Have you tried using gold now? Getting it for spot is difficult, trading it for spot is difficult, verifying it’s authenticity is difficult without expensive equipment, and most of it is just purchased from governments who have spent the last 5000 years fooling people into trading it in for worthless (since the 70s, arguably earlier) coupons.
I used to believe in precious metals as a store of value but they have so many issues, and all of the issues are only going to get worse. You only need to get scammed once to lose faith in it, and if the only trusted sources of precious metals are businesses/governments it’s next to useless for p2p.
https://m.stacker.news/4931 The most affordable way to verify gold, an XRF, said this bar was real. What you see in there is tungsten. As the price of gold rises in fiat terms, creating fakes because more cost effective.
If we're at the point where we're trading gold on the streets, I'm guessing the shady post-apocalyptic pawnshop guy is going to really lowball their offer for your gold bars for these reasons...
I think so, at some point. Maybe it will be used for larger transactions where on chain fees are high or there is no enuts/ecash/chaumian mint available.
I don't really know, which is why I asked this.
In a gold mining town in Venezuela, gold is used for retail. But that's an edge case. Perhaps it will be used in places without a tech infrastructure, for example in those Caribbean islands where coconuts are currently used as currency.
i dont think both are related, Gold have its own uses and even if btc is overextended, we dont have to stop using gold, there are several uses, and store of value is included, even in hyoper bitcoinization gold will be there as another store of value
I think it might be, along with silver. There are a lot of people who value cash transactions, for a whole host of reasons. I don't see Bitcoin meeting all of their needs.
So, once fiat is killed by Bitcoin, gold and silver might fill the niche that cash currently occupies.
No, more and more commerce is conducted over the internet. Gold bars were a pain to use centuries ago - how exactly do you think they will be used in the future - to pay for API access, to stream value for value, to buy video games and music? Gold has a large monetary premium and its supply increases every year with no practical upper bound. If the price rises more, more gold mines become economically viable increasing the supply faster. Gold used to be the densest metal available, but now tungsten is cheap and widely available, making fakes that are harder to detect. Gold's time has clearly passed - it will be relegated to the same role as silver, platinum, etc.
Posting clown emojis like a child conveys nothing and are a definitive example of not bringing any value to what could be a fertile ground for people to learn something. SN might have it as well but the Hacker News "Guidelines" (https://news.ycombinator.com/newsguidelines.html) are a pretty good guide of how to behave over there and it's created an incredibly valuable space over the last 15 years.
Maybe you're right but I certainly don't think so. The fact that gold has pretty much maintained the same value (can buy the same amount of food/clothing) for thousands of years is pretty compelling. Maybe the digital age has changed that but 15 years of Bitcoin has yet to change my opinion.
I understand you're intentionally trolling but it's f-ing annoying! 😂 I think it is stupid, turns potentially valuable allies off and cheapens this whole space.
When you want to know the truth, it will be available to you. Until then, I will not attempt to perturb your circlejerk of the most moderate and reasonable takes beyond my minor comments that you are free to ignore. You are a reasonable person, but I am not.
I do not care to correct noob thoughts or "debate" them. Usually, with these sorts of questions, someone else will inevitably post the correct answer.
"The fact that gold has pretty much maintained the same value (can buy the same amount of food/clothing) for thousands of years is pretty compelling." Another very foolish thought.
Not as money.The trusted 3rd party and auditability problems with gold are unsolvable. Bitcoin has neither of these issues. Gold will finally realize it's true potential as jewelry and in electronics.
Check this recent episode of Blue Collar Bitcoin with Luke Gromen, where he makes the case for the potential use of gold alongside with Bitcoin from a macro point of view:
I saw recently that world internet adoption is only 60-70%. That means we aren't there yet. Gold (although inferior to BTC) won't just go away with around 5k year network effect. Also its tied up in culture & religion so it might take a while.
If it takes 100 years to get hyperbitcoinization then maybe gold will go back to being a legacy jewelry.
Gold is used in industrial and electronics products. And gold mining has no limit- which means it’s stock to flow ratio will continue to get weaker over time and its monetary Premium will eventually evaporate completely
Have you tried using gold now? Getting it for spot is difficult, trading it for spot is difficult, verifying it’s authenticity is difficult without expensive equipment, and most of it is just purchased from governments who have spent the last 5000 years fooling people into trading it in for worthless (since the 70s, arguably earlier) coupons.
I used to believe in precious metals as a store of value but they have so many issues, and all of the issues are only going to get worse. You only need to get scammed once to lose faith in it, and if the only trusted sources of precious metals are businesses/governments it’s next to useless for p2p.
https://m.stacker.news/4931
The most affordable way to verify gold, an XRF, said this bar was real. What you see in there is tungsten. As the price of gold rises in fiat terms, creating fakes because more cost effective.
If we're at the point where we're trading gold on the streets, I'm guessing the shady post-apocalyptic pawnshop guy is going to really lowball their offer for your gold bars for these reasons...
I think we already live in the mad max world already, but normies can't see it yet.
I totally agree. However, gold coins are better to use than bars.
They're much harder to fake. For example, if it's a tungsten coin, it won't pass a "ping test" since it wont ring like gold does.
True Britishhodl made this point recently on his YouTube channel. Physical gold settlement takes a 20% cut.
Yes, it is great for electronics just too expensive, after bitcoin demonetizes it there will be a mini revolution in computing power because of it
Is gold used right now?
Yes, by central banks. They just keep it secret how little they have. There are also billionaires with substantial amounts of gold in warehouses.
A warehouse vs a cold card. Those poor bastards don't stand a chance.
Yeah, I can really see bitcoin eating the gold market.
