Bitcoin Forum

So imagine I can make a copy of all the gold in the world and then sell it. Maybe not exactly the same but 99%. Perhaps a bit lighter or a little less golden in colour.

But in reality, this copy would be as near identical that it could be used in jewelry, electronics etc. Bit it wouldn't be gold.

Lets just call it new gold. Then I gave everyone who currently possed gold the same amount of new gold.

What would happen to the value of gold?

What do you think the value of new gold would be?

Of course this is impossible, but if it were possible, the price of gold would fall drastically in the long-term as businesses would decide to use the "new gold" in their products.

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Anyway, I'm not an idiot.  Clearly you're making the veiled point that since cryptocurrencies can be easily created which are a copy or near-copy of Bitcoin, Bitcoin should be worth less. 

The reason that the same logic isn't applicable to Bitcoin is because Bitcoin's security is dependent on having a large userbase.  A new cryptocurrency is easily attacked, and since an infinite number can be created, it's incredibly difficult for it to gain momentum.

First-mover advantage may not last forever, but at this point turning the tables is so difficult that the possibility of it happening is negligible.

while you are at it, you can start up the oldest scam in the book. you gather a bunch of people around and tell them you are an "Alchemist" and capable of turning other metals into gold. you take these metals like copper to have a similar color at least and use some showmanship and fool some of them into paying you money to buy your "gold" ;)
https://upload.wikimedia.org/wikipedia/commons/thumb/9/99/Alchemik_Sedziwoj_Matejko.JPG/375px-Alchemik_Sedziwoj_Matejko.JPG


or you know, you do a modern version of it using the blockchain technology.
https://cryptocomes.com/sites/default/files/styles/large/public/2018-04/photo_2018-04-09_18-28-41.jpg

I believe we should stop seeing Bitcoin on one side and all other coins as if they were clones of Bitcoin. They are not. Each project is an INDIVIDUAL COIN. Same project are very valid and will create coins that last and stand out (Litecoin, Dash, Dogecoin and more recently Bitcoin cash and Bitcoin Private) and some instead end up being shitcoins.

Assuming that all altcoins are just surrogates of Bitcoin is definitely incorrect and would convey a very distorted image of cryptocoins.

I suppose to make a genuine copy of it impossible, and if you do such a copy you are deceiving a customer or a gold buyer if you do not tell the customer.

you can never "replace" the original thing. gold is a bad example in my opinion i prefer "diamond". we all know it is valuable and it has some utilities as jewelry and because of its mechanical properties such as high hardness it is used in machining,...
some day someone created a "copy" of diamond known as synthetic diamond. it exists today and it is used but it can not replace the original thing. because this "copy" has good properties it is used in same applications as real diamond and that makes it valuable but real diamond is still valuable too.

The value of gold could increase because people who received the new gold would sell it and they'll use that money to buy more gold there's no point in using new gold.  The value of new gold won't be close to the old gold because it's quality isn't the same. The current price of gold is at $1300~ if there was a "new gold" to be distributed in the future my estimate would be at $100 or lower.  

I think it will depend on the acknowledgement of people who use gold, if they admit new gold with nearly similar to gold then call it "new gold' then the price will be increased. Gold price itself perhaps influenced by this new gold but it depends on the people acknowledgement, how "identical" with original gold. I think we already customized with this analogy in actual life, there were gold imitation made of some material just to substitute gold for jewelry in lower economic people. But unfortunately, the community hadn't acknowledge to be identical and this was admitted by the user itself then the value is much lower than original gold while the original gold price was not affected at all.

Its accuracy of 99% means that it still has incomplete scores and is sure it can not pass the gold test. If you can make copies of gold and it is accepted by gold, through like real gold, I think you will be able to change the price of gold quickly in a short time.

for me i think the gold stay golds price, but unlike the gold that you made of, or a copy of that gold would not be as high as price as gold.. because they are not the same gold.. and i think before it be bought by the buyers.. they will find it not true gold.. and the price of the new gold you been created may be not becoming low of value rather than gold.. or much cheaper than true gold and the true gold will not be affected by that one in terms of price and value.. that's what i thought

It really depends of what people are going to use your gold for, 99% is literally gold already and you will be just a really rich man, because the metal itself is rare and unless you make really absurd amounts of it things won't change much, let's say if you make enough gold to sell it on supermarkets we can say the gold price will decrease drastically or maybe just your kind of gold will be really cheap, as 100% will be rare and regarded as an antique.

Bitcoin (Gold) vs Bitcoin Cash (Little less color)???

