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Title: Bitcoin vs Gold Debate Settled Post by: Hydrogen on December 16, 2020, 05:21:28 PM https://i.imgur.com/AbB65UW.jpg
... Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate: Quote Wozniak Thinks Bitcoin Is Better Than Gold OCTOBER 23, 2017 He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth. “Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.” https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold .... That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. Title: Re: Bitcoin vs Gold Debate Settled Post by: Silberman on December 16, 2020, 06:12:37 PM Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate: This is a topic that interest me greatly and I think he is right, for example most of the gold ever extracted has been extracted from the surface not covered by the sea, can you imagine how much gold is hidden below the sea? So all the estimations about how much gold remains in the world are probably way off, also once humans begin to explore space with more efficiency space mining will become a thing and the amount of gold we will have access to will only be limited by our ability to get there and extract it, so bitcoin is way more scarce than gold will ever be.Quote Wozniak Thinks Bitcoin Is Better Than Gold OCTOBER 23, 2017 He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth. “Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.” https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold .... That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. Title: Re: Bitcoin vs Gold Debate Settled Post by: rat03gopoh on December 16, 2020, 06:18:01 PM Yes it's too early. Bitcoin still has various weaknesses that we won't find in gold such as transaction fees and dependence on electricity. We should look at the differences between the two based on the objective so as not to overly compare which of them is the best, gold is absolute stability and bitcoin is effectiveness.
Title: Re: Bitcoin vs Gold Debate Settled Post by: dothebeats on December 16, 2020, 07:41:38 PM Good point made by Silberman. Just imagine once we have mastered and conquered space exploration within our immediate vicinity, we’ll have a huge resource of golds and precious minerals that could virtually overshadow Earth’s mined resources for such, making them not that scarce at all. In bitcoin, it is governed by set mathematical rules and cryptographic principles. Good luck finding for a workaround on that.
Title: Re: Bitcoin vs Gold Debate Settled Post by: Febo on December 16, 2020, 08:17:34 PM Can we announce bitcoin the winner. Or would it be premature. Winner of what? The moment financial crash will happen everyone will fee to gold. Price will go up once or few times. But until that happen Bitcoin will be for sure few times more expensive as it is now. Is Gold better store of value than Bitcoin right now. Yes it is. Is Bitcoin better investment right now. Yes it is. Title: Re: Bitcoin vs Gold Debate Settled Post by: Fortify on December 16, 2020, 09:58:36 PM Arrogance has been the downfall of many people and empires in the past. Gold has been around and considered a useful store of wealth for many decades, Bitcoin has been around for just over 10 years. While it is great to see Bitcoin succeeding, it still seems wise to spread your assets into a few different assets to avoid any sudden collapse in value like we've seen it the past.
Title: Re: Bitcoin vs Gold Debate Settled Post by: figmentofmyass on December 16, 2020, 10:33:19 PM wozniak's point about supply being predictable and finite is spot on. i've been harping about that one for a long time as to why bitcoin is superior to gold.
After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. bitcoin always had more upside potential than gold. that's the nature of being a brand new asset class starting from $0 compared to a time-tested asset that's already been increasing in value for thousands of years. it's like buying amazon in the 90s vs a blue chip stock. of course there is more growth potential in the new asset, so this is probably not the fairest metric for deciding the "winner". with both assets at their historical all time highs, they're both winners in this new financial paradigm as far as i'm concerned. the primary losers in this paradigm appear to be treasuries and cash. Title: Re: Bitcoin vs Gold Debate Settled Post by: Darker45 on December 17, 2020, 01:27:09 AM Can we announce bitcoin the winner. Or would it be premature. Nope, Bitcoin may be the winner in this particular battle but not the entire war. I'm only talking about the investment or price battle and nothing else. I'd like to believe that in general there is really no need to pit gold against Bitcoin. Gold is only scarce because it is hard to extract. While others estimate the remaining gold deposits to be only around 20%, and that it is actually one of the finite resources of the earth, there is actually so much more in abundance in the deeper grounds. But that does not mean gold is inferior to Bitcoin. The reason why gold has become so valuable is something Bitcoin cannot displace. This beautiful metal has a lot of other more practical uses. Title: Re: Bitcoin vs Gold Debate Settled Post by: cryptoaddictchie on December 17, 2020, 02:44:12 AM That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Can't deny that the evolution to look and mine for gold is being improved. But He should realize that gold is naturally occurring and none renewable source of substance. Let's say that they improved it. He should understand that creating gold from a naturally occurring materials are not efficient to produce more gold in the next years. We can say that there are still untouched resources out there but once all of it are depleted we can't produce more. They have same case with Bitcoin and people are more easier to cope with it since digital now are being imposed. I agree bitcoin is on the lead here but when we arrived on the scenario gold is already depleted then countries will definitely panic and some might hoard. Gold has more use case than bitcoin and that's the time gold will spike more than bitcoin but this time bitcoin will definitely win it more due to hype. Title: Re: Bitcoin vs Gold Debate Settled Post by: BigBoy89 on December 17, 2020, 02:56:23 AM Both are limited, but while Bitcoin could evolve, Gold could just be buried deeper and deeper.
