it is not ..
they are representation of same three properties in physical verses digital spaces.
#permissionless
#censor-resitant
#decentralized
Discussion
Point in case - digital identities wear their Bitcoin in digital spaces the way some of us wear gold as jewelry 😄 ..they do !
After the twister , when dust settles down ..
Value of #Bitcoin will be same as value of #Gold . At that point Gold will be truly tokenized .. Currencies will be pegged to either of the two ..
You can't tokensize gold by holding physical gold in a vault .. you can only do that if the digital replica has properties of gold ..
Fair points here.
But gold is not scarce. We do not know how many ounces of gold are out there or how many there will be in 20 years.
We have mountains full of gold, grand canyons full of gold, and volcanoes in Antarctica full of gold.
I think that over time, gold will go to almost zero in terms of bitcoin. Mostly because bitcoin has a fixed supply.
And when people are holding bitcoin instead of gold as their savings, what’s the new value or use case for gold?!
It doesn't matter how much or how little gold is out there .. it may exist on other planets too :-)
The value of all that is equal to value of all the Bitcoins in steady state .. say hundred years from now ..
Gold is proven through duration ( past) .. Bitcoin is proven through math ( future)
But why would someone hold gold instead of bitcoin?
If there’s less demand, the price will fall compared to fiat and bitcoin.
It depends on skills - to my wife , holding Bitcoin is impossible proposition .. holding gold is so simple .. I am quite the opposite ..
We can never speculate all the intents and inspirations .. people do what they like to do :-)
Yes .. there can be less demand of value ( gold) in physical world than that ( btc) in digital world .. price would adjust automatically.. but reverse is equally applicable and probable ..
we kinda do - there's billions of times more gold out there than we've mined.
so you can't get excited about this recent pump. it just means all these reserves that were too expensive to extract are now economically viable - and will be extracted and brought to market
There are trillions of nano-sats out there that we haven't started thinking about yet in digital realm .. but the quantity doesn't matter at all .. the value stays equal on both sides .. if qty increases on one side , price falls - total value stays same on both sides of the equality .. understanding equality is important
The value in physical world = value in digital world
How fast can you transfer $1M USD of physical gold from the US to Europe? How fast can a person do the same with BTC? (One person doesn’t have to leave their home). They are not the same. One has significantly better portability and as of this past Friday, stock to flow.
In physical world , portability is slow .. in digital world it is fast ..
That just makes them different - not better or worse ..
If you were living in digital world as a digital being , you would crave for the slow experience of physical world .. just the way we crave the speed of digital world ..