Please, Stop Calling Bitcoin "Digital Gold"

[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.

[1714542295]

1714542295

[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