Bitcoin Forum

Scientists yesterday 17/10/2017 discovered a vast supply of gold on the far side of the universe.
The extraordinary hoard is the result of a huge collision between two ultra-dense neutron stars.
The resulting gravitational waves and radiation flash were picked up by powerful detectors and telescopes on Earth and in orbit.
The explosion happened 130 million years ago in the Hydra constellation, which is so far away that the light and the ripples in space and time have only just reached us.
The gold created by the blast is estimated to weigh more than the whole of the Earth’s mass. Huge quantities of platinum, uranium and other heavy elements such as lead were also created.
Scientists not only 'heard' the phenomenon by measuring vibrations in space-time, they also used satellite and ground-based telescopes to see light and radiation pouring out of the stellar fireball, dubbed a 'kilonova'.
Excited astronomers talked of opening a 'new chapter in astrophysics' and unlocking a 'treasure trove' of new science.
The discovery will help scientists better understand the inner workings and emissions of neutron stars, as well as more fundamental physics such as general relativity and the expansion of our universe.
One scientists suggests the event 'will be remembered as one of the most studied astrophysical events in history.'

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21,000,000 Vs infinite amount of gold. find more than 21M Bitcoins.
I copied this from dailymail Uk. Bitcoin @$10,000 first month of 2018.

Still trying to figure out your post. You mean the bitcoin gold doesn't have 21M supply? or am I read incorrectly?

This is about actual gold.

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The question isn't about whether this gold is available, it's about whether its value is high enough to warrant people finding the gold.  When people give gold a higher value, more gold is mined, so the price regulates itself to some extent.

Even though this gold exists, it doesn't remove the legitimacy of gold's scarcity because it's not practical for humans to go there.  It seems unlikely that it'll ever be practical for humans to go a large number of light years away.

For at least our lifetimes, gold will be continue to be scarce.  Most likely much, much longer.

That's sure an important discovery recently found out by scientiest,
but if you just use a bit of your logic
seeing that some scientists recently found out a planet that its major material consist of diamond, there must be a planet that consist of gold aswell.
So basically, the amount of gold near to infinite. we could know even before this discovery.

Well, in theory if there is unlimited space then there should be unlimited diamond, silver, or whatever mineral/metal too. But does it matter? The article states The information on your post states that:


"The gold created by the blast is estimated to weigh more than the whole of the Earth’s mass." Yea, lots of gold indeed! But does it matter? It's pretty much out of our reach anyway. It's not like NASA's going to send a space ship or whatever that will collect those gold and over-saturate the gold market here on earth.

Cool fact though, but I don't think this is going to significantly affect bitcoin and gold markets.

This is cool information, but you aren't using it well. In theory yes, gold might be "infinite" in the universe, but can we have access to it? The answer is no. At least not right now, and with the knowledge we have about science and the Universe. So in a practical sense, gold continues to be scarce, and it's price is not affected by the info you just provided. If we were to find a huge supply of gold in an place that is accessible to us, then yes, it's price would drop.

Gold has a bigger supply but you could argue the demand is much higher than that of Bitcoin at the current time

I'm not impressed. When two neutron stars collide and produce a stash of bitcoin, then I'll be impressed.

Bitcoin has only 21 millions of coins in the total coin circulation, but actually, there are only 16 millions and a few numbers more on circulation because they haven't been mined.
But yes, there is much more gold in the world, and if you mean in kilos, they can be hundreds of millions, and in onzes, i dont know how i can count that amount.
It is not a good comparison, i dont know why have you created a thread for this kind of purpose.

Lol, I instantly thought the same thing.

At OP: Thats pretty intense to think about, I mean Bitcoin already costs way more than gold and its gonna continue growing. Its only the beginning wait until there is only 1 Million Bitcoins left ;)

Gold only has value because it has a finite supply. It is rarer than other metals so if there is an infinite supply of it it's value will be alot lower. Also the other side of the universe isn't somewhere we have been yet. We still struggle to set up properly in space.

cant really compare

Although the  amount of gold is huge but gold will always be valuable because there are real usage in life, gold can be used for a lot of purpose beside of investment, but the price will lose with bitcoin, with limited supply, bitcoin will become more valuable than gold, but it is good to know that they found out new sources of gold, I have been thinking to keep some for investment, hopefully this finding can make the price lower

How can they even quantify this? what is the equivalent of one bitcoin in gold? is it 100 grams of gold or what? I still don't think this argument makes sense because bitcoin is prely virtual and we can't tell if the entire 21 million created will be even worth a kilogram of gold in weight.

I personally don't know either, as I really don't like people comparing the price of BTC to the price of gold. Though I assume people are referring to 1 kilo of gold because bitcoin already surpassed the prices of an ounce of gold($1,274.30) and a gram of gold($40.97); Whereas the price of a kilo of gold is currently at $40,969.67.

