Bitcoin vs Gold

Posted by SpecialKay 1 year, 3 months ago to Economics

The great debate of Bitcoin vs Gold. Here is a great video summarizing both.
Looking forward to a civilized conversation of rational thought rooted in truth.
What are the merits of gold that Bitcoin does not possess? What are the merits of Bitcoin that gold does not possess.

SOURCE URL: https://youtu.be/P18frOZUZmU

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Posted by Olduglycarl 1 year, 3 months ago

One thing about Gold you can't argue about, along with all physical items of value; when the lights go out, one can still buy and sell.

You may not get it but this is a serious issue going forward at this point in the cycle.

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  Posted by SpecialKay 1 year, 3 months ago
  
  If that was the only reason to own gold over Bitcoin, to be prepared for the lights going out .... I wouldn't buy real gold. I'd buy some good fakes at a fraction of the price.
  Major challenge for gold is the authenticity.
  
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    Posted by freedomforall 1 year, 3 months ago
    
    But then you have a vested interest in bitcoin, posting the same tired videos over and over from someone else with a vested interest in having more demand for bitcoin.
    Your used car salesman approach will chase people away from bitcoin, not attract them.
    Your repeated sales pitches are in violation of the Gulch's rules on spamming and your insulting replies to others are in violation of the rule against trolling and flaming.
    Many here are interested in bitcoin, but you are not adding to the discussion.
    If you have logical rational unbiased information on bitcoin please post it with respect for others in the Gulch, but use the Gulch marketplace for your bitcoin cheerleading.
    
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      Posted by SpecialKay 1 year, 3 months ago
      
      What is biased in this conversation? If I have broken a single rule in the Gulch I would welcome an example.
      
      Did you have a comment or something of value to add on this conversation of gold vs Bitcoin or are you just so triggered by Bitcoin that you aren't capable of a rational discussion? I even requested it in the title of the post.
      I've never made a personal attack on anyone on this forum, can you say the same?
      
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Posted by nonconformist 1 year, 3 months ago

We can't talk about this topic without talking about Peter Schiff. He makes a huge deal about his claim that BitCoin has zero value. According to him, gold has alternative uses which create demand. So, if gold price was to crash, its demand would be held up by the people who use gold for non-money uses. BitCoin (and alt-coins), according to him cannot have alternative uses because it is just numbers on a computer. However, I don't think he is right. There is a force keeping BitCoin/alt-coin prices up: the demand for it for transactions that seek to avoid state capital controls and such. If BitCoin value was to approach zero, the amounts of coins needed to move money around the world without government permission would go up. This would increase demand for coins and self-limit the collapse of its price.

Of course, BitCoin price might still go to near zero due to everybody switching to Monero or something, but I think cryptocurrencies in general are here to stay.

I would like to see a more advanced cryptocurrency that has a mechanism for price stabilization. I have some ideas about how to make that work, if anybody is interested.

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Posted by VetteGuy 1 year, 3 months ago

Looks like his answer is "both". Diversification is a good thing. Don't have all your eggs in one basket, as grandma would say. Maybe grandma was smarter than we gave her credit for.

Naaa, she was a crazy old lady. But maybe she was right about this one thing.

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  Posted by SpecialKay 1 year, 3 months ago
  
  Haha. Grandma is old and crazy for sure! 🤣
  
  I've heard it said that "Diversification is selling the winner to buy the loser".
  Diversifying out of Apple, Amazon, Netflix, Google, Facebook, would have been a mistake over the last decade.
  
  It is best to concentrate your energy. Warren Buffett would also agree.
  
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    Posted by nonconformist 1 year, 3 months ago
    
    I think the issue is that you don't know for sure who is going to be the winner. So, if you have a list of probable winners, you spread it around them. That way, the risk of total loss is near zero.
    
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Bitcoin vs Gold

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