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
>Also sorry about the noob question but what happens to the network when all BTC have been mined? That's the problem. Fucking shitcoin. I hope Monero takes over soon. But they thought about an auction system: Kind of "who is willing to pay the most for their BTC to be transfered" will be able to do so and the miners get paid this way. Laughable shitcoin.
Chase Wood
Yeah because I don't have the answer to what happens "at the end of bitcoin" it really feels like it was designed to be a ponzi from the beginning. That it has a certain life span where some people get extremely rich and the ones who come in late get absolutely fucked.
Owen Russell
BTC = limited edition digital beanie baby
Leo Morris
Hi bud "former" BTC maxi (dog bless rsknet) here with 60% of wealth in pm. >BTC is a failed project >It was supposed to revolutionize payments as a fast Faster than back settlements and swift 9/10 times >low cost Cheaper than swift and currency conversion fees 9/10 times >trustworthy payment system Trustless*. I don't get how this is not the case. >complete independent of any third parties such as banks or governments It is, just like gold, but the elements that make it trustless and permanent also make it easier to trace and more expensive to obscure. >the blockchain is slow and simply does not scale Is gold any better at this? Your solution at scale is going to be something like fractional reserves / fractional custodianship. Silver, currently can be used as a currency, but it too does not have enough supply to not have some kind of fractional note at scale. >gold has 0 real world use cases and is also similarly just a ”store of value” Gold and BTC have similar properties and therefore similar intrinsic value. >Permanent (solar ejection is a real risk to BTC) >Hard to counterfeit and verifiable >Scarce >Can be divisible The issue with BTC is that it is "difficult" to hold without counterparty risk and it is difficult to transact with full anonymity. The issue with gold is that it is difficult to transact without having a counterparty. >BTC is simply numbers on a screen No, it's a ledger where transactions are competitively verified using complex math that hasn't been broken (to our best knowledge for 10 years) >Currently 1 BTC... >He has gold >He counts anything in funny money Shiggy. Not any kind of argument. BTC is dirty as fuck. Price is set by manipulators and then miners after the supply is up, except the manipulators can't have price go too low because it would open up the system to attack. Bonus points for BTC there. >The odds that BTC could ever replace gold as money They're both able to be money, but I think crypto is better as currency.
Jace Ortiz
I got off of BTC because there is a centralization happening, and I think it's likely that the network is at severe risk from mining centralization, gov reg & surveillance, excessive price manipulation, and high exposure to a dollar liquidity crunch. I still own BTC, just not nearly as much as I used to.
Chase Lewis
Bitcoin was just the first brand of blockchain, a technology that will undoubtedly transform money and finance permanently. The real question is why would anyone keep money in bitcoin when you can just put assayed gold on the blockchain distributed in global vaults that you are free to withdraw? With bitcoin you are betting on technology and you also have to bet on the specific blockchain brand, not to mention you're better off with a slowly increasing supply of money than a static one, generally speaking.
Gold on the blockchain has a 0% chance of ever becoming worthless as well as all of the benefits of any other blockchain project. If people start to doubt the blockchain security, they withdraw their gold and can still transact with it through notes from 100% reserve banks they deposit the gold in. If people get wary of blockchain security in the future with bitcoin, it crashes to 0 and we have a financial crisis and hyperinflation.
>BTC is dirty as fuck. Price is set by manipulators The gold price is literally set by a handful of bankers every day in London
Asher Williams
>In my view, BTC is a failed project. well duh you are a shitcoiner apparently. sucks for you.
Dylan Lewis
Can you expand on this centralization, surveillance and manipulation? Manipulation is all too familiar for me in the pm space knowing the tricks banksters such as JPM use to artificially hammer down the price of metals particularly silver and how the comex trades almost solely paper, not actual physical metal. Also if you are afraid of dollar liquidity crunch doesn't that apply to pms as well? So I assume you converted some of your BTC to physical metal but that risk of dollar crunch applies similarly to metals.
Jaxon Smith
btw nor gold nor btc is money. that's basically the biggest bullshit you have been fed in your life. they are commodities and occasional money substitutes and that's it.
Cooper Hill
I think I appreciate that in the following sentences. The balance between MMs and BTC is more fragile than MMs and gold, which is kind of interesting. I also didn't say that gold isn't dirty. The fact that it's value dense is kind of bad. Since the ownership of gold is heavily centralized, it may imply that silver is a better money than gold in a reset.
Brody Lopez
Thank you for this, I need to check this site out. What you said makes sense and I think a lot of BTC bulls are in denial about the security of the blockchain.
Jaxon James
if enough people keep it afloat and respect bitcoin's status as currency then it might be a contender.
i don't think industrial demand is a significant force behind gold's value, so i can see bitcoin replacing it in some sense if that's what the powers that be have planned. POW-based coins are a waste of electrical energy though, and hardly ideal as a currency.
silver has more industrial demand, which accounts for a good fraction of its price. industrial silver is often not used in such a way as to be easily recoverable. it has interesting physical properties. it is rare and not really subject to the whims or goals of big investors in the long run. digital security is not an issue and i don't really trust a currency like bitcoin that can be taken from you on a whim.
Alexander Adams
>In my view, BTC is a failed project. based retard
Luke Sullivan
i have been listening to the same crap at $100 and at $1k and back at $4k dip. these people never get the memo.
Juan Ross
silver is also dirt cheap at the moment. like, ridiculously cheap
Ayden Hernandez
I think Bitcoin will be the digital 'reserve currency'. Meaning the satoshi will be used like USD is now. But, not many will hold or transact with it, and in the longterm it won't represent a very significant portion of the value on blockchains. The gold analogy is apt since it is not only OG money, but it was the first metal we could work/smelt. Now we use hundreds of metals and alloys to do amazing things, which combined are far more valuable than gold, even if the raw forms are not. My thesis is that we are still early enough that Bitcoin still has a huge upside potential, likely the largest asset over the next 5-10 years.
But the truth is no one fucking knows. The world economy has blatantly been heading towards a major change that is all but upon us. The billion dollar questions is how to take advantage.
Silver would probably be preferred to gold by governments at first because the quantity of money (silver) would double yoy for the first several years as mining increases and industrial consumption decreases. Assuming that they switch during a hyperinflation, that would allow them to make a much softer landing than gold's 2% increases in supply
Ryan Baker
it's actually overpriced af it should be around $7
Dylan Clark
>Gold on the blockchain fuck off with the backed custodial fractional reserve shit! bitcoin was made to fucking sidestep these games.
Andrew Cox
>it should be around $7
you can't even get a big mac and fries for $7. you're out of your mind.
