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lynn_402
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June 03, 2014, 07:49:47 PM |
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But how could someone know that the paper gold is actually legit, if it was not controlled by a trusted third party?
What do you mean? You buy gold derivatives (e.g. gold cash-settled futures) through exchanges, no one promises to deliver you physical gold...  [/quote] Well that's the problem; with that system, you are never actually holding something of value, only the promise of something of value. This does not work as a safe currency, since you need to trust a third party to say that what you hold has value, and that's one of the problem that Bitcoin solves. LOL, Ok, you buy your girlfriend zeros and ones, SHA 256, AES, RSA, RC4 or ....... (cryptography) I will with pure gold.  We are talking about a currency now, not jewelry! |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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okthen
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June 03, 2014, 07:49:59 PM |
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Gold is safer.
But it's so impractical... You have to store it in a safe and then get it an sell it... I'm too lazy for that |
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igorr
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June 03, 2014, 07:51:04 PM |
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But it's so impractical... You have to store it in a safe and then get it an sell it... I'm too lazy for that I just buy gold, never sell. |
Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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deisik
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Activity: 3444
Merit: 1280
English ⬄ Russian Translation Services
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June 03, 2014, 08:02:20 PM |
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What do you mean? You buy gold derivatives (e.g. gold cash-settled futures) through exchanges, no one promises to deliver you physical gold... Well that's the problem; with that system, you are never actually holding something of value, only the promise of something of value. This does not work as a safe currency, since you need to trust a third party to say that what you hold has value, and that's one of the problem that Bitcoin solves Do you really think that Bitcoin solves this problem? What makes you think that Bitcoin is a safe currency?  And I don't even talk about fundamentals, just look at its exchange rate dynamics! |
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igorr
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June 03, 2014, 08:04:58 PM |
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But how could someone know that the paper gold is actually legit, if it was not controlled by a trusted third party?
What do you mean? You buy gold derivatives (e.g. gold cash-settled futures) through exchanges, no one promises to deliver you physical gold... Well that's the problem; with that system, you are never actually holding something of value, only the promise of something of value. This does not work as a safe currency, since you need to trust a third party to say that what you hold has value, and that's one of the problem that Bitcoin solves. LOL, Ok, you buy your girlfriend zeros and ones, SHA 256, AES, RSA, RC4 or ....... (cryptography) I will with pure gold. We are talking about a currency now, not jewelry! [/quote] Yes, I talking about currency, gold is oldest currency on the world, while bitcoin not currency. |
Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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lynn_402
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June 03, 2014, 08:05:19 PM |
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What do you mean? You buy gold derivatives (e.g. gold cash-settled futures) through exchanges, no one promises to deliver you physical gold... Well that's the problem; with that system, you are never actually holding something of value, only the promise of something of value. This does not work as a safe currency, since you need to trust a third party to say that what you hold has value, and that's one of the problem that Bitcoin solves Do you really think that Bitcoin solves this problem? Well yes! When you have a coin, many petahashes of verifiable logic have confirmed that it is legit. |
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lynn_402
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June 03, 2014, 08:07:08 PM |
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Yes, I talking about currency, gold is oldest currency on the world, while bitcoin not currency.
