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Author Topic: BTC is scarcer than gold.  (Read 2005 times)
nullama
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August 25, 2022, 03:11:20 AM
 #141

~snip~
Experts have been predicting that ever since bitcoin went to $1000 for the first time. One way that could happen though is if the us government printed so much money that the us dollar because worthless. Then bitcoin would be worth $1m usd but it probably couldn't buy you a car.

Now with that said, bitcoin could of course go to $1m without hyperinflation but we have had alot of inflation lately. lately meaning the last 2 or 3 years. in the usa. so the usd is becoming more worthless due to government printing more and more of it and it being backed by nothing.

This is what Hal Finney predicted in 2009:

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.

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August 29, 2022, 01:27:41 AM
Merited by cryptosize (1)
 #142

Experts have been predicting that ever since bitcoin went to $1000 for the first time. One way that could happen though is if the us government printed so much money that the us dollar because worthless. Then bitcoin would be worth $1m usd but it probably couldn't buy you a car.

Now with that said, bitcoin could of course go to $1m without hyperinflation but we have had alot of inflation lately. lately meaning the last 2 or 3 years. in the usa. so the usd is becoming more worthless due to government printing more and more of it and it being backed by nothing.

The US Dollar (as well as any other Fiat currency) is prone to devaluation over time (also known as inflation). Governments continuously print more money in order to help "pump" the economy. But what they're ultimately doing is destroying the nation by increasing debt. That's where both Bitcoin and Gold come in. These two assets are known to be a safe haven against inflation because of their added scarcity. Especially Bitcoin which has a smaller and predictable supply than Gold itself. While the latter is much more recognized as a store of value, it isn't as portable as Bitcoin is. By portability, I mean that you can carry the asset/commodity with you anywhere with ease. Bitcoin can be hidden in the smallest place you can think of, but that's not possible with Gold (imagine carrying lots of bulky Gold bars bringing unwanted attention). That's one of the many benefits Bitcoin has on top of Gold.

The reason why Bitcoin is struggling to rise in price right now, it's because of the deteriorating global economy. But it has still outperformed Gold in terms of price gains within a short period of time. Gold is just static with minimal price increases over time. It's relatively stable based on past market performance. Ultimately, you decide which asset to hold for the long-term. As long as you don't hoard cash, you'll be safe from the negative effects of inflation. Just my opinion Smiley

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September 15, 2022, 04:26:38 AM
 #143



Experts are already predicting BTC will reach $1m, so I'd suggest anyone to "hodl" strong whenever possible. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts Grin

One could argue that anyone that is predicting that has a vested interest in their prediction so they are far from a neutral observer. I haven't heard any logical argument that would support that prediction and if the last 5 or 6 years has taught us anything it is that bitcoin getting to higher price levels is not going to be a slam dunk. Angry

Quote from: Abiky
The reason why Bitcoin is struggling to rise in price right now, it's because of the deteriorating global economy.
Shouldn't that just make bitcoin do even better though? With inflation and things? at any rate, bitcoin's current price is reflective of the value it provides to the world at large. you can't argue with that. when prices are low or when prices are high...
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September 15, 2022, 05:54:35 AM
 #144

There is no Bitcoin in the whole Universe, except on Planet Earth.
Although it is true and certain in the future bitcoin is the best investment for everyone. But people should also know, that bitcoin and gold are different, bitcoin does not have a more specific form like gold. Both are very different in real practice, overall I prefer bitcoin to invest, because the long process of bitcoin has shown how valuable bitcoin is today, so it is possible that bitcoin will get better in the future



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worle1bm
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September 15, 2022, 06:53:40 AM
 #145

Gold supply is still unknown and it's available till the last gold mine is not shut down or there are chances that you can find another one year after also and it has been in circulation for ages but on the other side btc supply is fixed and capped to 21million only and that also till 2140 with POW mechanism and you can't change it without concensus.

There is no Bitcoin in the whole Universe, except on Planet Earth.
And it goes same with the gold also as they have not started mining at other planets but suppose the human found life on another planet then you would need internet and phone to use bitcoin so it's non physical indentity mande it usable everywhere.

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September 15, 2022, 07:03:37 AM
 #146

Experts are already predicting BTC will reach $1m, so I'd suggest anyone to "hodl" strong whenever possible. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts Grin

One could argue that anyone that is predicting that has a vested interest in their prediction so they are far from a neutral observer. I haven't heard any logical argument that would support that prediction and if the last 5 or 6 years has taught us anything it is that bitcoin getting to higher price levels is not going to be a slam dunk. Angry

Some users just be posting drivel.

Much like in regular finance, or well, any other job where talking and exposure seems to get you social media street cred, experts are a dime a dozen in crypto. There are even people now advertising courses to turn noob influencers into experts, and actually get them hired in crypto companies as experts. I keep getting offers on LinkedIn to pay me to be a speaker on some online panel as some branded expert and I'm not even remotely qualified.

