Are Bitcoin and Gold Good Investments? – Forbes Advisor

Fantasy Gold Coin

FGC is built on the FantasyGold blockchain which is based on Bitcoin Core that integrates Ethereum based smart contracts. Discord https://discord.gg/pHTyyDA
[link]

Nautiluscoin

Nautiluscoin is the digital currency powering the Drachmae Platform.
[link]

trade gold with bitcoin and dash online

Vaultoro.com is an online trading platform based in the UK that lets it's users trade bitcoin and physical good delivery gold. Vaultoro is provably at above reserve and prides it's self on security, customer service and transparency. Low trading fees and able to trade gold in 0.1 gram increments.
[link]

Interesting excerpt from Paul Tudor Jones letter to investors after scoring Financial Assets, Fiat Cash, Gold, and Bitcoin based on 4 categories: purchasing power, trustworthiness, liquidity, and portability.

“What was surprising to me was not that Bitcoin came in last, but that it scored as high as it did. Bitcoin had an overall score nearly 60% of that of financial assets, but has a market cap that is 1/1200th of that. It scores 66% of gold as a store of value, but has a market cap that is 1/60th of gold’s outstanding value. Something appears wrong here and my guess is it is the price of Bitcoin.”
submitted by the420chronicler to Bitcoin [link] [comments]

Tudor Jones Sees Bitcoin Leaping $20K Based on Gold's Vintage Fractal

Tudor Jones Sees Bitcoin Leaping $20K Based on Gold's Vintage Fractal submitted by Acrobatic_Peak to BitcoinLiveNews [link] [comments]

Tudor Jones Sees Bitcoin Leaping $20K Based on Gold's Vintage Fractal |

Tudor Jones Sees Bitcoin Leaping $20K Based on Gold's Vintage Fractal | submitted by Acrobatic_Peak to BitcoinLiveNews [link] [comments]

I think, Trumps tweet about bitcoin being based on thin air is a hint that the US is going, to go back to the gold standard.

Ss: trump tweeted about bitcoin but everything he said is more accurate with the FED reserve than BC.
submitted by CommaHorror to conspiracy [link] [comments]

Trump: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” - Someone has to remind him that the fiat money are not based on gold standard anymore.

submitted by hackmajoris to btc [link] [comments]

07-09 17:14 - 'What if he Got SGC! his 60% security cant be used by her. SGC (Secured Gold Coins), is a hybrid cryptocurrency that is 60% gold-backed, 40% utility and completely decentralized based on the revolutionary technology of Bl...' by /u/HourJudgment removed from /r/Bitcoin within 373-383min

'''
What if he Got SGC! his 60% security cant be used by her. SGC (Secured Gold Coins), is a hybrid cryptocurrency that is 60% gold-backed, 40% utility and completely decentralized based on the revolutionary technology of Blockchain that makes it secure, durable, trustworthy, easily accessible, and redeemable. [[link]2
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: HourJudgment
1: s*cur**gol*coin*com/ 2: secu**d*oldcoin*co*/]^^*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Bitcoin, futures, and the ghost of gold

Interesting article relating the introduction of futures trading to gold and Bitcoin and their subsequent price action. I should add that this article presents an extremely bullish case for Bitcoin based on gold's past performance. It's a bit of a stretch but why not?
https://blog.goodaudience.com/bitcoin-futures-and-the-ghost-of-gold-81418864c961
submitted by OverHeadBreak to CryptoCurrency [link] [comments]

For anyone still curious as to why Peter Schiff is so anti-bitcoin.. Not only does it threaten his gold investments, he also has plans to create a bank and payment platform based on gold.. Bitcoin accomplishes what he has been trying to build since 2007!

For anyone still curious as to why Peter Schiff is so anti-bitcoin.. Not only does it threaten his gold investments, he also has plans to create a bank and payment platform based on gold.. Bitcoin accomplishes what he has been trying to build since 2007! submitted by slvbtc to Bitcoin [link] [comments]

Got some btc that I want to convert of to Gold. What billion dealers would you recommend to convert my money to bitcoin that are safe and legit? Based in U.K. So would prefer U.K. Dealers to save money on shipping but would be happy with dealers outside uk.

