Bitcoin Forum

Wow, these gold bugs really hate Cryptocurrency with a passion. I was a gold bug myself years ago. I would visit a gold site called kitco and read all the threads about metals and a return to a gold standard. It was there, on the kitco site,  that I first heard of bitcoin. Being young and only slightly invested in metals , I found it easy to switch to bitcoin. I’d imagine if I had been older and more heavily invested in gold, I’d most likely been jealous and hostile toward something that could threaten my investment like bitcoin.
Anyway I stumbled onto the site recently, and was surprised to find a Cryptocurrency section. Then I read a few of the threads.the section clearly isn’t there to educate or inform anyone about Cryptocurrency. It’s just a lot of fud. Nearly every post is about something negative. I thought gold and cryptocurrency people had more in common.    I am still into metals, though if I have any extra funds , every single penny goes to crypto, not wasting it on metals anymore. Crypto is the future.

Gold is not a good money supply
https://en.wikipedia.org/wiki/Gold_Reserve_Act
https://en.wikipedia.org/wiki/Nixon_shock

1. They stole peoples gold already, went into their house and stole it all, did it to the miners first
(They can`t steal you bitcoin if you don`t tell them your key)

2. Gold is a resource we need in electronics, if we use it as a currency we will not colonize mars or other planets.

3. They will steal your gold again.

Here is some more reasons why bitcoin and gold may not be the ultimate solution.
https://www.youtube.com/watch?v=Y7TLFyK_3Pk
This is what happens with limited supplies in the end. We enslave kids not even born yet who had 0% chance to mine.

I know how to trade time into bitcoin or timebits, but no one seems to care, they all care about fiat price, all of you fiat kids will not last two weeks when the power goes out.

I am waiting on reply's from some of these people

https://community.timebanks.org/

Soon, we will rule the world, the farmers and the working class and all of the people will vote. Try and give me fiat, you can eat my shit, not my watermelons or apples.
https://www.youtube.com/watch?v=NT427lPhkXs

I know how to make a back cap so anyone who signs up late, gets the same starting amount as everyone else. I can transfer 8.8 billion people into this system fairly. From the second you are born you start earning seconds or satoshi`s, every hour you earn a hourcoin.

A currency backed by duration, better than fiat.

This is a good decision, I have decided 3 years ago. not excluding gold to invest but crypto is more promising at this time. in the end everyone will regret not knowing crypto. I am sure I have chosen a promising asset.

The audiences overlap to some extent, but in some regards don't mesh well. A lot of metal investors do so because they share a similar skepticism towards fiat currency as many here hold. A key difference you mentioned is age. Metal investors, typically have an older less tech savvy demographic, and more importantly are rooted in traditional forms of commerce. "The government can't print gold! Effort, labor, and scarcity are all we need to rely on! If its worked well enough for thousands of years, why should newfangled fiat or even worse Bitcoin be a viable store of wealth?" - Anonymous gold investor.

Bitcoin relies on a lot of the modern economic principles that fiat operates under, just without a central issuing authority that is less susceptible to human meddling. Each has pros and cons, I just think its funny that people feel the need to bash anything be it gold, bitcoin, fiat, or desirable trading cards. If you don't like it, don't use it, just hedge your bets I guess.

I always believe in cryptocurrency that will change people's perspective on it. Crypto will be the new currency to replace FIAT in the future, and the future economy will depend on it. Why are people always afraid of Crypto? Don't lose the chance to become rich if you don't learn and invest in it right now.

In as much as I love cryptocurrency,I do not put all my monies into it,I love a diversified portfolio across different asset class-that include gold- and with each category.Bitcoin share a lot of unique properties with gold,the principal difference is in the fact that bitcoin is in addition digital and programmable, a digital gold

I don't see gold and bitcoin as mutually exclusive. They have similar properties, though obviously the gold price is much more stable due to thousands of years of being used as money. Gold also has the advantage of being tangible. Still, bitcoin has more potential to increase in price because it is a new asset.

Well some people who were investing in gold turned to crypto because of it's income potential compared to investing in gold. That is why some people who are into gold investment would always have something to say about cryptocurrency. There will always be bitcoin naysayer in different financial aspects, people from banking, stock investors, gold investors and a lot more will always have something bad to say about crypto. Just let them be, in the end they will be left out as cryptocurrency mass adaptation occurs.

