Bitcoin Forum

http://best-miner.com/uploadfiles/image/20140529/20140529081921_72106.jpg
With many common characteristics ,Bitcoin is called “Gold 2.0”.So maybe we should hold a competition between gold 1.0 and gold 2.0.
There are the judging Standard –Six attribute of currency :
Durability
Convenience
Separation
Replacement
Limited supply
Acceptance
Durability
Gold is one of the most durable material on the global .It’s really rare goods .
Bitcoin may be destroyed when mining ,but the condition hasn’t happened .However ,if the hard disk with secret key is buried in the refuse landfill ,the unit of Bitcoin may be gone forever .Each unit of Bitcoin are written in the public record .We can predict what will happen in the future ,but until now ,Bitcoin running is great .However ,Bitcoin is only an experience ,so gold gains one point .

Winner :gold
 Convenience
A 0.2 million dollars house need 12 pound gold .Moreover ,its quality is also a problem .Then safety and insurance are the important problems .If you want to transfer a large amount of gold transnationally ,first you must estimate the fee and safety .So if your house is located on other countries ,you should pay 2 more pound gold for other fee .
 However ,you can use Internet transfer Bitcoin through the world .It is so fast with no insurance or fee .

Winner :Bitcoin
 Separation
Gold can be divided into small pieces ,but it may cost high cost .Moreover ,not everybody can divide gold exact .In technology ,using science and expensive equipment to divide gold is possible .But in fact ,it’s difficult to do .
 However ,everybody can divide Bitcoin into 8 decimal points .Moreover ,you can create endless free wallet to save your Bitcoin value if you want .

 Winner :Bitcoin
 Replacement
 The exactness and value of an unit and another unit should be very similar .However ,gold can be undiluted .And gold may be casted with other metal.
But Bitcoin will not .If you don’t have several millions dollars investment ,you cant falsify Bitcoin .And the profit may be short .Moreover ,add sum up all Bitcoin value is 100%.

 Winner :Bitcoin
 Limited supply
Gold supply is limited .In the history ,gold can be filled with a tennis court .So it’s more difficult to seek gold .What’s more ,if there is a enormous discovery ,gold price will be low.
 Bitcoin supply has serious rule and it may be published ended in 2140.We write up the contract according to issuance amount .So Bitcoin supply is more limited than gold .

 Winner :Bitcoin
Acceptance
 Gold can be exchanged into other precious metal ,but actually little commercial activity accepts gold as payment .Because its identification is very difficult .Moreover ,gold is difficult to change .
 However ,many areas accept bitcoin .Moreover ,bitcoin trading places are everywhere ,and you can be connected with banks directly .Bitcoin trend is that more companies will join in its group .With more confidence in bitcoin value ,its acceptance is increasing .As the investors from Wall Street pay more attention to bitcoin ,more and more people care about it .

 Winner :Bitcoin
Summary
　　
5:1,bitcoin is the winner absolutely .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Source http://www.yibite.com/article-3514-1.html

keep both and you are the winner  ;)

Agree, 2 totally different things that cant be directly compared.

Also what would you rather hold and look at, a box on the screen showing a few digits or some of the shiny stuff ;)

My coin stash to date, bars are stored elsewhere.

1/4 2013 Canadian Maple
1/4 2014 Chinese Panda
1/10 2013 Australian Kangaroo
1/20 2013 Year of the snake
1/4 2013 Krugerrand
1/4 2013 Philharmonica
1/4 Gold eagle
1/2 of Proof Angel
1/4 Britannia
1/10 Lunar Dragon
1/10 Lunar Horse
Valaurium gold note - miners
Valaurium gold note - prosperity
Valaurium gold note - santa
1/10 Lunar Rabbit
1/4 2009 Chinese Panda
1/10 Lunar Mouse
1/10 Lunar Tiger
1/10 2005 Chinese Panda (mint sealed)
1/10 2005 Chinese Panda (mint sealed)
1/10 2005 Chinese Panda (mint sealed)
1/10 2005 Chinese Panda (mint sealed)
1/10 Lunar Snake
1/10 Lunar Ox
1 oz 1986 Panda
1/2 oz 1986 Panda
1/4 oz 1986 Panda
1/10 oz 1986 Panda
1/20 oz 1986 Panda

https://i.imgur.com/RbeSUuj.jpg

If the power or the Internet goes down or just decide to move rural Wales, my gold is still gold and has a value, my bitcoins will hanging somewhere in the virtuality until I can find a McDonald's. So gold wins. If someone in the wild finds a way to hack the bitcoin protocol my BTC will worth zero (unlikely but could happen). Gold wins again. If you have to make a business with a gold-bug who doesn't care about bitcoin... gold. If I want to give a gift to my wife... gold. If the Blackwater guys in Ukraine get drunk and/or stoned and mix the freedom fighters with the 4th Guards Division then no difference, but molten gold coins looks better than a charred laptop :)... gold again.

