Bitcoin vs Gold Debate Settled

[Hydrogen]

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Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate:

Wozniak Thinks Bitcoin Is Better Than Gold

OCTOBER 23, 2017

He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold

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That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate.

After years of debate BTCitcoin is pulling ahead of gold on short term charts.

Can we announce bitcoin the winner. Or would it be premature.

[Silberman]

Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate:

Wozniak Thinks Bitcoin Is Better Than Gold

OCTOBER 23, 2017

He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold

....


That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate.

After years of debate BTCitcoin is pulling ahead of gold on short term charts.

Can we announce bitcoin the winner. Or would it be premature.

This is a topic that interest me greatly and I think he is right, for example most of the gold ever extracted has been extracted from the surface not covered by the sea, can you imagine how much gold is hidden below the sea? So all the estimations about how much gold remains in the world are probably way off, also once humans begin to explore space with more efficiency space mining will become a thing and the amount of gold we will have access to will only be limited by our ability to get there and extract it, so bitcoin is way more scarce than gold will ever be.

[rat03gopoh]

Yes it's too early. Bitcoin still has various weaknesses that we won't find in gold such as transaction fees and dependence on electricity. We should look at the differences between the two based on the objective so as not to overly compare which of them is the best, gold is absolute stability and bitcoin is effectiveness.

[dothebeats]

Good point made by Silberman. Just imagine once we have mastered and conquered space exploration within our immediate vicinity, we’ll have a huge resource of golds and precious minerals that could virtually overshadow Earth’s mined resources for such, making them not that scarce at all. In bitcoin, it is governed by set mathematical rules and cryptographic principles. Good luck finding for a workaround on that.

[Febo]

Can we announce bitcoin the winner. Or would it be premature.

Winner of what?  The moment financial crash will happen everyone will fee to gold. Price will go up once or few times. But until that happen Bitcoin will be for sure few times more expensive as it is now.
Is Gold better store of value than Bitcoin right now. Yes it is.
Is Bitcoin better investment right now. Yes it is.

[Fortify]

Arrogance has been the downfall of many people and empires in the past. Gold has been around and considered a useful store of wealth for many decades, Bitcoin has been around for just over 10 years. While it is great to see Bitcoin succeeding, it still seems wise to spread your assets into a few different assets to avoid any sudden collapse in value like we've seen it the past.

[figmentofmyass]

wozniak's point about supply being predictable and finite is spot on. i've been harping about that one for a long time as to why bitcoin is superior to gold.

After years of debate BTCitcoin is pulling ahead of gold on short term charts.

Can we announce bitcoin the winner. Or would it be premature.

bitcoin always had more upside potential than gold. that's the nature of being a brand new asset class starting from $0 compared to a time-tested asset that's already been increasing in value for thousands of years.

it's like buying amazon in the 90s vs a blue chip stock. of course there is more growth potential in the new asset, so this is probably not the fairest metric for deciding the "winner".

with both assets at their historical all time highs, they're both winners in this new financial paradigm as far as i'm concerned. the primary losers in this paradigm appear to be treasuries and cash.

[Darker45]

Can we announce bitcoin the winner. Or would it be premature.

Nope, Bitcoin may be the winner in this particular battle but not the entire war. I'm only talking about the investment or price battle and nothing else. I'd like to believe that in general there is really no need to pit gold against Bitcoin.

Gold is only scarce because it is hard to extract. While others estimate the remaining gold deposits to be only around 20%, and that it is actually one of the finite resources of the earth, there is actually so much more in abundance in the deeper grounds. But that does not mean gold is inferior to Bitcoin.

The reason why gold has become so valuable is something Bitcoin cannot displace. This beautiful metal has a lot of other more practical uses.

[cryptoaddictchie]

That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold.

Can't deny that the evolution to look and mine for gold is being improved. But He should realize that gold is naturally occurring and none renewable source of substance. Let's say that they improved it. He should understand that creating gold from a naturally occurring materials are not efficient to produce more gold in the next years. We can say that there are still untouched resources out there but once all of it are depleted we can't produce more.

They have same case with Bitcoin and people are more easier to cope with it since digital now are being imposed. I agree bitcoin is on the lead here but when we arrived on the scenario gold is already depleted then countries will definitely panic and some might hoard. Gold has more use case than bitcoin and that's the time gold will spike more than bitcoin but this time bitcoin will definitely win it more due to hype.

[BigBoy89]

Both are limited, but while Bitcoin could evolve, Gold could just be buried deeper and deeper.

Just cryptocurrencies are the gold of the 1800s. In a generation or two, everybody will accept it as something normal to daily life as we now accept the internet. My son still doesn't believe me that I didn't have my own laptop at 4

[so98nn]

Good point made by Silberman. Just imagine once we have mastered and conquered space exploration within our immediate vicinity, we’ll have a huge resource of golds and precious minerals that could virtually overshadow Earth’s mined resources for such, making them not that scarce at all. In bitcoin, it is governed by set mathematical rules and cryptographic principles. Good luck finding for a workaround on that.

I loved this imagination. You must be space thinker and that's the reason you think out of the box!

Considering the meteor showers that happens on the moon, there has to be huge chemical reactions going on to produce million tons of Gold.

Obviously this all modest thinking and we still have time for moon gold digging but it will surely happen sooner or later considering our pace of space exploration and human needs (or greed !!).

This will dilute the Gold price ridiculously. In the mean time Earth itself has huge resources available and gold keeps forming within the crust so logically its not finite.