You could find dozens of cons against gold but so you can against bitcoin. At the end both have some advantages and disadvantages. I think people that are into metal investing hate bitcoin so much because it is the future and they think it is a direct competitor to gold when in fact it's not. It's obvious for someone that's been supporting gold as a good investment for a long time to try and spread fud when they see something new is coming that is better than gold, because those kind of people are not open to anything new and they always want to stick to their safe gold investments.

That is exactly also my point. We should be happy that in our modern age, we have many choices where to invest -- be it gold, stocks, forex, real estate or also cryptocurrency. Gold has its own value and will always have a role to play in times of crisis, chaos or catastrophe...now the same thing can b said about bitcoin. So if I have the funds and I can afford it, I would go for gold, I would go for bitcoin. Good investors understand the wisdom of not putting one's eggs in just one basket.

Cryptocurrency will develop and grow, there is no doubt about it. However, one should not forget that this is a rather risky investment of its funds and caution should be exercised here. You should not invest all funds in cryptocurrency. Here you can get a high profit or lose all your investments. Therefore, you should not forget about gold. A reserve of money in ordinary currency must always be available.

Well gold and Cryptocurrency are two different things that can not lump up together, This is simply is a thing Cryptocurrency will simply move to a revolution of innovation and go ahead beyond the future, And in my opinion gold movement will sure stay but it will get left behind by all the digital technology that surfaces that people tend to cling to right now, But there are different investment with gold and different things to do with Cryptocurrency, But for now the demand right now is just much wider in the crypto industry than with precious metals lately.

Gold have flaws and grey areas too, so they will simply ignore the fact that Gold prices are being manipulated by some cartels and super rich investors. They will also ignore the fact that many of the Gold that are locked in vaults have not been audited for many years, so you think it is there but it might not be there.  ::)  <Example : Fort Knox>

Bitcoin is totally transparent and the Blockchain records every single transaction and it can be audited and scrutinized by anyone.  ;) The Gold bugs are just jealous that potential investment capital is going into something else and that something else is much better than Gold.  ;D

I think it is time for us to join those forums and to spread the truth and kill the fud.  ;)

You could argue that gold is the roman version of the modern bitcoin.

Now I still think bitcoin is more than a store of value. Its entire principles of decentralized currency are different to typical fiat money, however at a minimum it is a modern gold.

Gold and Btc are different in so many ways. They have different roles as well so we can't compare them when it comes to investment.
We all know how physical investment and digital currency works so both would be beneficial if we'll know how to use and value them.
Bitcoin was originally created as a mode of payment and as for me, it's as valuable as gold in terms of investing.

Personally, I do not see any contradictions between gold and cryptocurrencies. Why can't people accept both realities and accept the fact that one is not always better than the other, and one can complement the other? Gold can be quite successfully sold for bitcoins and vice versa. Cryptocurrencies are another reality and people of the older generation simply do not see values ​​in it because they are used to the fact that value is material. In the information epofu, information becomes the most expensive commodity and currencies also become digital. People just have to realize it.

No point to make comments like you are regretting why investing much in gold. Gold was the most place people invested then.

Yes gold and cryptocurrency are not the same. Gold is natural resources from gold while cryptocurrency is human creation but it is now seen as the digital gold especially bitcoin because of high value it is providing.

if compared between gold and bitcoin there is certainly a difference.
it is clear that bitcoin has experienced a significant price change in prices up and down in a matter of hours.
while gold tends to be more stable

I think he is saying that he is still into 'metals', so OP is agreeing with you.

He is mainly pointing out that people on precious metal forums are raging about bitcoin, when really you would think they would be embracing it as almost a digital gold.

Cryptocurrency is very risky because of its volatility, have never traded on gold, only heard how people gold were stolen without trace. I made a huge loss by taking a huge risk investment in cryptocurrency, had I put it in bitcoin, I wouldn't have made much loss like I did. Bitcoin is safer than coin in the market. When I have some spare money I mean buy a precious metal but won't keep it with me, I want to sleep with my two eyes close.

This is the one that regularly gets me. The gold price is so strangled, mangled and diluted it's a miracle anyone bothers. You can believe in the actual substance but the way the value is so outrageously weaseled kind of cancels out the perceived benefits it touts.

Crypto is yet to reach this stage and hopefully the instant and universal transparency will fight it off but I've no doubt they're going to try.

Gray speculation, so far the crypto that we know is a form of decentralization while a country needs a currency that can be regulated according to its policy (centralization). I don't think that crypto will replace fiat but fiat will be replaced by a centralized digital currency. But there's no need to worry because I'm sure fiat and crypto are very different, and they in the future will go hand in hand and be very influential for the world.

