1.6 billion in gold vs 1.6 billion in Bitcoins

[vit05]

People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

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[KingScorpio]

People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

the evaluation of gold is purely mentall, it could quickly be replaced, simply by a non or even anti gold civilisational culture.

[btyco]

It's not just the mining resources required to mine all that gold, and the industrial waste produced, but afterwards it requires round the clock physical security. Bitcoin just needs a cold storage wallet

[KingScorpio]

It's not just the mining resources required to mine all that gold, and the industrial waste produced, but afterwards it requires round the clock physical security. Bitcoin just needs a cold storage wallet

but bitcoin is no mater that can be used, for jewelry, surface goldening etc.

[hatshepsut93]

It's not just the mining resources required to mine all that gold, and the industrial waste produced, but afterwards it requires round the clock physical security. Bitcoin just needs a cold storage wallet

Wrong, there's no difference between a huge sum in gold or a huge sum in Bitcoin in terms of security, you need to protect both, because just like gold can be stolen physically, Bitcoin can be too - and no encryption will protect you if thieves will threaten you and your family with violence. Look up some stories about underground Bitcoin vaults that store some big wallets if you want to learn about how top-level Bitcoin security looks like.

[clonely]

I don't think the comparison of gold and Bitcoin is right. Gold is a mine. Bitcoin is something different. Also, if we are going to compare it with something, I think we should do it with USD and EURO.

[MainIbem]

seeing is believing! We see gold and that is the attraction. It is normal. Remember 'Thomas'. It is a celebrated statement all around the world. Bitcoin, on the other hand, is "elite gold". Because it is virtual, it takes an extraordinary eye to see its value. That is why the smart guys bought it 10 years ago with 'pizzas' and are swimming in $$$ dollars $$$ today.

[LoyceMobile]

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

[YOSHIE]

The price speculation in gold investment can be said to be impressive and the move to thin profits is slow but sure, if the Bitcoin investment promises enough profit ability is large and fast the price is very sensitive, with USD 1.6 billion, the only thing that can be done in Bitcoin to profit 2 x fold of gold, but it's up to you to run.

[mk4]

I don't think the comparison of gold and Bitcoin is right. Gold is a mine. Bitcoin is something different. Also, if we are going to compare it with something, I think we should do it with USD and EURO.

It depends on how you look at bitcoin, but some(or most) people look at bitcoin as a store-of-value rather than a for-transactions currency, hence you mostly see bitcoin compared to gold, which makes perfect sense in my opinion due to both gold and bitcoin sharing a good number of characteristics.

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

Indeed. Gold is shiny and physically attractive as heck hence I can see the reason why most people like them. Goodluck getting them out of a country with a corrupt government though.

[dothebeats]

Whatever pleases the eye, gets some value and love for people, and gold fulfills that. They do not care about the tedious task to obtain it, more so the cost to mine it as long as it gets to their hands. Knowing that it is prized by most people and governments all over the world (and the most coveted precious metal too), surely why would one not want to have a bullion of gold on his/her disposal? But then again, you got to figure out how to move it from point A to point B without being questioned by the authorities and risk getting your life cut short due to the number of people wanting to take it away from you.

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

Or you can add gold flakes on your paper wallet to make it look snazzy and glitzy 

[timotron]

Not only electricity, but also the whole ecosystem of crypto is better for the environment, and it is evolving pretty well in this direction I must say.

I like the idea of the anti-gold-culture haha

[vit05]

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

But these gold bars are stored in vaults where few people can see its beauty. That is one of the points. Gold has several other usefulness, but its value is priced as store of value. It could be used for several other functions in the most varied industries, including jewelry. But the function he performed there in a shed surrounded by security guards and distant from the public eye can easily be replaced by Bitcoin.

Or you can add gold flakes on your paper wallet to make it look snazzy and glitzy 

https://www.kickstarter.com/projects/1173199625/cold-storage-wallet-for-bitcoin-and-cryptocurrenci

[Al-e_x]

in my opinion, 1.6 BTC is better than gold, gold is stable, but BTC is not stable, I like the extreme volatility of BTC.

