BTC vs physical gold price potential

[Pmalek]

I was looking for experiences of specific users. This guy lost 25 000 to address poisoning, which seems new and therefore could surprise more users like him.
Are you telling me that this did not happen in the authentic ledger live app?
My goal is to raise awareness, not to spread panic.

Your understanding of it all is too superficial to spread awareness. Address poisoning is a social engineering scheme designed to trick you to send scammers your coins. The victim is the one doing the sending, the scammers just set the traps. Those who know how to use bitcoin and crypto properly and how to work with different wallets, have no reasons to be worried. Those who don't, should learn before it's too late, and they lose money to whatever trick scammers come up with next.

Address poisoning is not the fault of any software or hardware wallet manufacturer. It's a feature someone learned to take advantage of due to the way the underlying networks for certain coins work. 

[wahyuagung26]

Before bitcoin, people tended to invest in gold.
But after there was bitcoin, people started investing in bitcoin, especially those who realized there was a technological change in the world and saw the potential of bitcoin.

Both are important asset elements to get, of course those who are aware of technological progress and the world see the potential of Bitcoin, Gold is a good investment and it looks real, not much different from Bitcoin but where Bitcoin looks real and it is in Digital Form, but what has become the dominant world investors with the development of technology and the popularity of Bitcoin now many people are jumping in to invest in Bitcoin.

[WeThePe0ple]

Address poisoning is not the fault of any software or hardware wallet manufacturer. It's a feature someone learned to take advantage of due to the way the underlying networks for certain coins work. 

Imagine a scammer changing your recent transaction history in your regular banking app.
I assume you use it regularly like everyone else. I copy paste previous receivers regularly because I trust that the history was not changed.
If those addresses were changed by a scammer, operating inside a regular banking app (not downloaded from some fishy website) I don't think anyone would accept that and many people would fall victim. The user I mentioned is not a beginner.

I get fake emails from people posing as bank clerks. Phone calls, text messages. I don't fall for any of that.
But scammers being able to change the transaction history in an official app goes very far, in my opinion.

I'm not very tech savvy, that is true. But I'm not some dumbass.

[WeThePe0ple]

I was looking for experiences of specific users. This guy lost 25 000 to address poisoning, which seems new and therefore could surprise more users like him.
Are you telling me that this did not happen in the authentic ledger live app?
My goal is to raise awareness, not to spread panic.

This is not a hack like you are talking about in your previous posts, but a cheap trick that only the naive will fall for, and not even all the benefits of the hardware wallet will protect them from their own stupidity. That's why I wrote that you're brainwashing yourself by watching videos, and you don't understand the concept of "hacking" you're talking about at all, when in fact it's about simply exploiting human ignorance.

When I mentioned a hack I was referring to a previous ledger hack, mentioned on a popular informative crypto channel Coin Bureau with more than 2 million subscribers. https://www.youtube.com/watch?v=0J6YOKhpDWg&t=8s

While address poisoning and hacking are not exactly the same thing, in my opinion it goes very far that outsiders are able to change the transaction history inside an official app. That does not happen in regular banking apps (not that I am in favour of them), I assume because they are protected against it.
I think you know that this shouldn't happen. And I think it's quite easy to call people who fall for this stupid and ignorant. Everyone was once a beginner with hardware wallets. So were you.

[fadhilz123]

Both are important asset elements to get, of course those who are aware of technological progress and the world see the potential of Bitcoin, Gold is a good investment and it looks real, not much different from Bitcoin but where Bitcoin looks real and it is in Digital Form, but what has become the dominant world investors with the development of technology and the popularity of Bitcoin now many people are jumping in to invest in Bitcoin.

In these two important assets I only see the difference in the level of increase and decrease in price, as well as the current level of demand. As for other things, I found no difference other than just the physical form that can be seen and held directly on the gold.

And for investment I think both are good, but if you want better profits without being too afraid of the risks, then Bitcoin is a more appropriate choice. As for investing in gold, I think it's more of an asset to store the value of the money you already have so you won't find more profit through investing in gold.

[Renampun]

Bitcoin is much much more useful than Gold. I mean if it wasn't, there wouldn't be much reason for it to exist.

