Gold and Bitcoin history

[Polo7]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

[bayu7adi]

1000 years ago, you could buy a goat in Arabia for 1 dinar, while the dinar is a currency made of gold, so it has the same intrinsic value as its nominal value.

because it is gold-based, the Dinar has a very strong and stable exchange rate, even in 2020, you can still buy goats in Arabia at the same price, which is 1 Dinar.

in fact, the value of Gold never goes up or down, but the value of other currencies goes up and down. Paper currency is the currency of the conspiracy, who wants 20 pieces of paper to be exchanged for 1 new brand of cellphone from Apple? So unfair, they make it with paper and print numbers on it

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

If BTC is to follow GOLD, it must also have an intrinsic value like GOLD.

BTC is only valid on the internet, and GOLD can apply worldwide

[Paycoinzzz]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

I don't think Gold and Bitcoin are the same. You just see that both are similar in supply and finite, but you don't understand the nature of the two markets. with Gold, it is practically traded and is always valuable to human life. And bitcoin, what value does it have to humans? It is just a coin used by whales to launder money as well as manipulate. Bitcoin is nothing more than a puppet and it cannot be like Gold.

[Upgrade00]

in fact, the value of Gold never goes up or down, but the value of other currencies goes up and down.

The price of gold is also influenced by market factors and it is subject to volatility. Gold's price movements is usually a reflection of the nation's economy which would be reflected in the value of their currency. A drop in fiat value would result in a rise in gold prices, a rise would result in a drop.
Consumer behavior can also influence the value of gold, an increase in customer demand could increase the value and vice versa, as the supply is relatively constant.

with Gold, it is practically traded and is always valuable to human life. And bitcoin, what value does it have to humans? It is just a coin used by whales to launder money as well as manipulate. Bitcoin is nothing more than a puppet and it cannot be like Gold.

• Can you explain what exactly is practically traded? And how that does not apply to Bitcoin.
• Bitcoin is an immutable, irreversible, decentralized and piracy resistant digital currency. At a time when we have to depend on federal agencies which print more fiat at will, there is a need for trustless alternative currency.
• Every means of exchange can be used for illegal activities, gold included
• Bitcoin is not trying to be like gold

[Ucy]

1000 years ago, you could buy a goat in Arabia for 1 dinar, while the dinar is a currency made of gold, so it has the same intrinsic value as its nominal value.

because it is gold-based, the Dinar has a very strong and stable exchange rate, even in 2020, you can still buy goats in Arabia at the same price, which is 1 Dinar.

in fact, the value of Gold never goes up or down, but the value of other currencies goes up and down. Paper currency is the currency of the conspiracy, who wants 20 pieces of paper to be exchanged for 1 new brand of cellphone from Apple? So unfair, they make it with paper and print numbers on it

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

If BTC is to follow GOLD, it must also have an intrinsic value like GOLD.

BTC is only valid on the internet, and GOLD can apply worldwide

If gold is scarce or has limited supply, the price won't be stable globally (even in ancient time) unless there were some sort of "one/united" government that can quickly reach all the ends of the earth.

"Assuming" a pure gold the size of a typical coin is worth $100 while a bag of rice is worth $50... next 10 years the bag of rice is worth $100 while the gold is still at $100 per coin.... Do you think the gold is a good store of value in this case?  Beside, you have to mine/produce more pure gold to maintain the supply @ $100 per coin. It's not sustainable, otherwise what happens to the "scarce" or "limited supply" gold is said to be? A huge and growing population will make the idea of using physical gold as currency(while maintaining a "stable" price) a terrible idea.
There are other disadvantages I didn't even mention.

In my opinion, it's better to use things that are very divisible and sustainable as currencies. If you want to continue to use physical gold and still have it somewhat sustainable, you'll have to let it to keep Increasing in price esp at fast pace.

[alexeev.tosha0109@yandex.]

Bitcoin follow the history of gold is a strange suggestion. Bitcoin and gold have some common features like limited supply, but it's a mistake saying that the assets have the same path.

[hulla]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Bitcoin is not the same situation as Gold because very government viewpoint about Gold is positive.
Meanwhile, I believe Gold was discover back in the 230BC but in Northern Europe in the 950BC and seems to loose value during 970 when Solomon was king of Israel.  

Gold Can fall and go up so as Bitcoin...

Gold also experience dump in price but more stable than Bitcoin because of crypto volatility in nature.