As you can see it depends on the situation. So diversification wins.

yup, and im focused on just bitcoin, but this above is win win

I'm currently investing 75% in bitcoins and 25% in gold, as Snail said "diversification wins",
but bitcoin have much more room to appreciate in value.

I would say invest 80% in gold and 20% in bitcoin. If bitcoin tanks, you will still have 80% of your money. Or if bitcoin skyrockets, 20% of your initial investment may very well be worth 1000% or more considering what has happened in the past.

get both and you are it.

I love to collect both but when I was a teen, I love to collect the Royal Canadian Mint Coins. Many of them have great value especially their 20 for 20 series. They are always sure to increase and if not, you will always be guaranteed your money back as you can go to the bank and return it for $20, the price you bought it for.
-T 

...

Clearly it is better to own both Au and BTC.  How much of each?  That's up to you.

When you decide on further diversification, at least in financial assets, I would suggest platinum or palladium (even before silver).  Pt and Pd are for optimists!  Those metals will do just fine if the world advances as we hope.

Au and BTC in case things get bad...

Waw, Impressive.
Gold have a long story from generation to generation, and gold always story in all Scripture

here in sydney, gold gets the girls wet.

Hmm I wonder why silver is not talked about, when it has more practical uses than gold?

gold always will be.
how do you spend bitcoins with no infrastructure or power?

I honestly believe that we are so dependent on technology that if the internet goes down, gold won't even be worth anything.  If the internet goes down, that means no electricity and no utilities of any kind anywhere.  At that point I wouldn't trade a gun, bag full of food, and medicine for even a handful gold coins.  Gold coins aren't going to feed or protect and sustain a person for very long. 

If it was 30 years ago before tech became integral in our lives, yes, I would say gold was the way to go.  Not right now.  I know lots of teenagers that would much rather have a $700 smartphone than a $700 gold chain.  In fact if it was an either or scenario, I don't even know one young person that would take the gold chain over a smartphone.  Gold just isn't valuable to young people anymore.

I think Bitcoin is the clear winner.

As a currency gold is better in every conceivable way, but gold has that worthy intrinsic value. I get the comparison, but I think it's silly comparing them as they're two entirely different things.

I think bitcoin wins. Most people wont realise it yet but they hopfully will eventually.

i dont like hoarding space waster

What does it have that gold doesnt? I guess everybody sees silver as second best to gold.

Who cares about young ppl? If someone would take a $700 smartphone (what will worth only $500 after three month and fity bucks on ebay after a year) over a $700 piece of gold will deserve the worst fate :).
Gold will always worth something. You can always sell it to the nearest jewelry if needed and even in a SHTF scenario you can go to the local farmers and you will have a chance to exchange your wedding ring to a bag of potatoes :). Until people think that after the crisis everything gonna be alright again they will accept gold. Not quite so sure about smartphones and paper wallets.

I was wondering about this. I just found out about a company called KaratBars that allows you to change depreciating currency into appreciating gold assets, in piece of pure quality 1g gold. Conveniently sized for transactional trade. I'm doing research about this, and the more I look into it, the more interesting it gets.

This video explains what this is about and how it works
http://www.mygoldkaratbar.com/karatbars-fundamentals/ (http://www.mygoldkaratbar.com/karatbars-fundamentals/)

If this interests you and you want to sign up under me, you can sign up for a free account here (it's not recognized as a MLM company in any country but they do reward you for referring others. But in the end, all money invested is turned into gold so it really doesn't cost anything)
https://karatbars.com/signup.php?s=etiennecharland (https://karatbars.com/signup.php?s=etiennecharland)

So now here is my question about this.

The advantage of gold is that it holds real value, and throughout history, as every single fiat currency went down to zero, people have always reverted back to gold and silver for exchange.

However, it really is not convenient for online transaction! Especially for me who works with clients worldwide online, and lives in various countries. BitCoins, however, are very convenient for online transactions. But it's not backed up by anything, it doesn't hold any value in and of itself.