Thanks
submitted by VladBokovich to Gold [link] [comments]

A guide to Bitcoin: The amazing investment based on dream gold invented by a wizard

A guide to Bitcoin: The amazing investment based on dream gold invented by a wizard submitted by gerikson to Buttcoin [link] [comments]

Every money is based on faith and belief, and bitcoin is no different. Gold, dollars, stocks: they only have value because we *believe* they do. This is the true secret to money and also why bitcoin will succeed more wildly than anyone understands.

Why wouldn't JP Morgan just create their own bitcoin? They are free to, but they know that people won't value it to the same degree. Value is a measure of faith, and faith is a metric that is hard to earn. It has taken five years for bitcoin to earn faith equivalent to $315 U.S. Dollars per coin.
Faith can be derived from a variety of foundations, but for a currency to grow in value one thing rings true: People must believe it is valuable. People believe that the United States will endure and continue to be strong, and that is why the dollar reigns as international currency right now. Gold is the quintessential example of something being valuable simply because others value it. A share of Facebook stock has value because people believe that Facebook will continue to be a strong company.
It's all the same, essentially. And bitcoin will continue to have (and grow in) value because people not only believe in the currency now, but (this is the important part) also that faith is currently increasing.
I could issue americanpegasus coins right now. I could offer 10 of them for $1,000 each, but no one would buy them. Why? Because the faith isn't there. But a super celebrity like Brad Pitt could probably get away with shenanigans like that. Remember, it doesn't matter if you would buy it, only that someone would.
That's why fine art and land carry value. Because someone out there is willing to pay a premium for those things.
This is the true secret to power: the rich create value from nothing using their talents and strength. The poor commit to an endless cycle of leeching and begging for a share of that value.
Money exists in many forms, including talent and personal skill, but always something is created that wasn't there before and the population is convinced that it has value. You can become a famous painter and paint a masterpiece ($20 million) or become a famous celebrity and deliver a master speech ($200,000).
Or you can decentralize the entire global finance system.
But because money is not real, we have to ask what is. And the answer is simple: people, and their actions are real. And money is simply a way to control them, whether earned or not.
If you cure cancer, you will make a lot of money because the world owes you a significant debt. If you rob a bank, you will make a lot of money because you have taken (by force) a debt from someone else. But don't forget that debt is still based on faith, and faith alone.
Trolls and opponents of cryptocurrencies lambast the 'cult' of bitcoin and ruthlessly attack any statement that supports them. Why? Because they know that every bit of positivity literally increases the value of bitcoin. Bitcoin has no inherent value, just like a stock or a dollar or a shiny rock. It's only value is the public perception of it.
And so that's why for opponents of bitcoin it's essential that the positive message stay blunted and tainted. It would be a disaster for bitcoin to start generating massive amounts of positive press because the value would increase in proportion to the new faith in the currency.
So remember these things the next time someone attacks your 'faith' in bitcoin. You are trusting in mathematics and science, which have provided us the strongest and purest form of money the universe has ever known.
History will be on your side. And so will untold wealth once the rest of the world realizes that you were right all along.
submitted by americanpegasus to Bitcoin [link] [comments]

@Techmeme: Seattle-based exchange Bittrex delists Bitcoin Gold, as the fallout continues from a 51% attack on the cryptocurrency in May that netted attackers millions (@dcanellis / The Next Web) https://t.co/C08Zi2eHc5 https://t.co/3XLy0f6B5l

@Techmeme: Seattle-based exchange Bittrex delists Bitcoin Gold, as the fallout continues from a 51% attack on the cryptocurrency in May that netted attackers millions (@dcanellis / The Next Web) https://t.co/C08Zi2eHc5 https://t.co/3XLy0f6B5l submitted by -en- to newsbotTMT [link] [comments]

CMV: bitcoin is a digital version of a currency based on gold coins and share with it all the inequity.

