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5 Reasons why Bitcoin is better than Gold.

GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭

I'm sure this is going to be oh so well received here. Don't shoot the messenger please. I didn't write this "garbage".

https://finance.yahoo.com/news/5-reasons-bitcoin-superior-gold-223055079.html

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Comments

  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 1, 2021 2:47PM

    Bitcoin can be better than gold depending on one's objectives. For now, it is serving me better than gold. My crypto preference is Ethereum. While gold likely has much more staying power, I more than doubled my money in cryptos in the last three months. I used some of my gold to buy cryptos and when the time is right I will use my cryptos to buy more silver.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • KliaoKliao Posts: 5,425 ✭✭✭✭✭

    I've only herd people selling crypto for gold, never selling gold for crypto....

    Young Numismatist/collector
    73 Positive BST transactions buying and selling with 44 members and counting!
    instagram.com/klnumismatics

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    I guess you heard it here first. :o

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    @3stars said:
    If my hard drive crashes, I don't lose my gold.

    I don't need a hard drive, I just log into Robinhood on my phone. And, no shipping, Paypal, or Ebay fees!

    It's nice to put gold under my pillow at night, but it's also nice to buy, sell and deliver an asset with the push of a button.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭
    edited March 1, 2021 3:42PM

    Lots of cash sloshing around, all this fiat stuff. Lots of folks (who happen to have all this lots of cash) are scurrying about looking for a place to stash/preserve it, pumping up one tangible commodity bubble after another.

    I dunno, derryb. You may be able to weather wild volatility better than most. I got into cryptos a couple of years ago as a lark, but it's all looking awfully stormy out there to me now.

  • PedzolaPedzola Posts: 995 ✭✭✭✭✭
    edited March 1, 2021 6:01PM

    Bitcoin just doesn't make sense to me.

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    Bitcoin mining uses more power than France right now, its only a matter of time before green regulations attack it.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 1, 2021 4:10PM

    @3stars said:
    Bitcoin mining uses more power than France right now, its only a matter of time before green regulations attack it.

    That will only reduce an already finite supply. Bring it on! Also, the latest big dip was attributed to the miners and the whales battling over price.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • ReadyFireAimReadyFireAim Posts: 1,800 ✭✭✭✭✭
    edited March 2, 2021 4:06AM

    What are they saying when they make it the same color as gold?

    They could have made their little coin purple.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @derryb said:

    @3stars said:
    Bitcoin mining uses more power than France right now, its only a matter of time before green regulations attack it.

    That will only reduce an already finite supply. Bring it on! Also, the latest big dip was attributed to the miners and the whales battling over price.

    It will also increase the time it takes to complete a transaction - or even make it impossible to use it in a retail setting.

    https://www.msn.com/en-us/news/other/a-major-chinese-bitcoin-mining-hub-is-shutting-down-its-cryptocurrency-operations/ar-BB1e8vcE?ocid=uxbndlbing

  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 2, 2021 7:36AM

    Speculators, the driving force in crypto prices, are not concerned with bitcoin's role in retail usage. They see it as an asset with limited supply and growing demand. Since supply will pretty much remain fixed, demand will determine bitcoin's pricing.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    I'm of the belief that when gov.com decides to step in, the real value of cryptos will become self-evident. Not much different than fiat. It's all imaginary money. Then again, gold is only worth what the next buyer is willing to offer.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • WeissWeiss Posts: 9,922 ✭✭✭✭✭

    @jmski52 said:
    I'm of the belief that when gov.com decides to step in, the real value of cryptos will become self-evident. Not much different than fiat. It's all imaginary money. Then again, gold is only worth what the next buyer is willing to offer.

    This. Just like taxes on shipments from Amazon if their distribution centers are in your state (they are), or taxes now charged on eBay transactions (ditto). The government isn't just going to "allow" tax free transfer of wealth without getting involved.

    Imagine being able to store and transfer wealth discreetly. No records need to be kept. No passwords remembered. You don't need a clearing house, holding company, or bank involved. You don't need a computer or smart phone, so you don't need an internet connection or even electricity. It doesn't exist in "the cloud", which we all know is just another term for "someone else's computer". It is impervious to electronic magnetic pulse, manmade or otherwise. It's impervious to wind, rain, flood, fire. It can be stored in subzero temperatures, at the bottom of the ocean, buried in the mud or sand.

    But it can also be made into reflective panels for use in space. Or to withstand decades of bite force in your own mouth. Or symbols of everlasting love literally worn for everyone to see.

