[Fun Fact] Is Gold scarce ? Bitcoin is !

[pawanjain]

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this



Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Source: https://www.instagram.com/p/CtvdmZoPmxV/?igshid=MTc4MmM1YmI2Ng%3D%3D

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[Charles-Tim]

But what if it is an asteroid that is capable of destroying the world like what scientists researched on to have caused the extinction of dinosaurs the and capable to destroy human existence for the next era to begin? 

Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:

Five Biggest GoldDiscoveries in Africa in 2022

That is just Africa.

Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.

Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.

[mk4]

We all know bitcoin's scarcity is far more guaranteed than golds, but this is the subjective part:

It's more precious than gold.

Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.

[avikz]

I am not sure if someone has ever claimed that gold is scarce. Because a huge amount of landmass has still not used for mining discovery. A major portion of Africa is still undiscovered. So gold is not scarce in any way. Also gold is not used as an investment anywhere in the world. Gold is mainly used for capital protection. Historically gold price has always shown a steady increase in price keeping the inflation in mind. That's why Gold is precious but not scarce.

On the other hand bitcoin has a limited supply if 21 million. So it is expected that it's price will skyrocket anytime in the future owing to its scarcity. But this feature is only pushing bitcoin out from being a currency system to an investment. So the future is pretty unclear.

[Faisal2202]

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this

I hope the asteroid will not hit anyone's head (Haha). First of all i do not believe these types of information which have no solid base, and from what i recall, this news has already shared on this platform and many has already compared the same property of BTC with gold.

The point is, gold is good in its place and BTC is good in its place, If there will be so much gold this will increase the supply and a time will reach where this supply will overtake demand. But we all know that BTC is scare and gold is not, No ones know how much gold is under the earth crust, but we do know that BTC has 21 million supply which will be mined till 2140 at the current hash rate.

[panganib999]

But what if it is an asteroid that is capable of destroying the world like what scientists researched on to have caused the extinction of dinosaurs the and capable to destroy human existence for the next era to begin? 

Without Asteroid, I read about countries that are discovering gold. This is an article I found while I search just for Africa countries:

Five Biggest GoldDiscoveries in Africa in 2022

That is just Africa.

Did you know that gold are buried in oceans which are far more than the ones on the earth surface that all are not yet discovered? No technology to mine that, at least for now.

Did you also know that the earth crust contain far more than the gold on earth surface and beneath the oceans? No technology to mine that too and that will not be possible as it can deteriorate how solid the earth is.

@Charles-Tim That's just spitballing at that point. OP made a pretty sound argument about the alteration of gold's supply since the current supply of gold in the planet is scarce and finite and the only logical way it could be supplanted with is through an asteroid impact. That's just stupid and a little cynical in my opinion. And yes that includes the ones that couldn't be mined due to the current limits in technology.

In the discussion of immutability however OP, while gold can be made infinite virtually, supply isn't the only thing that makes it valuable. It has aesthetic properties that makes it a must-have by every one on the planet, not to mention its practical applications in technology, business, and other ventures which strays from the argument that gold isn't as great as bitcoin cause I could easily add more gold into the system of supply.

[coolcoinz]

There's a lot of gold deep within our planet, the only problem is that we don't have efficient ways of getting it out. When the digging operation exceeds the value of gold mined it's pointless to try.
What would have to happen for us to increase the supply? One of two things.
Either the demand would have to be very high, but for that we'd have to start using much more gold to produce electronics (or go back to using gold coins for payment), that's one, or the cost of deep mining would have to go down so that we could start accessing new deposits.

[cabron]

A giant Asteroid falling on Earth will get us all killed. No one will benefit from that quintillion of gold but the bacteria it brings to the surface.

There was news about $13T worth of gold in Uganda https://www.mining-technology.com/features/uganda-gold-deposit-investment/
which I guess the gold was sort of unattractive but definitely it's still to be extracted from the ground, there is no value to it yet. Gold is useful in making electronic products and it's still rare making gold a sound money still since ancient times. It's the preferred investment as part of diversification.

[Hamza2424]

_SNIP_

This is good BTC has a 21M Bitcoin supply but for the Gold asteroid how is it relatable? Is anyone going to grab the gold from that asteroid? I know you are excited about the Bitcoin future but bro about the gold asteroid theory it's just theory and you can't bring that gold to the economic circle so Unless we get that supply the assumed supply of gold will be considered as a dummy.

Gold is currently not scared of the BITCOIN because you can compare it with market capital, yeah yeah I know about future potential but we are in the present so currently Gold is not at all scared. I think most of us have forgotten Ukraine vs Russia's impact on the economic circle so what if WW3 happens I think it will be a nightmare for technology and Bitcoin as well. So enjoy the Journey with Bitcoin in the present.

[Fivestar4everMVP]

We all know bitcoin's scarcity is far more guaranteed than golds, but this is the subjective part:

It's more precious than gold.

Obviously most people still value gold far more than bitcoin — the marketcap difference itself is enough proof.

Well, I think any body who values gold more than bitcoin does so solely because gold is from ancient times, it's not man made like bitcoin, and it was once a currency and over time, have proven it's legitimacy and worth..

Bitcoin on the other hand is still pretty new to many people, alot of persons don't really understand bitcoin yet nor how it work, so they are still skeptical about the legitimacy of bitcoin, Infact, some still see bitcoin as a bubble, for such people, when you ask them to choose between bitcoin and gold, be rest assure they will always choose gold.

[Die_empty]

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this

I hope the asteroid will not hit anyone's head (Haha). First of all i do not believe these types of information which have no solid base, and from what i recall, this news has already shared on this platform and many has already compared the same property of BTC with gold.