Technically, would there be a way to combine gold holding real value and being impossible to print, and BitCoins which allows online transactions? I think both have their advantages and disadvantages, and are complimentary. Perhaps they would both need to be used in parallel?

...

Re "Store of Value", the Central Banks have already decided re between gold & silver.  They chose gold!

I choose Pt over Ag even though they are both useful in industry, but Pt is more "value dense" (more $, less space).  I wrote that Pt would be for "optimists" as Pt is used in catalytic converters (etc.), and so if the world continues its general march to ever increasing wealth (albeit slowly, with its ups & downs), platinum and even palladium (an interesting metal in its own right) will continue to grow in value.  Those two are much rarer than gold.

Silver would be more valuable in a SHTF, especially "junk silver" (pre-1965 dimes & quarters, easy for Americans to recognize).  But, once you have more than a few thousand dollars worth of silver, it takes up space!

Bitcoin is a digital asset and will exist as long as the internet exists. That means Bitcoin will be with us as long as modern civilization exists. Back up your wallets and you won't have a problem.

Therefore Bitcoin is infinitely more durable than gold, by any meaningful definition of durability.

Let me put that into recent historical perspective for you:

http://3.bp.blogspot.com/-RMey3GB5_rI/T_XuVxkZnTI/AAAAAAAAGIw/W620MtBGj2s/s1600/US+dollar+Value+3-value-of-the-dollar.jpg

1 Bitcoin year = 1 silver century

http://goldsilverworlds.com/wp-content/uploads/2012/07/silver_price_chart_200_years_1800-2012.gif

Notice how these two graphs are roughly inversions of each other...

Now I ask you this, is it that silver has increased in value? Or the dollar has decreased? Perhaps both?

How can you say that? If something far superior comes along it could be easily forgotten about.

The only thing superior to cryptocurrency as a form of money, is post-capitalism. When that comes around you'll forget about gold, too.

There is no "Gold vs. Bitcoin". Do not allow your opponent to frame the argument this way. No one has to give up gold to use Bitcoin. You don't have to choose one or the other. Gold is good for some applications, Bitcoin is good for other applications. You can do both.

Gold doesn't make very good money. It's good as a store of value though. Bitcoin wins as a currency on that front at least.

Exactly the whole Bitcoin vs. Precious metals thing is a false dichotomy. I love both.

apples v. oranges

It's really best to own all three imo Gold,Silver and Bitcoin. Bitcoin is great until the power goes out for a week and you can't use your coins. Gold and Silver are great for situations similar to that but it can be difficult storing and moving lots of gold and silver securely and anonymously across borders. Like others have said they complement each other.

Gold has a higher monetary value, but silver has a higher intrinsic value. More silver is used in electronics, and silver is a natural antiseptic used especially in the medical fields. It's also used a lot in photography. Gold does not have all these properties. One thing gold can be used for other than jewelry, is to block certain types of radiation.

i think they're both great, but bitcoin has more utility, much more.

So in the end i'd expect bitcoin to be much more valuable than gold ever was.

The assumption I think a lot of people have is that if we lose internet, that society will just roll back to pre-internet days, like to the 1950's or something.  I am guessing that is a fallacy. 

If we lose electricty, internet, communication, water and gas (they are all connected), we don't back in time to the 1950's.   We go back in time to the dark ages.  There won't be farmers markets either to trade gold for.  Again, if the farmer has veggies and a house, but no gasoline, how does he get those veggies to the market, and even if he has gold, then what will he use the gold for???? All the other shops are closed.  If society loses electricity, internet, and utilities permanently then it is going to suck bad.  Only the self-sufficient types will make it.  Even the preppers might not fair well.  If society looses these things temporarily, people will still just use cash.  Seriously, nobody is going to be walking around with gold coins, they would just use dollars.  Without the internet and smart phones, people wouldn't even know what a gold coin is worth anyway, everybody would be wildly guessing.

These types of scenarios are an all or nothing type of deal.  When society devolves and rolls back, it doesn't just get to roll back a few years, it rolls back all the way and starts over from scratch again.  It goes back to families growing their own food and defending it and themselves with guns.  Yes, it can build much faster because the path to build up again and way is known, but it has to start from the beginning again.  In such a scenerio, you keep your gold coins, and the farmer will keep his bag of potatoes, and after you starve in the winter and die, he will go to your house and pick them up.  Then he will have potatoes and gold, but again, where will he spend you gold coins?  I am not even sure if he will bother to pick them up.