Bitcoin vs Gold: The Age Old Debate

[Towlie]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

[picolo]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

Bitcoin is very useful so very valuable. It is trust by many so it is even more valuable.

Bitcoin is very valuable for the same reasons even if it is not trust by that many yet.

[ajareselde]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

We all hope the same, waiting for the mining phase to be cut to <0,1btc, when bitcoin potential will be shown, after mining becomes less attached to the price.
Thing with gold is that there will allways be more gold, where bitcoins can only be 21 million. And with advancement of technology, gold mining can be more and more adopted to yield more gold at less expence, which is not the case with bitcoin.

cheers

[jones techbit]

Any mineral or metal can be taken from you by executive order.

[XinXan]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

But gold has been there for a long long time so its understandable to be more stable. Bitcoins are fairly new and can still grow, i think thats a really good quality. Meanwhile gold has a stable price with bitcoins you could buy 1 today and in some years maybe its worth 5.000$ or maybe 1$ thats the beauty of it

[havecoch]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

But gold has been there for a long long time so its understandable to be more stable. Bitcoins are fairly new and can still grow, i think thats a really good quality. Meanwhile gold has a stable price with bitcoins you could buy 1 today and in some years maybe its worth 5.000$ or maybe 1$ thats the beauty of it

Even if bitcoin exists for a long time, even then it will probab;y never become enough stable.

[XinXan]

I think gold is always going to remain more stable and will always have a real world use as a useable precious metal, but bitcoin is unstable and unpredictable, though I do think it is the best option to see a big profit and return on investment though it's very risky and not guaranteed. I'd prefer to put most of my money in Bitcoin for investment purposes. I just think we'll need a few years to see big gains hopefully.

But gold has been there for a long long time so its understandable to be more stable. Bitcoins are fairly new and can still grow, i think thats a really good quality. Meanwhile gold has a stable price with bitcoins you could buy 1 today and in some years maybe its worth 5.000$ or maybe 1$ thats the beauty of it

Even if bitcoin exists for a long time, even then it will probab;y never become enough stable.

Why not?  They are stable now, this year pretty stable

[polynesia]

Any mineral or metal can be taken from you by executive order.

Executive orders usually have to justified - "national importance", "threat to nation", etc.

[XinXan]

The stability of the bitcoin dropped a lot since the destruction of important exchanges but it will probably rise again when more people and institutions adopt it like mega for instance that said they will be accepting bitcoins

[Erdogan]

Any mineral or metal can be taken from you by executive order.

Executive orders usually have to justified - "national importance", "threat to nation", etc.

Yeah, right. Could we say threat to power?

[3eme]

Gold and all other currencies are objectively shitty and deprectaed when compared to Bitcoin.

https://d262ilb51hltx0.cloudfront.net/max/800/1*8mimpqX08rd9eyToEgLQzg.png

The chart misses the crucial point which is that gold is very widely and tightly held, so many people think of it as money, not so many see bitcoin that way. In addition, gold is the other big asset on central banks balance sheets in addition to foreign currencies, it will be used to recapitalise nations after the next crisis I think we all see coming.

[OROBTC]

...

jones techbit wrote that the Feds could take the gold (by Executive Order, a la 1933).

They can try.  It is estimated that they only got some 10% in 1933.

Also, hardly anyone trusts the government anymore, especially owners of gold.  Gold owners would be unlikely to give it up.  There is also a high correlation between gold owners and gun owners...

Seize the guns and the gold?

Molon Labe!


EDIT: same for seizing the Bitcoin.......

[johnyj]

At higher level of abstraction, money is just a consensus/protocol of transaction medium that lots of people agreed upon, the purpose of this protocol is to store value and delay the consumption until a later suitable occasion
 
Due to these requirements, the transaction medium must be durable, widely accepted and can store value. In fact anything meet these requirements can be used as money

From the jewelry and industry point of view, there are other metals like platinum with better characteristics than gold, but since they enter the scene much later, people never used them as transaction medium. This proved that the essential of gold is its widely established acceptance, its physical characteristics are not as important

On internet, currently there is no payment method that is universally accepted, bitcoin is the first currency that enables instant global payment regardless of country and banking infrastructure. For internet generation, the consensus is taking shape now

However, people already get used to use their domestic currency to do all kinds of transaction, especially valuation. First converting to another currency and then spend sounds complicated, if some new service exclusively require bitcoin payment, then it might bring more attention, otherwise the usage will still be limited like gold, as an investment instead of transaction medium

[polynesia]

...

jones techbit wrote that the Feds could take the gold (by Executive Order, a la 1933).

