Kakmakr
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March 31, 2019, 06:08:09 PM |
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I honestly think no "public" money, will be deemed suitable for any government, simply because it is not controlled by them. People who think that Bitcoin would replace fiat currencies as reserve currencies are truly delusional and this is coming from someone that are very passionate about Bitcoin. We have to be realistic and know that Bitcoin will always serve the purpose as being the alternative currency to fiat currencies, because it was created for that purpose and not to replace fiat currencies. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) <Gold and Silver is a commodity, not a currency.> ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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BobK71 (OP)
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April 05, 2019, 01:25:10 PM |
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I honestly think no "public" money, will be deemed suitable for any government, simply because it is not controlled by them. People who think that Bitcoin would replace fiat currencies as reserve currencies are truly delusional and this is coming from someone that are very passionate about Bitcoin. We have to be realistic and know that Bitcoin will always serve the purpose as being the alternative currency to fiat currencies, because it was created for that purpose and not to replace fiat currencies. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) <Gold and Silver is a commodity, not a currency.> ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) I agree, probably neither Bitcoin nor gold and silver will replace state currency, except, perhaps, in an unlikely but possible scenario of total collapse of trust in certain institutions. But back to reality... the real issue is the exchange rate between different monies, not what narrative is currently being promoted by the elites and their economists. Remember, when gold was declared the only true money by the establishment, it earned zero return. When it was declared a barbarous relic after 1971, it appreciated 30-fold. The key thing to remember is that reality is almost always different from the official 'story,' as the system is basically deceptive. No matter what the official story, one effective way of viewing the system is that, whatever you call it, 'depreciation' of state currency against 'hard' monies will be a long term trend, since there are fundamentally built-in incentives for the elites to abuse their control of state currency.
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mersal
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April 05, 2019, 04:41:15 PM |
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Comparatively gold is better than Bitcoin but we cannot compare these things equally because these hard different qualities to make our profit. stable if we invest in Gold it will give the less amount of profit for long time but cryptocurrencies are different from the gold in cosmetic it will give quick investment and quick profit at any point of time
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LeGaulois
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April 05, 2019, 04:42:41 PM |
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I honestly think no "public" money, will be deemed suitable for any government, simply because it is not controlled by them. People who think that Bitcoin would replace fiat currencies as reserve currencies are truly delusional and this is coming from someone that are very passionate about Bitcoin. We have to be realistic and know that Bitcoin will always serve the purpose as being the alternative currency to fiat currencies, because it was created for that purpose and not to replace fiat currencies. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) <Gold and Silver is a commodity, not a currency.> ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) I agree, probably neither Bitcoin nor gold and silver will replace state currency, except, perhaps, in an unlikely but possible scenario of total collapse of trust in certain institutions. But back to reality... the real issue is the exchange rate between different monies, not what narrative is currently being promoted by the elites and their economists. Remember, when gold was declared the only true money by the establishment, it earned zero return. When it was declared a barbarous relic after 1971, it appreciated 30-fold. The key thing to remember is that reality is almost always different from the official 'story,' as the system is basically deceptive. No matter what the official story, one effective way of viewing the system is that, whatever you call it, 'depreciation' of state currency against 'hard' monies will be a long term trend, since there are fundamentally built-in incentives for the elites to abuse their control of state currency. Bitcoin/Altcoins, Gold/Silver may not replace the state currencies but they can co-exist together and/or be complementary to each other. We don't even need a collapse to see it happens, it's up to the population to decides to use it like this, we don't have to wait for a central bank or another institution. In the opposite, they will have to adapt to the new trend
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BestSSS
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April 06, 2019, 06:41:27 AM |
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Bitcoin is somewhat similar to gold, because it is like the precious metal is only in limited quantities. Gold mined around the world today is about 171 thousand tons and it is not so easy to print as dollars or any other bill. Therefore, if in the near future the world begins to regulate bitcoin, it will only grow in price like gold every year. (although until now the price has been rising for 10 years)
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senin
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April 06, 2019, 07:01:55 AM |
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The gold and silver is being here in this world since from a very long period of time so we cannot been comparing the Bitcoin to the the silver and gold will not be right thing because the stability of gold will be more stronger than anything people are using this is a huge future investment but in today's situation cryptocurrency play the same that's why the comparison is here.
