Please, Stop Calling Bitcoin "Digital Gold"

[Bit_Happy]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

[1714556675]

1714556675

[1714556675]

1714556675

[ktabb]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

They just call it digital gold because it has similar traits to gold in that there is a finite amount available, you "mine" it, and they are both good safe haven investments during a time of financial crisis. Idk why it bothers you so much. Seems to make sense to me.

[darklus123]

Great fact indeed. People is now being not properly educated when it regards to bitcoin how ever i may think that those are their opinions.

Q1:
Hmm maybe not so sure about tho

Q2:
Obviously not but instrad i wanted people to be rich thru bitcoin

[FlightyPouch]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.

[thecodebear]

it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

[Pearls Before Swine]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I think it's an apt metaphor.   Sorry that you don't like it.

[GreenBits]

it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

To me, gold and btc couldn't be more dissimilar. They are literally the ideological opposites of one another. One the one hand you have gold, a real substance, pretty heavy, and you can actually use it for more than just a store of value (we use gold for art, electronics, medicine etc). Bitcoin, inversely, isn't real, doesn't have substance, isn't tangible, and has no real world use outside of value transfer and information storage. If anything, bitcoin is akin to paper gold. But despite the differences of character, they serve the same purpose for investors; a place to flee when Fiat/stocks go to shit

But if the shtf, I'd rather gold.

[ufaiz50]

you are too deep about it. I think why people call bitcoin as digital gold? maybe because gold is precious. gold is a good investment place in the real world and people will usually buy gold as their savings. they just want to tell everyone that bitcoin is also valuable and can be an investment and even its value will go up over time. it's just a parable that's worth the bitcoin.

[Argon2]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I thik it's an apt metaphor.   Sorry that you don't like it.

Agreed. Bitcoin is horrible at acting as cash but excellent as a storer of long term value. The white paper is irrelevant now...

[myternity]

I think it's just a matter of time. In a few years people will become more and more educated!

[pooya87]

strangely enough this is a new thing that has started recently for some reason!

looking back, people have always treated bitcoin mostly as an investment but they never said it is not a currency. even those who have never spent a satoshi and just traded bitcoin knew that it is a currency. but recently it seems like a social media wave that wants to force feed people that bitcoin is just a store of value, digital gold or whatever and not a currency.

the messed up part is people are starting to believe it just because fees are higher now!!! as if low fees were the only thing bitcoin was offering as a currency!

edit:

[ladydark]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.

People have started to buy bitcoins just like gold to get huge returns.The only difference between bitcoin and gold is that gold can be touched and bitcoin could not be.Since people have started to buy bitcoins instead of gold,people have started to call it as digital gold.

[Celsiuss]

I believe people like to call it digital gold because you're mining it, just like you mine real gold. Also there is a fixed amount of bitcoins, once they're all mined out, that's all you get. Kinda similar to real gold. Maybe it's dumb to call it digital gold still, but I think it's a good comparison.

[batang_bitcoin]

Well we can't stop people on calling bitcoin as "the new gold or digital gold". The characteristic that people describing it as digital gold, is that the worth or value of bitcoin is comparably with gold. But I got your point since the description made for bitcoin is a p2p cash. Oh well, gold is an investment, bitcoin is too.

[mindrust]

People name bitcoin as digital gold for two reasons.

1-To most people, bitcoin is the safest one of the bunch. Just like gold is being the safest PM. That's very goldlike to me. Being the safest comes with being a store of value, results in constant value increases in time.

2-As a cash system bitcoin failed big time. Bitcoin works when you buy smth for 2500$ but it doesn't if you buy a coffee. That's also very goldlike. People don't buy coffees with gold neither. Even if that's a rare situation nowadays, they would buy expensive stuff like a very big house or a fullblown business with their gold.

Bitcoin resembles gold more than you think. If we solve the fee problem however, bitcoin can become the ultimate cash system just like satoshi said.

[prieaji]

 Gold is a good investment place in the world and people will usually buy gold as their savings, and bitcoin is the digital money that dominates the world today and it's a wonder. Both are great for the future.

[SimmonenY]

In terms of storage, trading and investment it can be called digital gold, but we can also use it in everyday life for small purchases and gambling which you can't do with gold. So, for me it's more like an asset than gold.

[sportis]

Even OP and maybe some other bitcoiners don't like the name 'digital gold' and see it only as payment system would have to think about its price. Nowadays high price is due to investors see it firstly as safe haven and secondly as internet money. Therefore, if we want the mass adoption and high price would have to accept the double nature of bitcoin as currency and as commodity too.

[shamzblueworld]

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

To first question: Yes, I agree, high fees are now a dangerous problem. Low fee won't transfer in time or won't transfer at all, and high fees cannot be afforded especially when small amount is being transferred.

True.

False.

[Boseda]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I totally agree with your point of view.

Bitcoin was created by Satoshi mainly as a payment system (and a currency as well). But the fact is that, unfortunately, it has becomed more like an asset, just an investment tool for most of its users. In my opinion is is very sad it happened, I'd say Bitcoin users raped Satoshi's original and revolutionary view just to make (quick) profits.

So, it's sad but true, but right now Bitcoin is more a digital asset rather than a payment system.

[25hashcoin]

Couldn't agree more. Bitcoin is peer to peer digital cash. We need to increase blocksize asap.

[sotoshihero]

I totally agree with your point of view.

Bitcoin was created by Satoshi mainly as a payment system (and a currency as well). But the fact is that, unfortunately, it has becomed more like an asset, just an investment tool for most of its users. In my opinion is is very sad it happened, I'd say Bitcoin users raped Satoshi's original and revolutionary view just to make (quick) profits.

So, it's sad but true, but right now Bitcoin is more a digital asset rather than a payment system.

I shared with your opinion and I agree with it. Bitcoin now becomes more of an asset as it was intended it used to be. People are buying and holding it, that one day it will appreciate into an unpredented high. Yes, its happening now.

[mostkey]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I totally agree with your point of view.

Bitcoin was created by Satoshi mainly as a payment system (and a currency as well). But the fact is that, unfortunately, it has becomed more like an asset, just an investment tool for most of its users. In my opinion is is very sad it happened, I'd say Bitcoin users raped Satoshi's original and revolutionary view just to make (quick) profits.

So, it's sad but true, but right now Bitcoin is more a digital asset rather than a payment system.

Are you really disappointed with the actual functionality of bitcoin in the beginning just for "A Peer-to-Peer Electronic Cash System"?If you are disappointed because of that, I think you guys are stupid, with bitcoin switching into 'digital gold' is very beneficial to many parties, and in my opinion it does not harm anyone,

[mamaya]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

The reality is now that bitcoin is an asset and not a currency, its obviously not what it was originally meant to be and I also hate people who suggest everything is fine because that is its value.