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September 15, 2022, 05:28:00 PM
Merited by Wakate (2), Ever-young (2), Majestic-milf (1)
 #147

BTC may be in fact scarcer then gold but I don’t think that makes it more valuable than gold. Gold has from time been a scarce valuable mineral resource that is used in the production of jewelry and other valuable items. BTC on the other hand has a definite number out there so it would definitely get exhausted someday. You claim there are 55,000 tons of gold left yet there still are still a lot of untapped gold deposits in the universe.
I think the correlation between the two isn’t viable as gold being a mineral resource is something we can all see and know to be valuable. I think there are lots of untapped gold deposits still on planet earth and we wouldn’t have to look to asteroids for gold.

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September 15, 2022, 08:05:30 PM
 #148



Experts are already predicting BTC will reach $1m, so I'd suggest anyone to "hodl" strong whenever possible. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts Grin

Experts have been predicting that ever since bitcoin went to $1000 for the first time. One way that could happen though is if the us government printed so much money that the us dollar because worthless. Then bitcoin would be worth $1m usd but it probably couldn't buy you a car.

Now with that said, bitcoin could of course go to $1m without hyperinflation but we have had alot of inflation lately. lately meaning the last 2 or 3 years. in the usa. so the usd is becoming more worthless due to government printing more and more of it and it being backed by nothing.

Exactly the reason why holding fiats is not that practical and reliable anymore especially these times that there's a lot of inflation happened lately, the US cannot deny anymore that their fiat is becoming more and more useless, and printing more of it will just make the situation worse.

Also, we cannot really rely on those experts saying that bitcoin is expected to climb to the price of $xxx,xxx soon because their predictions are not on point and that's already proven. But it's still worth noting that holding bitcoin is much more practical than holding fiat alone and bitcoins can be used as a defense against inflation. Thanks again, Satoshi!

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indah rezqi
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September 15, 2022, 08:22:17 PM
 #149

Somehow people always want to compare bitcoin to gold. I don't think these two assets are the same even though they deserve my attention and consideration in an investment portfolio. I've known gold longer than bitcoin, but I believe the use cases are very different in the real world.

Bitcoin is not physical, but is the most valuable asset with a limited supply to satisfy a decentralized financial system. Compared to gold, bitcoin is trusted by a small part of the world community as the best investment asset but gold has been around for thousands of years which until now remains the investment choice of the majority of people in the world. I really want to know which one is the best as an investment asset because so far gold has dominated my investing for real assets.

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Gallar
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September 16, 2022, 01:46:12 AM
Merited by Uruhara (1)
 #150

bitcoin and gold are different things bitcoin is crypto and gold is a metal maybe in terms of use they have something in common but the differences are also very much first asset form Gold in the form of metal is often also used as jewelry and is very much in demand. and gold is also a profitable investment choice because it has a more stable value. while bitcoin has a digital form and cannot be owned in physical form and in the form of a balance stored in an electronic wallet or blockchain the second is asset availability gold comes from natural resources that are limited and rare in my opinion because its availability is not known for sure while bitcoin the amount and assets or supply is known and has been determined by the bitcoin maker The third is the determination of the selling and buying prices The price of gold itself is determined by many things such as global conditions, the amount of demand, inflation and the exchange rate of the dollar (US). whereas bitcoin is determined by the state of the economic market, inflation and declines in other investment assets. So in conclusion, both have their own advantages and both are the best investment assets.

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September 16, 2022, 07:14:33 AM
 #151

This is what Hal Finney predicted in 2009:

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
I always believed that Hal Finney was satoshi, the last message Satoshi ever sent to the world was before Hal died, and after that we never saw any message from Satoshi himself, maybe that is just luck but I feel like they are too connected, and the fact that he "friended" Hal right away as the first person to deal with bitcoin aside from Satoshi is also another big key. He believed in bitcoins success, and he was really in love with it until he passed away.

However, bitcoin equaling the whole wealth of the world is a bit too much, maybe like be at the levels of gold? Like 500k each bitcoin give or take? That would be something understandable for sure.

cryptosize
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September 16, 2022, 08:02:30 AM
 #152

This is what Hal Finney predicted in 2009:

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
I always believed that Hal Finney was satoshi, the last message Satoshi ever sent to the world was before Hal died, and after that we never saw any message from Satoshi himself, maybe that is just luck but I feel like they are too connected, and the fact that he "friended" Hal right away as the first person to deal with bitcoin aside from Satoshi is also another big key. He believed in bitcoins success, and he was really in love with it until he passed away.

