Peter Schiff: Bitcoin is More Popular than Goldyoutu.be/VZ5cPCQQQYI
101 sats \ 9 comments \ @edblock 23 Dec 2022 bitcoin
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10 sats \ 0 replies \ @jerrybature 23 Dec 2022 freebie
I believe it's because of its portability and privacy. It's better, though.
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10 sats \ 1 reply \ @fiatbad 24 Dec 2022
  1. The on and off ramps for gold have ridiculous fees. Not as good of a "store of value" when the gold dealer takes a 20% cut. This isn't as big of a deal if it's held for many years, but Bitcoin is obviously superior even with the spreads some of these exchanges have.
  2. Verification is expensive. You need tools and training, and/or trust in a third party, simply to verify the gold you bought is pure. This is absolutely silly in 2022.
  3. An economy backed by gold ALWAYS leads to paper-gold. As gold is difficult to transport and secure, it will ALWAYS centralize. The centralizing entity will ALWAYS issue paper that can be "redeemed" for a certain amount of gold. As humans are greedy, those centralized paper notes will ALWAYS be devalued until they essentially become fiat. The gold standard will ALWAYS fail eventually. We NEED to find an alternative to gold.
  4. Industrial uses for gold only account for 5-10% of gold's market cap. Most of gold's value comes from the exact qualities that Bitcoin has (scarcity, and cost to produce/mine). Yet, gold's market cap is currently about 33 times greater than Bitcoin's. This is ridiculous. Bitcoin is cheap. For them to be on par, Bitcoin should be around 500k per BTC.
Bitcoin is coming for gold's market cap.
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0 sats \ 0 replies \ @edblock OP 24 Dec 2022
Exactly. Bitcoin is gold for the new era and new Men dimension.
Bitcoin Only
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0 sats \ 1 reply \ @cryptocoin 5 Jan 2023
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25 sats \ 0 replies \ @edblock OP 5 Jan 2023
Well well. Thanks for all this informations.
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0 sats \ 1 reply \ @Brunswick 26 Dec 2022
They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.” -- Ezekiel 7:19
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0 sats \ 0 replies \ @edblock OP 26 Dec 2022
This is true.
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0 sats \ 1 reply \ @faithandcredit 23 Dec 2022
Its convenient to just buy gold and be liek fk it all, but that gold is vulnerable to all kinds of things. first and foremost its not liquid, at all, and eventually you are going to need to give it someone else and in return get a paper note or digital token, so that it can become liquid. But then whats the point? We have Bitcoin which is simpler and very much trustless compared to that. But who knows.
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0 sats \ 0 replies \ @edblock OP 23 Dec 2022
The golden age is over. Only those with their heads in the last century still believe in gold as a store of value in the future. It will take several more decades before the Bitcoin standard is fully adopted. The age of gold and the conflict of generations. Bitcoin ends such conflicts and creates new ones. Bitcoin is educational.
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