to all these, Bitcoin was created to give people more freedom than gold does, and to protect and store wealth across time and space.
Hence, we are now in the 21st century, and as such it's time we stop using rocks as money or a store of value. Because it once worked for the caveman, and the non-digital societies a long time ago, so it's high time we in this digital era start using a digital currency, and that's where bitcoin comes in.

So long live Bitcoin... Long live Bitcoin... Long live Bitcoin...

Thank you so much for finding out time to read this article of mine.

I remain your humbled Junior member...😃😃😃