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Bitcoin is Gold

Discussion in 'General Discussion' started by dashakti, Jun 3, 2017.

  1. dashakti

    dashakti New Member

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    I read this on multiple forums:

    "Bitcoin is like gold.... it is a store of value.... some other crypto (LTC??) will be more suitable for daily small transactions...fees don't matter because it is a store of value"

    My question is why can't one crypto be cash and gold at the same time?

    Traditionally, gold and fiat couldn't be in the same asset class for obvious reasons. Cash is country specific, regulated, while gold is universal. But with crypto, these two assets merge together to form one asset class.

    When dash becomes truly digital cash (aka global currency), DASH could be used as cash and also as a store of value,like gold. Is there a need for any other crypto to be gold at that point?
     
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  2. mikenewhouse

    mikenewhouse New Member

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    I think the main reason there would be a need for multiple cryptocurrencies to play that role of stored wealth is as a hedge against a catastrophic failure of any one coin.
     
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  3. jimbursch

    jimbursch Active Member

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    Andreas actually addresses this question very well in the below video. He was talking about Ethereum, but it applies to any crypto. Essentially there are different design choices that are made in the development of any crypto that makes them more suited to one use and less suited to another use.

    In answer to your question, yes, any crypto can be cash and gold at the same time, but a crypto designed to be like gold is going to be different that a crypto designed to be like cash. You have to decide for yourself what those differences are and how to use them. Gold wants to be absolutely safe and secure; cash wants to be easy to use. In a perfect world there wouldn't be any tradeoff between the two, but apparently we do not live in a perfect world.

     
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  4. dashakti

    dashakti New Member

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    @jimbursch .... great video.... thanks for sharing... Andreas is a great teacher .... He could explain quantum physics to 5 yr olds..... :)

    "Gold wants to be absolutely safe and secure; cash wants to be easy to use. In a perfect world there wouldn't be any tradeoff between the two, but apparently we do not live in a perfect world."

    I am not sure I agree with you on this. You are indirectly implying that cash does not have to be absolutely safe and secure. Even in a not so perfect world, I wouldn't put my money into any crypto (marketed as digital cash) that is not absolutely safe and secure.
     
  5. JarlMickel

    JarlMickel New Member

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    The problem is that Bitcoin is very expensive and is not so fast, DASH for example is very fast and very cheap to send, so its very more likely to use it as a currency. Bitcoin is a storage. DASH is more of digital cash. This is why I think on the long term its better to use DASH for buying stuff than Bitcoin. :)
     
  6. Crypto Rob

    Crypto Rob New Member

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    I have made purchases with bitcoin, ltc, dash, etc. Bitcoin is just cost too per transaction and the speed is insanely slow right now. Dash and litecoin can handle more transactions per minute and a much cheaper cost. Time is money. I truly believe Bitcoin just paved the way and Dash is going to take it from here.
     
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  7. MangledBlue

    MangledBlue Well-known Member

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    BTC has between TODAY 06.DEC.2017 and maybe 3-7 days later, before it corrects/crashes....................... at least 20-30% but I see 84% to about $2000 / BTC
    [respectfully]

    - which............ Put's DASH at about: $160 - $180

    ....hang on...

    edit:error correction - sp
     
  8. Crypto Rob

    Crypto Rob New Member

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    Wow, what makes you think the correction will happen so soon and so much? If I saw Dash @ 160 again I would be loading up!
     
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  9. Deborah123

    Deborah123 New Member

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    There is much difference between bitcoin and gold. Bitcoin is digital currency and gold is the precious metal. It appreciated beauty in the form of jewelry. Apart from that bitcoin is world's first digital currency developed by the developer in 2008 and came in the digital world in 2009. So, you can say bitcoin is gold in the digital world.
     
  10. DaviSP

    DaviSP New Member

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    I still regret not buying Bitcoin in 2010.
     
  11. Isobel Chaura

    Isobel Chaura Member

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    we
    We all do now
     
  12. yocko

    yocko Member

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    Dash Address:
    XqWRVQSoUyrMQ7TDHqz5zcFd1xxdQEDR3D
    I believe people need to stop referring to Bitcoin as the gold of cryptocurrency. If I hand someone gold in exchange for cash the gold settles instantly. If I do the same with Bitcoin for cash I will need to sit with this person for up to 3 days in some situations before I can walk away with confidence of settlement.

    Bitcoin is not like gold at all anymore, it's simply broken!
     
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  13. camosoul

    camosoul Grizzled Member

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    Every failure to adapt has resulted in another re-branding...

    "If we're still good for anything, we'll act like that was the plan all along!"
     
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  14. Guna

    Guna New Member

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    Gold was gold because nobody could replicate it.
    No crypto will be like gold, because it is always possible to replicate a blockchain, or create a better one, or gather a similar following.
    By the way, gold has often underperformed other assets over time. It is not a better storage of value than silver or palladium or what not.,
     
  15. Spectrum

    Spectrum New Member

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    Gold is "flexible", it is possible to produce a lot of derivatives, which will contain gold, I don't see that bitcoin can be used in so many ways, it is not so flexible yet... But, in the near future, one of the cryptocurrency will be able to qualify for this title of "gold", not sure that will be Bitcoin...
     
  16. billyjoeallen

    billyjoeallen Member

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    The main difference between digital gold and digital cash concerns a basic law in economics expressed as the equation: MV=PQ
    M is the total amount of money in circulation
    V is the velocity of money or how quickly the money changes hands
    P is the price of goods expressed in the currency
    Q is the quantity of goods and services bought and sold in the economy

    This equation is logically immutable given a closed economic system. It is axiomatic. What it means is that an increase in the velocity has the exact same effect on exchange value as an actual increase in supply and therefore more transactions lower the purchasing value of a given unit of currency. Basically a cryptocoin used as money will not increase in value as quickly as one primarily held as a store of value all things else being even.

    The reason why Dash may be both a better cash AND store of value is because things aren't even. Coins held in masternodes do not contribute to velocity and there is an incentive to save and eventually get enough coins for a masternode even if a holder has less than 1,000 dash. There are also less total coins (18.9 million Dash vs. 21 million BTC), not even counting coins not mined when the treasury doesn't have enough approved proposals. These factors, coupled with the extra utility of fast, optionally private transactions with minimal fees may be enough to overcome the network effects and lower (projected future) velocity of competing cryptocoins. Additionally, increased vendor participation makes Q go up which (again, all things else being constant) is the same as P going down ( price deflation).
     
    #16 billyjoeallen, Dec 26, 2017
    Last edited: Dec 26, 2017
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  17. billyjoeallen

    billyjoeallen Member

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    My daughter asked me what gold was. I told her it was analog Dash.
     
  18. Retropedro

    Retropedro New Member

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    Absolutely agree! The name of Rothschild immediately surfaced in my subconscious, after I learned about the formation and entry of a new currency into the market. As history shows, this is a cyclical process of launching new money, in the long run, the majority will be poor, and the minority will be richer...So sad
     
  19. camosoul

    camosoul Grizzled Member

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    Bitcoin isn't the Gold of Cryptocurrency because there has yet to be a shitcoin copycat that can't do the "store of value" job. Even the shittiest shitcoins are every bit as capable of doing that same limited job. The reality is that sitting about as a value store is the only thing BTC is good for, due to it's feature set failures, so they try to promote that as a good thing when it's not.

    There's no reason you can't store that value in DASH, too; and also be able to privatize it and instantly spend it.
     
  20. Retropedro

    Retropedro New Member

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    I think now, BTC is perceived more as a platform for speculation, unlike DASH
     
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