Source: https://www.apmex.com/spotprices/gold-price

I do not know why people are still comparing gold and Bitcoin like it's never dying. Physical and Digital currencies are both different.
If you are saying that Gold is INFINITE then it's rarity will be decreased and it will not be considered as one of "rare earth metals" because of "INFINITE SUPPLY" of Gold. I think Gold will not retain it's value if it will not be rare and some poster here already said that NASA will not just go there to get that Gold it will also cost of millions for that another project.

Could you provide a source on this? It's pretty interesting.

This discovery theoretically could make the value of gold plummet, but it doesn't look like that large stash is accessible, so it cannot be considered a part of our supply. We don't even know if it's ever going to be possible for our technology to progress enough to be able to cover that distance, so the stash will likely stay out of earth forever.

Also, the value of gold has no bearing on the value of Bitcoin as far as I know. They're not in direct competition as there are lots and lots of other assets investors can get into if gold collapses. The very point of investing in gold is for your money to be safe, as it is incredibly stable, and Bitcoin is anything but. You don't have to choose between them. It's probably even smarter to put your money on both.

i think it is a fact that gold is much more than bitcoin, but i think we should also take into account,how are we comparing gold to bitcoin, since we are looking at gold's price per ounce, per karat, per bars and we as for bitcoin, we use 1 bitcoin, in order to compare it to fiat, however if we are talking about the resources, gold is also being mined, however gold is underground and bitcoin is digital. though there are a lot of gold, i think if you own one today, it would be hard trying to exchange it to fiat, if you go to a pawnshop, they buy your gold, but not on a fair price for you, but if we say that there is much surplus of gold, it would not have a value, anyone could just easily get gold, that's why governments keep a lot of gold in their reserves, just like what they did with diamonds, still we need to get numbers here, for us to determine the amount of gold that is out there, even the ones that are kept.

You are right because there are just 16m bitcoin in circulation but there are 21m gold in circulation. But every emerging market has got a lot of prospect for investment. The price of both differs and due to the embracement of bitcoin, the price is now higher than that of  gold. And it doesnt really matter because gold is for investment purely while bitcoin is both for investment and solving of a payment problem.

People comparing bitcoin with the gold due to the value and long term surviving in the world. So how we all expect bitcoin to survive in the world for the long time. In Feburary we find the bitcoin value compare with the one ounce of gold.
Now 2 ounce of gold is compare with the 1 bitcoin. Value movement million time faster than gold.

$100 Octillion dollars, worth of the gold produced in matter of seconds, I see many topics people talk about gold, not only the stars in distance but

Our star also could produce gold, moon has gold, more gold could be mined every day. you could store $2 billion worth in Bitcoin on a file with less

Than 1MB storage, but if you have $2 billion in gold, how would you store them?

What good would that discovery bring if we can't get the gold anyway? There is really no reason to hate on gold as it is not against bitcoin, and nor is bitcoin against it.

I would say that as scientists discovered gold somewhere else in the universe, it is also very probable that many other civilizations do exist. Some of them have the same knowledge as we do, and it is probable that they have their bitcoin. Because of this the amount of bitcoin in the Universe is probably not limited to 21M.
As we prefer the bitcoin to the gold, they probably prefer their bitcoin to the gold.  :)

     

Unfortunately our star, the Sun can not  produce Gold. Gold is produced in a Supernova explosion, and our Sun will not become a supernova. Elements until Fe-Cu are being produced in a Star like our Sun, it is necessary a supernova explosion to produce Gold. Traces of Gold on Earth and of other elements after Fe-Cu are here from a supernova explosion that preceded the Sun.
 

:D :D that was exactly what I was think reading the first post. Dammit I’m too late posting such good comments.

This is why Bitcoin will always be more valuable than Gold due to the sheer amount of gold. We haven't even discovered all the gold on our planet yet let alone others.

Unfortunately, sand is even more than both gold and bitcoin combined but its not about the quantity but rather its about the value of the items you are comparing. I dont need to read about the scientist report to know that the amount of gold is more than bitcoin even comapring the quantity alone is an exercise in futility. The amount of gold can only be estimated up till the amount that has been discovered because it a natural endowment which could be anywhere but because it has not been discovered, we begin to compare it with bitcoin that has a definite end.

Come to think of. I have not seen any where bitcoin is now competing with gold in terms of value as that will be a battle lost from the beginning.

One thing is for sure, this is still under study...I guess its nothing more than a speculation ::)
Well am not a scientist but I know gold is a natural resource that could deplete any time as mining continues around the world and if we compare it to bitcoin the digital gold...bitcoins value will continue to grow because its limited in supply and demand keeps growing everyday.
maybe the comparison isnt right for these two great assets to get facts.

