Hufflepuff
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September 16, 2014, 10:24:03 AM |
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I'd like to revisit this topic by making a simple yet effective statement. It doesn't make any sense to walk into a store and offer a 1 ounce gold coin ($1,200) in exchange for their goods simply due to the fact that it is pretty rare to spend that much money in one retail transaction. Gold may be a store of wealth, but makes absolutely no sense in the buying/selling of goods unless we go back to walking around with a gold dust pouch on our sides....."that soda will be 1/2 a pinch of yer gold dust please......actually wait a minute I have larger fingers than you....let me see your pouch I'll handle the pinching"
This made my day  |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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giveBTCpls
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September 16, 2014, 08:54:11 PM |
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Gold has real-world functional use. It has practical value that can basically ensure it will never ever lose complete valuation.
However, you are right in that most of it's valuation doesn't come from its practical value, but rather from the fact that it's a shiny rock. On the other hand, Bitcoin's value is 100% due it's practical features.
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STT
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Leading Crypto Sports Betting & Casino Platform
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September 16, 2014, 09:03:36 PM |
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Gold has limited use in the world and its often more expensive then alternatives. I think its used anyway because it retains its practical non rusting properties in a pinch or in a ton of the stuff, its equally divisible; so there is always a wealthy buyer somewhere makes absolutely no sense in the buying/selling of goods unless we go back to walking around with a gold dust pouch on our sides....."that soda will be 1/2 a pinch of yer gold dust please......actually wait a minute I have larger fingers than you....let me see your pouch I'll handle the pinching"  its not practical in small amounts or really as accurate and a non pure gold coin can be faked more easily. So the benefits of gold break down for tiny transactions, I agree which is where bitcoin could be most useful. Its cheaper to use, far more accurate and irrefutable in its record of the transaction. Gold can be digital as can dollars but from what Ive seen the fees to transmit gold value exceed BTC so BTC wins for pinch of salt type buys (and maybe much more) and hopefully this is why both will succeed alongside each other not really in competition imo [ in theory you can buy via a credit card scheme backed 100% by gold so you could really buy a few candy bars and charge it alongside your monthly shopping bills, however at least 10k of gold on deposit would be minimum I think + fees etc]. In 1971 people were effectively buying soda with a gold proxy which was the dollar but they had value hijacked and inflation of 1970's occurred thereafter. The point of failure there was a centralised system not the gold itself to be fair |
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giveBTCpls
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September 16, 2014, 09:45:11 PM |
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The difference is that the global value of gold is about 8.2 trillion and the global value of all bitcoins is only .7 billion. Also, gold is not very liquid. At least, not in as much as you can't use a gram of gold to go buy something.
With only so many bitcoins that could ever be in circulation, if they became an accepted measure of currency the global value of bitcoins could easily jump up to 50-100 billion. On the other hand, if nobody were to accept them their value could quickly drop.
This will be fun to watch.
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tinkersay
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September 18, 2014, 05:26:05 AM |
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Definitely gold, I'm sure bitcoin is going to have some difficult years in its near future.
Correct. While gold has been tested since what? 1700's? |
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OrientA
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September 18, 2014, 09:38:34 AM |
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I would choose BTC as I can use it. For gold, I have to sell it and get fiat before I can buy things.
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James1970
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September 18, 2014, 09:41:49 AM |
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BTC all the way
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arcanum
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September 18, 2014, 03:59:18 PM |
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Bitcoin, can't move your gold when collapse happens.
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OrientA
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September 18, 2014, 04:09:10 PM |
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Gold has limited use in the world and its often more expensive then alternatives. I think its used anyway because it retains its practical non rusting properties in a pinch or in a ton of the stuff, its equally divisible; so there is always a wealthy buyer somewhere
The only problem is that you cannot buy a mother board with that piece of gold. |
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zadiume
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September 18, 2014, 10:18:21 PM |
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BTC ofc. Gold is too outdated.
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BCwinning
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September 18, 2014, 10:20:08 PM |
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gold
it's been around a few centuries, bitcoin hasn't even made a decade
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The New World Order thanks you for your support of Bitcoin and encourages your continuing support so that they may track your expenditures easier.
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boumalo
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September 19, 2014, 08:51:14 AM |
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BTC ofc. Gold is too outdated.
Gold is great and Bitcoin is great as well! |
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ReBoRn
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Bitcoin will survive
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September 19, 2014, 03:41:11 PM |
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gold
it's been around a few centuries, bitcoin hasn't even made a decade
I am also going with Gold because its not crushing like Bitcoin Gold is much better then Bitcoin  |
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logictense
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September 19, 2014, 05:54:31 PM |
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Deflation is bad because of hoarding. Why should I spend money on any luxuries today when tomorrow I could buy more of them? We're already seeing this play out with a massive part of the bitcoin market (over 80% of bitcoins and 14 of the 22 million users don't use them on a once a month or more basis). The massive deflation of the currency incentivizes people to keep it for as long as humanly possible without ever spending it. Find a way for bitcoin to have an annual inflation level of 1-3%, and then it might actually have a chance, because only then will it actually be on par with national currencies in terms of how beneficial it is for the economy.
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grandFX
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September 19, 2014, 06:23:21 PM |
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gold and bitcoin whats ur choice? bitcoin the best for shoping gold the best for investment.  |
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OrientA
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September 20, 2014, 07:25:29 AM |
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gold and bitcoin whats ur choice? bitcoin the best for shoping gold the best for investment. The problem with gold investment is that it is closely correlated with fiat inflation. Its own value does not rise much, probably we have found all the use for gold. |
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botany
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September 20, 2014, 10:49:36 AM |
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gold and bitcoin whats ur choice? bitcoin the best for shoping gold the best for investment. The last couple of months have been real bad for bitcoin. I think a majority of people view bitcoin as a long term investment. |
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ReBoRn
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Bitcoin will survive
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September 20, 2014, 03:14:16 PM |
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gold and bitcoin whats ur choice? bitcoin the best for shoping gold the best for investment. The last couple of months have been real bad for bitcoin. I think a majority of people view bitcoin as a long term investment. Most of peoples viewing bitcoin as unstable investment just because of this its not spreading as we need this |
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logictense
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September 21, 2014, 09:29:12 PM |
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I would pick both.
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