Home Bitcoin News For Real Utility You Need Gold and not Bitcoin (BTC)

For Real Utility You Need Gold and not Bitcoin (BTC)

For Real Utility You Need Gold and not Bitcoin (BTC)

Peter Schiff Shared: Even if NASA had all 21 million Bitcoin it still wouldn’t be enough to coat a single millimetre of one of this telescope’s eighteen 6.5-meter-tall mirrors. Digital gold is worthless for real world applications. If you want real utility, you need real gold!

Community Response:  Name one other payment rails which can move money instantly around the world at close to zero cost, permissionless.

You are moving Bitcoin, not money.  There are plenty of rails where you can move other digital tokens around the world cheaper and faster than you can move Bitcoin. Plus, with the internet you can transfer gold ownership faster and cheaper too.

You can only digitally transfer IOUs to gold, not gold itself. And a custodian has to be trusted. Not the case with bitcoin.

So what? People have been trusting third parties to store their monetary gold for hundreds of years. It worked great. It will work even better now with modern technology.

Even if the custodians themselves are reliable, governments might not be. Gold being centralized in vaults provides an easy target.

it’s so much fun guys to see how you plot your circus when you guys sure both have gold and bitcoin. Keep going it´s so fun.

If gold really has so many industrial uses, the best outcome would be for it to be demonetized so the gold sitting in vaults can be freed up for those uses. As usual, your argument is self-contradictory.

It’s precisely because gold is so useful that it works so well as a store of value. Because of this uniqueness, together with its other properties, it will never be demonetized. Because Bitcoin is useless, it can’t be a store of value, so will never be monetized in the 1st place.

The only debate that settles is how foolish Bitcoin buyers would be!

What does the data say? Who looks foolish?  You have way too much pride Peter. It’s ok to admit that you’re wrong.

I’m not wrong. You guys are wrong. You just don’t realize that yet. Remember, stupid is as stupid does, and what stupid does is buy Bitcoin.

After 5 years Bitcoin will be digital money which will be accepted all over the world.

That’s poor, Peter. Gold 1 “industry commodity” and Gold 2 “value store / infl. hedge” are two different things. Gold 2 can never be (logically) deduced from Gold 1, but is predominantly a social convention.

The fact that gold’s value narrative is 1000s years old & widespread is a sociological competitive advantage against Bitcoin. But gold might still lose, as silver (China, India) did against gold (West) in 19th cent.

Try sending gold from London to Bombay at 2 am on a Saturday morning. Not going to happen. Bitcoin does it in 6 minutes for a few dollars.

So, the only measurement of an asset is how tall it would be if you stacked it? If we took all the stock from every single company; it would be the same as Bitcoin. So, does the stock market also have zero value? I think it’s your tweets that aren’t backed by anything.

Gold has an infinite supply. It’s inevitable that we mine asteroids and other planets in the near future.

“Even if you had all 21 tons of gold, you still wouldn’t be enough to coat a single millimetre of one of my Armor. If you want real fashion, you need real gold.”

Can’t send a gold bar to space but you sure can send Bitcoin to the moon, Mars, and beyond. Can you imagine a space faring civilization using something as archaic as gold?

This is why adopting Bitcoin as the sound money standard is so important. It allows for gold to find it’s true value as a metal, making it cheaper and more accessible for use toward developing technology. Hoarding gold is irresponsible and hinders human progress.

Too bad that’s the only value gold will have in the future after all of its monetary premium (estimated to be nearly 80% of its current value) is gone. Are you ready for $300-400 ounce of gold or are you going to go down with this sinking ship?

That brings up an interesting point. What about India where so much of the culture involves accumulating gold as a store of wealth? Bitcoin may force a re-evaluation of financial priorities on the people.

Bitcoin will help bring the world back to its utility value, which will improve society. Monetized metals made for a convenient money, but it’s a fundamentally flawed system for a civilization that depends on those metals to develop. Put more to use.

 

 

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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