Just cryptocurrencies are the gold of the 1800s. In a generation or two, everybody will accept it as something normal to daily life as we now accept the internet. My son still doesn't believe me that I didn't have my own laptop at 4 :D Title: Re: Bitcoin vs Gold Debate Settled Post by: so98nn on December 17, 2020, 03:35:31 AM Good point made by Silberman. Just imagine once we have mastered and conquered space exploration within our immediate vicinity, we’ll have a huge resource of golds and precious minerals that could virtually overshadow Earth’s mined resources for such, making them not that scarce at all. In bitcoin, it is governed by set mathematical rules and cryptographic principles. Good luck finding for a workaround on that. I loved this imagination. You must be space thinker and that's the reason you think out of the box! Considering the meteor showers that happens on the moon, there has to be huge chemical reactions going on to produce million tons of Gold. Obviously this all modest thinking and we still have time for moon gold digging but it will surely happen sooner or later considering our pace of space exploration and human needs (or greed !!). This will dilute the Gold price ridiculously. In the mean time Earth itself has huge resources available and gold keeps forming within the crust so logically its not finite. Quote Wozniak Thinks Bitcoin Is Better Than Gold “Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.” Can we announce bitcoin the winner. Or would it be premature. Whether it is winner or not I am not sure because there are many ways to compare this thing. However, it's definitely not premature to think on the current scenario of BTC vs GOLD. Title: Re: Bitcoin vs Gold Debate Settled Post by: Poker Player on December 17, 2020, 04:57:08 AM Can we announce bitcoin the winner. Or would it be premature. I agree with the others that it is a bit premature. But I think the important thing is the trend and not so much to give the debate a rest. Every day more people are saying publicly that bitcoin is going to replace gold, even though some of them held the opposite opinion a few years ago. If we add to that the profitability graph, the truth is that the future looks very good because it seems that at least bitcoin is going to eat up a good part of the market share. Title: Re: Bitcoin vs Gold Debate Settled Post by: Lorence.xD on December 17, 2020, 06:34:00 AM Yes it's too early. Bitcoin still has various weaknesses that we won't find in gold such as transaction fees and dependence on electricity. We should look at the differences between the two based on the objective so as not to overly compare which of them is the best, gold is absolute stability and bitcoin is effectiveness. Gold on a consumer level has more transaction fees than bitcoin, they have what you call a storage fee if the amount is considerably big and you have to pay taxes, get some paperwork which is far worse than transaction fees on bitcoin, gold does depend on electricity although it is dwarfed by bitcoin mining, the pollution that gold mining contributes in the environment is far worse than bitcoin, there are no mountains flattened with bitcoin mining. I do think that the only weakness of bitcoin that you mentioned is the electricity consumption which is inevitable and can be subverted if the bitcoin mines move closer to the sources or the energy source are renewable.Title: Re: Bitcoin vs Gold Debate Settled Post by: davis196 on December 17, 2020, 07:35:00 AM Quote That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. Mining gold is still very expensive,despite the more efficient mining methods,that were implemented by the industry.What makes the gold price so stable is the possibility of the US Federal Reserve manipulating the gold prices,by keeping them low.This is a well known conspiracy theory,that has to be investigated. Bitcoin supply is limited,but that depends on the consensus inside the BTC community.The global 21M BTC mining limitation isn't "carved in stone" and can be changed,as long as there is consensus for such change. I'm glad that there's no consensus for changing this rule,which proves that decentralization and democracy are better than any centralized authority(central bank or a government). Title: Re: Bitcoin vs Gold Debate Settled Post by: Haunebu on December 17, 2020, 08:00:28 AM In terms of value, BTC clearly wins over Gold and Silver currently, but I don't think this should be our primary focus because we are treating BTC primarily as an asset in this scenario and not as a currency.