Gold and silver were and remain eternal value. The value of cryptocurrency is not yet verified by time. On the prospects of cryptocurrency, it is too early to say anything. It takes at least a hundred years to be able to say that this type of investment and means of payment is stable and in demand. So far, the cryptocurrency has not occupied a certain niche in the financial relations of society, it has just begun to develop. Yes, it is defined like this. Gold has long been tested by time. We do not yet know how long a cryptocurrency will exist. It will take a lot more time for the cryptocurrency to find its permanent niche in our society. In the meantime, gold will exist as a constant, stable value, unlike cryptocurrency with its simply explosive volatility.
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STT
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April 06, 2019, 07:26:44 PM |
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Gold/Silver may not replace the state currencies but they can co-exist together and/or be complementary to each other.
If we look at this in a layered way. 1st preference for state is to issue purely their own debt notes. Tied to no value but their word 2nd preference will be gold and silver because every country of the world has a gold resource in their borders, some places are better off but overall its obtainable by most directly or in exchange 3rd and least popular to governments I think is this totally independent blockchain they do not mine it themselves and some of the network will be foreigners. To use a 3rd party network as your national currency is extreme unlikely The IMF have proposed releasing a global crypto standard that will be tied to each country via politics and again this likely is under their country not independent. This event is more likely then 3rd party use
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BobK71 (OP)
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April 12, 2019, 01:49:15 PM |
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If we look at this in a layered way.
1st preference for state is to issue purely their own debt notes. Tied to no value but their word 2nd preference will be gold and silver because every country of the world has a gold resource in their borders, some places are better off but overall its obtainable by most directly or in exchange 3rd and least popular to governments I think is this totally independent blockchain they do not mine it themselves and some of the network will be foreigners. To use a 3rd party network as your national currency is extreme unlikely
The IMF have proposed releasing a global crypto standard that will be tied to each country via politics and again this likely is under their country not independent. This event is more likely then 3rd party use
I think it looks unlikely that any big or powerful entity will release its own cryptocurrency in the short to medium term. It might use blockchains for new settlement networks, etc., but that would just be additional infrastructure for dollars, euro, bank debt, etc. The reason is that most of the public still don't trust cryptos as a store of value (just look at the price swings!) If the elites want to promote cryptos (which I think the very top monetary elites secretly do, ultimately as a way to inflate away the debts in the system) they must make an alliance with libertarian-minded state-free-money fans who like cryptos, and allow or make 'state-free' cryptos to appreciate, at least until cryptos are established as a true asset in the public imagination. You notice how Bitcoin is always the dominant crypto, despite all the 'competition.' I think the reason is that, if Bitcoin is destroyed, the entire crypto space is in danger, because people can see that no crypto-type asset is safe from destruction. It would be in the interest of these elites to preserve Bitcoin's dominant position. Trust me, everything is manipulated, there is no such thing as a free market in money. So, never mind something like the IMF, even something like Facebook won't release its own crypto any time soon. I'm sure Mark Zuckerberg would love to have the wealth from issuing FacebookCoin. But think of the effects on the whole crypto-space. FacebookCoin would shoot up, because of the power and influence of Facebook, but everyone would see how the space can easily be dominated by big players, and is not really safe from the elites. So Zuckerberg can't be allowed to do it. (And I do think the elites at that level are a lot more organized than we know. What are the odds that Facebook took down the page of the pro-Assange former Ecuadorean president the day of his arrest?)
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okala
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April 12, 2019, 07:33:21 PM |
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Right from inception the bank, the government and all the elite have design the world economy in the way that it will favor only them and the system have always been like that, but thank God for the coming of bitcoin and cryptocurrency that have given the ordinary citizens the right over they own financial love life without the control of any third party.