What people seem to forget is that the fees can easily go from a couple dollars now to over a hundred dollars pricing out the majority of transactions if the price of each bitcoin keeps rising without a real scaling solution.

At the end of the day though the microtransactions and coffee purchases I was promised in the early days of bitcoin are not possible and to suggest that is fine is ludicrous. My view is that bitcoin IS a digital gold but its not how it was meant to be or how it should be and it will hurt adoption and ultimately the price long term too.

[ecnalubma]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

Bitcoin is what it is, it is a currency but some people fail to understand and research what realy bitcoin is. They're giving wrong impression about bicoin creates doubt to new users and investors.

[franky1]

"Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I think it's an apt metaphor.   Sorry that you don't like it.

They just call it digital gold because it has similar traits to gold in that there is a finite amount available, you "mine" it, and they are both good safe haven investments during a time of financial crisis. Idk why it bothers you so much. Seems to make sense to me.

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

Are you really disappointed with the actual functionality of bitcoin in the beginning just for "A Peer-to-Peer Electronic Cash System"?If you are disappointed because of that, I think you guys are stupid, with bitcoin switching into 'digital gold' is very beneficial to many parties, and in my opinion it does not harm anyone,

^ these guys do not understand the reality at all

so lets give them a quick lesson

1. you do not mine bitcoin. bitcoins protocol solves a puzzle in exchange for units of measure being created, its not dug up from a pre existing underground store.

2. its called mining not due to actually being mining, but from fools who wanted to think of bitcoin as gold and so naming the fresh coinbase reward something that falsely makes people think its gold.. which then later makes more fools call it gold. purely because of the term mining.

3. gold, without 'cash' utility holds value because it still has other utility. industrial use and fashion for instance... take bitcoins 'cash' utility away and it has no utility left. meaning its value doesnt hold.

4. without utility, its just data. if you cant spend it, then trading it becomes impossible/useless. because to trade it, is spending it. so taking the spendability away its even worse then a bearer bond

5. if you think scarcity will save bitcoin, take a look at 42coin..

6. bitcoin needs to keep its spendability utility, otherwise its useless

7. people trying to preach bitcoin on this forum using utopian dreams are wasting their time, if your on this forum then those reading the preaches have already got some knowledge of bitcoin and dont need the fake utopian sales pitches.
what bitcoin needs is to stop devs from taking away bitcoins utility.

TL:DR;
bitcoin is not lik gold.
gold have other utility such as industrial/fashion. take away bitcoins 'cash' utility. bitcoin has nothing
scarcity is meaningless without utility.

eg. i go toilet once a day regular.. i could bag it up and over 100 years there will only be 36500 bags of crap. would you pay $2800 per bag of crap if it had no utility and all hope of value relies on scarcity??.. nope

[ActiveP]

What does it matter what it is called? The reality is that it means different things to different people. Even governments don't know how to deal with or label it.

It will be interesting watching it all unfold, I am still being told that it is an elaborate ponzi scheme by some. Others see it as a commodity(gold), asset or an investment scheme.

Feel free to call it cash if you like, but the wild fluctuations in value suggests otherwise.

[Denker]

People begin to forget the fact since they never do proper research and high fees/slow confirmation time makes bitcoin can't be used currency at this moment. Also, only few percent of bitcoiner that actually use their bitcoin as currency (buy goods, digital goods or pay services).
Some people genuinely believe bitcoin as "Digital gold" and they have good reason, but bitcoin should be used for everyone.

I mostly see Bitcoin as an investment. Or a network for transnational transactions. But definitely not as currency in it's current state!!
To function as a real good currency Bitcoin needs to have much less volatility. That can only be reached if number of users and the price is way higher as it is today. Therefore the first stage is Bitcoin being used as digital gold, store of value, longterm investment vehicle. And over time it will partially by others being used as currency with lower fees. SegWit and 2nd layer implementations like Lightning network will help to reach that goal.

[mace15]

Some people say bitcoin as digital gold maybe they're thinking it as an investment.  Well bitcoin is not comparable to digital gold. Maybe theyre saying it because both has a good future.

[Gens09]

I think your just being too deep about it.People call it "Digital Gold" because it is precious and has great value,It is a good investment,It is actually mined like the real gold.We have the right to call it in the way we want.Just let those people call it what they want as long as they are not affecting the actual value of it.

[codehtcmail]

Digital gold seems like a marketing scheme to me, to appeal to the "common man", I find it hard to explain to the normal guy what is bitcoin and what is the concept of cryptocurrency, but when I use a term like "Digital Gold" suddenly they seem to understand that it has great value and it's digital.

[Taki]

Some economists or bitcoin experts called bitcoin as"digital gold" in the most beginning and this words just stayed in our minds. Yes, if to go in details bitcoin have nothing to be compared with gold. But it was called so to make explain for newbies easier. They just made such parallel between gold and bitcoin mining and I discovered bitcoin by this analogue too.

[Harlot]

I really want to know what your point is at but seeing the price action right now is hard to believe your claim that Bitcoin is on a crisis, a crisis so bad that it is on life support. I understand your hate about people especially those people who are saying "Bitcoin is the new Gold" or something similar, but when you think of it in a broader way it is simply called as a hype in which people are doing when a price action occurs right now people who are saying that are supporters of Bitcoin because of the recent up trend.

[lumeire]

Well you can't really fault them for that. At a price like what we have now, you'd want to save your bitcoins up and not spend them. Im sure even Satoshi didn't expect the price to skyrocket this early.

[Chikito]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

Yes, I agree with you. Bitcoin not digital  gold, people just use hyperbole like advertising crime.

[ktabb]

it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

To me, gold and btc couldn't be more dissimilar. They are literally the ideological opposites of one another. One the one hand you have gold, a real substance, pretty heavy, and you can actually use it for more than just a store of value (we use gold for art, electronics, medicine etc). Bitcoin, inversely, isn't real, doesn't have substance, isn't tangible, and has no real world use outside of value transfer and information storage. If anything, bitcoin is akin to paper gold. But despite the differences of character, they serve the same purpose for investors; a place to flee when Fiat/stocks go to shit

But if the shtf, I'd rather gold.

The fact that btc isn't physical is such a minor, unimportant aspect of it. What person investing in gold actually buys physical gold? You just buy gold futures. To the investor, you never see the physical form of either so what is the difference? Furthermore, as you know, you can get physical bitcoins. Either way though, this is not a hallmark characteristic of bitcoin.