This should be the secondary focus point. We should primarily try and improve BTC adoption as a currency wherever possible in order to help it grow organically over time in my opinion. Title: Re: Bitcoin vs Gold Debate Settled Post by: 20kevin20 on December 17, 2020, 08:03:18 AM It's gonna be a long, never-ending debate. Gold has its own advantages, Bitcoin has its own. Comparing them is useless. BTC simply isn't gold and that's it. It's something we've never had before and I know that humans like to compare new stuff to the older, but in the end crypto is simply a new niche and we have to accept that.
Bitcoin supply is limited,but that depends on the consensus inside the BTC community.The global 21M BTC mining limitation isn't "carved in stone" and can be changed,as long as there is consensus for such change. Changing the supply limit would be very counterproductive. Best thing we can do is change the denomination once Bitcoin becomes worth more than $100,000-1,000,000, because 1 satoshi would then be worth $0.001 and fees could become too expensive.I'm glad that there's no consensus for changing this rule,which proves that decentralization and democracy Adding another zero after the "." might therefore be a better plan instead. The supply would still be the same (21M coins), but we'd be able to spend a 10th or a 100th of 1 sat. Title: Re: Bitcoin vs Gold Debate Settled Post by: Mauser on December 17, 2020, 08:21:41 AM That's a pretty nice chart. The correlation between gold and bitcoins seems broken now. I agree that holding Bitcoins is more profitable than holding gold, also it's much easier to store than gold. The world is already looking towards recovery from the pandemic, and gold tends to perform better in times of crisis. I Would still recommend every investors to hold a few commodities in his portfolio. It doesn't have to be gold, I could be a basket out of precious metals.
Title: Re: Bitcoin vs Gold Debate Settled Post by: Wind_FURY on December 17, 2020, 09:30:48 AM OP, I believe the current market condition only proved that Bitcoin's market is more volatile than Gold, not that it's simply a "better" SOV. Change a current market condition not favorable for Bitcoin, then Gold could be better.
As a form of self-sovereign SOV, censorship-resistant hard money, Bitcoin. Title: Re: Bitcoin vs Gold Debate Settled Post by: Phoenix_PROG on December 17, 2020, 09:38:03 AM https://i.imgur.com/AbB65UW.jpg Looking at that chart it's clear that gold is more stable than bitcoin and yes bitcoin outperforms gold already, even many times in the past, gold stands no chance against bitcoin anymore and infact right now bitcoin is more scarce than gold, in future Bitcoin will be x2 bigger and better than gold and some altcoins will beat gold someday ... Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate: Quote Wozniak Thinks Bitcoin Is Better Than Gold OCTOBER 23, 2017 He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth. “Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.” https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold .... That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. Title: Re: Bitcoin vs Gold Debate Settled Post by: bekti3 on December 17, 2020, 02:31:49 PM Can we announce bitcoin the winner. Or would it be premature. [/quote] What Steve Wozniak said deserves thumbs up. he said very precisely and broke all the polemic about bitcoin and gold. this is absolutely proven. It is time and cannot be said to be premature, it is ripe and very mature in recognizing the ferocity of Bitcoin in the market. The position of gold has begun to slip and is no longer mainstream by all major investors. This of course created a massive and unstoppable demand for bitcoin. Title: Re: Bitcoin vs Gold Debate Settled Post by: Hydrogen on December 17, 2020, 09:02:45 PM Quote The supply of gold is finite. Wanted to take a second to say gold can be produced from mercury via nuclear reactor. :) The supply of gold can be inflated. ATM it is not cost effective to do so. Perhaps this could change in the future. Quote Chrysopoeia, the artificial production of gold, is the symbolic goal of alchemy. Such transmutation is possible in particle accelerators or nuclear reactors, although the production cost is currently many times the market price of gold. Gold synthesis in a nuclear reactor Gold was synthesized from mercury by neutron bombardment in 1941, but the isotopes of gold produced were all radioactive.[12] In 1924, a Japanese physicist, Hantaro Nagaoka, accomplished the same feat.