Post
Topic
Board Bitcoin Discussion
Re: Do you think a Bitcoin is worth more than a metric ton of gold?
by
nullius
on 29/07/2022, 23:51:28 UTC
Answer to the titular question:  No.

But of course — since you're asking Bitcointalk, a Bitcoin forum, then it's quite safe to assume that 90%+ of us here would say Bitcoin is "more precious".

Not everyone is so susceptible to groupthink and simplistic labels as a decision-making process.  Moreover, anyone who thinks that 1 BTC is “more precious” than 32,151 XAU is just plain bonkers.

If you disagree, then I invite you to sell me gold for BTC right now, at an exchange rate of 32,151 XAU (1 metric ton of gold) per 1 BTC.  If you can’t come up with 32,151 XAU, then I will be happy to buy 32.151 XAU for 0.001 BTC.  To avoid delivery overhead, we can complete the transaction in cypherspace by trading Tether Gold for BTC or some form of wrapped BTC.  This is a serious offer, although I may need to apply some limitations to large orders based on how much BTC I can come up with, how fast.

Oh, no deal?  Why not?  90+% of people here should take the deal, yes?



Bitcoin is an asset that by its nature will appeal to a certain subset of goldbugs:  Technologically sophisticated goldbugs with a background in cryptography.  Likewise, gold is an asset that will appeal to a certain subset of Bitcoiners:  Historically and economically educated Bitcoiners.  In my opinion, the two assets are complementary.  A Venn diagram of their respective desirable characteristics would have overlap in the middle, on “sound money” and “freedom-preserving” characteristics; but it would be disjoint elsewhere.

Goldbugs who don’t understand Bitcoin will assume it’s a fad.  Bitcoiners who don’t understand gold will trash-talk it, as I see sometimes in the speculation threads.  But a Venn diagram of Bitcoiners and goldbugs should have significant overlap.