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10 sats \ 1 reply \ @fiatbad 24 Dec 2022 \ on: Peter Schiff: Bitcoin is More Popular than Gold bitcoin
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The on and off ramps for gold have ridiculous fees. Not as good of a "store of value" when the gold dealer takes a 20% cut. This isn't as big of a deal if it's held for many years, but Bitcoin is obviously superior even with the spreads some of these exchanges have.
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Verification is expensive. You need tools and training, and/or trust in a third party, simply to verify the gold you bought is pure. This is absolutely silly in 2022.
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An economy backed by gold ALWAYS leads to paper-gold. As gold is difficult to transport and secure, it will ALWAYS centralize. The centralizing entity will ALWAYS issue paper that can be "redeemed" for a certain amount of gold. As humans are greedy, those centralized paper notes will ALWAYS be devalued until they essentially become fiat. The gold standard will ALWAYS fail eventually. We NEED to find an alternative to gold.
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Industrial uses for gold only account for 5-10% of gold's market cap. Most of gold's value comes from the exact qualities that Bitcoin has (scarcity, and cost to produce/mine). Yet, gold's market cap is currently about 33 times greater than Bitcoin's. This is ridiculous. Bitcoin is cheap. For them to be on par, Bitcoin should be around 500k per BTC.
Bitcoin is coming for gold's market cap.
Exactly.
Bitcoin is gold for the new era and new Men dimension.
Bitcoin Only
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