[13] Gold can currently be manufactured in a nuclear reactor by the irradiation of either platinum or mercury. Only the mercury isotope 196Hg, which occurs with a frequency of 0.15% in natural mercury, can be converted to gold by slow neutron capture, and following electron capture, decay into gold's only stable isotope, 197Au. When other mercury isotopes are irradiated with slow neutrons, they also undergo neutron capture, but either convert into each other or beta decay into the thallium isotopes 203Tl and 205Tl. Using fast neutrons, the mercury isotope 198Hg, which composes 9.97% of natural mercury, can be converted by splitting off a neutron and becoming 197Hg, which then decays into stable gold. This reaction, however, possesses a smaller activation cross-section and is feasible only with unmoderated reactors. It is also possible to eject several neutrons with very high energy into the other mercury isotopes in order to form 197Hg. However such high-energy neutrons can be produced only by particle accelerators.[clarification needed]. In 1980, Glenn Seaborg transmuted several thousand atoms of bismuth into gold at the Lawrence Berkeley Laboratory. His experimental technique was able to remove protons and neutrons from the bismuth atoms. Seaborg's technique was far too expensive to enable the routine manufacture of gold but his work is the closest yet to emulating the mythical Philosopher's Stone.[14][15] https://en.wikipedia.org/wiki/Synthesis_of_precious_metals#Gold .... Title: Re: Bitcoin vs Gold Debate Settled Post by: Shasha80 on December 17, 2020, 11:34:11 PM For me, since 2017 Bitcoin has been the winner, as Wozniak said, nobody can change mathematics. This makes Bitcoin have a fixed supply,
which of course Gold doesn't have. Moreover, looking at the performance comparison of Bitcoin and Gold this year, it is clear that Bitcoin is better than Gold. So for me the Bitcoin vs Gold debate is over. Title: Re: Bitcoin vs Gold Debate Settled Post by: jostorres on December 18, 2020, 09:58:18 AM Well, technically he is right. Because we do not know the exact number of golds in the world, we know that it is finite and we know that there isn't that much left neither, so that is totally understandable to say that gold will not be too much more and it is finite and scarcity increases the price just like bitcoin.
However there is no doubt in the world that there could be some more gold found somewhere around the world, not a huge sum obviously, you are going to find mountains of gold anywhere in the world, you are lucky to find gold at car size, most of the time not even that, all the ones that are mining right now are already figured out, even if not in calculation yet, we know it is there. It means gold will be found in small amounts and not exact number just yet, which I can understand. Possibly another option is humanity is going towards space, who knows maybe there is gold to mine there as well? Title: Re: Bitcoin vs Gold Debate Settled Post by: figmentofmyass on December 18, 2020, 10:01:51 AM Quote The supply of gold is finite. Wanted to take a second to say gold can be produced from mercury via nuclear reactor. :) The supply of gold can be inflated. ATM it is not cost effective to do so. Perhaps this could change in the future. this isn't a perfect analogy of course, but it's worth pointing out there have been a couple bugs in bitcoin's history (2010, 2018) that did/would allow for supply inflation. https://en.bitcoin.it/wiki/Value_overflow_incident https://bitcointalk.org/index.php?topic=5035144 the inflation can be forked out of course, but it would be a mess. :D Title: Re: Bitcoin vs Gold Debate Settled Post by: Ucy on December 18, 2020, 10:39:42 AM The supply is scarce though or locked/hidden somewhere(esp in the earth) people can't easily access.
Digging it out of the earth will likely not be that sustainable or safe for the earth considering the large population of human and our "consumption" appetite. Better to use "string of numbers" for representing values and gold as an optional material for preservation of the values/numbers, and as an optional medium of exchanging the value/numbers. This and couple of other things make something like Bitcoin better money. Title: Re: Bitcoin vs Gold Debate Settled Post by: nemey on December 18, 2020, 12:21:58 PM As you can see in the chart, it is clear which one is better and which one to choose. In my opinion, Bitcoin will be able to make big profits faster with a high risk. And gold is indeed a stable price and low risk, but it will take too long to get a big profit.
