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> A replacement for gold is one. Gold is relatively stable and has physical backing. BTC does not.

by pionar 6y ago

doggosphere 6y ago
Gold is relatively stable and has physical backing. Up to 4% of China's gold reserves could be fake. Gold fraud article: https://economictimes.indiatimes.com/news/international/world-news/chinas-biggest-gold-fraud-4-of-its-reserves-may-be-fake-report/articleshow/76707339.cms?from=mdr https://economictimes.indiatimes.com/news/international/worl... Bitcoin is open source and completely auditable in an instant. As the price of gold goes up, the quantity supplied goes up. Bitcoin's issuance protocol is fixed and unchangeable unless the network agrees. The cost of securing or transporting $1b of gold bars is magnitudes higher than the cost of securing $1b of Bitcoin.
- incrudible 6y ago
  Securing $1 billion of bitcoin? Who needs to secure $827 million of Bitcoin? Securing $937 million of Bitcoin is not a killer app. In all seriousness, securing the value of Bitcoin is the problem that is not easily solved.
  - doggosphere 6y ago
    Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers. Securing external value to people is not a goal or responsibility of Bitcoin. That's simply a consequence to how we as humans choose to use scarce assets.
    - incrudible 6y ago
      > Securing external value to people is not a goal or responsibility of Bitcoin. Fair enough, but then your comparison to physical gold is meaningless. Physical gold is generally used to store value, not to transfer it. For that purpose, you have paper money (or paper gold such as futures) which is cheap to transfer.
      - doggosphere 6y ago
        Gold has had thousands of years to equalize in value. Bitcoin is about 12 years old.
        incrudible 6y ago
        Alright, then maybe in a hundred years your gold comparison will be meaningful, but not today.
        doggosphere 6y ago
        Disruptive technology is disruptive. Tell someone from the past to imagine having godlike computing power in your pocket, and they'd say "why would anyone want that?"
        incrudible 6y ago
        I'm not sure what your point is right now. Sure, it's "disruptive technology", that doesn't mean it can be used to store value into the future. Computers that are decades old, which were "disruptive technology" at the time, are scrapped today - for their gold.
  - elvatoloco55 6y ago
    Michael Saylor and every single fund that have bought millions in Bitcoin? Millions of people that are trying to secure value from totalitarian goverments? Is it me or people here are being trolls on purpose?
mekster 6y ago
Bitcoin is relatively stable and has a mathematical backing. Gold does not.

> A replacement for gold is one. Gold is relatively stable and has physical backing. BTC does not.

by pionar 6y ago

> A replacement for gold is one. Gold is relatively stable and has physical backing. BTC does not.

Gold is relatively stable and has physical backing. Up to 4% of China's gold reserves could be fake. Gold fraud article: https://economictimes.indiatimes.com/news/international/world-news/chinas-biggest-gold-fraud-4-of-its-reserves-may-be-fake-report/articleshow/76707339.cms?from=mdr https://economictimes.indiatimes.com/news/international/worl... Bitcoin is open source and completely auditable in an instant. As the price of gold goes up, the quantity supplied goes up. Bitcoin's issuance protocol is fixed and unchangeable unless the network agrees. The cost of securing or transporting $1b of gold bars is magnitudes higher than the cost of securing $1b of Bitcoin.

incrudible 6y ago
Securing $1 billion of bitcoin? Who needs to secure $827 million of Bitcoin? Securing $937 million of Bitcoin is not a killer app. In all seriousness, securing the value of Bitcoin is the problem that is not easily solved.
- doggosphere 6y ago
  Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers. Securing external value to people is not a goal or responsibility of Bitcoin. That's simply a consequence to how we as humans choose to use scarce assets.
  - incrudible 6y ago
    > Securing external value to people is not a goal or responsibility of Bitcoin. Fair enough, but then your comparison to physical gold is meaningless. Physical gold is generally used to store value, not to transfer it. For that purpose, you have paper money (or paper gold such as futures) which is cheap to transfer.
    - doggosphere 6y ago
      Gold has had thousands of years to equalize in value. Bitcoin is about 12 years old.
      - incrudible 6y ago
        Alright, then maybe in a hundred years your gold comparison will be meaningful, but not today.
        doggosphere 6y ago
        Disruptive technology is disruptive. Tell someone from the past to imagine having godlike computing power in your pocket, and they'd say "why would anyone want that?"
        incrudible 6y ago
        I'm not sure what your point is right now. Sure, it's "disruptive technology", that doesn't mean it can be used to store value into the future. Computers that are decades old, which were "disruptive technology" at the time, are scrapped today - for their gold.
- elvatoloco55 6y ago
  Michael Saylor and every single fund that have bought millions in Bitcoin? Millions of people that are trying to secure value from totalitarian goverments? Is it me or people here are being trolls on purpose?

mekster 6y ago

Bitcoin is relatively stable and has a mathematical backing. Gold does not.