Both bitcoin and gold are decentralized, which actually is an important characteristic of bitcoin. As you mentioned, they both are a place to flee when fiat/stocks go to shit. They also both have a limited, finite supply available. In addition to the other points I mentioned, I think it is pretty undeniable that they are similar. Bitcoin is certainly more similar to gold than it is to, say, Microsoft stock or cattle futures.

[darklus123]

I think it's just a matter of time. In a few years people will become more and more educated!

The question is who would educate them? If people now then gets wrong information and then they believes on it the detency is just like what happem to some of the users who actually think that this is actually a gold digitally

[Sundark]

True or False?
Do you want BTC to be only for rich people?

If bitcoin price will be growing in the same rate as it used to do. Then buying bitcoin will soon be impossible for the greater part of society.
They still will be able to buy fracture of bitcoin though. What do you propose?  Are you're going to give away all your bitcoins?
Bitcoin is not come communist invention. We don't have to share our coins with anyone.

[niisarearning]

yes i doi i agree its not digital gold but people are calling it as a digital gold they think that gold value increasing in the previous decades like they also comparing bitcoin with gold there nothing wrong with that but yes we have to accept its peer to peer cash transfer system .

[BossMacko]

Yes Bitcoin is not a gold people should not call it Digital Gold because they might mislead people who are new to Bitcoin, We all know that Bitcoin is good for investment like gold, buy and sell when the time is right that is how Bitcoin is used today.

[Scorpion]

I can understand your viewpoint and where you're coming from but when people try to explain the concept of Bitcoin and why the value increases than it's simplest way to explain it - to compare it to gold.

[The One]

To those idiots saying, "Whitepaper is useless blah blah blah."

The whitepaper is fundamental under common law contract. All contract begins with an offer, then a consideration, follow by acceptance. Satoshi made an offer for peer to peer electronic cash system to make online payment. The whitepaper is the consideration, whereas people on a voluntary basis, decide or not to get involved. In getting involved, that is oneself making an acceptance. Thus a contract is formed. To ignore the whitepaper is folly.

Gold has other utilities, ring, necklace, bracelet, manufacturing of goods, etc. Bitcoin has one utility as payment. Take away the payment utility then you are left with nothing, thus bitcoin will be nothing more than a decentralised ponzi scheme, because you have taken away the medium of exchange part of currency. Buying btc low with fiat then selling btc high back to fiat is the classic mark of a Ponzi scheme. There is a finite number of users and fiat that will be pumped into btc. At some point when btc stops going up and those who want fiat to buy goods/services will then sell their btc. Since there is a finite number, the value of btc will drop and keep on dropping until those left holding btc refused to sell.

It is therefore essential that bitcoin has an utility and that is online payment as a currency. A settlement layer is useless and a misdirection is making people believe that all will be ok and it's not a ponzi scheme.

[aucryptotrader]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

Do you want BTC to be only for rich people?

For thousands of years gold was a peer-to-peer cash system, until the central banks decided to implement their debt slavery system.

Not to mention that the person most likely to be Satoshi developed their first p2p cash system based on gold..

[Kizaki]

Bitcoins can be compared to gold in real life in terms of value because bitcoins and gold has the highest price in the two different market they are in so comparison and bitcoins being called as digital gold by other user/imvestor is just normal op

[raymond541]

I am not sure whats problem calling Bitcoin "Digital Gold".its pretty seems like gold.earning gold you need mining earning bitcoin also you need mining.bitcoin is now not a payment system its now like asset.hold bitcoin sell when price raise up.

4. without utility, its just data. if you cant spend it, then trading it becomes impossible/useless. because to trade it, is spending it. so taking the spendability away its even worse then a bearer bond

if this is just data then its must be asset how this can be a cash.like valuable data can be sold by cash.

[Prodigan786]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

For above question there is no positive answers everything is true and final point i dont accept bitcoin to be only for rich it is not false. Why bitcoin called digital gold people keep gold for their difficult times . once they find too difficult to arrange money tghen they sell gold and get money so that it called digital gold

[Dudeperfect]

There are many advantages of bitcoin over the gold so I agree that calling it a digital gold is not appropriate. Gold is something that has no digital existence (other than for speculative purpose) where as bitcoin acts as a medium of exchanging the value over the internet. The core principle of bitcoin is to use it as a payment solution and that is not possible when it comes to the gold.

[27QVUTZj8rgZP1]

By considering what most people are saying here, and the developers irresponsibility and inertia, I believe Bitcoin is a lost cause for now. They are not going to change their mind and just treat Bitcoin as their digital gold, rich maker, etc...

When Bitcoin infrastructure collapses due to lack of real world usage you will all be disappointed. If the majority of people really want this for Bitcoin then I can do nothing.

I'm looking for something with a future, with a goal, not just some sort of digital gold. Gold is valuable by itself, but Bitcoin is just a network, which without a sound goal it worth nothing.

[freebutcaged]

Mate Bitcoin is no longer a digital gold but rather equal to what diamonds are worth vs gold in real world. crisis?

If there was any crisis then people would've stopped investing a long time ago, peer to peer electronic cash system?

That's a joke there are no peer to peer, only when you send some coins to someone else they never receive it not until

A miner includes your tx in a block, if miners refuse to provide you with their services you are screwed.

[dillpicklechips]

I'd like to quote the image posted from a thread entitled "So Bitcoin is better than Gold?":

https://bitcointalk.org/index.php?topic=1923060.0

So Bitcoin is better than Gold?

Wake me up when you can transfer $1 billion worth of gold for $2 in ~10 minutes from any to any location of the world.

The image points out the difference between Bitcoin and gold that make them both different in definition and characteristic. The image surely explains a lot why Bitcoin should not be called gold or digital gold since Bitcoin is Bitcoin like what the OP' quote as to how Satoshi Nakamoto defines Bitcoin:

Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

I believe what I quoted speaks a lot. Nothing to elaborate more.

[jameshowlett]

Yes Bitcoin is not a gold people should not call it Digital Gold because they might mislead people who are new to Bitcoin, We all know that Bitcoin is good for investment like gold, buy and sell when the time is right that is how Bitcoin is used today.

IT is just a comparison and I do like the way people mention bitcoin as digital gold. In my opinion, bitcoin is truly a digital gold because of its price and the way it is being used by many people. Moreover, as you can see, bitcoin can not be used for micro transacitons anymore.

[bitbunnny]

Don't take it so seriously, there is no bad intentions in it. People often call digital gold because is valuable and precious like gold, not because they think it's similar. Except that both are kind of investment and the most profitable on long term. But otherwise these two things shouldn't be compared.