Title: Re: Bitcoin vs Gold Debate Settled Post by: MUG1WARA on December 18, 2020, 04:09:41 PM both are different and in my opinion it is not debatable, gold has a much more stable value and is also a real thing that we can see while bitcoin has an indeterminate value and we can only see it as a number
Title: Re: Bitcoin vs Gold Debate Settled Post by: proTECH77 on December 18, 2020, 05:41:04 PM Quote Can we announce bitcoin the winner. Or would it be premature. Yes, we can announce bitcoin the winner base on the result we saw during the pandemic that make many currencies devalue during the process which was making bitcoin price increasing in the exchange market. Gold is not yet improve since we came back from pandemic, despite the year remain 13 days to end the year 2020. Bitcoin is still pumping in the market, nearly to reach $25k despite what covid-19 has caused in the world economy . Title: Re: Bitcoin vs Gold Debate Settled Post by: jtipt on December 18, 2020, 05:55:19 PM both are different and in my opinion it is not debatable True, but for different reason. I don't know why but everyone always seems to forget that gold is just a piece of metal, whereas bitcoin has much more use case than being a store of value. The only similarity bitcoin and gold share, in my opinion, is thier rarity. Everyone always say bitcoin is digital gold but in reality bitcoin is much more than just a "rare thing" with value.Title: Re: Bitcoin vs Gold Debate Settled Post by: meanwords on December 19, 2020, 02:51:56 PM In terms of value, BTC clearly wins over Gold and Silver currently, but I don't think this should be our primary focus because we are treating BTC primarily as an asset in this scenario and not as a currency. Value can be subjective too though. Bitcoin might be winning in terms of USD value right now but if you look at the market cap, gold is obviously far ahead. To be honest, I don't think neither needs to compete with each other. They both have independent usage which can be an advantage if used right. It's just that, people are treating gold as if its only purpose is to be an investment. Title: Re: Bitcoin vs Gold Debate Settled Post by: srcarreira on December 19, 2020, 03:12:57 PM That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. I'm really glad to know that we finally won't hear more of this "debate" which was more of a endless argument.After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. That doesn't matter what is the result of this debate, to be honest. I still see this as a speculation about something we don't know yet. It will take another 10 years of bitcoin observation to draw a decent conclusion Title: Re: Bitcoin vs Gold Debate Settled Post by: ChrisPop on December 19, 2020, 03:42:11 PM I think we are at a great moment in time, when Gold might no longer be considered the supreme asset that we use to hedge against economic crisis.
As Wozniak said, one cannot mess with mathematics. Once the numbers are in place, you cannot move them. Paired with the blockchain technology BTC is bound to be the highlight of the century IMO. Title: Re: Bitcoin vs Gold Debate Settled Post by: jaysabi on December 19, 2020, 05:21:55 PM The extremely limited data point doesn't prove anything. The claim that the debate is "settled" is reckless considering you've started at an arbitrary point, ended at an arbitrary point, and have an extremely limited amount of data in support of the claim. You can make the data "prove" any point you want with such disreputable tactics.
Title: Re: Bitcoin vs Gold Debate Settled Post by: Om.monata on December 20, 2020, 04:06:13 PM for the short-term chart bitcoin wins because the price is very fast increasing. but for bitcoin price resilience to lose to gold, gold is stronger and more stable than the price. So it's too early for bitcoin wins but bitcoin is potentially good in the short term
Title: Re: Bitcoin vs Gold Debate Settled Post by: Argoo on December 21, 2020, 06:41:37 AM both are different and in my opinion it is not debatable True, but for different reason. I don't know why but everyone always seems to forget that gold is just a piece of metal, whereas bitcoin has much more use case than being a store of value. The only similarity bitcoin and gold share, in my opinion, is thier rarity. Everyone always say bitcoin is digital gold but in reality bitcoin is much more than just a "rare thing" with value.Title: Re: Bitcoin vs Gold Debate Settled Post by: bearexin on December 21, 2020, 08:19:36 AM I would say there is no winner in this fight because they are bot winners against fiat if you ask me. Think about it, bitcoin has been great, crypto has been great, gold is usually great over course of many years versus fiat, whereas fiat has been always bad and it will probably stay bad.
