Karartma1 (OP)
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November 11, 2020, 08:41:56 AM |
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Michael Saylor is the CEO of business intelligence company MicroStrategy, which is heavily invested in Bitcoin. Today, Saylor suggested Bitcoin and gold aren’t so similar, contrary to the "digital gold" narrative. When Bitcoin is fully realized as an asset class, it will come at gold's expense, he claims. More here https://decrypt.co/47813/bitcoin-gold-cannot-coexist-microstrategy-ceoI wonder if Michael Saylor is on stealth-mode on this forum.
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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NeuroticFish
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November 11, 2020, 11:02:19 AM |
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Michael Saylor is the CEO of business intelligence company MicroStrategy, which is heavily invested in Bitcoin. Today, Saylor suggested Bitcoin and gold aren’t so similar, contrary to the "digital gold" narrative. When Bitcoin is fully realized as an asset class, it will come at gold's expense, he claims. More here https://decrypt.co/47813/bitcoin-gold-cannot-coexist-microstrategy-ceoI wonder if Michael Saylor is on stealth-mode on this forum. Between Bitcoin and gold there are now and will be in the future too various differences. Gold has a problem: it takes space. That space needs to be secured. Bitcoin, since it's digital, can be stolen easier by "insiders". Gold price is less volatile, so it's in the way old-style investors like it. Bitcoin price is highly volatile, but overall it was a great investment for most. Bitcoin supply is fixed. One cannot argue with math. Gold.. hmm.. there are already ideas about mining it from outside Earth if it'll worth it. Maybe not for my lifetime, but it's a possible future not to be dismissed easily.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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Lucius
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November 11, 2020, 11:14:23 AM |
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I'm not at all surprised by his statements, because the man has invested a lot of money (his personal and company) in Bitcoin, so it is logical that he sees fiat as a melting ice cube, and gold as something that will lose its meaning when Bitcoin positions it as digital gold. I don't agree that gold and Bitcoin can't coexist, these are quite different things that may have only one thing in common in being considered a store of value. Everything else is completely different, from the fact that gold is actually in immeasurable quantities, that gold is a physical product, that it is not easy to transport and use for transactions, and that it has its applications in different industries.
Gold has been in the market for thousands of years, and I don't think anything will remove it so easily from its position. It is not at all disputed that the new generations will be looking for something new, and that some see it today in Bitcoin, but gold will keep its standard for a long time.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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Darker45
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November 11, 2020, 01:02:51 PM |
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Saylor is seemingly fast becoming the Peter Schiff of Bitcoin.
Well, this is his opinion, which is probably not shared even by a lot of Bitcoin investors. Of course, Saylor's statement is understandable as he is deeply invested into Bitcoin but he seems to have lost the right amount of objectivity in the process. Gold is just a little younger than civilized humanity itself. I doubt Bitcoin would "eat" gold.
In which case, the often overly bullish Bitcoin enthusiast Mike Novogratz sounds more realistic and practical when he still considers gold as a sound investment option.
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Harlot
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November 11, 2020, 02:00:58 PM |
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Maybe Saylor is too excited with his portfolio that is why he is saying these kinds of things and that is where he is wrong. If Bitcoin's price goes up I don't think it Gold will be affected in a negative way, why? Because Saylor even said Bitcoin and Gold are not so similar so why will it take market shares away from Bitcoin. Gold will always be the choice for the most conservative of investors out there and I don't think they will switch their capital to a volatile asset because its jumping up high. We are talking about banks, government funds, and federal reserves out there to suddenly jump in to Bitcoin it will be bad for their economy.
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CyberKuro
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November 11, 2020, 05:28:21 PM |
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Indeed, he is too exaggerated about it, bitcoin and gold can coexist, why not? Gold and bitcoin, both have respective advantages, strengths and weaknesses. The value of gold relatively stable for centuries, a safe-haven asset against inflation. Meanwhile, the value of bitcoin is very volatile, at some point could rise or drop thousands of dollars within days. Even if bitcoin value rises to over $100K, it wont cannibalizing gold in any way.
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Karartma1 (OP)
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November 12, 2020, 09:42:24 AM |
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Only one thing is certain: Bitcoin, being not a precious metal, can't be used where gold can. Apart from that, Saylor is simply pumping his investment being the first CEO to use Bitcoin as a reserve asset. Let him do his shilling but don't believe in everything he says. I can't argue with somebody who gives so little value to the immense industrial applications that gold has.