Bitcoin 2 mb blocks vs Bitcoin Cash 8 mb blocks???

Hard fork???

Current price: $9,510.11

Current price: $1,343.48   

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Enough with this analogy dude. We clearly see what you are trying to drive out. Your argument is seriously flawed.

how much is it going to cost you to create this new gold of yours? it is all about the production cost. it may cost you 10 times more than it costs to extract gold for the ores. so your "new gold" would cost 11 times more than "real gold" and price of gold is not even going to be affected by it.

if it costs exactly the same (in cryptocurrency analogy if you simply copy pasted code to create your own altcoin similar to bitcoin) then the value of the original won't be affected and your new product will cost a lot less because it is still a copy not the real thing and it has "impurities" and downsides.

If you consider gold to be a jeweler, I think people can also agree that wood is a jewelry. But why wood is not as expensive as gold? Hope you find a way out.

Wondering what turns this people hallucinate and reaching this high level of paranoia,is this effect of so much smoking?lol

Bitcoin cant be copied no matter how genius you are,because blockchain has made with high security that i think want never be hacked,and besides would you mind making your homework than posting this wild imagination

Either you're completely missing the point or you're joking somehow... OP is clearly making a comparison to Bitcoin forks and is asking if those forks affect the price of Bitcoin.
Your points about security are completely irrelevant.

OP, I do think that forks have an effect of the price, but I'm not sure if this is a long term effect.
You certainly have a short-term effect due to people buying additional coins to benefit from the fork (it's free money after all).

But whether those forks actually take marketshare away from Bitcoin? To a certain extent probably, but it's just difficult to say how much.

I think new gold is the real gold. "Gold' use to be gold, but eventually people started turning them into coins so that it was no longer gold. This is a perversion from God's original vision. The holy white paper says so. New gold is actually more like real gold. We should call new gold, gold, not new gold.

Thank you for your replies.

I am not smoking something as someone suggested. Yes, the post was an obvious comparison with bitcoin and its forks.

Now I know lots of you aren't fans of bitcoin cash but this copy of gold does more or less the same thing and has a market value of $21 billion. Like it or not its insane.

In effect gold was copied and didn't dilute the price of original gold.

What a mad world we live in.

As you figured out, your example can't be the same like bitcoin and bitcoinCash as the OP tried to explain. There is a difference between classic and new gold as the classic one has its community but the new one still have a longue trip to convaince users about its efficacity.
Let's think a little about other coins forked from the same nlockchain; what would we call them?

what you say is an analogy or parable between Bitcoin and Altcoin or something else.
it is like that if Bitcoin is the real gold then as good as any person makes the exact same thing surely it will never be the same because gold is valuable by those who have it.

are you talking about fork in coins ? i think if gold can be copied, its value will drop someday
because copy means adding more supply to that. more supply = lower price.
but in crypto, you can see bitcoin. the value has not drop when forked.

Well, it most certainly has diluted the price of Bitcoin. There are some people entering the crypto space who will be buying BCH instead of BTC. BTC + all the forks is what Bitcoin's price probably would be at if no forks existed. It may be a bit more though, because some people think they are "diversified". In reality, if you are in the crypto space there isn't too much diversification since it is entirely its own sector.

it seems like the fake money, the people that know about the gold will say that was a fake, because as good as the imitation gold I think people that knows about gold will know about it, and maybe it will make the owner of gold will afraid of their gold, I think the price of real gold is okay if there are fake gold in the public

I don't see this happening to be realistic but if it does eventually happen then expect a free fall in the value of gold. This is because the supply has gone up and so it becomes cheaper to sell it off since there are more people who have same amount of gold.

The value of the old gold will drop because the demand for it will also drop. The price of the new gold will be gradually going up because of the demand. This is just simple economics.

I think the value of gold would become lesser because there are a lot of gold. And I think the demand would increase because of its price.

if you want to out here dont use your account her or do not remember your account just ignore the site or the link that's my opinion and my suggestion to help you to out here.

whose imitation is still imitation.
whose duplicate name is still a duplicate.
whose name traces are still traced.

still the original price will be high in comparison with the imitation.

the same thing with Bitcoin and Bitcoin Cash, Bitcoin Cash is unlikely to match the price of Bitcoin.

it's the same thing with Bitcoin and Bitcoin Cash. Still, Bitcoin Cash will not match the price of Bitcoin, because Bitcoin itself is its king of Cryptocurrency.

if the gold is new found and its color a little faded, then I make sure the new gold found it can not match the old gold price.