Bitcoin & Gold Comparison Does not make Sense All the Time Contrary ViewOctober 16, 2020
The comparison between Bitcoin and Gold never ends. BTC is man-made; however, gold is formed naturally. And, practically it does not make sense to compare them both. Technically, Platinum is ten times more scarce than gold; however, it is just half the price. And, why is that?
When talking about scarcity and utility, there are many scarce things, which are practically worthless and there are several abundant things, which are quite valuable.
When discussion the scarcity of Bitcoin, someone stated that it is not particularly scarce, people make more Bitcoin every 10 minutes. One member from the Nano community have to state that Nano is fully distributed and that it is secure, that it has “perfect scarcity.” Bitcoin will achieve in 120 years if it keeps its fees high enough.
Also, they have to state that there is a widespread belief being created that when someone is a fully paid up member of the Bitcoin cult, it’s now a role model for God created elements on the periodic table. It’s just an internet ledger with cryptography, chill out.
Also, it is important to note that there is an unsustainable increase in mining difficulty and harm to the environment. Despite there being a lot of other hyper consuming sources, they are indeed a waste like BTC’s mining.
Some of the users are tired and feel that it is not worth working with BTC until it stops moving lock step with the stock market. They feel that it is annoying and they are like just buy the NASDAQ index fund at this point. Those who feel so, are those who are invested in crypto.
Sydney Ifergan, the crypto expert tweeted: “Gold supporters feel that in crisis always gold has helped investors and traders while Bitcoin (BTC) is struggling to move and that gold already is been skyrocketing.”
Bitcoin (BTC) and Scarcity
Someone gave a justification by stating, there are 210 thousand tons of gold and 21 million bitcoin mined. Eventually, this comes to a ratio of 1 bitcoin = 10 kg in Gold. The community set a discussion asking Willy, what do you choose: The perfect mathematical deficit or a Real Gold Bar?
There are others who state that when the last Bitcoin is mined, it will be the year 2154 roughly. Until then, the first gold asteroids will be space mined eventually. So I will take the Bitcoin.
A couple of community members were discussing about the total estimation of total BTC in circulation minus the long term HODL stash approximately.
They also are discussing about what if the historical scarcity as actually being the most decisive factor for now. And, about how all the other nice things about Bitcoin won’t become relevant until 100 years after someone dies.