Gold has a little bit of its market value in its use in electronics. Gold has a lot of its market value in jewelry and other uses of it for aesthetic or ceremonial purposes. But I believe most gold is stored in vaults and used simply as a store of value. Bitcoin doesn't have the electronics and aesthetics/ceremonial uses like Gold does, it only has the monetary use. But Bitcoin is orders of magnitude better in its monetary use case than Gold is.

I like gold, especially in the form of necklaces and earrings because it adds to my aesthetic when wearing clothes on important days (weddings or other events) . but do I make gold my long-term investment, the answer is no, I make bitcoin a long-term investment because bitcoin has a limited amount while gold has an unlimited amount, and if many countries are busy making bitcoin their currency back up then I am sure the price of gold will crumble to smithereens.

Your point about taxation is really interesting. I wonder if governments will eventually try to regulate BTC more heavily to prevent people from avoiding taxes. It's definitely something to keep an eye on. But for now, I'm excited to see where BTC goes and how it evolves as a store of value

in the topic that I once made, I touched on that, so the imposition of taxes on bitcoin holders for me has pros and cons because actually bitcoin was created not to be controlled by third parties, except for yourself. but each country has its own rules regarding bitcoin, some make it legal tender and some make it a commodity asset (as our country does).

[WeThePe0ple]

I make bitcoin a long-term investment because bitcoin has a limited amount while gold has an unlimited amount, and if many countries are busy making bitcoin their currency back up then I am sure the price of gold will crumble to smithereens.

About 210 tonnes of gold have been mined in human history. So the amount is limited, which is why it keeps its value.

[ChiBitCTy]

There is absolutely no debate here, bitcoin has a MUCH higher price potential than gold ever will.  Gold is more so a hedge asset, not an investment.  Sure there are times where it can be an investment, and work out like an investment, but savvy investors who buy it to hold for the long run do so with the mind of owning it as a hedge asset if the market tanks.  Savvy investors who buy bitcoin for an investment do so as a "home run swing" type investment, meaning they realize the price potential is great (however that comes at a cost of volatility, the exact opposite of gold).

[roslinpl]

I had come across one thread where the person had sold their wife gold to inverse in bitcoin. So the traders think, bitcoin is greater then physical gold. The traders think the bitcoin will give many multiple of profit from bitcoin as compared to the physical gold. In that thread, the person had mentioned about the 2024 halves will make the bitcoin price will increase to 10x of the current price. So he can regain the gold and more profit from it. With my opinion better earn and multiple your income from trading of crypto currency. Gold can be used to get money as an asset, which bitcoin or cryptocurrency are not able to get that features. But by investing in bitcoin by selling your gold will gives you 3-4 times of the profit from your investment with a certain period of time.

[nullama]

Look at this graph of how much gold is produced worldwide:



Gold is not scarce.

Also, many companies are selling you "gold" that is stored in their facilities. It can be hard to know if they actually have enough gold to give to their customers if everyone decided to take their "own" gold.

Buy and sell digital gold, all at the click of a button. Each purchase is backed by a portion of a real physical gold bar, stored securely within The Vault®

[Renampun]

I make bitcoin a long-term investment because bitcoin has a limited amount while gold has an unlimited amount, and if many countries are busy making bitcoin their currency back up then I am sure the price of gold will crumble to smithereens.

About 210 tonnes of gold have been mined in human history. So the amount is limited, which is why it keeps its value.

based on the article below, the number has not touched it;

The best estimates currently available suggest that around 208,874 tonnes of gold has been mined throughout history, of which around two-thirds has been mined since 1950.

source--

but there is something a little strange in my opinion, in this article it is written that the number of unmined gold reserves is only around 57 thousand tons but it is still based on a survey in 3 countries (China - Australia - South Africa) but why are other countries such as rusia not counted, because currently Russia and the US are still actively producing gold reserves (and many are not yet mined),

About 244,000 metric tons of gold has been discovered to date (187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons). Most of that gold has come from just three countries: China, Australia, and South Africa. The United States ranked fourth in gold production in 2016.

source--

I forget where the topic I have read is, but someone has reported that gold reserves have been found on Mars, which means that the amount of gold cannot be estimated.