They can try.  It is estimated that they only got some 10% in 1933.

Also, hardly anyone trusts the government anymore, especially owners of gold.  Gold owners would be unlikely to give it up.  There is also a high correlation between gold owners and gun owners...

Seize the guns and the gold?

Molon Labe!


EDIT: same for seizing the Bitcoin.......

If they try to seize bitcoins, they will get an even lower percentage. 

[resya]

Why not?  They are stable now, this year pretty stable

all markets have downtrends. gold didn't reach its 1980s high until 25 years later.

if gold can lose 50% of its value and have a multi-year downtrend, why can't bitcoin?

[XinXan]

Why not?  They are stable now, this year pretty stable

all markets have downtrends. gold didn't reach its 1980s high until 25 years later.

if gold can lose 50% of its value and have a multi-year downtrend, why can't bitcoin?

Well bitcoin can aswell but bitcoin went from 1200 to 200 in a year thats a 600% not 50%

[D4C]

Gold demand is driven by fear. people aren't scared? gold goes down
Opportunity cost is too high to hold when there are better alternatives

[Reynaldo]

Gold demand is driven by fear. people aren't scared? gold goes down
Opportunity cost is too high to hold when there are better alternatives

That's a problem on the cryptocurrencies world too, that's why there are some new cryptos like NuBits (https://nubits.com/) that try to stabilize the price (1$ USD = 1 NuBits) but the advantages of cryptocurrencies are far superior...

Imagine that 1 bitcoin = 0.01 USD, it does not matter, you can move money over the internet with low fees ( as lo as 0.0001 BTC at the moment of this post) while you cant move gold so fast nor so far without paying massive fees or waiting days. For more information: https://en.bitcoin.it/wiki/FAQ#Economy

By the way remember that bitcoin is not only a currency but a protocol, the public ledger (blockchain) and the advantages that come with it (satoshi proof - https://github.com/ligi/SatoshiProof) are too valuable; Don't forget governments could issue their own cryptocurrencies and gain the advantages from bitcoin and only changing the nature of a decentralized system to a centralized one. This also solves the big and long never ending problem of counterfeit money and money laundering.

[picolo]

Gold demand is driven by fear. people aren't scared? gold goes down
Opportunity cost is too high to hold when there are better alternatives

That's a problem on the cryptocurrencies world too, that's why there are some new cryptos like NuBits (https://nubits.com/) that try to stabilize the price (1$ USD = 1 NuBits) but the advantages of cryptocurrencies are far superior...

Imagine that 1 bitcoin = 0.01 USD, it does not matter, you can move money over the internet with low fees ( as lo as 0.0001 BTC at the moment of this post) while you cant move gold so fast nor so far without paying massive fees or waiting days. For more information: https://en.bitcoin.it/wiki/FAQ#Economy

Btw, also remember that bitcoin is not only a currency but a protocol, the public ledger (blockchain) and the advantages that come with it (satoshi proof - https://github.com/ligi/SatoshiProof), goverments could issue their own cryptocurrencies and gain the advantages from bitcoin and only changing the nature of a decentralized system to a centralized one. This also solves the big and long never ending problem of counterfeit mooney.

If you want to save, it is better to save in something the central banks cannot print.

[Erdogan]

Why not?  They are stable now, this year pretty stable

all markets have downtrends. gold didn't reach its 1980s high until 25 years later.

if gold can lose 50% of its value and have a multi-year downtrend, why can't bitcoin?

Well bitcoin can aswell but bitcoin went from 1200 to 200 in a year thats a 600% not 50%

Not to be a jerk, it just hurts my brain: from 1200 to 200 is down 83 1/3 %