The intrinsic value of bitcoin is financial freedom. Its a different mindset. A mindset of open minded, intelligent and passionate young and perhaps some older people ;)
Just read your comment. My husband and I are 69 y.o. He did a lot of research into crypto and last year bought BTC, ETH, ADA (AUD: 9 cents), VET and others. We like to think of ourselves as open minded; intelligent and passionate. And definitely not old!!!
You forget one category: Intrinsic value. Bitcoins only value is that can be transferred slightly more easily, gold has many industrial uses which make it store value in addition to its monetary properties. Also, if it costs 5Million/ounce to bring gold from an asteroid to earth then it's not really a good argument to say that "Asteroids have gold", I am sure there is gold deep in the earth to but it's not accessible.
Gold's intrinsic value is around 5% of it's market cap. The vast majority of gold buyres are investors that use it as a store of value. A market cap of $8tn + suggests it is in a much bigger bubble than Bitcoin and will likely pop very soon as more investors dump Gold for Bitcoin.
5%, where did you pull that from your butt? It's much higher than that. My point was about intrinsic value, and its uses other than as monetary store of value. The article is a lie by omission as it doesn't include this in the comparison of the two. Also, gold is much more widely held, it's not going away, and it will get a solid bid in the coming shitstorm,
Gold has nearly zero intrinsic value. The only reason it's used in jewelry is because of it's price, not the other way around. There are plenty shiny metals out there that are not jewelry grade. And if you argue it's because of the way gold looks, why do they make white gold then?
White gold doesn't look like gold, it looks like white gold. The reason gold is used in jewelry is because of yes appearance (gold looks like sunlight), it's scarcity and therefore exclusiveness, and it durability ( gold doesn't oxidize or tarnish). BTW I am not anti-bitcoin, I have some, but I am pointing out that this articles analysis is incomplete.
It’s true Bitcoin will be a force and will change the monetary system forever…from value of currencies to investing to trading and the whole market….but Gold is earth, it’s Mother Nature and you can’t beat that!. it has surpassed the Babylonian, Persian, Medo-Persian, Roman to our time and the one to come.Bitcoin will lead the trends and market but like any market it will crash like the 08’’ crash.Gold is Eternal.
What happens when an EMP hits, when electricity is out for days, weeks, or forever? How do I do all those things mentioned to verify, transfer, use Bitcoin?
gold is actual money from billions of years of civilization. bitcoin is imitation of gold, just like fait currency. billions of years of civilization!!! need to study human history.
what makes bitcoin different/superior to any of the 100 other crypto currencies? what makes bitcoin any different than dave&busters game tokens? that have the same intrinsic value.
gold has industrial and commercial uses and if you forget your wallet password you don't lose all your gold. it's harder for hackers to steal your gold as well. maybe I'm a dinosaur waiting for the asteroid, but I'm going to be skeptical of bitcoin for a while longer.
can the code or DNA be cracked by supercomputing and AI cryptographers? and if so, what does that portend for btc and all of internet and virtual life?
AI def not. Quantum - not anytime soon, and certainly not SHA-256, ECDSA maybe. Bitcoin can be upgraded to use quantum resistant cryptographic functions.
It’s true Bitcoin will be a force and will change the monetary system forever…from value of currencies to investing to trading and the whole market….but Gold is earth, it’s Mother Nature and you can’t beat that!. it has surpassed the Babylonian, Persian, Medo-Persian, Roman to our time and the one to come.Bitcoin will lead the trends and market but like any market it will crash like the 08’’ crash.Gold is Eternal.
A lot of this isn't true... fungible lol. There's only one project which truly achieves that.
It's also not really censorship resistant... or not as much as it should be. You need fungibility for that and LN just makes the problem worse by requiring trust for channels. Eventually, they can choose to only accept whitelisted transactions and then miners could get advantages for that.
Without fungibility, everything else falls apart in terms of achieving the decentralized goals.
The intrinsic value of bitcoin is financial freedom. Its a different mindset. A mindset of open minded, intelligent and passionate young and perhaps some older people ;)
I love this answer :)
Just read your comment. My husband and I are 69 y.o. He did a lot of research into crypto and last year bought BTC, ETH, ADA (AUD: 9 cents), VET and others. We like to think of ourselves as open minded; intelligent and passionate. And definitely not old!!!