[krishnapramod]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

Apart from electronic cash, Satoshi did refer to bitcoin as an implementation of Nick Szabo’s BitGold proposal.

As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose

and one special, magical property:
- can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

Bitcoin can be categorized as digital cash as well as gold because it can be used both as a store of value, and as a payment medium.

It would be inappropriate to compare Tulip Mania with BTC, during that time, Tulips were used as a currency and traded, but it was restricted to Netherlands only. Look at the impact of bitcoins, not restricted to a particular region, internet money, anyone with internet anywhere can access it. This obviously gives bitcoin some advantage over Tulips.

Yeah, the current crisis is definitely problematic. Many options have been put forward, waiting for Segwit to be activated by 2018 would take a toll on bitcoin community. The imminent solution might split the chain.

[Ayers]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

what satoshi stated don't go against the definition of digital gold imho, because electronic cash don't mean that gold is excluded, gold can be electronic too you know, the similarity with gold is evident, they are both minable and they are both a store of value, they share many similarity it make sense to call it digital gold

[LodisMcguire]

Digital Gold? In this time, IT is.
If many country started to accept bitcoin,only then people will think bitcoin is a currency
But for now,looking at the price and how to get the bitcoin,it doesn't make people wrong for their perspective at bitcoin and calling bitcoin a digital gold

[Bit_Happy]

...
TL:DR;
bitcoin is not like gold.
gold have other utility such as industrial/fashion. take away bitcoins 'cash' utility. bitcoin has nothing
scarcity is meaningless without utility.

eg. i go toilet once a day regular.. i could bag it up and over 100 years there will only be 36500 bags of crap. would you pay $2800 per bag of crap if it had no utility and all hope of value relies on scarcity??.. nope

Been too long since I laughed, thanks franky1.  

[Bit_Happy]

...


...
I believe what I quoted speaks a lot. Nothing to elaborate more.

"speaks a lot" == True
I am out of time but couldn't let this pass:
"Spendable" = Depends on the amount
"Anon" = Are you serious, or simply uninformed?
"Transfer Delay" = How much are you willing to pay.
"Transaction Fee" = Did you read the fine print on your own "evidence"?

"Theft Resistant" = True enough until you add the human layer « Insert smiling picture of MtGox Mark »
At best, the graphic is out of date & still not entirely correct.

[Pearls Before Swine]

Franky1, though I have great respect for your input on this forum, having read many of your posts,  do you have a problem with the concept of 'metaphor'?  Bitcoin isn'tliterally gold but has many of the same attributes and thus gets referred to as digital gold.  Sheesh.

[michkima]

In my opinion, it is still gold in the digital world. Not that we are comparing it to gold or anything else. It's just that bitcoins are considered as somewhat like gold because of it being valuable. Not really because we use it similar to gold. Since bitcoins are something unique, then we can't really say it is cash, money, currency, or gold. It can't be classified under what the current system has.

[franky1]

but has many of the same attributes and thus gets referred to as digital gold.  Sheesh.

name them!!

but name them with the real understanding of where those attributes come from and have value

remember. scarcity of something useless has no meaning... scarcity of something useful has meaning

[btccashacc]

What does it matter what it is called? The reality is that it means different things to different people. Even governments don't know how to deal with or label it.

It will be interesting watching it all unfold, I am still being told that it is an elaborate ponzi scheme by some. Others see it as a commodity(gold), asset or an investment scheme.

Feel free to call it cash if you like, but the wild fluctuations in value suggests otherwise.

Basically bitcoin and gold is not the same it's clearly that they call it gold because bitcoin can be used as an investment tool as like gold and i think there's nothing bad calling bitcoin as digital gold,  honestly it sounds better than "ponzi scheme" like you've just mentioned above i know everyone has their own perspective to the bitcoin and i respect that, but according to the creator it's obvious for payment system purpose.

[BitFinnese]

I believe that Bitcoin is created as peer to peer currency digital currency but due to the high transaction fee, people tend to use it as store of value just like gold.  Besides, investors are being educated bitcoin as the best way to store their money since it has a huge possibility to increase in price in the long run.  This in fact this is the reason why people call Bitcoin as Digital Gold. Well we cannot blame them 

[Cherylstar86]

We don't need to dig deeper regarding people to call it as digital Gold, although it has an appreciation that it's the same as Gold which is also as the best investment. It also come to a time it beats gold's price, that's why it's been always compared to gold, and the only difference is that it's a physical form and bitcoin is digital which cannot be hold by our physical hands. So stop calling bitcoin as digital gold, and refer to what's been mentions difference between the two.

[HabBear]

What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

Answer: Every store of value.

Because if there's more interest in using Bitcoin as a store of value it loses it's utility as a currency. Store of value and currency fall on opposite ends of the spectrum. There's an inverse and direct relationship to the two.

I realize that Satoshi intended this experiment to enable a new peer-to-peer transaction system. Often, experiments result in unintended or unforeseen results. Those unforeseen results, that may deviate from the original hypothesis don't result in any less value of a study, experiment. I believe Satoshi would be a fan of the organic growth of Bitcoin into whatever the people who use it deem it's most useful for.

I was going to post a few news articles talking about Bitcoin as an asset class, but I suspect you may not value that news as really worthy.

Instead, here's Business School whitepaper on the topic from Melbourne Business School. (As you may be aware) Australia has emerged as a big supporter of Bitcoin.

Bitcoin: Currency or Asset?

One more comment, knowing the evil ways of the rich and powerful, if Bitcoin were to really become a rival of any of the major currencies in the world it would become a greater target for laws to control its use. If Bitcoin becomes an asset class it will be less of a threat, and therefore have greater chance to survive and thrive.

[1Referee]

Bit_Happy, who do you think you are to decide for people what they should call Bitcoin? I don't care whether or not Satoshi introduced Bitcoin as a peer to peer payment option. Bitcoin isn't just this or that - Bitcoin is whatever you AS PER INDIVIDUAL want it to be. You don't like it, but I'll say it anyway -> Bitcoin for ME is digital Gold. In that regard, please stop telling people what NOT to do.

[Oralmat]

What does it matter what it is called? The reality is that it means different things to different people. Even governments don't know how to deal with or label it.

It will be interesting watching it all unfold, I am still being told that it is an elaborate ponzi scheme by some. Others see it as a commodity(gold), asset or an investment scheme.

Feel free to call it cash if you like, but the wild fluctuations in value suggests otherwise.