Central banks use it, especially since 2019.
I'd say how its used right now is how it will continue to be used. How its used right now is pretty irrelevant to what we're trying to do with Bitcoin
I think so, at some point. Maybe it will be used for larger transactions where on chain fees are high or there is no enuts/ecash/chaumian mint available.
I don't really know, which is why I asked this.
In a gold mining town in Venezuela, gold is used for retail. But that's an edge case. Perhaps it will be used in places without a tech infrastructure, for example in those Caribbean islands where coconuts are currently used as currency.
i dont think both are related,
Gold have its own uses and even if btc is overextended, we dont have to stop using gold,
there are several uses, and store of value is included,
even in hyoper bitcoinization gold will be there as another store of value
I think a better question would have been: will gold be used more than it is now as a currency in a hyper-bitcoinized world.
in many electronics yes. And that is the ONLY use case.
I think it might be, along with silver. There are a lot of people who value cash transactions, for a whole host of reasons. I don't see Bitcoin meeting all of their needs.
So, once fiat is killed by Bitcoin, gold and silver might fill the niche that cash currently occupies.
🤡
Great point!
No, more and more commerce is conducted over the internet. Gold bars were a pain to use centuries ago - how exactly do you think they will be used in the future - to pay for API access, to stream value for value, to buy video games and music?
Gold has a large monetary premium and its supply increases every year with no practical upper bound. If the price rises more, more gold mines become economically viable increasing the supply faster.
Gold used to be the densest metal available, but now tungsten is cheap and widely available, making fakes that are harder to detect.
Gold's time has clearly passed - it will be relegated to the same role as silver, platinum, etc.
Bitcoin backed gold silver & copper coins. Now there's a fun thought.
Perfectly kyc-free, assuming you self custody the gold!
No, lol
Mate, care to expand?
Posting clown emojis like a child conveys nothing and are a definitive example of not bringing any value to what could be a fertile ground for people to learn something. SN might have it as well but the Hacker News "Guidelines" (https://news.ycombinator.com/newsguidelines.html) are a pretty good guide of how to behave over there and it's created an incredibly valuable space over the last 15 years.
Maybe you're right but I certainly don't think so. The fact that gold has pretty much maintained the same value (can buy the same amount of food/clothing) for thousands of years is pretty compelling. Maybe the digital age has changed that but 15 years of Bitcoin has yet to change my opinion.
I understand you're intentionally trolling but it's f-ing annoying! 😂 I think it is stupid, turns potentially valuable allies off and cheapens this whole space.
https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQqfK0vwbPFrsJTb3AOJVBXZbDR1SX99jW-T1ttM6LW&s
When you want to know the truth, it will be available to you. Until then, I will not attempt to perturb your circlejerk of the most moderate and reasonable takes beyond my minor comments that you are free to ignore. You are a reasonable person, but I am not.
I do not care to correct noob thoughts or "debate" them. Usually, with these sorts of questions, someone else will inevitably post the correct answer.
"The fact that gold has pretty much maintained the same value (can buy the same amount of food/clothing) for thousands of years is pretty compelling." Another very foolish thought.
You know who loves decorum? -- the fiat world.
So not long until the people murder the Romanov family?
I think a better question would have been: will gold be used more than it is now as a currency in a hyper bitcoinized world.
Yes, but it will only be one person: Peter Schiff.
Lol yes the gold salesmen will always be using it. 😁
I think so, even if it's just a few boomers it will still exist and thats okay, bc the problem is fiat not gold
https://m.stacker.news/4938
No. Or at least not more than it is used now. Use in jewelry or electronics might stay the same.
No. Bitcoin is technologically superior to Gold. It will suck the monetary premium out of it over time. Gold will fall to its utility value.
Not as money.The trusted 3rd party and auditability problems with gold are unsolvable. Bitcoin has neither of these issues. Gold will finally realize it's true potential as jewelry and in electronics.
Check this recent episode of Blue Collar Bitcoin with Luke Gromen, where he makes the case for the potential use of gold alongside with Bitcoin from a macro point of view:
https://fountain.fm/episode/Nn8Jf1jWX4D1Ne9ohGBl
I think the world will go back to precious metals as currency backers.
I actually think wouldn't be surprised if they using gold as a component of whatever new world reserve currency they try to design.
Play the long game. We win in the end but it's going to be a long, challenging road.
shiny rocks will be used only to make the bitcoin devices electronics...
funny that the post is coming from a "Goldberg"...
well I grew up "poor". Poverty is a mindset.
I'd say most likely.
I saw recently that world internet adoption is only 60-70%. That means we aren't there yet. Gold (although inferior to BTC) won't just go away with around 5k year network effect. Also its tied up in culture & religion so it might take a while.
If it takes 100 years to get hyperbitcoinization then maybe gold will go back to being a legacy jewelry.
How would you pay in mountains where there is no electricity and no internet? I believe that there is always some need for physical form of money.
No.
Gold is used in industrial and electronics products. And gold mining has no limit- which means it’s stock to flow ratio will continue to get weaker over time and its monetary Premium will eventually evaporate completely
Bitcoin don't need elements to survive, it is in its own element ~ Hope it makes sense
Yes, gold has been used for millennia, and unless something unthinkable happens, it will continue to be used.
Have fun staying stupid
A Portuguese comedian once asked: Would you rather eat feijoada at every meal for the rest of your life or drink one vodka stirred with his penis ? 😂
Yes
🤡
Gold will be around for ages
🤡
i could see this at least on a transitional level, as fiat collapses.
especially if the bitcoin network is attacked by CBDC-entrenched entities, gold is a good fallback during the messy phase of the transition.