Ok BTC maxis I need your help here. I watched an interview of the founders of the website wtfhappenedin1971.com/. Since the website is about what has happened to the US since the abandonement of the gold standard in 1971, I was sure that these guys were diehard gold bugs. However, in the interview they stated that instead they think that gold failed as money in 1971 (because the standard could simply be abandoned with a stroke of a pen by a corrupt politician) and Bitcoin is the hardest possibly money.
In my view, BTC is a failed project. It was supposed to revolutionize payments as a fast, low cost, trustworthy payment system, which is complete independent of any third parties such as banks or governments. However, the blockchain is slow and simply does not scale and therefore it cannot be used for everyday transactions by a large number of people. The Bitcoin crowd realized this and instead of revolutionizing every day payments it just became a store of value.
So, let’s for a sake of argument pretend that gold has 0 real world use cases and is also similarly just a ”store of value”, something outside of the FIAT system that governments cant control. On this ground, gold still has thousands of years of track record as a valuable asset. Independent societies have viewed gold to be something valuable throughout time. I would also argue that it is positive for gold that it exists in the physical form, whereas BTC is simply numbers on a screen. It makes a difference to own an ounce of gold that you can hold in your hand than own some random number of digits in a virtual vallet. I know that BTC is way more scarce than gold if we compare BTC to ounces of gold but you can’t always be analytical since humans often act based on emotion. Currently 1 BTC is about $10.5k and gold is $1850 an ounce. So for 10k USD you could get 5 ounces of gold or you could get less than 1 whole BTC, a number on a screen that has existed for a decade. To me, if I wanted to store wealth it is beyond obvious which I would buy. I would buy gold. The odds that BTC could ever replace gold as money are about the same as predicting a specific date for a world to end. You are basically betting that ”this time it’s different” and somehow this new completely digitally scarce asset is going to take over what humans consider valuable.
In addition, we all know that the big players aka central banks are hoarding gold. For example Russia has been hoarding gold like there is no tomorrow, not BTC.
So what am I missing or have misunderstood, should I sell my yellow rocks to buy some digits because they are the future?
Ryder Russell
DR;NB
Josiah Brown
Being physical is not an advantage for gold. You have no idea what you’re holding. In the event you actually needed to conceal, transport or safe keep your gold it fails completely when compared to BTC.
BTC is the actual beginning of trust less store of value. A mathematically scarce asset that has already had billions if not hundreds of billions of dollars in marketing pumped into it. Imagine what it would cost in marketing dollars to create the awareness bitcoin has.
Yea btc could fail but it has already encountered extreme hostility when it was weaker and it survived. If you actually read the history of gold you would know that holding gold is not as easy as you think it is. The government has a long track record of gold confiscation. With BTC you can throw out all your electronics Memorize your seed phrase and move to Africa and no one can stop you
Grayson Foster
Link the Interview you nigger
Liam Perez
Have both my dude. BTC is nice, digital ledger technology is great stuff. Gold will always be gold. Different marketplaces.
Lincoln Thomas
Bitcoin is the far superior store of value. It's liquidity can not be matched by Gold, it's convenient, and caters to the hipper younger crowd in a way Boomers simply can't understand.
The Warren Buffets, Petter Schiffs, Mike Maloneys and Ron Pauls of the world are outdated relics who will be left behind in the new Technocratic Utopia Crypto currency will charge forward to. >Me and my hubby from our Bitcoin gains
I agree on the problems gold has relative to verification of authenticity and moving across countries. Also the higher the price gets the bigger the incentive is to counterfeit. However, for normal people I don’t consider storage to be that much of a problem for regular households because you simply don’t have that much gold and it is extremely ”value dense”.
For Bitcoin the biggest problem is that people would have to start believing in it. It would have to be accepted by the masses as a store of value. This is something that gold has done and has a solid record of and this is my biggest problem with bitcoin. Can you imagine a normal family storing their life savings in bitcoin? Bitcoin is sort of experiment that can a digitally scarce asset be accepted as a store of value or not. If BTC eventually fails, it spells doom for a large part if not the entire crypto community. Also sorry about the noob question but what happens to the network when all BTC have been mined?
Kayden Flores
You realize you can just but gold on blockchain right