Hi Dan first line of scarcity, there is mistake. There is a missing word (know).
You have wilfully ommited the intrinsic value of gold.a currency can work if and only if it has something of value to back it up.
For gold that value comes from us humans who use it for many different purposes
For bitcoin it comes from the thing we hold valuable (gold and other things)
If the value of gold is to disappear in the near future bitcoin may as well hit the dirt.
You forget one category: Intrinsic value. Bitcoins only value is that can be transferred slightly more easily, gold has many industrial uses which make it store value in addition to its monetary properties. Also, if it costs 5Million/ounce to bring gold from an asteroid to earth then it's not really a good argument to say that "Asteroids have gold", I am sure there is gold deep in the earth to but it's not accessible.
Gold's intrinsic value is around 5% of it's market cap. The vast majority of gold buyres are investors that use it as a store of value. A market cap of $8tn + suggests it is in a much bigger bubble than Bitcoin and will likely pop very soon as more investors dump Gold for Bitcoin.
5%, where did you pull that from your butt? It's much higher than that. My point was about intrinsic value, and its uses other than as monetary store of value. The article is a lie by omission as it doesn't include this in the comparison of the two. Also, gold is much more widely held, it's not going away, and it will get a solid bid in the coming shitstorm,
Gold has nearly zero intrinsic value. The only reason it's used in jewelry is because of it's price, not the other way around. There are plenty shiny metals out there that are not jewelry grade. And if you argue it's because of the way gold looks, why do they make white gold then?
White gold doesn't look like gold, it looks like white gold. The reason gold is used in jewelry is because of yes appearance (gold looks like sunlight), it's scarcity and therefore exclusiveness, and it durability ( gold doesn't oxidize or tarnish). BTW I am not anti-bitcoin, I have some, but I am pointing out that this articles analysis is incomplete.
They said that about oils in the shale only 30 years ago
It’s true Bitcoin will be a force and will change the monetary system forever…from value of currencies to investing to trading and the whole market….but Gold is earth, it’s Mother Nature and you can’t beat that!. it has surpassed the Babylonian, Persian, Medo-Persian, Roman to our time and the one to come.Bitcoin will lead the trends and market but like any market it will crash like the 08’’ crash.Gold is Eternal.
What happens when an EMP hits, when electricity is out for days, weeks, or forever? How do I do all those things mentioned to verify, transfer, use Bitcoin?
How does any of the traditional or existing system fare any better in this kind of apocalyptic scenario?
gold is actual money from billions of years of civilization. bitcoin is imitation of gold, just like fait currency. billions of years of civilization!!! need to study human history.
what makes bitcoin different/superior to any of the 100 other crypto currencies? what makes bitcoin any different than dave&busters game tokens? that have the same intrinsic value.
gold has industrial and commercial uses and if you forget your wallet password you don't lose all your gold. it's harder for hackers to steal your gold as well. maybe I'm a dinosaur waiting for the asteroid, but I'm going to be skeptical of bitcoin for a while longer.
It's inferior in most ways except liquidity. see https://HEX.com/techspecs
Bitcoin network is 99.9% of all cryptos. For all purposes, there are no other cryptos.
can the code or DNA be cracked by supercomputing and AI cryptographers? and if so, what does that portend for btc and all of internet and virtual life?
AI def not. Quantum - not anytime soon, and certainly not SHA-256, ECDSA maybe. Bitcoin can be upgraded to use quantum resistant cryptographic functions.
but if bitcoin updated to be more advance crypto, will it lead to slow transaction process because the verification takes more time?
I didn't receive the bonus... :/
It’s true Bitcoin will be a force and will change the monetary system forever…from value of currencies to investing to trading and the whole market….but Gold is earth, it’s Mother Nature and you can’t beat that!. it has surpassed the Babylonian, Persian, Medo-Persian, Roman to our time and the one to come.Bitcoin will lead the trends and market but like any market it will crash like the 08’’ crash.Gold is Eternal.
A lot of this isn't true... fungible lol. There's only one project which truly achieves that.
It's also not really censorship resistant... or not as much as it should be. You need fungibility for that and LN just makes the problem worse by requiring trust for channels. Eventually, they can choose to only accept whitelisted transactions and then miners could get advantages for that.
Without fungibility, everything else falls apart in terms of achieving the decentralized goals.
To clarify, you need privacy by default to have true censorship resistance.