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Author Topic: Gold exist 1000+ years. while bitcoins exist 10 years.  (Read 15382 times)
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June 13, 2019, 07:33:53 AM
 #241

Gold is valuable because everyone agrees that it is valuable. And because it has been valuable through all of recorded history, the consensus is that it will retain that value for the future. That's it. There's nothing intrinsic to gold itself that makes it valuable, it's just the consensus. Many other things are stores of value, despite having no intrinsic worth. Fine art, for example. People don't buy a Van Gogh because it's a good painting, but because it's a good investment.

So is Bitcoin a better store of value than gold? Well the answer is that it depends on what people want to do with a store of value item. If all they want to do is lock it in a vault, then gold is probably good enough. But if they actually want to use it, to transfer it, and to be 100% confident in the maximum possible supply, then Bitcoin is far far superior. All that remains, however difficult that might be, is for this to become the consensus opinion.

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June 13, 2019, 10:38:57 AM
 #242

Can human create a bar of pure gold? If does, I will believe that gold can exists 1000 years or so. So far, I did hear any news saying that we can be able to form it. You can dig the earth up to its mantle until you find a gold. Well, scientifically, the existing of gold is likely because of the supernova billion years ago. Bitcoin is intangible, it is pure digital and made by computers complex equations with bits and bytes. Technically, it is made by people and until there are people the existence of bitcoin will not die. You think which currency will lasts?

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June 13, 2019, 12:43:24 PM
 #243

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.



Bitcoin is an innovative tool perfect for our modern advanced technology. It is  very useful for our day to day life if it gets adopted worldwide while gold does not really do anything and we don't  really need it and it's only precious because of its structure. Gold is just there to symbolize it's holder's status in our society. While the internet and bitcoin exist to ease life to the fullest.
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June 13, 2019, 02:18:41 PM
 #244

Gold exist for over a 1000+ years maybe? Bitcoin only 10 years. Also the internet existed about 25+ years. Bitcoin price is higher than gold by over 200%. I think the value of Bitcoin is going to sky rocket once again. When technology gets more advance n the Bitcoin system upgrades. Just another speculation.



Bitcoin is an innovative tool perfect for our modern advanced technology. It is  very useful for our day to day life if it gets adopted worldwide while gold does not really do anything and we don't  really need it and it's only precious because of its structure. Gold is just there to symbolize it's holder's status in our society. While the internet and bitcoin exist to ease life to the fullest.

I think you are too idolizing bitcoin, agreeing that bitcoin is a very useful product to help us get good income, but it is not a perfect product, it still has great risks, many people are still losing money in bitcoin even many big investors have pushed others into bankruptcy when they control the price of bitcoin too closely. While gold may not do so much for us, it is just a product that honors nobility but at least, it does not bring too much risk, and the value of gold actually increases steadily over time, in the long run, what's better, it's still a difficult question to answer

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June 13, 2019, 07:28:22 PM
 #245

The OP is being really unfair to gold, it is true that the price of one bitcoin is superior to one oz of gold but if we compare the market caps of both of them we can clearly see that the market cap of gold is many times bigger than the market cap of bitcoin and that is without taking into account that there is a huge amount of money spent by governments to reduce the price of gold.

While I believe bitcoin is superior to gold we cannot underestimate gold, gold has been around for thousand of years and people know that no matter what happens it will continue to have value for a very long time and in a time of crisis you can be sure that people will flock to gold first trying to find a way to save the little money they have.
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June 30, 2019, 06:53:13 PM
 #246

You can not compare both gold and bitcoin, they do not have any thing in common, gold is a physical valuable, while bitcoin is a digital asset and Bitcoin has achieved more value in 10 years than gold in 1000 years.

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July 01, 2019, 12:28:07 PM
 #247

it cannot be interrelated because technological differences are very striking, I mean here is a greater economic flow because it is supported by currently available technology, but gold remains the main thing because physical factors have high value, while bitcoin will still go up and down by so much debate.