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jseverson
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November 12, 2020, 03:52:57 PM |
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Indeed, he is too exaggerated about it, bitcoin and gold can coexist, why not? Gold and bitcoin, both have respective advantages, strengths and weaknesses. The value of gold relatively stable for centuries, a safe-haven asset against inflation. Meanwhile, the value of bitcoin is very volatile, at some point could rise or drop thousands of dollars within days. Even if bitcoin value rises to over $100K, it wont cannibalizing gold in any way.
He never gave any reasoning (because he's obviously just trying to get in news cycles), but if I were to try rationalizing his statement, it's probably under the premise that Bitcoin and gold are used for the exact same reason, and that reason only -- hedging. If this were true, then it's true that Bitcoin comes with massive advantages; it's infinitely easier to store, protect, move, and even liquidate. We all know it's not as simple as that, though, and even if it were, the concept of diversification should be enough to make sure gold will never be obsolete. This Bitcoin vs. gold narrative has never really made sense to me.
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gentlemand
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November 13, 2020, 10:31:19 AM |
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He has forgotten one wee things - governments. They're the real big beasts in goldland and in no way will they switch to Bitcoin any time soon even if it's harmful not to. Even if gold loses its appeal to the little people government interest will still keep things rolling.
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figmentofmyass
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November 13, 2020, 06:18:30 PM Merited by gentlemand (1) |
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He has forgotten one wee things - governments. They're the real big beasts in goldland and in no way will they switch to Bitcoin any time soon even if it's harmful not to.
"any time soon"---what's your timeline? Saylor is seemingly fast becoming the Peter Schiff of Bitcoin. from the perspective of an outside observer, i have to think he increasingly comes off like a wingnut the more he talks. the world dropping gold? i'll believe that when i see it. this commonly promoted idea that bitcoin has to replace every asset in its path (whether fiat money, gold, etc) is not all that believable to me. he's getting kind of annoying too---he is obviously just pandering to the media because he realized the bitcoin angle got him a few headlines. if he's really so bullish on bitcoin then he should shut the hell up and keep buying, quietly. if i were a microstrategy shareholder, i'd be happy with his alternative investment strategy (i'm a bitcoin bull after all!) but i also wouldn't mind if he toned down his exuberant and almost obsessive attitude about bitcoin. nothing he says anymore has to do with microstrategy or what they do as a company. it's just been months of attention grabbing. if microstrategy wants to hold some bitcoins, i think that's great, but it's also just a software company. we don't need to know the CEO's every thought about price predictions, gold, blah blah blah.
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gentlemand
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November 13, 2020, 07:06:48 PM |
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"any time soon"---what's your timeline? Ooh, that's a poser. Likely never? Gold will always have its irrevocable goldiness. It carries on being gold even if the entire Earth blows up. Bitcoin would struggle in that scenario unless it was on Mars by then. Agreed about him becoming shrill at this point. He should wind it back and get on with being rich. He's at risk of crossing over and being someone that normaltons tune out automatically. His initial cred comes from being one of Them. He should be protecting that.
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Darker45
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November 14, 2020, 01:28:41 AM |
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Saylor is seemingly fast becoming the Peter Schiff of Bitcoin. he's getting kind of annoying too---he is obviously just pandering to the media because he realized the bitcoin angle got him a few headlines. if he's really so bullish on bitcoin then he should shut the hell up and keep buying, quietly. I doubt he can shut up. The way he shills Bitcoin every single day, sometimes in an exaggerated way, he is either a truly strong advocate of Bitcoin or just fearful the price would nosedive for some reason that he thinks Bitcoin needs some serious shilling. Well, he is more of the latter than the former. In the first place, the man does not consider Bitcoin as a currency.
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bbc.reporter
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November 14, 2020, 03:06:58 AM |
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Michael Saylor has gambled big on bitcoin using his personal money and his company's cash. He will say much of anything to hype bitcoin similar to maximalists.
I am not telling everyone that investment in bitcoin is bad or bitcoin itself is bad. However, we should always be skeptical.
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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Karartma1 (OP)
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November 14, 2020, 09:39:50 AM |
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He has forgotten one wee things - governments. They're the real big beasts in goldland and in no way will they switch to Bitcoin any time soon even if it's harmful not to.