[thecodebear]

Yeah Bitcoin is much much more scarce than Gold. Gold is scarce, but Bitcoin's scarcity makes Gold's scarcity look like a joke.

With Bitcoin we know exactly how many satoshis will ever exist, and we're already 92% of the way to the max supply.

With Gold there is no way to know how much there is in the Earth, all we know is we are nowhere near mining all of it. And of course we will never know if we've mined all of it even when gold mines run dry, because no doubt there is plenty more somewhere in the earth, and there will always be a possibility of finding that in the future. There's also the chance of finding gold in celestial objects in the future.

Despite the fact that Gold has been prized for thousands of years, most of the Gold that has ever been mined has been mined in the past 100 years. And Gold pretty consistently has an average inflation rate of 1.5%.

Bitcoin is perfectly scarce, while Gold is highly scarce (but nothing compared to Bitcoin) but its scarcity is still unknown. A far higher percentage of the Bitcoin supply has been mined than the Gold supply, and there is zero chance of ever mining more Bitcoin outside the 21 million, while there is always the chance of finding more gold on or off Earth. And a year from now once the halving hits Bitcoin's inflation rate will drop below Gold's finally, and it'll just keep dropping to zero, while Gold is likely to stay around 1.5% annual inflation.

Gold is good for electronics and making things pretty.
But if we're talking monetary "tech", Gold is a freakin joke compared to Bitcoin. Gold was already made obsolete in terms of efficiency thanks to paper money and later digital money in banks, but it still retained its prized utility as a store of value when national currencies went off the gold standard. But with Bitcoin in existence now the use of Gold as a store of value is entirely obsolete. Gold is to Bitcoin as the horse carriage is to automobiles.

[fuguebtc]

Gold is not scarce.

Gold is scarce if you compare it to fiat and the needs of people around the world, and that's why gold has a high value and still has the potential to go higher in the future. Our world is 8 billion people, and talking about the need for gold is needed by everyone, so it is still considered scarce.

But when compared to bitcoin, gold proved to be much more abundant than bitcoin. But the problem is not scarcity is that there will be a high value, if there is no need, the scarcity will also become useless. For me, these two types of assets are very important, I don't want to compare because no one forces me to choose one of the two, I like to use both.

[Pmalek]

Imagine a scammer changing your recent transaction history in your regular banking app.

The history was not changed. A new entry was added to it. Everything that happened before is still there.
 

I copy paste previous receivers regularly because I trust that the history was not changed.

Bitcoin and crypto is not the same as your online bank. And if you blindly copy transaction data from your bank app's history, such a thing could happen to you with your online bank as well. If I sent you $0.01, and my transaction was the most recent one in your history, and you copy my bank details and send me $1000 instead of to your brother without checking any of the details, whose fault is that if not yours? Do things properly and you wont have to face any consequences. With traditional banking you can revert your mistakes, with bitcoin you can't. It's not a weakness, it's an integral feature.   

But scammers being able to change the transaction history in an official app goes very far, in my opinion.

No matter how many times you repeat it, the transaction history wasn't changed. It got updated to show the most recent activity. No one altered your old history to point to other addresses. And even if they did, it wouldn't matter if you used it properly.

I'm not very tech savvy, that is true. But I'm not some dumbass.

I hope you aren't for your own sake. Don't copy transaction info from transaction histories and blockchain explorers. There is a right and wrong way to do it. Whoever got affected by poisoning scams did it wrongly. It's that simple really.

[suzanne5223]

This is more of a philosophical debate, but feel free to tell me if my reasoning is wrong.

People often talk about the price potential of BTC or gold, in terms of US dollars or euro. In my opinion this does not make sense because the value of euros and dollars can be destroyed by central banks printing them to infinity.

To my own understanding, the debate doesn't make any sense because BTC can never be like Gold although they may both be an asset but the purpose of BTC creation is totally different from Gold and I come to believe those that debate about the price potential are those that are not into the beauty of BTC technology.
For the record, BTC was considered the most profitable asset just in 14 years of its existence that's enough to judge BTC potential we don't need any debate when the market performance in years to come to be the judge.