But if you talk about potential economic alternatives that continue to grow, bitcoin will move faster, and if evolution does not experience controversy that is deadlocked it will become a rocket that can no longer be prevented.


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July 01, 2019, 01:52:25 PM
 #248

Gold is valuable because everyone agrees that it is valuable. And because it has been valuable through all of recorded history, the consensus is that it will retain that value for the future. That's it. There's nothing intrinsic to gold itself that makes it valuable, it's just the consensus. Many other things are stores of value, despite having no intrinsic worth. Fine art, for example. People don't buy a Van Gogh because it's a good painting, but because it's a good investment.

So is Bitcoin a better store of value than gold? Well the answer is that it depends on what people want to do with a store of value item. If all they want to do is lock it in a vault, then gold is probably good enough. But if they actually want to use it, to transfer it, and to be 100% confident in the maximum possible supply, then Bitcoin is far far superior. All that remains, however difficult that might be, is for this to become the consensus opinion.


This is false, and a lot of misinformation is your post. You say gold has no intrinsic value, this is false.  Gold is the best conductor of electricity and to proof it has intrinsic value let me show you something.

Fiat also has intrinsic value, since when it go's to zero you can use it to keep you warm at night or use it to wipe your ass. Thus at zero you can extract value which is it's intrinsic value.

Gold at Zero you can use it's electricity conducting properties or wear it as jewelry or store it for hundreds of years and its properties will never change. This is intrinsic value because at zero I can still extract value from it!

Digital fiat ( AKA Bitcoin) at zero has no intrinsic value because at zero you won't be able to do anything with it, so digital fiat has less intrinsic value than fiat!.

Don't be fooled by these clowns people, they lack common sense and logic!

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July 01, 2019, 01:59:53 PM
 #249

The logic behind the OP is laughable. Before silver coins were minted 2,000 years ago, iron spits were used as a form of money in Greece. Now are you going to say that iron has existed as a form of money for 2,000 years and Bitcoin has existed only for 10 years? IMO, the duration is of little relevance here. On a technological viewpoint, Bitcoin is the most advanced form of money.
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July 01, 2019, 02:13:20 PM
 #250

The logic behind the OP is laughable. Before silver coins were minted 2,000 years ago, iron spits were used as a form of money in Greece. Now are you going to say that iron has existed as a form of money for 2,000 years and Bitcoin has existed only for 10 years? IMO, the duration is of little relevance here. On a technological viewpoint, Bitcoin is the most advanced form of money.

Bitcoin has never been money. Until goods and services are paid and accepted in bitcoin and loans are made in bitcoin terms it is not money.

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July 01, 2019, 02:27:42 PM
 #251

The limited supply of gold made it an interesting asset over history. Just the technology is advancing and many keep forgetting that.
We are getting closer and closer to the point such resources will be mined from other places (outer space) or various methods for easier mining/retrieving the gold from Earth can be also invented, making gold scarcity not a reliable property.

Instead something unnatural, something ensured by math to be in limited supply will remain in limited supply.
When Bitcoin history will become as long as gold's, I guess that gold will be no longer (by far) a reserve asset. And Bitcoin price? Well, sky is the limit.

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July 01, 2019, 02:30:25 PM
 #252

The limited supply of gold made it an interesting asset over history. Just the technology is advancing and many keep forgetting that.
We are getting closer and closer to the point such resources will be mined from other places (outer space) or various methods for easier mining/retrieving the gold from Earth can be also invented, making gold scarcity not a reliable property.

Instead something unnatural, something ensured by math to be in limited supply will remain in limited supply.
When Bitcoin history will become as long as gold's, I guess that gold will be no longer (by far) a reserve asset. And Bitcoin price? Well, sky is the limit.
I think you will be crying later, a sucker is born everyday!

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July 02, 2019, 07:18:55 AM
 #253

This is false, and a lot of misinformation is your post. You say gold has no intrinsic value, this is false. 