Basically bitcoin and gold is not the same it's clearly that they call it gold because bitcoin can be used as an investment tool as like gold and i think there's nothing bad calling bitcoin as digital gold,  honestly it sounds better than "ponzi scheme" like you've just mentioned above i know everyone has their own perspective to the bitcoin and i respect that, but according to the creator it's obvious for payment system purpose.

I love the way that members here throw around information.  First of all, the phrase was termed to Bitcoin in a Chinese news article in the first week of this year and that is when the phrase grabbed a little attention.  Actually, a bit of real information gathering would show that fact and a few others.  There is an actual coin that we call digital fund, but that is because that is how the English language translates its actual name of "Digital Gold".

[Qunenin]

The most times that the term digital was used in comparison with a crypto coin did not refer to Bitcoin, but to Ethereum in a small wave of techno press in the last months of 2016, this phrases was used because Ethereum behaved more like gold than Bitcoin in the sense that ETH has spawned a token or two that took direct asset value from the parent currency.

[franky1]

lol

store of value 'coz' store of value
(facepalm) such an empty argument

gold is not a store of value because its a store of value.
gold is a store of value because it has utility to uphold the value.

take away gold utility for being a good material for industry and fashion.. and all you have left is a chunk of metal
chunk of metal vs chunk of metal. ask yourself why is gold better than platinum

take away bitcoins utility for being a good network for transactions.. and all you have left is a chunk of data

fiat is a store of value because it has laws that make it have utility of value of being a $10 bank note is worth 1 hour 20 minutes minimum wage
take away the fiat laws of utility and all you have left is a chunk of paper

just screaming "store of value" is meaningless without showing knowing WHY where and how that value came to be and what upholds that value

[darklus123]

I can understand your viewpoint and where you're coming from but when people try to explain the concept of Bitcoin and why the value increases than it's simplest way to explain it - to compare it to gold.

People seems to never understood it or mis interpret bitcoins concept but if those who are much aware keeps on educating coomon or those new users then for sure it would lead to a better understanding

[HaXX0R1337]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   

No one is asking you to worship the founder and the genius behind it is also not looking at these sort of laurels and so is the reason he is still anonymous,but his take on bitcoin is relevant because if not for his crazy idea and brilliance these things wont happen
And coming to OP,if you think digital gold is profane word then do not use that,any one has their free will to call bitcoin anything they want,if you do not accept it,just move on with it,everyone had a chance and it was an equal opportunity platform for a long time and i am not sure whether you are talking about the transaction fees or the price of bitcoin,if you are not able to use it now,no one is forcing you to.

[franky1]

here is the reasons not to call bitcoin "digital gold"

1. golds value is not stable/ holding value, simply because it hold value..... it hold value because it has utility.
2. golds utility is not the same as bitcoins utility.

3. by calling bitcoin digital gold... next make stupid people think bitcoin is a commodity because gold is a commodity.
4. gold sits in many categories. asset and commodity. a commodity is a raw material of measurable stable quality used to create other products
    bitcoin is not a raw material. bitcoin is not used to make other products. bitcoin will not sit on the same market as wheat, oil and gold

5. gold as an asset still has utility, a purpose, a function... its the utility, purpose function that give value.
    take away its utility, purpose, function.. it will not hold value..


put it this way.
if there was a metal eating bacteria. that could turn gold into rust.. (making it useless in industry).. would golds price increase due to supply depleting (scarcity) or price drop due to no one wanting to buy something that will turn to rust in 6 months.

without utility scarcity is meaningless.
pretending bitcoin will hold value even if utility is lost is just foolish people trying to fool other people.

we should be fighting to keep bitcoins utility growing.. not fighting to let bitcoins utility die and then try fooling people into pretending it will hold value.. thats just greedy people not wanting to protect what gives bitcoin real value(utility) and only want to fool people long enough so they themselves can get greedy profits before running off.

whats next selling ice to Eskimo's at a premium by calling ice gold3.0 due to climate change making ice more scarce?

TL:DR;
instead of wasting months trying to slap fools into thinking that bitcoin only needs scarcity.. how about get off your asses and try slapping a few devs around until they make bitcoin better with PROPER dynamic onchain scaling.. and stop removing bitcoin utility and trying to sell people commercialising services of the future.. like what LN managed hubs and managed sidechains will turn out to be.

[Pearls Before Swine]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   

No one is asking you to worship the founder and the genius behind it is also not looking at these sort of laurels and so is the reason he is still anonymous,but his take on bitcoin is relevant because if not for his crazy idea and brilliance these things wont happen
And coming to OP,if you think digital gold is profane word then do not use that,any one has their free will to call bitcoin anything they want,if you do not accept it,just move on with it,everyone had a chance and it was an equal opportunity platform for a long time and i am not sure whether you are talking about the transaction fees or the price of bitcoin,if you are not able to use it now,no one is forcing you to.

I don't believe there is a 'Satoshi Nakamoto'.  I think that's a smoke screen, therefore we're beyond whatever the original intent was.

I'm not going to split hairs with franky1.  All the similarities to gold have been mentioned and we're going to agree to disagree.

[Lumada]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   

No one is asking you to worship the founder and the genius behind it is also not looking at these sort of laurels and so is the reason he is still anonymous,but his take on bitcoin is relevant because if not for his crazy idea and brilliance these things wont happen
And coming to OP,if you think digital gold is profane word then do not use that,any one has their free will to call bitcoin anything they want,if you do not accept it,just move on with it,everyone had a chance and it was an equal opportunity platform for a long time and i am not sure whether you are talking about the transaction fees or the price of bitcoin,if you are not able to use it now,no one is forcing you to.

I don't believe there is a 'Satoshi Nakamoto'.  I think that's a smoke screen, therefore we're beyond whatever the original intent was.

I'm not going to split hairs with franky1.  All the similarities to gold have been mentioned and we're going to agree to disagree.

No mater what is ,the fact that were benefitting in bitcoin. We should always be thankful whomever invented it.

[The One]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   

No one is asking you to worship the founder and the genius behind it is also not looking at these sort of laurels and so is the reason he is still anonymous,but his take on bitcoin is relevant because if not for his crazy idea and brilliance these things wont happen
And coming to OP,if you think digital gold is profane word then do not use that,any one has their free will to call bitcoin anything they want,if you do not accept it,just move on with it,everyone had a chance and it was an equal opportunity platform for a long time and i am not sure whether you are talking about the transaction fees or the price of bitcoin,if you are not able to use it now,no one is forcing you to.

I don't believe there is a 'Satoshi Nakamoto'.  I think that's a smoke screen, therefore we're beyond whatever the original intent was.

I'm not going to split hairs with franky1.  All the similarities to gold have been mentioned and we're going to agree to disagree.