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bitsurfer2014
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April 12, 2019, 08:58:24 PM |
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I like the old adage that says "the only permanent things is change" which holds true for humans specifically on how we conduct payment processes since the idea of gold and silver being used as a wealth of value and in turn as a payment vehicle in early years of human civilization prove inadequate to met the rising needs of humans to conduct efficient transfer of value between entities, hence the creation of fiat currency and emergence of banking institutions. But now, we all know that fiat together with financial institutions have certain limitations which could not be mitigated and thus spun the birth of Bitcoin and other cryptocurrencies. In a matter of years, I think there will be a global evolution on the massive adoption of cryptocurrency.
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LeGaulois
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April 12, 2019, 10:07:46 PM |
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Right from inception the bank, the government and all the elite have design the world economy in the way that it will favor only them and the system have always been like that, but thank God for the coming of bitcoin and cryptocurrency that have given the ordinary citizens the right over they own financial love life without the control of any third party.
And what about if there is a "control" on the crypto industry by banks/governments/institutions? It will be a point of failure we will have to admit, right? Then, I am sorry to tell you but it's already happening. Step by step. Today they start with regulations, it's like controlling. In 10 years a collection of regulations will give great power. And people are accepting that! Totally the opposite of what Satoshi intended to create. Too bad!
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Adriano2010
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April 14, 2019, 12:40:18 AM |
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I agree with the point that bitcoin is like gold and silver, i reffer here to limited supply and high demand for bitcoin, and this can make the price grow in future, possible always the price will grow before or after halving.
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Snaic
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April 14, 2019, 09:22:19 AM |
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Bitcoin is somewhat similar to gold, because it is like the precious metal is only in limited quantities. Gold mined around the world today is about 171 thousand tons and it is not so easy to print as dollars or any other bill. Therefore, if in the near future the world begins to regulate bitcoin, it will only grow in price like gold every year. (although until now the price has been rising for 10 years)
It seems to me that the history of the use of gold and silver by mankind is in no way connected with the history of the development of cryptocurrency, and even more so with its future. Still, these are completely different and incomparable things, and in most factors being compared, they are just the opposite. Gold and silver will always remain precious metals, and what will happen to the value of Bitcoin, we can not say for sure yet. The statement that its price. will constantly grow, is unlikely to be true. In practice, this will not happen.
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pushups44
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April 14, 2019, 09:24:51 AM |
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Bitcoin is somewhat similar to gold, because it is like the precious metal is only in limited quantities. Gold mined around the world today is about 171 thousand tons and it is not so easy to print as dollars or any other bill. Therefore, if in the near future the world begins to regulate bitcoin, it will only grow in price like gold every year. (although until now the price has been rising for 10 years)
It seems to me that the history of the use of gold and silver by mankind is in no way connected with the history of the development of cryptocurrency, and even more so with its future. Still, these are completely different and incomparable things, and in most factors being compared, they are just the opposite. Gold and silver will always remain precious metals, and what will happen to the value of Bitcoin, we can not say for sure yet. The statement that its price. will constantly grow, is unlikely to be true. In practice, this will not happen. You're dead wrong - like gold bitcoin is mined. It is scarce with mild inflation, and in practice deflationary. It is thus a store of value like gold. Hence, bitcoin is digital gold.