[Altryist]

To my own understanding, the debate doesn't make any sense because BTC can never be like Gold although they may both be an asset but the purpose of BTC creation is totally different from Gold and I come to believe those that debate about the price potential are those that are not into the beauty of BTC technology.
For the record, BTC was considered the most profitable asset just in 14 years of its existence that's enough to judge BTC potential we don't need any debate when the market performance in years to come to be the judge.

Each of these assets deserves the attention of investors, I think that in the long run they will both bring profit, the only question is which of them is able to bring more profit, and here I think the advantage is on the side of bitcoin. In the future, the price of bitcoin may also become much more stable, the volatility will decrease significantly, but so far, bitcoin has a very good potential and this opportunity should be used.

[suzanne5223]

To my own understanding, the debate doesn't make any sense because BTC can never be like Gold although they may both be an asset but the purpose of BTC creation is totally different from Gold and I come to believe those that debate about the price potential are those that are not into the beauty of BTC technology.
For the record, BTC was considered the most profitable asset just in 14 years of its existence that's enough to judge BTC potential we don't need any debate when the market performance in years to come to be the judge.

Each of these assets deserves the attention of investors, I think that in the long run they will both bring profit, the only question is which of them is able to bring more profit, and here I think the advantage is on the side of bitcoin.

Yes, the two assets deserve the engagement of investors but it's the performance of the asset in the market that will determine the investor's engagement because the investor will always flock to the asset that will provide them the needed profit and this is the exact strategy some influencers used to lure investors into shitcoin.

In the future, the price of bitcoin may also become much more stable, the volatility will decrease significantly, but so far, bitcoin has a very good potential and this opportunity should be used.

The volatility level of Bitcoin may decrease in the future but there is no way the price of the BTC market will be stable

[nullama]

~snip~
Gold is scarce if you compare it to fiat and the needs of people around the world, and that's why gold has a high value and still has the potential to go higher in the future. Our world is 8 billion people, and talking about the need for gold is needed by everyone, so it is still considered scarce.

But when compared to bitcoin, gold proved to be much more abundant than bitcoin. But the problem is not scarcity is that there will be a high value, if there is no need, the scarcity will also become useless. For me, these two types of assets are very important, I don't want to compare because no one forces me to choose one of the two, I like to use both.

True, that's a valid point.

There are levels of scarcity, and although gold is somewhat scarce, it is way less scarce than Bitcoin.

And well, fiat is not scarce at all since you can print an infinite number of it.

[YUriy1991]

There are levels of scarcity, and although gold is somewhat scarce, it is way less scarce than Bitcoin.

I think The scarcity of gold and Bitcoin is a key factor in their appeal as alternative stores of value. They are seen as hedges against inflation and currency devaluation as their limited supplies make them resistant to the effects of monetary policy.

In contrast, both gold and Bitcoin have limited supplies, making them scarce assets. The supply of gold is limited by its physical availability, while the supply of Bitcoin is limited by its code, which limits the number of Bitcoin that can be mined.

And well, fiat is not scarce at all since you can print an infinite number of it.

Yup, The Fiat currency is not scarce as its supply is controlled by central banks, and they can increase its supply at will through the process of monetary policy. This can lead to inflation and decrease the purchasing power of fiat currency over time.

Maybe all understand the reasons why people buy gold or Bitcoin with the expectation of a future price increase. However, the comparison between Bitcoin and the potential price of physical gold is complex and requires a deep understanding of the unique features and market dynamics of the two assets and Some investors prefer gold for its historical track record and universal acceptance, while others prefer Bitcoin for its technological innovation and high potential returns.

[WeThePe0ple]

Yup, The Fiat currency is not scarce as its supply is controlled by central banks, and they can increase its supply at will through the process of monetary policy. This can lead to inflation and decrease the purchasing power of fiat currency over time.

The key question for BTC to survive, is whether the launch of CBDC's near 2030 will make it impossible for money to flow into BTC.
My hope is that people will always find a way to put money into BTC, even if we get paid in CBDC's.

CBDC's have not even been launched yet, and most people already realize that it is the same monetary fraud that led to the devaluation of currency that we all experience today. I am going to purchase at least 1 BTC, and no other currency. I will hold it for 20 years even if the local authorities come after me. And I will never sell before the 20 years are over.