This is why instead of trying to figure out if we would like to compare bitcoin to gold and see which one is better, I would say that the smart decision will be probably just putting bitcoin/gold together and make it fight against fiat if you ask me, that would be a lot more smart, I would say having gold as the big investment and having bitcoin as the currency would be a great decision for your life, just use bitcoin as much as you can (or any other crypto) for everything in life if you can, and put all your investments to gold, rest will be in crypto anyway. Title: Re: Bitcoin vs Gold Debate Settled Post by: Silberman on December 21, 2020, 04:44:30 PM both are different and in my opinion it is not debatable, gold has a much more stable value and is also a real thing that we can see while bitcoin has an indeterminate value and we can only see it as a number The only reason the value of bitcoin is more volatile while the value of gold is more stable is because gold has been around for thousands of years, people trust gold and a huge amount of money is already invested in it while bitcoin is a new technology that was developed only 10 years ago and that only now institutional investors are coming to the market and have begun to buy, once a great deal of the population of the world adopt bitcoin its value will become more stable.Title: Re: Bitcoin vs Gold Debate Settled Post by: vaultman on December 21, 2020, 07:50:59 PM Gold has not only been used as money, but also has practical applications in life, so it will always be valuable, and bitcoin can only be used as cash. The only minus of gold is the fact that sooner or later scientists will be able to create it from other substances, or in some other way. I think that someday science will definitely come to this, but in the next 50-100 years gold will still be highly valued in the world, especially given the exponential growth of the world's population.
Title: Re: Bitcoin vs Gold Debate Settled Post by: sana54210 on December 23, 2020, 05:52:59 PM I agree that gold is not really the enemy here, fiat is so there is no reason we should drop each other. That is what happens in capitalism, they find you an enemy to fight against to distract you from the real enemy. For example, they talk about how EMT's make 15 dollars an hour in USA so minimum worker shouldn't make the same amount and not change the federal minimum wage because of it, whereas the real problem here is not that minimum worker should not make 15 dollars, it is EMT's that should make more while minimum wage is 15 dollars.
Same here with gold, they tell us that gold is scarce and bitcoin is similar to it and if bitcoin could ever beat gold, we should not even try to beat gold, we should focus on fiat and how horrible it is and how unfair the system in fiat world is, that way we could potentially change something in crypto and help the traditional markets to become better. Title: Re: Bitcoin vs Gold Debate Settled Post by: atjiat on December 23, 2020, 06:20:27 PM Perhaps I initially did not understand the essence of the issue and the confrontation between Bitcoin and gold, but I never considered Bitcoin to be gold competitors. These are the best assets a self-respecting investor can have. At the same time.
Title: Re: Bitcoin vs Gold Debate Settled Post by: teosanru on December 23, 2020, 06:42:54 PM https://i.imgur.com/AbB65UW.jpg Haha I thought forum is now free from this old shit of comparing gold vs bitcoin but here we are again almost about to reach 2021 but the debate is still not over. Moreover I am surprised to know that people feel that price is a barometer for deciding whether one of them has won a debate or not? First of all let me tell you gold too is simple mathematics there is a finite amount of gold on this earth it's just that currently we don't have the "Mining power" to extract all of it. We might have same by 2137. Heard of that year? yeah that's the year until we will be able to mine the last satoshi of Bitcoin so aren't both the same this way? Moreover let me tell you practicallity mathematics is useful at school and pretty useful for scientist. But in real world such things are measured using "Finance" which says value of something would be the amount of utility it generates or the cash flows it generates. Surprisingly increasing BTC price is not giving either of them. You can get cash flows by selling BTC but that isn't really a cash flow that's merely a speculation of increased pricing while increasing price and adoption is sinking down the utility due to scalability issues. So tell me how can you end a debate between a 2000 year old asset and 10 year old asset within a few years?... Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate: Quote Wozniak Thinks Bitcoin Is Better Than Gold OCTOBER 23, 2017 He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth. “Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.” https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold .... That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate. After years of debate BTCitcoin is pulling ahead of gold on short term charts. Can we announce bitcoin the winner. Or would it be premature. Title: Re: Bitcoin vs Gold Debate Settled Post by: magneto on December 23, 2020, 08:55:02 PM The scale in that graph is skewed towards gold, so in reality BTC has far outperformed gold during this pandemic downturn.