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

We can't compare Gold and Bitcoin together but if the government is not total in support of Bitcoin there's no way Bitcoin will follow Gold path.

[Hydrogen]

Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

One might say gold's value is relative to its capacity to solve problems. Fiat is the same. Their value is derived from how well they solve problems faced by global finance. Can bitcoin solve problems relating to retail, store of value and currency exchange better than precious metals, cash, credit cards and other options?

One facet of the debate revolves around whether Satoshi Nakamoto succeeded in inventing a better mousetrap which will inevitably revolutionize the way people think about and utilize money. We can see hints of this occurring in finance. Stock brokers copied the low commission model utilized by crypto exchanges. Banks are holding crypto as a form of collateral and hedge against fiat/markets.

I suspect gold reached its ceiling and fulfilled its potential a long time ago. It defines a global standard but remains past its prime. Bitcoin is the future.

[Jating]

Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

I suspect gold reached its ceiling and fulfilled its potential a long time ago. It defines a global standard but remains past its prime. Bitcoin is the future.

This one, I think it's time to move into the future and look for bitcoin as one of the alternatives if not the only one that is going to replace gold, although it hasn't been tested like gold wherein it survived a ww2 and being used as a hedge and I think for some time it became the standard economic unit after ww2.

But it seems it lost its luster, of course gold is doing good in the market, but there will be a time wherein everything will go digital and that's where bitcoin could be inserted into the equation.

[Eugenar]

There is a huge difference. Bitcoin and Gold are both used as an investment nowadays but their main functions are different in the first place. Gold is being used before as a raw material, trading of goods and nowadays, investment or store of value. Bitcoin on the other hand is a digital currncy created to promote cashless transactions. But given that it is not widely accepted as a digital currency, most of the people took advantage of its volatile market value which is through investments. So these two are used as a store of value. But the difference is their market value volatility. The price of Bitcoin and other cryptos are having volatile market value, meaning, its price moves a lot. The price of gold also moves but is less volatile. Gold is also supported in many countries across the globe which makes a gap away from Bitcoin and other cryptos as means of investment.

Which one is more profitable? It would be bitcoin but is also having bigger risk. In every investment, risk is present. Since Bitcoin has a volatile market price, its market value will move a lot that would generate bigger profit BUT the chance of losing, everytime its price is falling, would also be bigger than other investments.

[Latviand]

They are both an asset, but they have difference as a store of value.

Some people are trying to hold gold for so long because it is for a long-term investments. But some people are utilizing bitcoin at the same time so that they can make their money grow. I know that bitcoin is risky but you need to deal with. With Gold you are safe, you just need to hold it and store it as you can then you will benefit it. In bitcoin, it is not like that, although some people prefer to hold bitcoin, we can't blame them because their strategy is to play safe.

[bitgolden]

The reason why some currencies are better than the others at implementing gold standard is the fact that some people are fine with having debt and just trying to overcome that instead of trying to grow.

The economics have two way to go about debt, either you go into debt but you made that debt to grow bigger and at the end you are making more profit as a nation and grow and in the end you are stronger and when you paid all the debt you are better off (well by that time you make new bigger debt and try to grow even bigger), or you could just use gold standard and you won't grow too big, obviously you will grow a bit, but not too much, however your money will have a very strong support level with the gold and it will never lose too much value, dollar used to worth so much, you could buy a huge mansion type house for 5000 dollars just 50 years ago, today that is over 5 million dollars, but when you are based on gold, that 5000 turns into maybe 15000 and that's it.

[dondonk]

Gold and bitcoin are different things and cannot be considered the same. Gold has a physical form and naturally exists and because of its uniqueness it makes gold valuable so that it can be used for real transactions. while bitcoin is something that is made by humans and only applies in cyberspace. by nature it may be equated because in the user community, gold and bitcoin have a high value.

[Mauser]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

I think gold and bitcoin price are definitely correlated. There are a lot of similarities between these 2 assets. Usually investors buy gold because they want to protect their wealth, looking for an asset ousite of the usual fiat currencies. In times of crisis we usually see investors selling stocks and other risky assets and move into safe heavens like gold. Bitcoin offers the same characteristics, it's independent of other currencies and can protect your existing wealth pretty good. In the long run I see gold and bitcoins increase in value together.

