Please, Stop Calling Bitcoin "Digital Gold"

[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.