To condemn the author of the post makes no sense.Investing in metals is also profitable.Alas, cryptocurrency has a very big problem.And many people know this problem is high volatility.Although if we look at the crypto currency №1 in the list,then for the entire time of its existence it gave a huge profit.Investing in cryptocurrencies is naturally worth it,but do not forget about the risks.Good luck investing!

That's the prime reason most people are here. And it's also the prime reason why most people here are completely and utterly uninterested in gold. Gold does of course experience volatility but nowhere near enough to get most of us erect.

I feel open fear, they don't know crypto.
it is our duty to socialize crypto to be better known. Give an explanation so that they understand that crypto is not a kind of money laundering or criminal tool.

Yes, I wasn't replying to the OP per se, it was a general comment to the crowd of folks (usually crypto shills that own a very small amount of BTC and whose only hope is a moonshot in btc price) that seem to want to make issues out of one being better than the other.   

gold and cryptocurrency have in common indeed. but that is just how someone chooses between gold or crypto, so I think that the same choice is good. besides now many people turn to crypto because crypto gives a definite profit when the price increases.

Why would anyone listen to a forum that tells you to invest in gold -_- This is the digital age, not the stone age. Gold doesn't rise much and it's a terrible investment. It is just there if you have too much money and don't know what to do with it but what to diversify it so no matter how bad things get you will always have things of value to trade. It is a much better idea to invest in active projects then to buy a gold bar and sit and stare at it.

now many people switch from gold to crypto because they think they want to be rich and also they think the future of crypto will be bright

I'm a metal rather than a crypto person, but I share the disgust for some gold bugs forums.
Talking about gold-backed stablecoins, you would think to find some interest among them.
The climax of their argumentative level reduce itself to the classic If you don't touch it you don't own it.
They keep repeating it like zombies

I don't really see the point of a gold backed stablecoin.

The main problem with a backed anything is the centralised holding of the asset backing it. Since you're going to have to make your peace with that regardless of the asset you may as well stick with the dollar. If the point of a stablecoin is stability I'd rather erase the modest amount of volatility that something gold backed would produce.

I see no reason to pointlessly lose or gain a few per cent here and there. It would be an annoyance more than anything.

It's partly about the ability to easily hedge, trade and collateralize positions. If ounces of gold and barrels of oil were tokenized, they could be traded and collateralized just as easily as cryptocurrency is today instead of traders being limited to buying and selling exchange-issued futures contracts.

There may also be privacy benefits. Tokenization -- assuming the tokens are issued on a decentralized blockchain like Ethereum -- ensures the existence of secondary markets and the ability to avoid centralized exchanges and KYC. Regulations around stablecoins and cryptocurrencies (at least for now) are much more lax than those governing securities.

So, if you want to trade gold and do it away from prying eyes, this might be one avenue. It obviously doesn't solve the trust issue (it's essentially paper gold) but it brings other benefits.

Maybe I was being too literal minded.

A gold token, why not? A gold coin as an alternative to a dollar coin for trading, I wasn't getting it.

Since gold has long gone full paper then there's no particular reason not to. It may be less offensive than full paper gold but in no way will it tempt committed gold bugs and rightly so.

Gold price in last years did not move a lot. Considering the fact, that we have inflation and there are storage costs it is not something you can earn on anymore.
In our opinion, the only reason behind investing in those metals is if you are a prepper (but then you need to store it physically in a safe way).
Anyway - the next upcoming recession will give us a clear answer if cryptos will fully replace gold as a safe haven or not.
We bet that the majority of people here have made up their mind a long time ago.

I have no problem in trusting an institution, as long as I choose which one.
So I have no problem with centralization.

I don't share the assumption that the main point of cryptos is decentralization,
just as much as, for example, I don't share the assumption that the main point of cryptos is anonymity.

