Please, Stop Calling Bitcoin "Digital Gold"

[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.

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[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.