I thought the chart was interesting, and of course the conclusion was accurate.
196 sats \ 9 replies \ @kepford 3 Apr freebie
One disagreement with the image in this article. Maybe I'm missing something but it seems to be wrong on liquidity.
How is gold more liquid than bitcoin? If I wanna sell 1 million in actual gold that's gonna be difficult and require security to exchange the gold. Bitcoin wins on that. The exception would be if we are talking about paper gold and in that case gold is no more private than bitcoin.
One of the annoying things that happens with these gold debates is that we bitcoiners get on the defense because we don't require the other side to play by our rules. Bitcoiners know that paper bitcoin and ETFs are not the real thing. But gold people pretend that paper certs or options on gold are the same as gold. If we want to do proper comparison we can include paper gold and ETFs but don't hold bitcoin to the self custody standard if we aren't going to hold gold to the same standard.
https://m.stacker.news/25004
reply
33 sats \ 1 reply \ @siggy47 OP 3 Apr
You're right re paper v physical. The weird thing is the Doug Casey blog emphasizes physical gold, and doesn't consider paper gold as real. So, logically, I'm guessing the argument here is that physical gold beats bitcoin now re liquidity? Not a strong argument.
reply
75 sats \ 0 replies \ @kepford 3 Apr
Yeah, try selling even $100 of gold vs bitcoin. We will see who has fiat in their hands first. Or even better with goods. It was a good argument at one time but no longer.
reply
0 sats \ 3 replies \ @0xbitcoiner 3 Apr
The author's argument does make some sense, you see.
reply
0 sats \ 2 replies \ @kepford 3 Apr
This is my point. What is this large pool of buyers. They are not actually taking custody of the gold. The gold is not in their custody. Sure, some are but it is a fraction right? Certificates are changing hands. That's what is happening. If you compare actual physical gold changing hands to bitcoin I would be shocked if bitcoin loses. I could be wrong but I doubt it.
reply
0 sats \ 1 reply \ @0xbitcoiner 3 Apr
I think the author is overlooking an important issue here. They're only evaluating the business in a purely financial sense.
reply
74 sats \ 0 replies \ @kepford 3 Apr
That's my point. Seems like the author is mixing self custody gold with custodial gold. I think this comes from the acceptance of the issues with gold custody. Bitcoin solves these issues for the most part.
reply
0 sats \ 2 replies \ @0xbitcoiner 3 Apr
paper gold ?
reply
54 sats \ 0 replies \ @DarthCoin 3 Apr
that is not gold
reply
0 sats \ 0 replies \ @kepford 3 Apr
Certificates for gold. ETFs etc. Few people have vaults where they store their gold. Most have certificates. They don't have self custody of their gold.
reply
217 sats \ 5 replies \ @DarthCoin 3 Apr freebie
The image from the article is wrong
https://m.stacker.news/25004
Flaws:
- You cannot compare a shiny rock with something digital. Are two different things.
- Liquidity - Bitcoin is way more liquid than gold.
- Fungibility - is Bitcoin again. Ask those that want to stick the gold bar in their ass... how was going?
- Durability - Bitcoin again. In terms of money, Bitcoin is forever
- Recognition - Bitcoin again. Ask whatever loser on the street what would they will take, a gold bar/coin or a chocolate bar ?
GOLD IS A JUST A SHINY ROCK USED TO BUILD BTC MINERS.
reply
21 sats \ 0 replies \ @orthwyrm 4 Apr
It is also wrong in terms of privacy IMO.
Digital transactions of gold (and cash) have zero anonymity for obvious reasons, so Bitcoin is superior here.
Physical transactions are equivalent, as it's possible to exchange Bitcoin offline (via OpenDimes or whatever). This is a moot point anyway because a) Offline transactions are inconvenient and increasingly uncommon and b) Fuckin' nobody buys directly with physical gold, they always convert to cash first.
I used to feel common ground with the goldbugs, but these days not so much.
reply
0 sats \ 3 replies \ @kepford 3 Apr
I agree in spirit but gold is not just a shiny rock. Gold has been a pretty good store of value for thousands of years. That said, we now have bitcoin and comparing the to is useful to show some of bitcoin's utility it isn't even a fair fight.
reply
0 sats \ 2 replies \ @DarthCoin 3 Apr
Well said.... was. is gone. Puff
reply
0 sats \ 1 reply \ @kepford 3 Apr
lol. Gold was a great teaching tool to prepare the world for bitcoin. That's another way to look at it.
That said, gold will continue to have value as an industrial metal.
reply
0 sats \ 0 replies \ @DarthCoin 3 Apr
so... is a shiny useful rock. Right.
reply
75 sats \ 0 replies \ @riberet19 3 Apr
I think Bitcoin is better in most aspects, such as being a more liquid asset, more transportable, which with gold is very difficult, it is safer, in terms of its storage, but we cannot underestimate gold either, which has served as a safe haven for many years, when fiat was not worth even the paper where it was printed.
reply
33 sats \ 1 reply \ @siggy47 OP 3 Apr
The main reason I posted this article is because it is from what I consider a typical "gold bug" source. It seems like the tide may be changing. I don't have a link right now, but I have also noticed that Kitco's youtube channel has been posting more and more positive bitcoin videos.
reply
75 sats \ 0 replies \ @kepford 3 Apr
LOL, thanks for posting it. You are right. That's the point to take away from this....
reply