So the software and whitepaper just appeared out of thin air. Hal Finney was communicating with thin air, finding bugs and informing thin air to fix them. Satoshi Nakamoto is real but the question is, an individual or a group of people. There is no smokescreen and the original intent still stands, hence why Bitcoin is stuck in a "civil war."

A payment system vs so-called settlement ponzi scheme.

[mantra]

Maybe people who call bitcoin as "digital gold" do not know much and just talk, he is less understanding bitcoin and only know but do not have a deep knowledge of bitcoin. We should give the bitcoin knowledge correctly, they just do not understand

[franky1]

i feel that the whole bitcoin gold metaphor got lost in a game of 'whispers'..

EG
one guy says to another
bitcoins asset value is kind of like golds asset value because it has utility and scarcity which gives it a public desire value. different utility ofcourse
one guy says to another
bitcoins asset value is kind of like golds asset value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins asset value is like golds asset value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins value is like golds value because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is like gold because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has utility and scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has scarcity which gives it a public desire value
one guy says to another
bitcoins is gold because it has scarcity which gives it value
one guy says to another
bitcoins is gold because it has value

[haroldtee]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

Hmm!. Very on point!! Referring to bitcoin as digital gold or comparing it with gold is apparently due to high level of ignorance. I can't blame anyone cause I have don't that too before until I realised they are both incomparable. Trust & reliability are 2 main pros we can get from gold which I am sure as enthusiastic as we all are with respect to bitcoin, we all still have double mind one way or the other. Though they both have their own benefits and issues but they are not to be compared as they aren't the same and I for one do not want bitcoin to be only for the rich people but it is certainly tending already towards that.

[CrowdFunder]

We definitely need a real solution to the rising fees and I agree a lot of people seem to have their heads in the sand rationalizing everything bad like its good, but I don't think it really matters how they label bitcoin.

Without a proper solution to the scaling crisis other coins will soon overtake btc, ethereum is currently the top contender for that spot.

[BitcoinPC]

I would say that there is going to be further posting in this thread by the OP, bot so much in response to this post or yours, but because the OP itself really has very little to do with the title.  It looks like the OP has a thing or two to say that he/she feels have not been fully heard from other posts or has an opinion that they want to open a gateway to with this thread. Quoting Satoshi's white paper is great, sharing a phrase that the original coder linked to the coin, which does not mean that is the official designation of the coin, but whatever. 

[mrayazgul]

We definitely need a real solution to the rising fees and I agree a lot of people seem to have their heads in the sand rationalizing everything bad like its good, but I don't think it really matters how they label bitcoin.

Without a proper solution to the scaling crisis other coins will soon overtake btc, ethereum is currently the top contender for that spot.

It just looks like there is more to say from the poster and that this was all meant to garner the attention and set the stage, we shall see. I think Bitcoin is not a Digital Gold but only a Digital Currency.

[Faiyz]

We definitely need a real solution to the rising fees and I agree a lot of people seem to have their heads in the sand rationalizing everything bad like its good, but I don't think it really matters how they label bitcoin.

Without a proper solution to the scaling crisis other coins will soon overtake btc, ethereum is currently the top contender for that spot.

Well i got to admit i call it digital gold many times. But in my defense physical gold is mined and so is btc or other altcoins. We sell them to traders like physical gold also. It is not that i am ignorant but it is not really what is called rather it is just a metaphor for its counterpart. Personally i know it as cryptocurrency or as youu stated, digital currency. If it is wrong to call it like that then i would make changes.

[thejaytiesto]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

Can you explain how bitcoin can be "peer to peer cash" if in order to make mainstream level of onchain transactions the nodes would be needed to be run under datacenters?

What's peer to peer or cash about it if you are going through a corporation of miners that validate transactions too?

Get real, bitcoin's only true value is digital gold. If you want to build the lightning network on top of that so poor people can use bitcoin too then that's awesome.

But big blockers are truly retarded.

[elite3000]

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

[malami]

We definitely need a real solution to the rising fees and I agree a lot of people seem to have their heads in the sand rationalizing everything bad like its good, but I don't think it really matters how they label bitcoin.

Without a proper solution to the scaling crisis other coins will soon overtake btc, ethereum is currently the top contender for that spot.

It just looks like there is more to say from the poster and that this was all meant to garner the attention and set the stage, we shall see. I think Bitcoin is not a Digital Gold but only a Digital Currency.

Well i got to admit i call it digital gold many times. But in my defense physical gold is mined and so is btc or other altcoins. We sell them to traders like physical gold also. It is not that i am ignorant but it is not really what is called rather it is just a metaphor for its counterpart. Personally i know it as cryptocurrency or as youu stated, digital currency. If it is wrong to call it like that then i would make changes.

I do the same thing, and its not that I mean bad or am blind to the current problems it just makes things easier to explain to people using such metaphors.

[FloraMullan]

They might be calling it Gold because the value is way more than gold.. And I wouldn't blame anyone for calling BTC digital gold.

[jonald_fyookball]

Yep, digital gold is a harmful (but clever) meme propagated by the malicious schemers from Blockstream.

Bitcoin has WAY WAY WAY too much competition to thrive with high fees when everyone else has low fees.

[MiteLit]

I don't see it as gold but it's very close to a commodity in the way we use it (the majority of us, who are holding) at least, Even though it is money in a way and can be used as a currency but the majority hold it as an investment.

[frowsiter]

Yeah bitcoin is very different from the gold and it is not worth calling it. Bitcoin is something futuristic and I would like to call it only as bitcoin or digital currency which owes for itself a good respect in the world. It has earned attention of genuine people with best minds on the earth. Bitcoin is not digital shit it's and real life experiment came out if digital world.

[franky1]

here is the reasons not to call bitcoin "digital gold"

1. golds value is not stable/ holding value, simply because it hold value..... it hold value because it has utility.
2. golds utility is not the same as bitcoins utility.

3. by calling bitcoin digital gold... next make stupid people think bitcoin is a commodity because gold is a commodity.
4. gold sits in many categories. asset and commodity. a commodity is a raw material of measurable stable quality used to create other products
    bitcoin is not a raw material. bitcoin is not used to make other products. bitcoin will not sit on the same market as wheat, oil and gold

5. gold as an asset still has utility, a purpose, a function... its the utility, purpose function that give value.
    take away its utility, purpose, function.. it will not hold value..

put it this way.
if there was a metal eating bacteria. that could turn gold into rust.. (making it useless in industry).. would golds price increase due to supply depleting (scarcity) or price drop due to no one wanting to buy something that will turn to rust in 6 months.

and this guy below suffers from number 3.