That's part of gold's problem; it is too old to work in today's world. The information technologies have no uses for it, and requires something that is better adapted to instantaneous transport of information. |
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deisik
Legendary
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English ⬄ Russian Translation Services
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June 03, 2014, 08:07:23 PM |
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What do you mean? You buy gold derivatives (e.g. gold cash-settled futures) through exchanges, no one promises to deliver you physical gold... Well that's the problem; with that system, you are never actually holding something of value, only the promise of something of value. This does not work as a safe currency, since you need to trust a third party to say that what you hold has value, and that's one of the problem that Bitcoin solves Do you really think that Bitcoin solves this problem? Well yes! When you have a coin, many petahashes of verifiable logic have confirmed that it is legit. Ok, it is legit, but does its legitimacy give it value? |
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lynn_402
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June 03, 2014, 08:09:09 PM |
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Ok, it is legit, but does its legitimacy give it value? All of the traders give it value Also, the incredible amount of electricity and of equipment that is used to maintain the network contribute to the intrinsic value of a coin. |
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deisik
Legendary
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June 03, 2014, 08:14:01 PM |
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Ok, it is legit, but does its legitimacy give it value? All of the traders give it value Also, the incredible amount of electricity and of equipment that is used to maintain the network contribute to the intrinsic value of a coin. Speculation, you probably wanted to say (with that I agree). The other part of what gives Bitcoin value is very questionable though (and I don't even say there is no such thing as intrinsic value of a coin)... |
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lynn_402
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June 03, 2014, 08:15:52 PM |
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Ok, it is legit, but does its legitimacy give it value? All of the traders give it value Also, the incredible amount of electricity and of equipment that is used to maintain the network contribute to the intrinsic value of a coin. Speculation, you probably wanted to say (with that I agree). The other part of what gives Bitcoin value is very questionable though (and I don't even say there is no such thing as intrinsic value of a coin)... Speculation also contributes a lot to gold's value. Sure, it has many concrete uses in jewelry and electronics, but without it being used as a speculative store-of-value, I'm sure it would be quite less expensive. It is no different from Bitcoin on that aspect. |
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maok
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June 03, 2014, 08:18:48 PM |
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every solved math problem is valuable, ask the olympiad winners :-) math is universal just like gold, hence both have value in their own way.
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QRKHn6UK3ToS53V6jD1rYWRYS4mxQ1mako ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ▄▀▄▀▄▀ Quark core wallet updates ▀▄▀▄▀ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ |
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nickenburg
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June 03, 2014, 08:19:51 PM |
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I think they are both really good investments.
But at the moment I think that I pick Bitcoin.
Because it hasn't shown us his true potential.
The price will probably rise much higher then gold I believe.
But thats just my opinion.
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gondel
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June 03, 2014, 09:59:33 PM |
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Hi, But what was that!? Most of the people are choosing gold because they dont know what BTC actually is! Gold has a good and a lets say stable price right now, but if someone like Russia or someone find a huge amount of gold enough to provide to everybody so gold price will go down like a waterfall...BTC will stay on the top then. |
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lynn_402
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June 03, 2014, 10:58:01 PM |
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Hi, But what was that!? Most of the people are choosing gold because they dont know what BTC actually is! Gold has a good and a lets say stable price right now, but if someone like Russia or someone find a huge amount of gold enough to provide to everybody so gold price will go down like a waterfall...BTC will stay on the top then. Yeah, that's one more thing that's better with Bitcoin; the supply is stable, there is no way to mine more coins than what the predictable block reward gives. If gold was to double in value, the whole world would mine it to death, thus reducing the value to what it was before. |
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wachtwoord
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June 03, 2014, 11:02:13 PM |
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Bitcoin is improved gold. Buy and wait for the market to realize this
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trackermut
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June 03, 2014, 11:20:55 PM |
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Cant compare gold low risk, gold will never go to zero in the medium term fairly low risk. Bitcoin higher risk and could go to zero or jump 1000% which gold cant (falling total fiat collapse which will not happen ) as store of wealth chalk and cheese.
lol okay i take bitcoin at least if i change my mind i can buy gold.
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220Fast
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June 03, 2014, 11:32:18 PM |
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I would love to see BITCOIN go to zero value or Atleast to colapse to 1USD/Btc . I would buy all of them then ...
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Ron~Popeil
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June 03, 2014, 11:38:40 PM |
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I would love to see BITCOIN go to zero value or Atleast to colapse to 1USD/Btc . I would buy all of them then ...
Then they would be worthless. You would be better off to buy up whatever currency replaces it. |
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Rub3n
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June 03, 2014, 11:47:01 PM |
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Gold. It will remain stable untill there will be some sort of new planet, moon or asteroid with an overflow of it - and we are able to mine it.
This seems unlikely and so i prefer earning money in a way that i am sure wont lower value. BTC is fun and risky tho.
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