Quote from: Torque on October 25, 2016, 08:19:10 PM

Quote from: becoin on October 24, 2016, 08:34:14 PM

Gold will always be the ultimate money. The only but very important advantage of bitcoin compared to gold is that bitcoin is cheaper to audit and provide proof of reserves.

Ummm... bitcoin is not just cheaper to audit and POR, but for Gold it is neigh *impossible* to audit/show proof. Countries can't just call each other's bluff on true Gold reserves (if there even are any) and go take a peek, so everyone is just playing the fractional reserve game of "I'm telling you what we have, so you just have to believe me". Usually at the point of a gun.

It's all bullshit, of course. All the supposed Gold reserves backing all the ETFs are long gone. Probably to the private vaults of the Rothschilds, our evil overlords.

A true worldwide run on Gold (i.e., physical possession) would come up empty for many large and small investors.

Can you imagine the enormity of any kind of proof of reserves (POR) in gold, talking physical product - of tons of the stuff?

And, how do you determine exactly that some of the reserves are not inflated with Tungsten or some similar other kinds of smoke and mirrors?

Yeah, we got paper gold problems, which involves considerable fractional reserves, too...

And, sure bitcoin has a bit of that fractional reserve stuff going on, but in the end, if push comes to shove POR remains quite a bit easier to get a grasp upon, especially if someone (or entity) were truly wanting to establish some semblance of POR.. or proof of holdings.