I don't see it as gold but it's very close to a commodity in the way we use it (the majority of us, who are holding) at least, Even though it is money in a way and can be used as a currency but the majority hold it as an investment.

....
asset currency young grass-hopper.. not commodity

take away bitcoins utility and bitcoin becomes digital rust

[MRlong]

I think Bitcoin look like as Gold (increasingly scarce) but it not look like as all. Bitcoin was created want can change old system payment in the World's (visa, banks, paypal, western union ...) and anti-inflation, it not want become to Digital Gold!
Bitcoin want anyone can use it, no distinction poor or rich people, noobs or clever ...

[jonald_fyookball]

I think Bitcoin look like as Gold (increasingly scarce) but it not look like as all. Bitcoin was created want can change old system payment in the World's (visa, banks, paypal, western union ...) and anti-inflation, it not want become to Digital Gold!
Bitcoin want anyone can use it, no distinction poor or rich people, noobs or clever ...

you miss the point...its first and foremost DIGITAL CASH -- that is what gives the value to the gold like property.

[The One]

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

Seriously.

How much gold is there left on earth? Don't know. There is limit but no one knows.
How much Bitcoin can be created? 21 million. That is a fact.
The scarcity of bitcoin is different to that of gold.

Satoshi designed Bitcoin to mimic the gold standard as currency, before politicians abolished it for their benefit, and for the benefit of fiat bankers.

[Bit_Happy]

Bit_Happy, who do you think you are to decide for people what they should call Bitcoin? I don't care whether or not Satoshi introduced Bitcoin as a peer to peer payment option. Bitcoin isn't just this or that - Bitcoin is whatever you AS PER INDIVIDUAL want it to be. You don't like it, but I'll say it anyway -> Bitcoin for ME is digital Gold. In that regard, please stop telling people what NOT to do.

Hi 1Referee, Since I also said "please" it was more of a suggestion than "telling people what NOT to do."
More importantly, I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.

What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

Answer: Every store of value.

Because if there's more interest in using Bitcoin as a store of value it loses it's utility as a currency. Store of value and currency fall on opposite ends of the spectrum. There's an inverse and direct relationship to the two.

I realize that Satoshi intended this experiment to enable a new peer-to-peer transaction system. Often, experiments result in unintended or unforeseen results. Those unforeseen results, that may deviate from the original hypothesis don't result in any less value of a study, experiment. I believe Satoshi would be a fan of the organic growth of Bitcoin into whatever the people who use it deem it's most useful for.

I was going to post a few news articles talking about Bitcoin as an asset class, but I suspect you may not value that news as really worthy.

Instead, here's Business School whitepaper on the topic from Melbourne Business School. (As you may be aware) Australia has emerged as a big supporter of Bitcoin.

Bitcoin: Currency or Asset?

One more comment, knowing the evil ways of the rich and powerful, if Bitcoin were to really become a rival of any of the major currencies in the world it would become a greater target for laws to control its use. If Bitcoin becomes an asset class it will be less of a threat, and therefore have greater chance to survive and thrive.

I bookmarked the article to read ASAP, thanks for the substantive response.

[erikalui]

Bitcoin is rather LIKE digital gold and not exactly digital gold. Egold was banned earlier due to the same issues that bitcoin has today but now bitcoins is quite similar to forex and stocks where you can trade it in many markets. Unlike gold, bitcoins are not a safe asset but still people compare the two as both are used as "treasures" rather than a commodity or cash. I've seen a book on how and why the two are connected and most of the points are against bitcoins.

It's written here that satoshi himself considered a similarity between the two: https://medium.com/@tuurdemeester/bitcoin-digital-gold-or-digital-cash-both-382a346e6c79

[thejaytiesto]

Yep, digital gold is a harmful (but clever) meme propagated by the malicious schemers from Blockstream.

Bitcoin has WAY WAY WAY too much competition to thrive with high fees when everyone else has low fees.

Because of the fact that there are endless alternatives (less crowded blockchains willing to compromise decentralization in order to allow cheaper and faster transactions by centralizing the nodes with huge blocksizes if needed) why turn bitcoin into that?

It seems clear to me that this is not good for holders.

I think Bitcoin look like as Gold (increasingly scarce) but it not look like as all. Bitcoin was created want can change old system payment in the World's (visa, banks, paypal, western union ...) and anti-inflation, it not want become to Digital Gold!
Bitcoin want anyone can use it, no distinction poor or rich people, noobs or clever ...

you miss the point...its first and foremost DIGITAL CASH -- that is what gives the value to the gold like property.

But again: how can you call it cash when eventually the blocksize would be too big to cater for everyone complaining about fees being above $1?
If you want to keep fees under $1-5, which is when most people start complaining, advancements in technology will not catch up quick enough to not end up with datacenters running nodes. And once you reach that point, then it's game over because any global attacker can easily control the network. A perfect gov killswitch. Do we really want that?

[franky1]

But again: how can you call it cash when eventually the blocksize would be too big to cater for everyone complaining about fees being above $1?
If you want to keep fees under $1-5, which is when most people start complaining, advancements in technology will not catch up quick enough to not end up with datacenters running nodes. And once you reach that point, then it's game over because any global attacker can easily control the network. A perfect gov killswitch. Do we really want that?

seriously you gonna continue harping on with the now 3year old empty FUD script found on reddit.

have you actually noticed that 8mb is now deemed as safe compared to 2009

its devs that are holding things back, not tech
devs wanna push people into corporate hubs and offchain services so they can grab fee's

please do research that its not tech holding things back.. but devs

[virasog]

Judicially, Bitcoin has been officially termed as a "fungible value token" and a few other distinctions that gave the courts the ability to prosecute for the theft of a "valued token" via "falsification of movement structure".  That allowed Bitcoin to be considered stolen in that case and still not be forced into the currency system, which the governments do not want. 

[Babyrica0226]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

You/We cannot stop others opinion when it comes to their description about in bitcoin. Including me I do agreed that there is an instances that bitcoin has a similarity to gold.

[ubercool]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

You/We cannot stop others opinion when it comes to their description about in bitcoin. Including me I do agreed that there is an instances that bitcoin has a similarity to gold.

In a manner it is like gold but digital, we mine it, we keep it, we hold them for a very long time. It may look like a propaganda or a theory but we do love BTC like we do with gold. And it helps in our financial crisis too so I say, why not.

[cafucafucafu]

Firstly, people calling bitcoin whatever doesn't affect what bitcoin really is at all. What matters is the infrustructure that bitcoin is built on, not the names that people call bitcoin. Everyone has freedom of speech - you can say that it's bad to call bitcoin "digital gold" and others can say that bitcoin is indeed "digital gold".