Hello everyone.
First: i think that bitcoin can be compared to gold based currencies, because both the resources are used to create a currency and both are finite (bitcoin by design and the gold by the limit of the raw material actually known).
Second: as gold advantaged the ones able to dig it (unless force was used), the same is for bitcoins. Who can mine more, has more economical power. That can be avoided with fiat currencies, where the distribution of purchasing power can be redistributed.
Disclaimer: bitcoin is a very cool system, even if has the drawback to let people spend tons of energy/computing power on it, even if the energy (and blood) spent on gold until today should be way higher. Still, i do not like it (as well as gold based currencies) because i feel it intrinsically unfair.
Hello, users of CMV! This is a footnote from your moderators. We'd just like to remind you of a couple of things. Firstly, please remember to read through our rules. If you see a comment that has broken one, it is more effective to report it than downvote it. Speaking of which, downvotes don't change views! If you are thinking about submitting a CMV yourself, please have a look through our popular topics wiki first. Any questions or concerns? Feel free to message us. Happy CMVing!
submitted by pier4r to changemyview [link] [comments]

ohn Pfeffer, partner at UK-based Pfeffer Capital, is long on Bitcoin. As the first person to drop the word cryptocurrency on the Sohn stage, launching Bitcoin to the moon with a $700,000 price tag, he based his prediction on Bitcoins ability to replace gold.

ohn Pfeffer, partner at UK-based Pfeffer Capital, is long on Bitcoin. As the first person to drop the word cryptocurrency on the Sohn stage, launching Bitcoin to the moon with a $700,000 price tag, he based his prediction on Bitcoins ability to replace gold. submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

What would happen if there was a machine that could buy and destroy gold based on bitcoin donations made to it. Would value of bitcoin go up as gold supply dwindled?

submitted by sloppoclop to AskReddit [link] [comments]