Wozniak Thinks Bitcoin Is Better Than Gold

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

Yes, Woznaik's mathematical expression is undeniable and well it's a fixed number, it can not be altered, can not be upgraded. This makes sense why bitcoin would outburst even further and make Gold look like tiny stuff in the future. 

Can we announce bitcoin the winner. Or would it be premature.

Whether it is winner or not I am not sure because there are many ways to compare this thing.
However, it's definitely not premature to think on the current scenario of BTC vs GOLD.

[Poker Player]

Can we announce bitcoin the winner. Or would it be premature.

I agree with the others that it is a bit premature. But I think the important thing is the trend and not so much to give the debate a rest. Every day more people are saying publicly that bitcoin is going to replace gold, even though some of them held the opposite opinion a few years ago. If we add to that the profitability graph, the truth is that the future looks very good because it seems that at least bitcoin is going to eat up a good part of the market share.

[Lorence.xD]

Yes it's too early. Bitcoin still has various weaknesses that we won't find in gold such as transaction fees and dependence on electricity. We should look at the differences between the two based on the objective so as not to overly compare which of them is the best, gold is absolute stability and bitcoin is effectiveness.

Gold on a consumer level has more transaction fees than bitcoin, they have what you call a storage fee if the amount is considerably big and you have to pay taxes, get some paperwork which is far worse than transaction fees on bitcoin, gold does depend on electricity although it is dwarfed by bitcoin mining, the pollution that gold mining contributes in the environment is far worse than bitcoin, there are no mountains flattened with bitcoin mining. I do think that the only weakness of bitcoin that you mentioned is the electricity consumption which is inevitable and can be subverted if the bitcoin mines move closer to the sources or the energy source are renewable.

[davis196]

That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate.

Mining gold is still very expensive,despite the more efficient mining methods,that were implemented by the industry.What makes the gold price so stable is the possibility of the US Federal Reserve manipulating the gold prices,by keeping them low.This is a well known conspiracy theory,that has to be investigated.
Bitcoin supply is limited,but that depends on the consensus inside the BTC community.The global 21M BTC mining limitation isn't "carved in stone" and can be changed,as long as there is consensus for such change.
I'm glad that there's no consensus for changing this rule,which proves that decentralization and democracy
are better than any centralized authority(central bank or a government).

[Haunebu]

In terms of value, BTC clearly wins over Gold and Silver currently, but I don't think this should be our primary focus because we are treating BTC primarily as an asset in this scenario and not as a currency.

This should be the secondary focus point. We should primarily try and improve BTC adoption as a currency wherever possible in order to help it grow organically over time in my opinion.

[20kevin20]

It's gonna be a long, never-ending debate. Gold has its own advantages, Bitcoin has its own. Comparing them is useless. BTC simply isn't gold and that's it. It's something we've never had before and I know that humans like to compare new stuff to the older, but in the end crypto is simply a new niche and we have to accept that.

Bitcoin supply is limited,but that depends on the consensus inside the BTC community.The global 21M BTC mining limitation isn't "carved in stone" and can be changed,as long as there is consensus for such change.
I'm glad that there's no consensus for changing this rule,which proves that decentralization and democracy

Changing the supply limit would be very counterproductive. Best thing we can do is change the denomination once Bitcoin becomes worth more than $100,000-1,000,000, because 1 satoshi would then be worth $0.001 and fees could become too expensive.

Adding another zero after the "." might therefore be a better plan instead. The supply would still be the same (21M coins), but we'd be able to spend a 10th or a 100th of 1 sat.

[Mauser]

That's a pretty nice chart. The correlation between gold and bitcoins seems broken now. I agree that holding Bitcoins is more profitable than holding gold, also it's much easier to store than gold. The world is already looking towards recovery from the pandemic, and gold tends to perform better in times of crisis. I Would still recommend every investors to hold a few commodities in his portfolio. It doesn't have to be gold, I could be a basket out of precious metals.

[Wind_FURY]

OP, I believe the current market condition only proved that Bitcoin's market is more volatile than Gold, not that it's simply a "better" SOV. Change a current market condition not favorable for Bitcoin, then Gold could be better.

As a form of self-sovereign SOV, censorship-resistant hard money, Bitcoin.

[Phoenix_PROG]

...

Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate:

Wozniak Thinks Bitcoin Is Better Than Gold

OCTOBER 23, 2017

He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold

....


That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate.

After years of debate BTCitcoin is pulling ahead of gold on short term charts.

Can we announce bitcoin the winner. Or would it be premature.

Looking at that chart it's clear that gold is more stable than bitcoin and yes bitcoin outperforms gold already, even many times in the past, gold stands no chance against bitcoin anymore and infact right now bitcoin is more scarce than gold, in future Bitcoin will be x2 bigger and better than gold and some altcoins will beat gold someday

[bekti3]

Can we announce bitcoin the winner. Or would it be premature.

This is a topic that interest me greatly and I think he is right, for example most of the gold ever extracted has been extracted from the surface not covered by the sea, can you imagine how much gold is hidden below the sea? So all the estimations about how much gold remains in the world are probably way off, also once humans begin to explore space with more efficiency space mining will become a thing and the amount of gold we will have access to will only be limited by our ability to get there and extract it, so bitcoin is way more scarce than gold will ever be.
[/quote]

What Steve Wozniak said deserves thumbs up. he said very precisely and broke all the polemic about bitcoin and gold. this is absolutely proven.

It is time and cannot be said to be premature, it is ripe and very mature in recognizing the ferocity of Bitcoin in the market. The position of gold has begun to slip and is no longer mainstream by all major investors. This of course created a massive and unstoppable demand for bitcoin.