Digital gold in my opinion is the most fitting description of bitcoin. Yes satoshi called bitcoin an electronic cash system, but obviously bitcoin differs from cash but has similarities too. The biggest difference that bitcoin has when compared to cash is that it has a fixed maximum amount that can ever be produced, and that's something that is common between BTC and gold. And I don't think that people use this term as an excuse for bitcoin having high transaction fees, at least not any that i'm aware of.

But as i said, it's useless trying to stop people calling bitcoin this. Unless it can bring real change it doesn't matter in the end.

[soul-impact]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I totally agree with what you say, I feel aversion when many people say that bitcoin is digital gold, they do not even know the origin and reason and bitcoin exists, they know nothing Most people come to bitcoins with the desire to make a profit, so they often compare bitcoin with gold, even if the value of bitcoin soars, they say that bitcoin has surpassed gold, and now, they call bitcoin as digital gold.

[cafucafucafu]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
`````````````

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I totally agree with what you say, I feel aversion when many people say that bitcoin is digital gold, they do not even know the origin and reason and bitcoin exists, they know nothing Most people come to bitcoins with the desire to make a profit, so they often compare bitcoin with gold, even if the value of bitcoin soars, they say that bitcoin has surpassed gold, and now, they call bitcoin as digital gold.

What? This is just a random string of BS, probably for your sig pay.

The reason why people compare bitcoin to gold is not because they want to make money. Calling something gold does not make it valuable, your argument just logically does not make any sense to me. Bitcoin has a fixed amount that can be ever be mined, just like gold cannot be generated out of thin air. Cash can by a government. A government can manipulate basically every aspect of a fiat currency that is issued by them. The price of bitcoin surpassed gold, so what? It's the mraket capitalization that matters, not individual price.

I really don't see any reason why people can't call bitcoin "digital gold". It's just a nickname - nothing else.

[stompix]

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

What? When did Satoshi designed bitcoin to mimic gold?

https://bitcoin.org/bitcoin.pdf
Read the title:
Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin was meant to be a p2p alternative to cash not digital gold silver or diamonds.

Treat bitcoin as digital gold and you'll end up with digital nothing.
Once you stop using bitcoin in the daily life it will lose all reasons to exist.

Gold is not only used as an investment. There are thousands of uses for it, replace it with other materials and you'll see the value drop like a stone and nobody treating it as an investment anymore

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

Crisis is too much to describe the current situation.
The blocks are still full, transactions are still running a solution is at the horizon.

[BitcoinPricingtool]

Bitcoin isn't digital gold, it's a currency and the fees are getting outrageous right now and reaching PayPal's level of awful (and already exceeded it for small transactions), The fees is an issue that should be solved since it hinder BTC use as a currency.

BTW, I know some people use BTC as a commodity, but even countries recognize it as money "AU", so that pint should already have been confirmed.

[thejaytiesto]

But again: how can you call it cash when eventually the blocksize would be too big to cater for everyone complaining about fees being above $1?
If you want to keep fees under $1-5, which is when most people start complaining, advancements in technology will not catch up quick enough to not end up with datacenters running nodes. And once you reach that point, then it's game over because any global attacker can easily control the network. A perfect gov killswitch. Do we really want that?

seriously you gonna continue harping on with the now 3year old empty FUD script found on reddit.

have you actually noticed that 8mb is now deemed as safe compared to 2009

its devs that are holding things back, not tech
devs wanna push people into corporate hubs and offchain services so they can grab fee's

please do research that its not tech holding things back.. but devs

8MB deemed safe by who? Literally everyone worth listening in the space is against an 8MB blocksize. Everyone I know would drop their nodes because 8MB is simply too much fucking data to bother running a node.

Sorry, no blocksize increase for you. Better luck next time.

[BillyBobZorton]

But Satoshi designed Bitcoin to mimic the scarcity of precious metals, like gold.

And Bitcoin is digital.

So

What? When did Satoshi designed bitcoin to mimic gold?

https://bitcoin.org/bitcoin.pdf
Read the title:
Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin was meant to be a p2p alternative to cash not digital gold silver or diamonds.

Treat bitcoin as digital gold and you'll end up with digital nothing.
Once you stop using bitcoin in the daily life it will lose all reasons to exist.

Gold is not only used as an investment. There are thousands of uses for it, replace it with other materials and you'll see the value drop like a stone and nobody treating it as an investment anymore

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

Crisis is too much to describe the current situation.
The blocks are still full, transactions are still running a solution is at the horizon.

The so called "gold use cases" to justify its intrinsic value are greatly exaggerated. Gold is pretty much useless and could be replaced by any other metal with similar malleability and durability, in fact im sure there are cheaper and better alternatives.

Gold is just a good store of value because of its network effect. Bitcoin can become a better one if it survives for a long time.

[stompix]

The so called "gold use cases" to justify its intrinsic value are greatly exaggerated. Gold is pretty much useless and could be replaced by any other metal with similar malleability and durability, in fact im sure there are cheaper and better alternatives.

Gold is just a good store of value because of its network effect. Bitcoin can become a better one if it survives for a long time.

Only two metals silver(?) and copper as far as I remember are better for conductivity in electronic systems.
None of them is even close in terms of resistance to humidity and corrosion and tin is a joke if you try to use it because of toxicity.

Take industrial use from it and let's assume that by some miracle people will be making engagement rings out of platinum and  gold bugs will be lucky to exchange gold to silver 1:1.

But that's not the case in the next decades , and beyond that I don't give a damn

[franky1]

8MB deemed safe by who? Literally everyone worth listening in the space is against an 8MB blocksize. Everyone I know would drop their nodes because 8MB is simply too much fucking data to bother running a node.

Sorry, no blocksize increase for you. Better luck next time.

even core devs deem 8mb ok..

technically there can be issues due to packet handling at 32mb..
then some compromised to 16mb..which the brought up debates about "average internet bandwidth while still doing normal tasks like netflix"

and so many done speed tests and found 8mb is safe. yep even the ones crying about the chinese firewall found out 8mb is actually ok
they also came to this judgement and non-fud realisation that tech has moved on since 2009..
we are no longer in raspberry Pi 1.. its raspberry Pi3 era now
other things like libsecp256k1 and other things have bring the 'happy acceptance' level up

however with core being extra anal accept 8mb as safe but PREFER 4mb .. not because 4mb is minimal happy acceptance, but because they want to be anal with their spoonfed limitations.

oh and before you go back to reddit to find a new scripted fud to spout.. you might want to actually run a node and realise that its not as painfl as you think