"any time soon"---what's your timeline? Saylor is seemingly fast becoming the Peter Schiff of Bitcoin. from the perspective of an outside observer, i have to think he increasingly comes off like a wingnut the more he talks. the world dropping gold? i'll believe that when i see it. this commonly promoted idea that bitcoin has to replace every asset in its path (whether fiat money, gold, etc) is not all that believable to me. he's getting kind of annoying too---he is obviously just pandering to the media because he realized the bitcoin angle got him a few headlines. if he's really so bullish on bitcoin then he should shut the hell up and keep buying, quietly. if i were a microstrategy shareholder, i'd be happy with his alternative investment strategy (i'm a bitcoin bull after all!) but i also wouldn't mind if he toned down his exuberant and almost obsessive attitude about bitcoin. nothing he says anymore has to do with microstrategy or what they do as a company. it's just been months of attention grabbing. if microstrategy wants to hold some bitcoins, i think that's great, but it's also just a software company. we don't need to know the CEO's every thought about price predictions, gold, blah blah blah. Ditto! There must be something more to it. I was happy at first but now I can't stand the guy. He's going too far and I agree with you when you say he should shut up and keep buying without going through every news outlet to share how big his missile is.
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gentlemand
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November 14, 2020, 10:17:21 AM |
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Michael Saylor has gambled big on bitcoin using his personal money and his company's cash. He will say much of anything to hype bitcoin similar to maximalists.
Hey, he's excited. He's like a boy who's found out something like wall paper paste dribbles out of his winkle when he feels nice and wants to show the whole family, ideally at the Christmas dinner table. We'll TRULY know when Bitcoin has arrived when you don't come across like a bit of a maniac when you get fully into it. Or maybe that day will never come.
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bbc.reporter
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November 15, 2020, 05:06:18 AM |
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@gentlemand. Are you telling everyone that is how you see bitcoin maximalists hehehe? Many of them in social media are larpers similar to the XRPArmy..
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| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
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DapanasFruit
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November 15, 2020, 06:20:26 AM |
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Personally, I don't see a time when gold will be phased out and it is because it has many industrial and consumer uses that Bitcoin can not do. Of course, as a medium of exchange, Bitcoin has a big advantage because there is no physical storage and I still have to see a store in my accept that accept gold like money. There will always be people that are so interested with gold and there will be those that can choose Bitcoin or maybe we should not also forget that probably that there are some that has both gold and Bitcoin under their investment portfolio. Are they not compatible? Well, that can be subject to some debate really.
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Ozero
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December 04, 2020, 04:48:45 AM |
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I don't see any serious reason why gold and bitcoin shouldn't coexist. These are financial assets completely different in their characteristics, they have their own individual advantages and disadvantages and therefore may well exist together, complementing each other. No matter how cryptocurrency enters our lives, gold will always be used by mankind, at least as a rare, non-corrosive metal that has a high value. On the other hand, governments will never switch to using decentralized cryptocurrency as a store of value or measure of value. These functions have always been performed by gold.
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pooya87
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December 04, 2020, 04:57:44 AM |
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Just another nonsense from CEO of some nonsense company who has money in bitcoin and is trying to hype things up while advertising his firm.
Bitcoin and gold have no relationship that one's success could even affect the other one let alone cause its demise. It is so typical of newbies like this CEO to get caught up in the profit craze and start unreasonable arguments to justify their craziness. Not to mention that unlike gold, bitcoin is a currency not an asset.
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. .BLACKJACK ♠ FUN. | | | ███▄██████ ██████████████▀ ████████████ █████████████████ ████████████████▄▄ ░█████████████▀░▀▀ ██████████████████ ░██████████████ █████████████████▄ ░██████████████▀ ████████████ ███████████████░██ ██████████ | | CRYPTO CASINO & SPORTS BETTING | | │ | | │ | ▄▄███████▄▄ ▄███████████████▄ ███████████████████ █████████████████████ ███████████████████████ █████████████████████████ █████████████████████████ █████████████████████████ ███████████████████████ █████████████████████ ███████████████████ ▀███████████████▀ ███████████████████ | | .
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mk4
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December 04, 2020, 05:10:34 AM Last edit: December 04, 2020, 05:24:21 AM by mk4 |
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As much as I'm heavily into Bitcoin, I really never liked this Michael Saylor guy. You know those dudes that says stuff about Bitcoin as if it's the solution to literally everything and make bold statements as if Bitcoin is the 2nd coming of Christ? Yeap. Doesn't hurt to be really bullish but at some point some people could be really delusional.
Especially his quote: “When the Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold,”
I totally get his point, but eugh.
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