Post
Topic
Board Economics
Re: Bitcoin vs Gold Debate Settled
by
teosanru
on 23/12/2020, 18:42:54 UTC


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Steve Wozniak is famous for making some of the sharper comments in the gold vs bitcoin debate:

Quote
Wozniak Thinks Bitcoin Is Better Than Gold

OCTOBER 23, 2017

He said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold

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That's a great interview in the link btw. Highly recommend. Wozniak's comments about the evolution of ground penetrating radar coupled with more efficient methods being devised to mine gold. Contrasting with bitcoin's mining being statically regulated by algorithm. That has always stuck with me as one of the smartest things said in the gold vs bitcoin debate.

After years of debate BTCitcoin is pulling ahead of gold on short term charts.

Can we announce bitcoin the winner. Or would it be premature.
Haha I thought forum is now free from this old shit of comparing gold vs bitcoin but here we are again almost about to reach 2021 but the debate is still not over. Moreover I am surprised to know that people feel that price is a barometer for deciding whether one of them has won a debate or not? First of all let me tell you gold too is simple mathematics there is a finite amount of gold on this earth it's just that currently we don't have the "Mining power" to extract all of it. We might have same by 2137. Heard of that year? yeah that's the year until we will be able to mine the last satoshi of Bitcoin so aren't both the same this way? Moreover let me tell you practicallity mathematics is useful at school and pretty useful for scientist. But in real world such things are measured using "Finance" which says value of something would be the amount of utility it generates or the cash flows it generates. Surprisingly increasing BTC price is not giving either of them. You can get cash flows by selling BTC but that isn't really a cash flow that's merely a speculation of increased pricing while increasing price and adoption is sinking down the utility due to scalability issues. So tell me how can you end a debate between a 2000 year old asset and 10 year old asset within a few years?