[lepbagong]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

I think gold and bitcoin price are definitely correlated. There are a lot of similarities between these 2 assets. Usually investors buy gold because they want to protect their wealth, looking for an asset ousite of the usual fiat currencies. In times of crisis we usually see investors selling stocks and other risky assets and move into safe heavens like gold. Bitcoin offers the same characteristics, it's independent of other currencies and can protect your existing wealth pretty good. In the long run I see gold and bitcoins increase in value together.

In fact, there is no correlation between the two and it is very different in use, even though it can be said that there are similarities that occur for assets.
bitcoin has its own way of movement and does not depend on the $ exchange rate. Gold can be affected by the $ exchange rate.

bitcoin has a unique characteristic in its circulation because assets depend on the amount that is in bitcoin and cannot increase but decrease so the price can be high, not with gold always increasing the number of assets.

[Lorence.xD]

Gold and bitcoin are different things and cannot be considered the same. Gold has a physical form and naturally exists and because of its uniqueness it makes gold valuable so that it can be used for real transactions. while bitcoin is something that is made by humans and only applies in cyberspace. by nature it may be equated because in the user community, gold and bitcoin have a high value.

I had stroke reading OP's post but from what I can understand, he wants to compare the timeline where bitcoin is so relevant as gold. My answer for that is as long as there are humans, both will be relevant. Yes they are different but they both will define a new financial age, gold has done it with the Gold Standard while we are still waiting for Bitcoin and I am sure that the time will come that it will open a new path for a new financial era, where we are free of bureaucracy.

[Emitdama]

Uuhm, the two are different things, although have claimed that Bitcoin is digital gold, whatever, but they are both two different things. Gold has so many ways that it is valuable to man and right from time, back in thousands of years, it has been used for a lot of purposes which includes for buying and selling, building, moulding and so many things that are valuable to man.

Bitcoin relies  on trust, if people don’t trust it they are not going to make use of it, and that trust is what gives it its value; people chose to believe in it, despite that it’s not tangible like its counterpart, and they invest in it and it keeps growing. No matter what, the both of them are really good.

[Twentyonepaylots]

Uuhm, the two are different things, although have claimed that Bitcoin is digital gold, whatever, but they are both two different things. Gold has so many ways that it is valuable to man and right from time, back in thousands of years, it has been used for a lot of purposes which includes for buying and selling, building, moulding and so many things that are valuable to man.

It is more of being valuable to man, it is more of gold's property, metal intrinsic value. This is why the price of each metals vary like gold, silver and bronze apart from being abundance or not, the metal property is the valued property from metals. Let's say gold and silver, they both have different price in the market for the same amount, silver is cheaper than gold because of rarity driving the difference in prices.

Bitcoin relies  on trust, if people don’t trust it they are not going to make use of it, and that trust is what gives it its value; people chose to believe in it, despite that it’s not tangible like its counterpart, and they invest in it and it keeps growing. No matter what, the both of them are really good.

I'd rather think that it is because of the demand and supply than just a pure trust from people. As you see there is a market for bitcoin, some buys btc and some are selling, if people really trust bitcoin they won't sell it if the price goes higher than they bought it.

[peterpanda]

If the Bitcoin following to the history of the Gold...
Then what year of history of Gold... The Bitcoin is in Same situation?

Gold Can fall and go up so as Bitcoin...

Let's Say Bitcoin Will follow to exacly same Path as cold..
Maybe few price Differnces then what is the Bitcoin price Now?  Its high Medium or low according to comparsion history of Gold?

We can't say same things for bitcoin and gold as these are not same. One is virtual and one has physical value. For bitcoin, it can up or down in huge amount but for gold, it is almost stable.

[STT]

even in 2020, you can still buy goats in Arabia at the same price, which is 1 Dinar.

I am amazed if thats true but I have heard similar for a field of corn from ancient Egypt to similar prices now.    A fine tailored suit for a troy ounce was one going back to shakespeare's time and not far off that now.   It defies logic because gold is not a stable unit exactly, every year more is mined and in the last hundred years the vast majority of all gold ever mined was extracted.   This is because of such large industrial advances and the utility oil and mechanical advancement as well as technology to discover new deposits more reliably.   The counter to growth in gold production is the growth in earths population which has been massive so the two have somehow stayed in ratio and gold has far outperformed any FIAT standard over many decades, short terms it can of course lose more then a quarter of its value.

Bitcoin should not be compared to gold directly but they are on the same side of the isle, both have a limited monetary base where as FIAT has no limit.  People see them as similar because they both 'benefit' from weak dollar.