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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
    Masternode Owner/Operator

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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.
     

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