Long term, Gold is more stable than the $.
Gold can save the purchasing power of its owner much more that the $ can do.
That's the main point of preferring a gold-backed stablecoin vs. fiat


What a relief for once not having to read the "If you don't touch it ..." meme!  :)
Thanks gentleman

gold did not move a lot last year, but it will be different if FED starts to move interest rates lower (to cut it), then Gold will be on demand of professional investors, and it would be great to have crypto in that game as well

Suppose to be, bitcoin and gold should not be compared. If I have these two luxurious things on earth, I will treasure both of them. Imagine, maybe someday we can see that gold and bitcoin will become valuable things in earth. I believe that crypto is future and it make sense if it will be recognized by people today.

tempora mutantur et nos mutamur en ilis
times change and gold used to be the true value because of it versatility as a store of value , payment vehicle and a useful material
nowadays our world is more about energy and information , hence to me bitcoin is the next gold
be it bitoci or another asset to come in the future I do not know , but one thing for sure - gold won't be in the top forever

It seems to me that gold and Bitcoin should be treated differently.  Gold has been the value of all times and peoples and will remain this value forever.  And Bitcoin And cryptocurrency is not only a fad, but also high technology, which is relevant today.  But you should notice that everything changes in the world, but the values ​​remain the same.

I signed up to the forum, and I added a post to this thread
https://gold-forum.kitco.com/showthread.php?150735-value-of-Bitcoin-after-all-coins-have-been-mined

There is too much crap posted about Bitcoin. Let me know if you disagree with my comment.

Nice clarification about bitcoin mining Jet Cash. They are traducing bitcoin because they are promoting gold and that's fine. Tried searching on that forum for more info about and found out the same. Anyway, their forum is not that well designed and too many ads.

The forum is very slow, and it may reflect the attitudes of many bankers and commodity traders. I've used it for years to check on copper movements, but I didn't ever visit the forum. I'll try to clear up a few myths, and see if I can promote Bitcoin.

Blockchain is the future.

Cryptos have an advantage vs. gold: they use blockchain.
Gold is the future as soon as it get put on the blockchain.
Keeping your confidence in blockchain doesn't imply to throw away the one in gold!  :)

What many gold bugs populating the precious metals forums like kitco don't understand is the possibility to merge gold and blockchain.
Their stance is to refuse blockchain, to consider it gold's enemy, while actually this new technology could evolve to be the best friend of gold, allowing him to get a central role in our financial system.

@Jet Cash, over at kitco I read Banned Full. Did you step on some wrong feet? :)

The both have this similarities (gold and bitcoin) that you should invest to make profit. But major difference is that bitcoin is a digital currency while gold is not and you can feel and touch it. All the same bitcoin is a big threat not only in gold but every currency. Day by day bitcoin grows but the demand for gold is not to be compare with bitcoin

Gold & platinum came to Earth in a massive star explosion that is why it has such massive value and appreciation.

I put a link to Jet Cash (https://JetCash.com) in my sig, and they banned me for advertising. I forgot it has a link to Bitcoin Talk on the index page, and they probably didn't like that. Never mind, it's their loss. I leave them to carry on talking rubbish and misinformation.

@Jet  :D
maybe as a consolation for you, I went there and I looked around.
I was a regular over 10 years ago.
The difference is abysmal.

At that time, I'm talking the gold and silver threads, there was 10x traffic than now. No kidding.
The forum is almost dead.
Several threads in the first pages being opened by the moderators, which is desperation, with spare comments figures.

Kitco was one of the biggest forums about precious metals at the time, and was known for being very strictly moderated.
I guess, kitco forums deadness mirrors the current market sentiment for precious metals

I used Kitco when I had the recycling business, and that was mainly for copper and aluminium news. I went to the forum becuase somebody posted about them talking rubbish there. I don't like to see people who don't understand Bitcoin dismissing it. It took me a while to understand how virtual assets can have a real value, and not just a fiat value. I didn't get it until I realised that things like novels are virtual assets with a variety of physical manifestations. The asset is in the virtual novel, and not the manifestations. I guess it is a bit of a leap to relate that to Bitcoin, but once you do it, you can understand how a mathematical solution can have such a value. Just think of the value if Pythagoras had put a copyright on Pi.

@ Jet,
you have a typo on your site: Jet Cash is the sobriquet used by Kuffy for his activities in the world of ctypto-currencies  ;)

Pythagoras copyrighting the Pi --> Family Tree Research, the most lucrative business in Greece  :)

Bitcoin as a virtual asset having real, not just fiat value.
That's an interesting concept.
I must admit, I'm not there yet.

Today someone wrote that Bitcoin is information, and as such, at least in the USA, it is protected by the 1st amendment, which would make impossible for the US authorities to ban it.
Interesting ideas

The USA has very interesting laws and I agree with the opinion that every activity and every new thing has a right to exist.  But we must take into account the fact that some things can be harmful.  Of course, the fact that in the United States laws are passed, with the help of which you can regulate the activity of cryptocurrency, as well as keep abreast of all possibilities of abuse.