I can get rich quickly, BTC growth is now very fast and good, although it is more difficult to predict.

[o_e_l_e_o]

People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

Only somewhere in the region of 10-20% of gold produced is actually used in electronics, medicine, industry, food, etc. The rest is used solely as jewelry and as a store of value. Which means for all the energy that goes in to mining gold, 80-90% sits and does nothing, either looking pretty as bars locked in vault or looking pretty as a piece of jewelry. Always seemed strange to me.

the evaluation of gold is purely mentall, it could quickly be replaced, simply by a non or even anti gold civilisational culture.

We could easily discover a new alloy or compound tomorrow that improves on gold's conductivity or inertness, and renders the major real use of gold obsolete. Or as you say, any culture which moves away from shallow body ornamentation would place far less value in gold as an asset.

[stompix]

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

Reminds me of a scene from Anger Management (the one with Charlie Sheen)

-Look at how much work has piled up since you started slacking off. (tons of papers on the desk)
-Uh, these are all blank.
-Yeah, I know.
-I wanted to make a dramatic statement, but it's hard when everything's digital (shows him a tiny memory stick)

Only somewhere in the region of 10-20% of gold produced is actually used in electronics, medicine, industry, food, etc. The rest is used solely as jewelry and as a store of value. Which means for all the energy that goes in to mining gold, 80-90% sits and does nothing, either looking pretty as bars locked in vault or looking pretty as a piece of jewelry. Always seemed strange to me.

Yeah, but unlike bitcoin, it doesn't require that much energy to keep it safe.
And a funny thing, to keep the gold even safer, they could simply melt it into larger lingots.
An mc3 of gold weighs about 19 tons, good luck running away with it  

Not only electricity, but also the whole ecosystem of crypto is better for the environment, and it is evolving pretty well in this direction I must say.

None is better for the environment.
Let's not start it again, simply google coal and bitcoin and you would be surprised how much mining is done with coal-generated electricity.

[TimtheYoutuber]

Gold is used in a variety of electronics which holds a usability aspect of it. But just like bitcoin, gold is highly speculative. Bitcoin is nice, but the speculators ruin it. I think bitcoin would have been so much more successful if people didn't invest in it for 5 years after the creation of it. We need more time to actually build infrastructure that work on an adoptive level.

[stiffbud]

I don't think the comparison of gold and Bitcoin is right. Gold is a mine. Bitcoin is something different. Also, if we are going to compare it with something, I think we should do it with USD and EURO.

I totally agree with you. Gold and Bitcoin have nothing in common except both are investments. One being the world's most popular investment (gold) and the other being the world's fastest growing investment. Other than that, gold and Bitcoin have nothing much in common.

the evaluation of gold is purely mentall, it could quickly be replaced, simply by a non or even anti gold civilisational culture.

I don't agree with you. Gold has been the world's oldest investment and quite frankly, nothing has ever even challenged it's popularity as an investment. Bitcoin is like 10 years old and I don't think it's right to speculate it of replacing an investment which is like 10 centuries old, even longer for that matter. It is far more easy to replace Bitcoin than to replace gold in the global scenario.

[leetcoiner]

People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

If you think even deeper, gold is very dependent on oil. Both of these resources are tied to the value of the dollar, and therefore they are tied to each other. And what can we understand from here? The fact that any subject in its in-depth study is not what it really is.

[magneto]

People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

Exactly. It's really an extremely poor argument against the use of bitcoins.

People don't realise that bitcoin has a function, and the energy that is going into bitcoin isn't wasted at all. In my opinion, bitcoin is just so much more portable, divisible and convenient than gold, while still having a capped supply which can't be manipulated (which is potentially even more decentralised than gold itself) which makes it a good store of value in the long term. And besides, bitcoin mining is generally using up excess energy that would otherwise have gone to waste anyways.

But I guess this comparison between the two just shows how much wealth can be stored and transferred with bitcoin with the same process. This will be a major point for adoption in the future, as gold investors and people seeking safe havens will potentially want alternatives that are more convenient and liquid, in which case, bitcoin would be amongst the top of the list.