Would BTC replace gold/currency? | Bitcointalksearch.org

bitchess

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Quote from: countryfree on April 27, 2013, 06:12:36 PM

Haven't you ever experienced a power shortage? Or being in a place where you couldn't get an Internet connection?

Bitcoins would be useless and without any value in case of a major disaster like an earthquake, whereas gold would keep some of its value.

I disagree. The bitcoin network will still operate since it's vast and global.

Also are there physical bitcoins that have been created with keys on them or something? just use those. BTC can become much much more widespread, physical wallets etc.

In a nuclear holocaust situation, "guns and gpus" will replace "guns and gold"

discobean

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Probably not because governments won't be able to have fake stashes of coins. I'm sure they will find a way though.

countryfree

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Your country may be your worst enemy

Haven't you ever experienced a power shortage? Or being in a place where you couldn't get an Internet connection?

Bitcoins would be useless and without any value in case of a major disaster like an earthquake, whereas gold would keep some of its value.

Miklosh Balsa

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Gold? No.

wsoei

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If it ever does, it wont be a long long time.

bitchess

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Quote from: btc_pbx on April 27, 2013, 12:28:06 PM

Quote from: bitchess on April 27, 2013, 11:44:36 AM

All the gold bugs on this thread are just dealing with the realization that their penchant for gold is just based on history and past social proof not anything provably substantive.

Which gives gold its value.

So what's wrong with replacing that history with a proof by a mathematically correct formula?

btc_pbx

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Quote from: bitchess on April 27, 2013, 11:44:36 AM

All the gold bugs on this thread are just dealing with the realization that their penchant for gold is just based on history and past social proof not anything provably substantive.

Which gives gold its value.

bitchess

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Quote from: CryptoTrader on April 25, 2013, 02:11:16 PM

Never.... BTC cannot be used physically for anything. Gold will still be there if computers, technology fail.. Nothing will ever replace gold, has been there for a tangible currency for thousands of years...

I disagree vehemently. The only reason gold gained credibility is because they had the most number of users in the historical days.

There is nothing intrinsic about gold which holds any value except that it has some properties as a heavy metal. I could argue that my GPU has heavy metal properties.

All the gold bugs on this thread are just dealing with the realization that their penchant for gold is just based on history and past social proof not anything provably substantive.

jets567

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nope

BitcoinBoss

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Quote from: sciuto on April 25, 2013, 02:33:18 PM

But what is gold actually good for? I mean in a medival survival kind of situation, how did they ever start thinking "wow, this shiny metal sure is worth 2 cows"...

No, i think the reasoning was always "we all agree that 1 coin equals 1 bread, 10 loafs of equal one small pig, so 10 coins equal 1 small pig" etc.

Gold is one of the least reactive of all elements, meaning it has many uses in technology and manufacturing.

sciuto

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But what is gold actually good for? I mean in a medival survival kind of situation, how did they ever start thinking "wow, this shiny metal sure is worth 2 cows"...

No, i think the reasoning was always "we all agree that 1 coin equals 1 bread, 10 loafs of equal one small pig, so 10 coins equal 1 small pig" etc.

bit777

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Gold is irreplaceable. It has existed even before the currencies existed.

CryptoTrader

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Never.... BTC cannot be used physically for anything. Gold will still be there if computers, technology fail.. Nothing will ever replace gold, has been there for a tangible currency for thousands of years...

cyberstef

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I think BTC and other cryptocyrrencies will not replace gold but can be a good diversification.

BitcoinBoss

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Bitcoin won't replace gold because it has so many technological and commercial uses. Bitcoin (or cryptocurrencies in general) could theoretically replace current currencies in the future, but it would depend on factors such as demand, value and its acceptance for goods and services.

bitchess

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Quote from: oscilloscope on April 25, 2013, 12:11:40 PM

They have entirely different properties. Gold cannot be sent over a communication channel. We can't discover more Bitcoin from a passing asteroid, etc.

Just like a picture of a rainbow and a rainbow have different properties. Seeing either I still smile

siknix

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I don't see it replacing gold/currency. If anything, it will just have its place in the market in the future.

oscilloscope

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They have entirely different properties. Gold cannot be sent over a communication channel. We can't discover more Bitcoin from a passing asteroid, etc.

bitchess

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Quote from: TooM on April 25, 2013, 11:56:23 AM

Quote from: bitchess on April 25, 2013, 11:10:34 AM

The US uses US dollar as it's reserve unit. It's not on gold standard.

The biggest problem with Bitcoin as a reserve currency is that the regulations around Bitcoin are extremely immature. That will be the biggest hurdle before any bank can lend bitcoins at the wholesale level.

if US government does not support US dollar as its currency and use its tax income as warrants, US dollars is no more than papers.

for BTC, there is no warrant at all. Consumption and demands are created out of nothing. It has value now only because more and more people are trying to benefit from it.

I disagree, USD is a transactional unit because the US gov't acts as the central authority to back up and validate transactions. BTC does this in a P2P system and provably does so.

The warrant that you are talking about is that US will fully enforce the validity of the currency. This is very true, but recently people started to question that with the quantitative easing taken by the central bank. While my personal view is that the central bank IS doing the right thing with QE, all I'm saying is that the warrant has come into question.

BTC provides a warrant for monetary supply by provable mathematical formulas.

TooM

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Quote from: ZKRiNG on April 25, 2013, 11:44:27 AM

i doubt so much, i don't see a really future to the BTC, if you don't have your payment in BTC, its little stupid to me, make a exchange vs €/$ or any currency to BTC for buy same items with the same price as if you buy with your currency without make anything.

Only with the mining how wining BTC form don't look to me the best way for make BTC a real currency

I would say BTC is no currency but some thing worth investing, for the moment.

Topic: Would BTC replace gold/currency? (Read 1359 times)