I wholeheartedly agree with Wozniak. The derivation of gold's value comes from mainly the fact that a) there is a finite known supply of gold that cannot necessarily be mined at an accelerated pace by humans without significant financing and b) there is great trust in its status as a store of value. BTC is all that, but a much better payment processor for day-to-day transactions and its supply is fixed by mathematical certainties - which is why you will see an increasing amount of wealth managers and funds diversifying into this category. Title: Re: Bitcoin vs Gold Debate Settled Post by: hatshepsut93 on December 23, 2020, 11:20:23 PM Bitcoin and gold are too different to say that one is better than the other. Bitcoin is much more volatile and risky, so it's already a bad idea to measure their pure performance without considering it. When investors buy gold, they buy a guarantee that it won't crash for 50% in one day. When investors buy Bitcoin, they buy an opportunity to see a 20% growth in one day. Also gold has been in use for thousands of years, so people can be sure that it won't suddenly start degrading due to some chemical reactions, while Bitcoin still haven't been fully tested in some extreme scenarios.
Title: Re: Bitcoin vs Gold Debate Settled Post by: wheelz1200 on December 23, 2020, 11:26:14 PM Always a good debate but I dont think one is "better" than the other. They compliment each other as asset classes. Just because stocks over the course of years outperforms bonds, it doesn't mean stocks are better than bonds. Its a means to diversify and limit risk at any given point. I am pro bitcoin vs gold but bitcoin has shown to drop much more fierce than gold will, same with the inverse on the way up. Its more risk management at this point as to which one you want to buy or how to weight them in your portfolio.
Title: Re: Bitcoin vs Gold Debate Settled Post by: AndySt on December 23, 2020, 11:58:08 PM Bitcoin and gold are too different to say that one is better than the other. Bitcoin is much more volatile and risky, so it's already a bad idea to measure their pure performance without considering it. When investors buy gold, they buy a guarantee that it won't crash for 50% in one day. When investors buy Bitcoin, they buy an opportunity to see a 20% growth in one day. Also gold has been in use for thousands of years, so people can be sure that it won't suddenly start degrading due to some chemical reactions, while Bitcoin still haven't been fully tested in some extreme scenarios. It all depends from the point of view of which person we are talking about, on the degree of risk that is acceptable. Because when it comes to a protective asset, in this case, gold is much preferable due to the mechanisms of interaction with the market that have already been formed for centuries and the more or less expected reaction of the market to unfavorable conditions. Gold is accepted as a protective asset by all market participants. Bitcoin is relatively young, not all investors treat bitcoin with full seriousness and are ready to work with it.Title: Re: Bitcoin vs Gold Debate Settled Post by: poodle63 on December 24, 2020, 10:23:59 AM If we see it from functionality then yes Bitcoin definitely helps a lot of people solving the problem of sending money across countries around the globe. Gold honestly is just mineral, maybe it can be used to create things for example jewelry but in term of finance, it's not really useful except for preserving wealth.
It just depends whether you could take advantage of Bitcoin as cryptocurrency or just settle with gold because its "precious" in the eyes of many people. Title: Re: Bitcoin vs Gold Debate Settled Post by: Latviand on December 24, 2020, 10:41:40 AM Yes it's too early. Bitcoin still has various weaknesses that we won't find in gold such as transaction fees and dependence on electricity. We should look at the differences between the two based on the objective so as not to overly compare which of them is the best, gold is absolute stability and bitcoin is effectiveness. There's no such thing as a perfect asset so we should also consider their flaws to understand their differences. Bitcoin can be manipulated in the market it depends on the market situation and this asset should have a lot of attention and observation. While in Gold, you will just leave it and wait for more time to increase its price. This is not a high maintenance asset compared to cryptocurrencies and we have different preferences when we plan to invest on a certain assets. Title: Re: Bitcoin vs Gold Debate Settled Post by: oHnK on December 24, 2020, 03:20:35 PM It all depends from the point of view of which person we are talking about, on the degree of risk that is acceptable. There's no such thing as a perfect asset so we should also consider their flaws to understand their differences. Yes, no one type of investment is perfect. However, the fewer the shortcomings of an investment, it can be said that the investment is better than others. We can also compare gold vs bitcoin from many sides, in terms of price stability, gold will be better than bitcoin, in terms of its long existence and evidence, gold is better than bitcoin. However, on the liquidity side, bitcoin is superior to gold. on the advantage of speculation, bitcoin is also superior to gold. There are many more points that can be compared depending on the investor's point of view, the more variables used in comparing these two assets, the more accurate the investment results will be. Title: Re: Bitcoin vs Gold Debate Settled Post by: ChiBitCTy on December 24, 2020, 03:33:54 PM Time after time we continue to see posts about "bitcoin vs gold", and time after time they are completely misguided posts. What you need to understand is that bitcoin and gold are not competitors. Gold is a physical asset used for a number of things such as jewelry and electronics. Bitcoin is a digital currency. They do have similarities in that they are both considered assets, a store of value and investments. The best portfolio is a diversified portfolio and owning both bitcoin and gold makes a lot of sense, not choosing between one or the other.