    Gold has been around since the beginning of time. Bitcoin since 2009.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 2, 2021 8:56AM

    @Weiss said:

    Gold has been around since the beginning of time. Bitcoin since 2009 the beginning of cryptocurrencies.

    fixed it for ya.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • WCCWCC Posts: 2,338 ✭✭✭✭✭

    @jmski52 said:
    I'm of the belief that when gov.com decides to step in, the real value of cryptos will become self-evident. Not much different than fiat. It's all imaginary money. Then again, gold is only worth what the next buyer is willing to offer.

    Yes, but gold has no counterparty risk and 5000+ years of acceptance which matters. People (not you or most here) get hung up on gold's value relative to it's utility but the price has little to do with it. The same can be said of bitcoin or crypto currency generally but there is no supply limit since it's not even tangible.

    I agree with your comment about government. They can (and will) easily "squash it" even without banning it outright if it's ever viewed as a threat to the currency monopoly. That's one thing they will not tolerate.

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    21 million bitcoins, each carved into 1 million pieces. Hardly a scarce commodity.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 2, 2021 1:07PM

    @3stars said:
    21 million bitcoins, each carved into 1 million pieces. Hardly a scarce commodity.

    187,000 metric tons of gold (another 57,000 tons in underground reserves), all carved into millions of pieces. . .

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    @Weiss said:
    I have yet to see its usefulness.

    I like tulips.

    I like gold better.

    I like best what makes me the most money. Usefulness is irrelevant when it comes to profiting from something that has no meaningful use.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • ashelandasheland Posts: 22,558 ✭✭✭✭✭

    @Kliao said:
    I've only herd people selling crypto for gold, never selling gold for crypto....

    There's a guy selling a LOT of gold to my shop and using it for cryptos.

  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

    @WCC said:
    Cryptocurrencies aren't an effective a currency alternative because the value isn't stable. It's too volatile. Holders don't mind as long as it gains value but it's another matter if it loses it and never recovers.

    >

    I guess we will have to wait until it loses and never recovers for this to be valid.

  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

    @derryb said:

    @3stars said:
    If my hard drive crashes, I don't lose my gold.

    I don't need a hard drive, I just log into Robinhood on my phone. And, no shipping, Paypal, or Ebay fees!

    It's nice to put gold under my pillow at night, but it's also nice to buy, sell and deliver an asset with the push of a button.

    You know you don't own that bitcoin, right? It's the crypto equivalent of paper gold and silver, and a very bad idea.

    One of the first things Robinhood did during the GME shutdown was freeze its bitcoin. They can take it from you whenever they want, according to their user agreement. You only sorta have the rights to a number that may not even line up with the market, based on how some rich people feel that day. Sound familiar?

    During the last big silver run up, Apmex stopped supporting Bitcoin purchases and canceled orders. Tsk tsk, they would've made a fortune.

    The rich don't have GME shares to cover their shorts. There isn't enough physical silver to back the COMEX. Robinhood and PayPal froze their paper bitcoin when times got tough. Paper silver will continue to get spoofed to death.

    I'm starting to think the banks and hedge fund clowns don't have anything. If they don't have silver, or gold, or bitcoin or shares, then what DO they have?

    We learned last year that metals shortages (like aluminum and brass) can be cloaked by the government and lied about under the guise of "national security". Like I had told everyone. But anyway, it stands to reason, if they can do it with brass they can do it with gold. If they can do it with clad ("change shortage") they can do it with silver.

    I'm pretty sure the endgame here is paper silver actually is the strength of the US dollar, and we are so, so very screwed. I'm pretty sure most investment assets don't exist and the whole thing is fraudulent. Just fraud the whole way down. I'm pretty sure this is the scandal of our lifetimes.

  • JimnightJimnight Posts: 10,671 ✭✭✭✭✭

    @derryb said:
    Bitcoin can be better than gold depending on one's objectives. For now, it is serving me better than gold. My crypto preference is Ethereum. While gold likely has much more staying power, I more than doubled my money in cryptos in the last three months. I used some of my gold to buy cryptos and when the time is right I will use my cryptos to buy more silver.

    Exactly!

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • chesterbchesterb Posts: 961 ✭✭✭✭✭
    edited March 6, 2021 8:36AM

    Luddites!

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    And Ethereum is better than Bitcoin.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    @Azurescens said:

    One of the first things Robinhood did during the GME shutdown was freeze its bitcoin.