Study on marginalized risks of bitcoin based on the loss of the gold standard

Introduction
Gold standard is a favorable system, but it is unexpectedly eliminated by the government. Gold boasts unparalleled advantages. However, that cannot prevent the government from killing the gold standard. Below is a close look at how the gold standard is wiped out by the government step by step and how bitcoin should avoid repeating the tragedy.
Chapter 1 Gold as a natural currency
Gold has been the most time-honored and widely-used currency in the human history. Its advantages cannot be ignored.
There are 118 elements on the periodic table of elements. Gold, the No. 79 element, is adopted by humans as a symbol of honor and wealth. On the periodic table elements, there are elements in the gaseous state or the liquid state; elements whose form is unstable or which can go into combustion easily; elements who can do harm to human body; elements which are rare, hard to smelter and difficult to find by ancients. Excluding all the above elements, gold and silver are the only two elements left. In terms of stability, gold has an edge over silver because silver can be easily oxidized or vulcanized into a black color. Therefore, gold becomes the natural currency.
Featured by a stable chemical property, it means gold can act as an enduring transaction medium. To serve as currency, gold should be able to be split and cut for the convenience of carrying. Alas! Gold has all these characteristics. With a favorable physical ductility, gold can be molded into various shapes. Last but not least, gold is a rare existence in the natural world. It was generated by the explosion of new stars when fixed stars died. Up to date, humans have not yet developed the ability to make the element of gold. The only way for humans to obtain gold is to exploit gold mines on the earth.
All these characteristics have made gold the most successful currency in the world. Gold can be traced back to 5,000 years ago. Gold was once the most popular currency, leading to the emergence of the gold standard system. Despite of the many undoubtable advantages, the gold standard was still eliminated by humans in modern times. To put it more directly, gold was marginalized in terms of its currency position. Despite of the many undoubtable advantages, the gold standard was still eliminated by humans in modern times. To put it more directly, gold was marginalized in terms of its currency position.
Chapter 2 Elimination process of the gold standard by the fiat money
In the human history, the gold standard system has three realization forms, namely the gold coin standard system, the gold bullion standard system and the gold exchange standard system. The three realization forms constitute the substantial process in which the gold standard system was encroached step by step. The symbolic case of marginalization of gold as a currency was the collapse of the Bretton Woods Systems. Since then, humans have entered the era of the fiat money standard system.
The gold coin standard system refers to adopting gold coins as fiat standard coins. In other words, according to the gold coin system, gold is directly used as money, and currency manufacturing is not monopolized by the country. As long as one has the ability, he can exploit gold mines, smelter and make gold into gold coins. The gold coin standard system ruled for more than one century. 
The gold bulletin standard system refers to replacing gold coins with bank notes. According to the gold bulletin standard system, bank notes can be equally exchanged into gold. In China, bank notes were mainly issued by old-style Chinese private banks, which promised to settle their issued currency according to the fixed exchange rate of gold and silver. The exchange had no limits and was free. To some extent, this could guarantee that bank notes were corresponding to authentic gold. If one made false promises, one would suffer risks of being squeezed. However, this still impaired the nature of gold as a rare existence because of a non-100% reserve fund system, enabling the total number of bank notes to overtake that of gold. Under the currency system, currency issuance institutions with the right to issue currency emerged. The issuance of currency was realized through the issuance of bank notes. This suggested that currency issuance started turning into a right.
The gold exchange standard system is a virtual gold standard system. The country required gold to be put in one place, such as the central bank, and then the country issued its domestic currency and promised to implement the fixed exchange rate of gold. If the government wanted to issue currency, it needed to purchase the equal amount of gold. To avoid abuse of the currency policy, the government pledged on national credit. This further destroyed the gold standard system. Currency issuance was monopolized by the government. The exchange rate based on the government guarantee was never realized in history.
The Bretton Woods System symbolized the peak of the gold exchange standard system. The US government in a dominating role promised to connect the USD with gold, clarifying that the price of one ounce of gold was equal to 35 USD. Later, governments all over the world issued their domestic currencies and connected them with the USD to guarantee a fixed exchange rate. If the US government wanted to issue the USD, it needed to get the same amount of gold. If other governments wanted to issue their domestic currencies, they needed to get the same amount of gold. The system greatly weakened the gold standard system. In this way, there were two anchors with the currency issuance right in principle, but in practice there were no anchors at all, because none had the right to check how much gold the Federal Reserve had. Governments all over the world did not have an institution to supervise the issuance amount of their currency.
Quite soon, the Bretton Woods System collapsed, and the US president announced stopping exchange between the USD and gold in 1971. The gold standard system was eliminated. Since then, governments all over the world have adopted the credit money standard system. The credit money standard system has existed for nearly half a month. Despite that, gold is still regarded a kind of currency, universally acknowledged in the international community. However, its position as a currency has been weakened, just having the value storage function.
The process for the credit money system to replace the gold standard system was to first turn gold from a currency in circulation into a currency of settlement. Later, its settlement function was also deprived of, which turned gold into a value storage currency.
Chapter 3 Risks of bitcoin to undergo marginalization of gold
Bitcoin simulates physical properties of gold in terms of design. It is also rare, endurable, separable and portable. After more than seven years of market selection, bitcoin has grown into an indispensable Internet currency. It has also found its applications in the offline economic life.
At present, development of bitcoin has encountered its bottleneck. The bitcoin block is too small to make room for more transactions. The bitcoin community is also hotly discussing about techniques to expand the transaction capacity of bitcoin.
