If you also think gold is better than Bitcoin...

Discussion in 'Gold' started by TreasureHunter, Nov 4, 2017.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    This is an old video with very strong points on Bitcoin's flaws:



    ...and while the blockchain technology is a great invention, I'm afraid Bitcoin is a pump-and-dump speculative asset whose price is driven by greed, not a real economic activity.

    Yes, the market cap of Bitcoin is huge, but its real use is minimal. You can barely find a way/place to buy anything with it DIRECTLY. Most Bitcoin purchases run through exchanges: the buyer's Bitcoins go through intermediaries/exchanges, which in the end pay the seller with fiat money.

    If Bitcoin had more wide-spread DIRECT use: e.g. transactions for homes etc., it could have a better future.

    Gold is better than Bitcoin - watch gold: it's more stable, a lot more than Bitcoin during Bitcoin's up-and-down pump-and-dump fluctuations.

    Intrinsic value, use for jewelry etc.

    Gold won't go anywhere near zero. Bitcoin crashed drammatically in the past. It can go to zero.
    I think Bitcoin depends on mass-madness nowadays, it's fashion-driven.

    You can't lose your gold unless someone steals it from you or, if you physically lose it.

    I am not sure gold couldn't reach Bitcoin's price level in a real crisis.

    What do you think? Is gold better than Bitcoin as a safe haven/value preservation asset?
     
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  2. Altima

    Altima Well-Known Member Silver Stacker

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    All I know is that my investments in bitcoin and cryptocurrencies has made me a much happier man :)

    And to think I'm not even an early adopter like those guys in 2010.
     
  3. dozerz

    dozerz Well-Known Member Silver Stacker

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    time to accept it for what it is, your constant bashing bitcoin and crypto isnt going to affect its (inevitable) price rise.
     
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  4. TreasureHunter

    TreasureHunter Well-Known Member

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    Here are 3 more very interesting videos about Bitcoin - you should watch them, no matter how much you love Bitcoin.

    Rickards: ‘Bitcoin is a Ponzi Scheme’


    Is Bitcoin in a Bubble?


    THE BITCOIN BUBBLE - Andreas Antonopoulos


    This is why gold is a better safe haven asset. Bitcoin is a fantastic invention and a great speculative asset... if you've bought in early. Now it's like dancing at the edge of a cliff...
     
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  5. SilverDJ

    SilverDJ Well-Known Member

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    Who has ever described, even in their wildest fantasy, bitcoin as being a "safe haven" asset :confused:
    Of course gold is a better safe haven asset, arguably safer than almost anything in fact.
     
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  6. Silverling

    Silverling Well-Known Member Silver Stacker

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    When you can buy bullion from a bullion dealer with Bitcoin then Bitcoin is real money. No matter what they say, it is real, you can get cash out already and you can buy your bullion. Soon enough they will be attaching a Visa Card to your Bitcoin too. Who knows where it will end, it could blow up or become a new world currency, lets just wait and see.

    For the disbelievers, link here: https://www.kjc-gold-silver-bullion.com.au/?gclid=COXGvajfitYCFVsEKgodV0oKUg
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Very true, but as a speculative investment so so much better than gold, with more pumpers getting on board and ETF it will go up higher than I reckon it will come down and stabilise higher than gold as it matures.

    BUT it still has ways to go, basically when my mother and her friends starts talking about it, I will dump the lot.
     
  8. alor

    alor Well-Known Member Silver Stacker

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    we can convert a man into a machine, just like a robot without dead
    eternal live, in one cent

    its the idea, information that travel through the fiber optic cable is not really visible to people in between the ends of these cables
    wifi is not visible for us to see, its just like magic, how two people can talk with same very distance a part
     
  9. dozerz

    dozerz Well-Known Member Silver Stacker

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  10. sammy

    sammy Active Member Silver Stacker

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    I think bitpay has a bitcoin visa card out now - it's a debit card for obvious reasons, but this is a real thing today!
     
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  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I’ve gotten back into horse racing. Much more control over the outcome than speculating on cryptos. And the returns at the moment are much bigger.
     
  12. yennus

    yennus Well-Known Member Silver Stacker

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    Anyone got a copy of Stellar Concepts (I think it was him) making fun of Bitcoin a few years ago?
     
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  13. JNS

    JNS Active Member Silver Stacker

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    A normal boy in our town who used to be our neighbor-relative being a dyslexic person just profited high in bitcoins, he started trading few years and being lucky now adays due to present changes. He stays long hours in his computer as norms. Also, i found some advertisement in some biz establishment that bitcoins were accepted now. It's Hot right now, will it be continous towards it's height as many of our today's young entrepreneurs played invest and bandwagoned?
    No body knows.... for a person who plays for metal in almost a decade, it is a one big step for me.

    A time horizon for an early 40s, it is too skeptical to jump-in due to geopolitical reason and present world financial circumstances. So, i will stay in Gold and PM and probably a couple of thousands worth in bitcoin for a try. This time is the best time to put one my feet and do a water test. Probably donning some gear because i skipped my swimming lesson.
     
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  14. JNS

    JNS Active Member Silver Stacker

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    I can't control, oh, it is a big step for me, just exchange some cash to bitcoin into my wallet, i will use it first to pay my bills and utilities, everything now are sync and it was so nice same as the first buy of metals.
     
  15. Altima

    Altima Well-Known Member Silver Stacker

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  16. STC

    STC Well-Known Member Silver Stacker

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    IMG_0522.jpg
     
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  17. TreasureHunter

    TreasureHunter Well-Known Member

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    Bitcoin did bring a lot of revenue who bought in well in time, but gold also preserves value a lot more. Less risk, but less gain too.
     
  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Always nice to see an anarcho-capitalist being quoted in the mainstream media. And it includes a link to FEE:

    http://www.news.com.au/finance/mone...m/news-story/dc9934d548fcd12c1864b510ceab3641

    I often wonder how they find those quotes and why they publish them, especially given newscorp's glaring bias. I wouldn't have thought financial/economic opinion from libertarians would feature so highly on google searches (they've quoted CATO before). I would have thought the likes of Krugman or some university hack would be easier to find and would suit their agenda rather than someone who is both a follower of cryptos AND Austrian economics.

    PS: I'd say Tucker has been quoted out-of-context by the way.
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    While the monetary value of cryptos is quoted in fiat currency, I'll call this current market a bubble. Driven by excessive excess* liquidity and currency restrictions in China.

    Everything else in your post I agree with. :)

    * edited.
     
  20. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Being priced in fiat is not a bubble indicator, it's a cause of it entering bubble territory. Every bubble in gold/silver prices (or any other commodity for that matter) has been because it is linked to fiat currency and has been used as a speculative tool to circumnavigate issues around the government control of money, whether that be inflation, interest rates, taxation or capital controls.

    Capital restrictions in China are forcing nationals to diversify in order to get their money out of the country. Without having any proof, the main reason BTC values have skyrocketed are because the Chinese can buy cryptos and transfer their wealth out of China, later to be converted into whatever currency they wish.

    Destroy the link between government currencies and cryptocurrencies and then crypto's real value as money will become apparent. But of course the only way to do that is to destroy the government monopoly on the exchange of value.
     
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