Apologies, I'll correct that: gold has very little intrinsic value.

Yes it has some use in electronics, and probably other areas as well. But this isn't the reason that gold has a high price. I think my point still stands.
People buy gold, but the main reason for this is not that they want to use it in electronic circuits. That's nonsense. I mean, why were people buying gold hundreds of years ago?

Gold is valuable because people agree that it is valuable, that's it, that's the main source of its value.

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July 02, 2019, 08:55:47 AM
 #254

I think you will be crying later, a sucker is born everyday!

Of course, there's a possibility for that.
But did you consider the other side of the medal? What if it'll be you the one crying?
I mean, long ago a guy called Darwin has shown that over time adaptation is crucial. And you may not want to adapt...

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July 02, 2019, 10:03:23 AM
 #255

I think the value of BTC comes from the network. The more people contribute to the network, the more people believe the system, the more people trust the token economy, the network gets stronger. A strong network is a source of BTC's value. I think this is the difference between gold and BTC. Since the value of gold comes from the gold itself and the people who believe the value of gold.
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July 02, 2019, 10:24:45 AM
 #256

Gold and BTC, these are totally different things and i think this comparison isn’t healthy enough.
But still it’s true that people really see BTC as the digital gold. In time we’ll see the price growth.

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July 02, 2019, 10:36:41 AM
 #257

you can not compare value of bitcoin with value of something like gold when they don't follow the same unit of measurement. it is like saying you are taller than 1 kilogram!
when you say value of bitcoin you are talking about value of 1.00000000 BTC and when you say value of gold you are saying value of 1 OZ of gold not 1 kilogram or 1 ingot, 1 grain, 1 troy ounce,... so first clarify why you are comparing the biggest unit of bitcoin (1 whole BTC) with smallest unit of gold and why aren't you using the smallest unit of bitcoin (1 satoshi) to do the comparison.
How many kilograms are you tall?
Jee, I don't know ... how many meters are you old?
 Smiley

I'll add this: Instead of comparing how long gold and Bitcoin exist as money, why don't we compare how widespread is their acceptance as money today?

Gold today, in its different forms (jewel, coins, bars etc.) is recognised as money by around 100% of the world population.

Bitcoin: end of March 2019 there were 35 million Blockchain wallets.
Even if all of them have Bitcoins...
even if each wallet belongs to a different person...
even if each Bitcoin owner considers Bitcoin a money, and not just a gambling or investing vehicle...
... that's 0,5% or the world population.

Gold acceptance as money: 100%
Bitcoin acceptance as money: 0,5%
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July 02, 2019, 11:26:04 AM
 #258

it cannot be interrelated because technological differences are very striking, I mean here is a greater economic flow because it is supported by currently available technology, but gold remains the main thing because physical factors have high value, while bitcoin will still go up and down by so much debate.

But if you talk about potential economic alternatives that continue to grow, bitcoin will move faster, and if evolution does not experience controversy that is deadlocked it will become a rocket that can no longer be prevented.
We have to see bitcoin as the important thing with our current technology, and we know that gold is just a gold with value and it can’t do anything with regards to technology. Gold will exist forever as long as we have the land to dig but with technology it will continue to grow over years and bitcoin will continue to follow that trend until it become more expensive.

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July 02, 2019, 12:38:53 PM
 #259

What we see between gold and bitcoin in terms of existence has a big difference. Gold even after such a big volume into usage the growth it has attained is small with comparison to the year of existence and the growth attained by bitcoin. This shows the potential between technology based growth and the common metal value. However the longest of survival provides the trust while the short term survival provides with profiting.

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July 04, 2019, 04:29:41 PM
 #260

Why people still like to compare gold and bitcoin will stay enigma for me. It was interesting in the beginning, but now it`s boring, cause these two can`t be compared. Gold is a rock, bitcoin is entire network that connects whole world. This is evolution of money, denying it will not lead us anywhere, compare it with past has no sense cause crypto is something totally different from everything we had.

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