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Sum24
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April 16, 2019, 09:08:05 PM |
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Bitcoin is somewhat similar to gold, because it is like the precious metal is only in limited quantities. Gold mined around the world today is about 171 thousand tons and it is not so easy to print as dollars or any other bill. Therefore, if in the near future the world begins to regulate bitcoin, it will only grow in price like gold every year. (although until now the price has been rising for 10 years)
It seems to me that the history of the use of gold and silver by mankind is in no way connected with the history of the development of cryptocurrency, and even more so with its future. Still, these are completely different and incomparable things, and in most factors being compared, they are just the opposite. Gold and silver will always remain precious metals, and what will happen to the value of Bitcoin, we can not say for sure yet. The statement that its price. will constantly grow, is unlikely to be true. In practice, this will not happen. You're dead wrong - like gold bitcoin is mined. It is scarce with mild inflation, and in practice deflationary. It is thus a store of value like gold. Hence, bitcoin is digital gold. It is your thinking gold is not like bitcoin, according to me gold is much low in value as compare to bitcoin, silver is good but it is less in value of gold and gold is less in value of bitcoin, crypto currency has better future as more investors are investing only in bitcoin not in gold or silver, we should try to accept the reality of time and invest in best investment which is bitcoin,
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timerland
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April 16, 2019, 11:40:05 PM |
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Did the dollar and other state currencies retain their values in gold or silver? No.
Did the bankers and politicians create lots of money and debt under the standards? Yes.
Did the gold and silver standards suppress the currency price of precious metals temporarily? Yes, by definition, the currency price of gold/silver was fixed. A lot of people talk about reverting to the gold standard or whatnot. I say that it is intrinsically flawed. Why? Because you are relying on a central bank to keep enough reserves (certainly not full reserve) of a precious metal so that the bearer can actually redeem their notes on demand. That in itself has never been fulfilled as demonstrated by the debasement of currency under the gold standard time and time again. After all, it's just a promissory note that the central bank is issuing under the gold standard. Not gold itself. Even though technically they are bound to pay you in gold/silver, but can you redeem a silver certificate of the past for actual silver now? Obviously not. With bitcoin you don't need this central organization to keep their reserves, and issue gold/silver certificates that acts as currency. BTC is already on chain and can be transacted with, with ease. There is no worries about fractional reserve, no worries about changing policies. None of that.
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TheCoinGrabber
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April 17, 2019, 03:34:36 AM |
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Not certain about the economics of it but it seems that people are always willing to buy and store precious metals. It's definitely a good measure in countries where the government demonetizes their currency. Of course demonetization is even less of a problem for bitcoins. "Gold is money, everything else is credit" J.P. Morgan Between the crash of 1929 and 1932 people lost a lot, everything for some. Roosevelt forced the Americans to sell their gold, all that to recapitalize wall street. The Dollar has allowed the United States to live on credit. 2008 crisis, no need to explain how banks have been saved ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) The current system is designed as such as there is no other end than a collapse. At that moment people will realize the power of gold. Central banks created private ICO and governments participated in airdrops bounty campaigns I thought the cyclical collapse was intentional? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Isn't it the time when they get to snag cheap assets?
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Crypdon
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April 17, 2019, 06:42:21 AM |
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Satoshi knew that fiat was a bullsh*t system which is why he created bitcoin in the first place. Gold is the only true store of value, and bitcoin is digital gold. No idea what fiat is..
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el kaka22
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www.Crypto.Games: Multiple coins, multiple games
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April 17, 2019, 02:34:43 PM |
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Gold and silver has probably 3000+ year old history, I know the speed we live in is much faster nowadays and now we are building rockets that go to space and than come back in one peace and all that but still how could you think that something that has a 3000+ year old life span could be compared to crypto that has a bit over 10 years now ?
It certainly could go that way but something that started out in 2008 can't be really following the same path of gold or silver, it has to have much different trajectory to actually be part of the speed we live in as well. It can be on the same road but it has to cover that road much faster, I am sure gold usage for purchases didn't became something millions of people used in under 10 years but bitcoin did, so even if the path is same (which I doubt) bitcoin needs to run that road not walk it.
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Ailmand
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April 17, 2019, 03:56:36 PM Last edit: April 17, 2019, 04:29:09 PM by Ailmand |
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Gold and silver are both good for a long term hold because they never lose their value and it even increases in time. We won't have any doubts about the value of it because it is rising continuously. It's something that we could have and hold physically. While cryptocurrency is something that we could not hold physically but grows eventually. It's something that we should look over because of its volatility and unstability.
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