Now, there are mainly two proposals for expansion of bitcoin. First, maintain the payment function of bitcoin, and directly refer to the onchain sacling with hard fork. Second, persist in turning bitcoin into a settlement network, build the second layer of network based on bitcoin and use the technique of side chain and lightning network to enhance the payment function of bitcoin.
There is nothing new in the world. Though bitcoin is still a leading technique, it is a representation of historical events. After the gold coin standard system was stably implemented for one hundred years, the gold coin standard system was altered by a group of wise bankers and private bank owners into the gold bulletin standard system. After two world wars, the gold bulletin standard system was turned by those led by the US government into the gold exchange standard system. After two world economic crises, the US government took little effort to completely eliminate the gold standard system, thus building the modern credit currency system.
Bitcoin has not yet developed for eight years, but it has been faced with the selection of “bitcoin standard system,” “bitcoin block system” or “bitcoin exchange system.”
Direct use of bitcoin is similar to the “gold coin standard system.” Here, the author gives it a new name, “bitcoin standard system.” In the lightning network, the main chain of bitcoin is expanded to the second layer of protocol, and the main chain just undertakes the settlement function, which is similar to “gold bulletin standard system.” Here, the author calls it by “bitcoin block standard system.” Use of the side chain to build a brand-new payment platform is similar to “bitcoin exchange standard system.” Here, the author calls it by “bitcoin exchange standard system.”
When people used bank notes to replace gold coins as the currency in circulation, ease of use of bank notes was greatly highlighted compared with a pile of gold coins, and to print bank notes took less cost compared with mining, smelting and casting of gold coins. People were ready to use bank notes. However, there were no free banquets in the world. While enjoying the convenience brought by bank notes, people had to face the concentration of rights in banks. They obtained the right to issue currency and had some reserve fund. Apparently, the gold standard system was the only one to suffer from this. **In fact, people were deprived of their right to safeguard their private property.** 
People take delight in using the lightning network and side chain to design a set of more convenient and cheaper payment network. They get not only convenient, but also cost reduction. People have to believe more block chain operators, the hub of the lightning network and the side chain platform. Maybe, we can confidently think that, with nodes, there will not be some reserve fund or cheats of the side chain platform and hub. However, more than a hundred years ago, developers of bank notes also promised so. Once users have to pay an expensive price to check their own accounts (the main chain settlement system must be expensive), users have lost their ability to verify their accounts. In this way, the ability of bitcoin to protect inviolability of the private property will be challenged.
If the bitcoin network turns from a payment network into a settlement network, it means the death of the “bitcoin standard system,” and the bitcoin will lose one of its three functions, namely payment, value storage and settlement, just like what had happened to gold several hundreds of years ago. With the increasing number of banks, more and more bank notes were printed, but the reserve fund rate was decreasing. Gold had to say goodbye to its settlement function. When bitcoin’s main chain is connected with various lightning networks and side chains, will the settlement function of bitcoin also be deprived of? Logically speaking, if the main chain settlement cost is too high, the market must find a cheaper way, such as connecting side chains with sub-side chains, or bridging two different lightning networks to achieve direct cross-chain settlement without the trouble of closing channel on the main chain. The last question is when bitcoin will be deprived of its value storage function.
Chapter 4 Failure of gold to protect the gold standard system and failure of the small block of bitcoin to protect the “bitcoin block system”
Gold boasts lots of natural advantages. It is a decentralized currency in real sense, but the gold standard system was still eliminated. Natural advantages and physical properties of gold could not protect the gold standard system, but humans could.
When Keynes challenged against the gold standard system, governments all over the world followed him. None wanted to stand out to protect the gold standard system or the protection force was too small. People were happy to see the increasing number of their paper coins and experience the convenience of paper coins, but were blind to the cost they paid for these.
Bitcoins are decentralized and can ignore enemies like governments. However, the truth was gold could not protect the “gold standard system” with its physical properties. The decentralization property of bitcoin will not be so powerful to outweigh physical properties of gold. Whether decentralization of bitcoin could protect itself relies on humans or talents which can maintain its decentralization instead of a religion-like small block. The small block refuses more users to join the “bitcoin standard system.” In the human history, the “gold bulletin standard system” and the “gold exchange standard system” which offered more convenient but were also more complex were created by allowing fewer and fewer people to join the “gold coin standard system.” At last, governments used the credit money system to totally eliminate the “gold standard system.”
During the development process of bitcoin, will bitcoin repeat the tragedy of gold? The author thinks this will not happen, because people can avoid it by expanding its bigger block.
One after another world economic crisis reminded people of the gold standard system. Satoshi Nakamoto published “On brink of second bailout for banks” on The Times on January 3, 2009. Did it warn bitcoin fans that the “bitcoin standard system” was going to be eliminated?
Chapter 5 Not to refuse new techniques but not to let new techniques eliminate the “bitcoin standard system”
Here, the author does not refuse the lightning network and the side chain. These techniques are great. However, if they are accepted at the cost of refusing bigger blocks, people will lose the “bitcoin standard system.” That is the least expected.
Here, the author supports establishing various high techniques on bigger blocks. While enjoying high techniques, people can also use the backward “bitcoin standard system” to protect the foundation of their private property right. 
Chapter 6 Conclusion
One after another world economic crisis has aroused people’s nostalgia of the gold standard. As it is stated above, Satoshi Nakamoto had warned bitcoin fans of the potential risk of losing the “bitcoin standard system.”
(If you want to read my articles about bitcoin, please subscribe for my public account: “闪电HSL.”) My bitcoin address:14mhzjkJ71oMAMkKu3dy98dnUpkyQBHL1r
submitted by LightningHuang to btc [link] [comments]