I think the discovery is also necessary, because the discovery is the result of the thinking of scientists who have found something like gold and then they developed to be known among the people as well.
although the bitcoin is higher than gold at the price, but we must still appreciate an invention of others.

sometimes people find it hard to understand how scarce bitcoin really is. maybe because it is seemingly a big number. 21 million! it sounds big but it really isn't. with the number of people in the world and number of coins that are lost or considered lost like Satoshi's stash. a little comparison shows how things are.

according to blockchain.info stats about 2 million bitcoin is being transacted every day! and that is while we are not even close to mass adoption.

-- by the way interesting thing about gold you shared here. thanks.

Actually gold and bitcoin are not two things to compare, not two things to discuss which ones are more, which is more expensive or which is better for us. Both can be investments and savings for the future. There's nothing to argue about for anything between gold and bitcoin, we just have to choose which one we'll invest.

literally gold has first expensive value in the market and since gold is the oldest traditional investment long time ago until now the miners are continue to put investment in the gold industry and nothing impossible for gold have a lot of valume in the market, and now the time of modern technology bitcoin replace the gold as expensive investment in the market.

i think if there is more gold than bitcoin but the price is more expensive bitcoin than gold. although people is trust with gold, i think for some other people, bitcoin is more secure, strongers and they believe that the price will be too expensive. some of the people using bitcoin for the transaction in internet only and that people is trying hard to support bitcoin until now. and i give my supports to bitcoin than gold because i don't have any gold right now and actually i am planning to buy gold so i have two kind of investment.

There are dozens of documentaries wich shows thats universe is full of gold. On hundreds of miles away there is a planet wich has the ring made of gold in a very big proportion. No one knows exactly how kuch gold exists but for sure there is a lot. So much that we cant even imagine. So we cannot compare something that we know the exact quantity with something that exist from the begging of life and it also exists outside of our planet. Gold and bitcoin are incomparable

Every asset or commodity or currency will always have some risks that can crash its value. With gold it's the risk that someone will find huge new deposits, especially if we'd take into account asteroid mining or other planets. But Bitcoin also has some risks, because scarcity isn't the only thing that gives it its value - there's a risk that someone will come up with a better network design, that will be more decentralized and faster and have more capacity. Bitcoin is a software, and there's always competition for a better software.

How can you compare a thing that is exist and a currency that you can't even touch it ? And in the nearly future, Bitcoin will increase the amount slowly but not with golds.

I think a more detailed comparison is needed for me to conclude which is more.

need a clear comparison so we do not misunderstand guessing it, so it needs clear evidence, and we can compare between gold and bitcoin.

Sod the other side of the universe, I know where there is hundreds of tons just four thousand miles from you. At the moment it sits unguarded and I will tell you where it is if you send me just 1 bitcoin

I think yes, for now the gold is more establish than bitcoin is every long time ago.. but the different of this two kind of think is, the gold physically we see it but the bitcoin is digital currencies in the internet.

Gold has an unique huge advantage against bitcoin, its material, you can do a lot things with it, and show others. Besides those big advantage gold is used as store of value, is supported by each citizen as well countries, unlike bitcoin wich has a long road till get accepted, but as all centralized currencies and assets it has limits, something crypto hasnt at all a coin can go up and down over 100-300% within seconds.

Whats the point of comparing them? For sure most of us do know the total possible supply of gold and the fixed total bitcoins. Theres no sense of such comparison. Gold is been here since the beginning of time since its one of the compounds that we can see on earth itself and abundance would really be there unlike on bitcoin which is limited but yet a great asset,currency and investment. They do have different fields which its inappropriate to compare.

Replying to the OP because it is somewhat relevant information and an interesting debate.

Just because such elements were created in a "kilonova" doesn't mean they are actually accessible, and the fact that the stars collided so far away means we likely won't ever be getting anything close to those yields, since right now we don't have the means to access it, and might never if we can never find out how to fold space or do whatever else might allow for us to achieve faster-than-light travel.

It's like suggesting that there's an infinite amount of water in the universe, so we shouldn't have anyone on earth have a hard time accessing clean water due to the sheer volume that exists, in theory.

The universe is very diverse and, probably, it has everything. I also read about the discovery of a large cloud in a space of many hundreds of millions of kilometers, consisting of alcohol. As for gold, if some of it were delivered to Earth, gold would immediately depreciate and cost no more than the utility of it as an ordinary metal. This also applies to bitcoin. To have value, it was limited to 21 million. If it was about as many as one type of tokens is sometimes issued, and be called a billion-one and a half, it would also be very cheap. Everything depends on the relationship between demand and supply.

There is no substitute for something we have known for thousands of years. Gold is still more and more, and Bitcoin will never overwhelm his strength. In my opinion, virtual currencies can only partially replace existing money.

Only because gold has other use aside from being a basis of one country's worth. but before gold the basis of wealth is salt so how can we say that gold can't be replaced in the future?