Please, Stop Calling Bitcoin "Digital Gold"

[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.

[1714551726]

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[1714551726]

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[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.