    No they didn't I was trading it during the GME shutdown.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • LukeMarshallLukeMarshall Posts: 1,881 ✭✭✭✭✭

    @derryb said:
    And Ethereum is better than Bitcoin.

    Why?
    Profitability?
    Technology?
    Something else?

    Just curious

    It's all about what the people want...

  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 7, 2021 6:56AM

    higher percentage gains in last year over bitcoin.

    As of Jan. 17, 2021:
    Bitcoin
    1 month performance +54%
    3 month performance +214%
    1 year performance +308%

    Ethereum
    1 month performance +86%
    3 month performance +236%
    1 year performance +654%

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • DrBusterDrBuster Posts: 5,300 ✭✭✭✭✭

    @derryb said:

    @Azurescens said:

    One of the first things Robinhood did during the GME shutdown was freeze its bitcoin.

    No they didn't I was trading it during the GME shutdown.

    Crypto trading has never been shutdown on RH as far as I know.

  • Bruce7789Bruce7789 Posts: 397 ✭✭✭✭
    edited March 8, 2021 7:29PM
    • Bitcoins, Etherium, etc
    • High premiums on Toned Coins
    • High premiums on high graded Bullion coins

    All of these and more will be covered in my new book to be released later this year called "Gullibles Travels".... :)

  • renman95renman95 Posts: 7,037 ✭✭✭✭✭

    Bitcoin is lighter than gold, travels faster, and is invisible. :)

  • morgansforevermorgansforever Posts: 8,426 ✭✭✭✭✭

    What does 19 billion 100 dollar bills look like?

    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭

    Bitcoin will collapse to its true alue.> @morgansforever said:

    What does 19 billion 100 dollar bills look like?

    It looks like the IOU we stuffed in our grand kids pocket.


    Loves me some shiny!
  • HigashiyamaHigashiyama Posts: 2,132 ✭✭✭✭✭

    That is a very nice visual.

    Take away:

    A million would fit in a backpack.

    A hundred million would fit in the back of an SUV.

    A billion would fit in your basement.

    A trillion would be a bit inconvenient.

    Higashiyama
  • BillsonBillson Posts: 77 ✭✭✭

    @morgansforever said:
    What does 19 billion 100 dollar bills look like?

    My avatar?

    Successful BST transactions:
    Buy and sold to Wondercoin,
    Buy from: mbogoman, sol15g

  • derrybderryb Posts: 36,014 ✭✭✭✭✭
  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Is that "internet kill switch" we heard so much about a few years ago - still a viable thing? In bitcoin we trust? Nah, I'd rather trust myself.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭

    America's currency says, "In God we trust". Bitcoin says "In code we trust". I know which one I choose.

  • renman95renman95 Posts: 7,037 ✭✭✭✭✭

    $60,219

  • KyndbrothaKyndbrotha Posts: 60 ✭✭✭

    Curious, why did the "Bitcoins..." thread by Ricko get closed? It was the highest viewed & commented thread on the front page of this sub.

  • derrybderryb Posts: 36,014 ✭✭✭✭✭
    edited March 13, 2021 12:31PM

    Bitcoin today: new high $60,857 up 1,156% in the past year, 26% in the last week

    Ethereum today: $1,925 today up 1,668% in the past year, 19% in the last week

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • tincuptincup Posts: 4,721 ✭✭✭✭✭

    To da moon......

    ----- kj
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    Once nothing is worth something, it apparently can be worth anything. Truly astonishing.
    Especially on a precious metals forum.

    Liberty: Parent of Science & Industry

  • derrybderryb Posts: 36,014 ✭✭✭✭✭

    @Pedzola said:
    Bitcoin just doesn't make sense to me.

    neither do cars that drive themselves until they crash.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • HigashiyamaHigashiyama Posts: 2,132 ✭✭✭✭✭

    @Baley said: "Once nothing is worth something, it apparently can be worth anything. Truly astonishing."

    It is quite astonishing -- at first glance, a little like someone being famous because they are famous. At the same time, as bitcoin gains acceptance as a medium of exchange, it could have a sustainable value, and an increasing value. Personally, however, I am not a buying, because I don't invest in things for which I have almost no basis for valuing. My gut feeling , however, is that it will continue to rise.

    Anecdote: a while back, when bitcoin was trading at around US$ 1000, I was talking to a good friend who was very much into blockchain technology. I asked him if he personally had bought any bitcoin, and he sheepishly admitted that he had purchased half a coin. We both laughed, thinking to ourselves "there's $ 500 down the drain!"

    Higashiyama
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