Title: Re: Bitcoin vs Gold Debate Settled Post by: Vishnu.Reang on December 24, 2020, 04:20:21 PM Gold is being considered as a store of value and that is the reason why it's demand increased when the stock markets went down in March-April this year. On the other hand, a volatile asset such as Bitcoin can never be used as a store of value and therefore it is not possible to compare gold with Bitcoin. The equivalent for gold in the cryptocurrency sector is stablecoins such as USDT and USDC.
Title: Re: Bitcoin vs Gold Debate Settled Post by: bits4books on December 24, 2020, 04:40:34 PM To be honest - I absolutely do not care what the published programmer who "once worked at Apple".
I'm more interested in what Wozniak will do with BTC if the lights are turned off. And not only to him but also to the rest of the world. Or the entire Internet will fall and many other different scenarios. What to do with the dead souls of your coins? Just cry. I can at least use gold as just the same exchange equivalent as one of the classics of trading, and BTC will remain in history. Just think. Btw, he created own crypto and now he spreading fomo about it. Nothing new here Title: Re: Bitcoin vs Gold Debate Settled Post by: Silberman on December 26, 2020, 05:30:42 PM Perhaps I initially did not understand the essence of the issue and the confrontation between Bitcoin and gold, but I never considered Bitcoin to be gold competitors. These are the best assets a self-respecting investor can have. At the same time. They are assets with similar characteristics so they are in fact rivals, this is the same as in any other market, apple and microsoft are rivals despite both of those companies wanting to achieve very much the same goals and the same is true for bitcoin and for gold, both groups of people behind them want the same, the replacement of the fiat system for one based on their asset and we know that even if there can be some parallelism and both coins could be used at the same time there can only be one winner and we want that our side wins not only for ideological reasons but also for the economic benefits that will come our way.Title: Re: Bitcoin vs Gold Debate Settled Post by: jaysabi on December 26, 2020, 06:38:10 PM both are different and in my opinion it is not debatable, gold has a much more stable value and is also a real thing that we can see while bitcoin has an indeterminate value and we can only see it as a number The only reason the value of bitcoin is more volatile while the value of gold is more stable is because gold has been around for thousands of years, people trust gold and a huge amount of money is already invested in it while bitcoin is a new technology that was developed only 10 years ago and that only now institutional investors are coming to the market and have begun to buy, once a great deal of the population of the world adopt bitcoin its value will become more stable.Gold is quite volatile as week compared to fiat in the short term. The USD has lost value slowly and predictably, nowhere near as volatile as gold is on a semi-regular basis and definitely nowhere near any crypto ever at any point in any of their histories. Title: Re: Bitcoin vs Gold Debate Settled Post by: Traderbtcc on December 27, 2020, 05:42:34 AM This is by far the best answer have gotten in this Bitcoin vs gold debate, even if I know bitcoin always had more advantages compared to gold.
Actually, we should not debate about those two because both have different unique attributes like he said gold supply can not be measured but Bitcoin is fixed because math can not be changed. But Gold has a physical form which also makes it unique from bitcoin. People also trust what they see so for now we can say both are very good investment sites and both have potential growth over time. Gold has been in existence a long time ago that's why it has gained the trust of its investors, whereas bitcoin has been around for just 11years now but its slowly attracting those big investors, gold is in a physical form and its quite heavy to carry around unlike bitcoin where you can hold any amount of money in your mobile wallet or ledger wallet. |