Austria Eyes Bitcoin Rules Based on Gold, Derivatives – Bloomberg

Austria Eyes Bitcoin Rules Based on Gold, Derivatives – Bloomberg submitted by leftok to atbitcoin [link] [comments]

Study on marginalized risks of bitcoin based on the loss of the gold standard

Introduction
Gold standard is a favorable system, but it is unexpectedly eliminated by the government. Gold boasts unparalleled advantages. However, that cannot prevent the government from killing the gold standard. Below is a close look at how the gold standard is wiped out by the government step by step and how bitcoin should avoid repeating the tragedy.
Chapter 1 Gold as a natural currency
Gold has been the most time-honored and widely-used currency in the human history. Its advantages cannot be ignored.
There are 118 elements on the periodic table of elements. Gold, the No. 79 element, is adopted by humans as a symbol of honor and wealth. On the periodic table elements, there are elements in the gaseous state or the liquid state; elements whose form is unstable or which can go into combustion easily; elements who can do harm to human body; elements which are rare, hard to smelter and difficult to find by ancients. Excluding all the above elements, gold and silver are the only two elements left. In terms of stability, gold has an edge over silver because silver can be easily oxidized or vulcanized into a black color. Therefore, gold becomes the natural currency.
Featured by a stable chemical property, it means gold can act as an enduring transaction medium. To serve as currency, gold should be able to be split and cut for the convenience of carrying. Alas! Gold has all these characteristics. With a favorable physical ductility, gold can be molded into various shapes. Last but not least, gold is a rare existence in the natural world. It was generated by the explosion of new stars when fixed stars died. Up to date, humans have not yet developed the ability to make the element of gold. The only way for humans to obtain gold is to exploit gold mines on the earth.
All these characteristics have made gold the most successful currency in the world. Gold can be traced back to 5,000 years ago. Gold was once the most popular currency, leading to the emergence of the gold standard system. Despite of the many undoubtable advantages, the gold standard was still eliminated by humans in modern times. To put it more directly, gold was marginalized in terms of its currency position. Despite of the many undoubtable advantages, the gold standard was still eliminated by humans in modern times. To put it more directly, gold was marginalized in terms of its currency position.
Chapter 2 Elimination process of the gold standard by the fiat money
In the human history, the gold standard system has three realization forms, namely the gold coin standard system, the gold bullion standard system and the gold exchange standard system. The three realization forms constitute the substantial process in which the gold standard system was encroached step by step. The symbolic case of marginalization of gold as a currency was the collapse of the Bretton Woods Systems. Since then, humans have entered the era of the fiat money standard system.
The gold coin standard system refers to adopting gold coins as fiat standard coins. In other words, according to the gold coin system, gold is directly used as money, and currency manufacturing is not monopolized by the country. As long as one has the ability, he can exploit gold mines, smelter and make gold into gold coins. The gold coin standard system ruled for more than one century. 
The gold bulletin standard system refers to replacing gold coins with bank notes. According to the gold bulletin standard system, bank notes can be equally exchanged into gold. In China, bank notes were mainly issued by old-style Chinese private banks, which promised to settle their issued currency according to the fixed exchange rate of gold and silver. The exchange had no limits and was free. To some extent, this could guarantee that bank notes were corresponding to authentic gold. If one made false promises, one would suffer risks of being squeezed. However, this still impaired the nature of gold as a rare existence because of a non-100% reserve fund system, enabling the total number of bank notes to overtake that of gold. Under the currency system, currency issuance institutions with the right to issue currency emerged. The issuance of currency was realized through the issuance of bank notes. This suggested that currency issuance started turning into a right.
The gold exchange standard system is a virtual gold standard system. The country required gold to be put in one place, such as the central bank, and then the country issued its domestic currency and promised to implement the fixed exchange rate of gold. If the government wanted to issue currency, it needed to purchase the equal amount of gold. To avoid abuse of the currency policy, the government pledged on national credit. This further destroyed the gold standard system. Currency issuance was monopolized by the government. The exchange rate based on the government guarantee was never realized in history.