However, bitcoin equaling the whole wealth of the world is a bit too much, maybe like be at the levels of gold? Like 500k each bitcoin give or take? That would be something understandable for sure.
https://twitter.com/stackhodler/status/1469038294591754240
Fara Chan
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September 16, 2022, 08:41:07 AM
 #153

But if you look at the resilience in terms of price declines from the highest peaks ever reached by the two, then Gold is much stronger in this regard even though the increase is not as significant as it has ever been with Bitcoin.
Gold is able to hold selling prices in a stable quarter, we rarely find gold experiencing a decline in buying and selling prices, even though the dollar has decreased.
But it is clear, that Gold and Bitcoin are different, for now I prefer bitcoin

But Bitcoin has other advantages in terms of price increases which can occur quickly in a not so long period of time and also have the potential to have a higher price above Gold because the amount is very limited.
For this problem it may be true, but also don't forget, bitcoin can experience a decline in price over time, even beyond the predictions of people in general. But what's interesting about bitcoin is that at certain times the selling and buying prices increase quite quickly, so that investing in bitcoin can provide maximum benefits.



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awik p
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September 16, 2022, 02:42:40 PM
 #154

This is what Hal Finney predicted in 2009:

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.
I always believed that Hal Finney was satoshi, the last message Satoshi ever sent to the world was before Hal died, and after that we never saw any message from Satoshi himself, maybe that is just luck but I feel like they are too connected, and the fact that he "friended" Hal right away as the first person to deal with bitcoin aside from Satoshi is also another big key. He believed in bitcoins success, and he was really in love with it until he passed away.

However, bitcoin equaling the whole wealth of the world is a bit too much, maybe like be at the levels of gold? Like 500k each bitcoin give or take? That would be something understandable for sure.
but the possibility seems that for generations after us, until now there has been no legalization from major countries, until finally hampering bitcoin adoption because many investors have to rethink investing in it, like us who believe in bitcoin, of course it is not a problem to invest to him with any amount, but not for ordinary people, it is different with gold that everyone has trusted
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September 20, 2022, 03:37:39 AM
 #155

Yes bitcoin is more scarce than gold. That's a true statement! But  if you look at the acceptability of Gold and bitcoin, gold is a clear winner. Scarcity alone doesn't make something costlier. It has be adopted and accepted widely. That's how you can bet on its future value.

Bitcoin is a very new asset class compared to gold. It has a long way to go! So instead of drawing a comparison between these two assets, let's help in bitcoin adoption.

Apart from government backing of gold but not bitcoin, there are other things too. Since 1800, the innovation of technology has touched on in every area except the form of "currencies", but now it's evolved and has come with the name of crypto-currencies. It's a matter of time to get used to it.

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September 20, 2022, 05:55:58 AM
Last edit: September 20, 2022, 06:22:42 AM by CryptoHeadlineNews
 #156

244,000 metric tons of gold has been discovered to date, 55,000 tons of gold are left.
I was made to understand that there are over 10 gold mining/producing countries of the world namely, China, Australia, United States of America, Russia, South Africa, Peru, Ghana and Canada, which sum up to the total of 244,000 metric tons of gold which have been discovered, of which 187,000 metric tons historically produced and 57,000 metric tons gotten and not 55,000 tons left, because there are still more golds left underneath the earth surface yet to be discovered, as you can see in the image below from Good search.

So that was a false statement so please kindly take correction. Thanks


Image source: Google search

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alik111
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September 20, 2022, 06:09:59 AM
 #157

You said the truth but for long term Bitcoin is much profitable than gold. But if you say the volatility of Bitcoin then holding Gold is much safe than holding Bitcoin. Because the price of gold doesn't move like Bitcoin.So we should buy and hold Bitcoin in the bear market to make the highest profit.

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September 20, 2022, 04:28:16 PM
 #158

You said the truth but for long term Bitcoin is much profitable than gold. But if you say the volatility of Bitcoin then holding Gold is much safe than holding Bitcoin. Because the price of gold doesn't move like Bitcoin.So we should buy and hold Bitcoin in the bear market to make the highest profit.

Actually both of them have good value in the investment field, the only difference is that one is real, the other is not real, that's the difference, but if you look at the value of course bitcoin has value, and even then if the price of bitcoin is high, if in this situation, then gold investment is good for us to buy because the value must be very tempting for that person, my only advice is to buy both it is a good and smart decision..

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larry_vw_1955
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September 21, 2022, 04:06:26 AM
 #159


Actually both of them have good value in the investment field, the only difference is that one is real, the other is not real, that's the difference, but if you look at the value of course bitcoin has value, and even then if the price of bitcoin is high, if in this situation, then gold investment is good for us to buy because the value must be very tempting for that person, my only advice is to buy both it is a good and smart decision..

i guess there's a difference between buying gold and owning it sight unseen vs taking delivery of it. one of those is real and the other one you don't really control it similar to not your keys not your crypto. you don't even know if it exists necessarily. owning gold in your own physical possession might have value but to actually sell it could be a bit problematic. where you get "slippage". plus other expenses related to the actual sales process. i'm not sure owning gold is profitable for people that take delivery of it. it's more of a hobby and maybe they can profit over the longterm but even so, it's not guaranteed.


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September 23, 2022, 10:06:08 AM
 #160

Frankly, while everyone seems to be comparing gold to BTC, all I’m wondering is why? Both are valuable in their own unique way and gold has been here for years. It can’t be compared. I wish people would understand the difference.
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