Bitcoin or gold?

[deisik]

3)  There is ALWAYS someone around who will take your gold as payment...

The same could be true of Bitcoin in a couple of years. 

In the case of some calamity people will most obviously stick to more mundane things. Gold (and silver) coin, for example. And I don't even say that in such a case there may not be a technical possibility to make a transaction even if you find somebody to accept bitcoins as payment (no Internet, no electricity, or whatever)...

[Amph]

Right now, Crypto is the better choice to invest in. Just like gold, cryptocurrencies have a "production cost", in this case, the cost of mining. Once a coin goes under that price level, miners will jump ship and the price will go up as downward price pressure from mining disappears. Gold works the same way, if the price of Gold would fall below the cost of mining, production would slow down and Gold would become more rare. In this sense, fundamentals for Gold and Crypto are very much the same.

Yes but in bitcoin the miners dont affect the inflation, whereeas in gold they do.

Suppose some alien spaceship technology can extract 1000 tons of gold from below the earths crust, every single day, now that will push the gold price really low.

Except for bitcoin, there are only 25 bitcoin mined / 10 minutes, and weather more miners come or go, or the difficulty changes, it wont affect this.

So technically speeking the more miners are here the better for bitcoin, becase they dont inflate the netwrok, but they secure it, and less chance for a 51% attack.

this if we suppose that there is no limit for gold too, which i find a little naive to think about, the difference is that gold mining does not make it more secure like for bitcoin, but only more centralized

[Aggressor66]

The ability for bitcoin to be chopped up to near infinite pieces, and sent around the world in values from a penny to many millions of dollars for a flat ten cent charge with no central authority is nothing short of amazing and will ultimately change the world.

An amazing things is it will even help spread the internet faster then before because bitcoin will self fund the internet. So when you plug into the internet, you are now plugging into a world wide financial system with credit/banking/job opportunities to make you more bitcoin that can then pay for that internet connection.

Make no mistake this technology will revolutionize the way we think about finance/government/geography/medicine/personal value and on and on and on.

[nerFohanzo]

Definitely Bitcoin. Although Gold is a good option for investment. But Bitcoin is the future..Its volatile but still its trustworthy..After 10 years Scenario would be different Person owing a bitcoins would be much more richer then the person with GOld. My GAMBLE on Bitcoin.

[GreenStox]

this if we suppose that there is no limit for gold too, which i find a little naive to think about, the difference is that gold mining does not make it more secure like for bitcoin, but only more centralized

In the future we might have particle generators (yes alchemy can be done with high tech). There have been already attepts to collide Hidrogen atoms into Mercury and they made Gold, the problem is that to create a few particles of gold you need to invest millions of $, which is obviously not profitable.

But dont give up hope, as the technology will get better, later on we could create gold from other particles at home, and at that point, gold's price will really go down.

So there is no limit for gold.

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

[GreenStox]

It is really fascinating that you keep repeating the same nonsense again and again. I can explain to you why CBs stick to gold. You may think them idiots (as in fact you do), but they are not. They are not idiots, and they know that other central bankers are no idiots either. They also know that in case of some disaster, be it a war or some natural devastation, no one in the world would give a fuck about their fiat money, but everyone will take gold as payment. It has been so through the whole history of mankind, and, I'm afraid, nothing has changed since then...

If nobody in the retail sector accepts gold, and its only tossed around from 1 CB to another, then it is a ponzi scheme, on your tax payer money.

Some people use gold every day, but its getting out of trend, as more , high tech payment systems come along. Wake up bro, the middle ages are over.

If there would be a global riot or civil war, then I can imagine gold being reused in bartering, but until the Internet is intact, gold will go down the toilet.

That is just a fact, people evolve, and high tech payment system will be the future, not stone-age money 

[LazerSMS]

given the current circumstances I would say Bitcoin, because it's still something new and we can't predict what will happen to it (let's hope it'll be something exciting   )

[deisik]

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

[GreenStox]

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

No because that would not be bitcoin anymore, it would be an altcoin. Bitcoin runs on the exact parameters on every persons wallet.

Unless you can corrupt the download link for the client (which has checksum and PGP signatures to detect any tamper), and you need to have 51% of the people using the corrupt client.

Pretty unlikely, and even more unlikely of million of people , and not a single one of it detecting the fraud and reporting it immediately to the community.

Such scale attack can easily be detected and its not feasible.

Of course with future technology who knows, but in the future the security might improve, and the operating system aswell. Windows is a perfect place for malicious code, i`m sure future OS' will use file-systems that are invulnerable to tampering/hacking.

[gentlemand]

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

All money to an extent lives and dies on faith and collective willingness to accept it. Perhaps that's more vital with BTC than other currencies.

We all know it can be replicated infinitely which makes maintaining the focus on Bitcoin only even more important for the world to take it seriously.

The regular people who use it aren't going to be too bothered by changes in block sizes and side chains as it doesn't alter the end user experience.

As soon as something as ingrained as the 21 million limit is meddled with it's all going to disappear in a puff of chaos. I'd be seriously impressed if consensus could ever be reached over a limit increase without the whole thing dying completely. 

[GreenStox]

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

All money to an extent lives and dies on faith and collective willingness to accept it. Perhaps that's more vital with BTC than other currencies.