The point is, gold is good in its place and BTC is good in its place, If there will be so much gold this will increase the supply and a time will reach where this supply will overtake demand. But we all know that BTC is scare and gold is not, No ones know how much gold is under the earth crust, but we do know that BTC has 21 million supply which will be mined till 2140 at the current hash rate.

The force of demand and supply will always affect the price of a product no matter how precious it might be. If the news about large quantity of gold in Africa is true and the right technological tools are used to mine more gold, the price might be affected by the supply. Gold has maintained its position as on the reliable store of value but it's unlimited supply might be it's undoing.

Bitcoin has advantage over gold because if it's limited supply. Nobody know what the future holds but I am predicting that bitcoin will be more valuable than gold. There are.people that who are  gold maximalists they believe that trading and holding in gold is the only means of investing wisely. But Bitcoin has shown a lot of resilience and consistency in its operations. Gold is generally accepted in every country and it is a well-known commodity. In the future Bitcoin will be more valuable than gold because it might have wider acceptance. we can not predict the limit of gold but the limit of bitcoin is known.

[tread93]

Just imagine you wake up one day to find out that there was huge asteroid that just dropped on earth.
The news is all over and then the world finds out this



Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

Source: https://www.instagram.com/p/CtvdmZoPmxV/?igshid=MTc4MmM1YmI2Ng%3D%3D

Wow that really puts it into perspective for you, and this is extremely accurate. All the gold and silver and precious metals that are out in space is an unfathomable amount of money!!! Just floating in space!!!! The odds of this asteroid hitting earth are slim to none but still, it's out there lol. Bitcoin is super scarce 😱

[hd49728]

I don't think too far like human can harvest gold from asteroids or other planets. Even on Earth, we don't know exact physical gold we have. Scientists can only make estimations but they are not exact numbers and the physical gold human can harvest on Earth will change with technologies we have.

The important fact is we can not know the maximum storage of physical gold on Earth. Estimation can not be compared to the exact number of Bitcoin total supply which is 21 millions.

Gold total supply can increase in future with more advanced technologies for getting gold on Earth and from the space but total available bitcoin will be less than 21 millions in future because more people will lose their bitcoins. This fact makes Bitcoin is a better investment asset than gold.

[reagansimms]

Although it's just a made up thing yet there can be such a possibility. We never know.
But what we do know is bitcoin's total supply is just 21 million and that makes it scarce.
It's more precious than gold.

The analogy is like this, Gold is like a standard class car while Bitcoin is like a Ferrari or Lamborghini. Here it is very clear that standard class cars are seen more on the road, while Lambo or Ferrari are rarely seen on the road. Yes, there are, but the percentage is lower than standard class cars. Almost all people have gold, but if Bitcoin is only spread 21 million pieces and this number might be reduced because the wallet that is stored Bitcoin can no longer be accessed.
For ordinary people who are not familiar with Bitcoin, they prefer to play it safe by buying Gold because its liquidity is higher than Bitcoin. The price of Bitcoin is still determined by the large number of requests and offers on the Crypto market, for Investors who want to make quick profits they prefer Bitcoin over Gold.

[davis196]

1.Such asteroid would probably destroy the human civilization.
2.Even if such "golden asteroid" lands safely on the planet, this 700 quintillion USD gold would be enough to destroy the global gold scarcity, ruin the gold price and render gold useless.

Gold is scarce not because it's rare, but because the cost of research and mining is just too high. Gold would be really cheap, if the cost of mining was low and there were gold mines everywhere. I'm sure that there's plenty of gold underground, we just can't mine it in an efficient way.
The same thing partially applies to Bitcoin. Bitcoin is scarce not only because of the 21 million cap, but because mining BTC is difficult and expensive.

[adaseb]

When it comes to gold. There is lots of it on the planet but the cost to mine it is very expensive hence the supply is capped. This is similar to how anyone can mine Bitcoin with their laptop. However it’s very expensive due to the electricity and hence why most people don’t mine Bitcoin.

So there might be a star which has tons and tons of gold. However how will you extract this gold and bring it back to earth? Seems impossible pretty much.

[aoluain]

It was Michael Saylor who made me aware of the fact that Gold is not as scarce as I would
have previously thought.

Its kind of like the demand drives supply. As demand increases and new technology is
developed new Gold reserves are found and its able to be extracted.

Gold is used in applications such as the Space industry, medical and electronics as well
as decorative.

Bitcoin is deflationary, coins get permanently locked and forgotten through human error and
of course it has a cap of 21,000,000.

Slowly but surely people are and will realise this advantage Bitcoin has.

[worle1bm]

Even after considering that everyone will have this much worth the whole economy will be disturbed and normal functioning will not be there because working class would not be there.So giant asteroid will not benefit us in way we expect it to be moreover do you think governments will make this happen as they will take it all under their custody because it's government property after that.But what devastating affect it will have on earth and survival of people we can't imagine as have seen in movies so let it surround on outer space only.

[Jawhead999]

There's a difference between scarce and maximum supply.

Scarce doesn't mean the supply is fixed, it just need to be hard to get it and has a value.

Something that has a maximum supply is obviously scarce because not everyone can get it as long as they didn't mine or buy it.

So I'd say Gold and Bitcoin are scarce commodities, but there's no evidence Gold has a maximum supply unlike Bitcoin.

[Z390]

If gold is not scarce and yet it has the same value that it has today many people won't care that much about Bitcoin because the gold is enough to bring their dreams into reality.

To me it is very very hard to get Gold, to get Bitcoin, Fiat money is all you need,  yes you can buy gold too but gold is not easy to find either, that is why wherever there's gold there's always blood that follows so my final answer is gold is as scare as Bitcoin.

Bitcoin just packed a better advantage than Gold, that's why I will choose Bitcoin over gold if I am asked to choose one.