We all know it can be replicated infinitely which makes maintaining the focus on Bitcoin only even more important for the world to take it seriously.

The regular people who use it aren't going to be too bothered by changes in block sizes and side chains as it doesn't alter the end user experience.

As soon as something as ingrained as the 21 million limit is meddled with it's all going to disappear in a puff of chaos. I'd be seriously impressed if consensus could ever be reached over a limit increase without the whole thing dying completely. 

Well all be dead by then so who cares, our generation made bitcoin, its the next generation's duty to perfection it or make it better.

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

[deisik]

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

No because that would not be bitcoin anymore, it would be an altcoin. Bitcoin runs on the exact parameters on every persons wallet.

It's rather a weak pretense. Dogecoin had also initially had a limited supply schedule that was later changed to a fixed amount of coins mined annually. It didn't stop being Dogecoin and turn into an altcoin... Maybe, because it is already an altcoin, huh?

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

That made my day...

[Bitcoin Explorer]

I'd rather do 50%:50% gold and bitcoin, because gold definitely has the potential but bitcoin can skyrocket quickly, and at the same time, it can plummet.

[BTCevo]

Well all be dead by then so who cares, our generation made bitcoin, its the next generation's duty to perfection it or make it better.

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

And why are you being so pessimistic? How about if we going to make this prefection in our time and let the next generation improve it? Its better than let them continue our work. If you being like that I dont think you will do the max into your life

[pereira4]

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

No because that would not be bitcoin anymore, it would be an altcoin. Bitcoin runs on the exact parameters on every persons wallet.

It's rather a weak pretense. Dogecoin had also initially had a limited supply schedule that was later changed to a fixed amount of coins mined annually. It didn't stop being Dogecoin and turn into an altcoin... Maybe, because it is already an altcoin, huh?

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

That made my day...

Dude, Dogecoin could afford that because its a shitty altcoin joke. Bitcoin is the most powerful computational network in the planet. Forking it to modify the total supply would essentially kill the coin. It's a non issue, because it benefits no one there its not going to happen.

[deisik]

But there is limit for bitcoin, because its a mathematical equation, and if the computing power will get too big, then we can always find better encryption algorithms with bigger key sizes, so bitcoin will always remain finite (or any other descendant of it in the far future).

All it takes is just change one (or two) variables in the code and voilà, there is no more limit on the number of bitcoins that can be mined. And no need for millions of dollars, and no one will care if you, for example, would eagerly object to such a change...

Aren't you afraid of this?

No because that would not be bitcoin anymore, it would be an altcoin. Bitcoin runs on the exact parameters on every persons wallet.

It's rather a weak pretense. Dogecoin had also initially had a limited supply schedule that was later changed to a fixed amount of coins mined annually. It didn't stop being Dogecoin and turn into an altcoin... Maybe, because it is already an altcoin, huh?

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

That made my day...

Dude, Dogecoin could afford that because its a shitty altcoin joke. Bitcoin is the most powerful computational network in the planet. Forking it to modify the total supply would essentially kill the coin. It's a non issue, because it benefits no one there its not going to happen.

I would rather trust laws of nature (which are here to stay) than rules set by people (which are subject to change). My example was to show how easily this can be done. Do you object that some major changes may be required to the Bitcoin protocol? If you don't, do you agree that some people may not be quite happy with them?

[gripflierGO]

I think BOTH as both have a great future...Bitcoin is a future but cant ignore gold and silver as well..As bitcoin exists maximum by 5 years and gold is traditionally used as investment factor..so cant ignore both but as discussion is on so would prefer bitcoin as its a future..

[Amph]

I think BOTH as both have a great future...Bitcoin is a future but cant ignore gold and silver as well..As bitcoin exists maximum by 5 years and gold is traditionally used as investment factor..so cant ignore both but as discussion is on so would prefer bitcoin as its a future..

gold and silver are just too hold, te have any chance to become any bigger than now, they won't rise too much i'm pretty sure, they reached their peak already, actually they can only fall, if new gold/silver is discovered...

bitcoin instead is still a new baby, that started to gain popularity only two years ago, many good things are still coming for bitcoin in the future, others peaks will be seen, guaranteed

[operrajunk74]

Gold is the better option to invest as it exists from long time and bitcoin exists since last 5 years and no one knows what will be the future of bitcoin at present it seems to be attractive but might not be the same case in future. GOLD is safe and best product to invest.

[GreenStox]

Well all be dead by then so who cares, our generation made bitcoin, its the next generation's duty to perfection it or make it better.

We handled over the currency of freedom to our children, now they should weild this power responsibly and help bring freedom back to this "prison planet"

And why are you being so pessimistic? How about if we going to make this prefection in our time and let the next generation improve it? Its better than let them continue our work. If you being like that I dont think you will do the max into your life

No you misunderstand me, i was saying that it's already out. The geenie is out of the bottle, you can't put it back, and that geenie is freedom.

The tyrants have held freedom captive for so long, but now its out and its only a question of time until it becomes mainstream.

Bitcoin is fighting the monetary front of freedom, there is also others ( government propaganda mainstream media vs alternative media , internet 2.0 , number of libertarians on the rise.... etc)

We live in an amazing time, and this time will be remembered as the great change, when tyrrany will fall