The Bretton Woods System symbolized the peak of the gold exchange standard system. The US government in a dominating role promised to connect the USD with gold, clarifying that the price of one ounce of gold was equal to 35 USD. Later, governments all over the world issued their domestic currencies and connected them with the USD to guarantee a fixed exchange rate. If the US government wanted to issue the USD, it needed to get the same amount of gold. If other governments wanted to issue their domestic currencies, they needed to get the same amount of gold. The system greatly weakened the gold standard system. In this way, there were two anchors with the currency issuance right in principle, but in practice there were no anchors at all, because none had the right to check how much gold the Federal Reserve had. Governments all over the world did not have an institution to supervise the issuance amount of their currency.
Quite soon, the Bretton Woods System collapsed, and the US president announced stopping exchange between the USD and gold in 1971. The gold standard system was eliminated. Since then, governments all over the world have adopted the credit money standard system. The credit money standard system has existed for nearly half a month. Despite that, gold is still regarded a kind of currency, universally acknowledged in the international community. However, its position as a currency has been weakened, just having the value storage function.
The process for the credit money system to replace the gold standard system was to first turn gold from a currency in circulation into a currency of settlement. Later, its settlement function was also deprived of, which turned gold into a value storage currency.
Chapter 3 Risks of bitcoin to undergo marginalization of gold
Bitcoin simulates physical properties of gold in terms of design. It is also rare, endurable, separable and portable. After more than seven years of market selection, bitcoin has grown into an indispensable Internet currency. It has also found its applications in the offline economic life.
At present, development of bitcoin has encountered its bottleneck. The bitcoin block is too small to make room for more transactions. The bitcoin community is also hotly discussing about techniques to expand the transaction capacity of bitcoin.
Now, there are mainly two proposals for expansion of bitcoin. First, maintain the payment function of bitcoin, and directly refer to the onchain sacling with hard fork. Second, persist in turning bitcoin into a settlement network, build the second layer of network based on bitcoin and use the technique of side chain and lightning network to enhance the payment function of bitcoin.
There is nothing new in the world. Though bitcoin is still a leading technique, it is a representation of historical events. After the gold coin standard system was stably implemented for one hundred years, the gold coin standard system was altered by a group of wise bankers and private bank owners into the gold bulletin standard system. After two world wars, the gold bulletin standard system was turned by those led by the US government into the gold exchange standard system. After two world economic crises, the US government took little effort to completely eliminate the gold standard system, thus building the modern credit currency system.
Bitcoin has not yet developed for eight years, but it has been faced with the selection of “bitcoin standard system,” “bitcoin block system” or “bitcoin exchange system.”
Direct use of bitcoin is similar to the “gold coin standard system.” Here, the author gives it a new name, “bitcoin standard system.” In the lightning network, the main chain of bitcoin is expanded to the second layer of protocol, and the main chain just undertakes the settlement function, which is similar to “gold bulletin standard system.” Here, the author calls it by “bitcoin block standard system.” Use of the side chain to build a brand-new payment platform is similar to “bitcoin exchange standard system.” Here, the author calls it by “bitcoin exchange standard system.”
When people used bank notes to replace gold coins as the currency in circulation, ease of use of bank notes was greatly highlighted compared with a pile of gold coins, and to print bank notes took less cost compared with mining, smelting and casting of gold coins. People were ready to use bank notes. However, there were no free banquets in the world. While enjoying the convenience brought by bank notes, people had to face the concentration of rights in banks. They obtained the right to issue currency and had some reserve fund. Apparently, the gold standard system was the only one to suffer from this. **In fact, people were deprived of their right to safeguard their private property.** 
People take delight in using the lightning network and side chain to design a set of more convenient and cheaper payment network. They get not only convenient, but also cost reduction. People have to believe more block chain operators, the hub of the lightning network and the side chain platform. Maybe, we can confidently think that, with nodes, there will not be some reserve fund or cheats of the side chain platform and hub. However, more than a hundred years ago, developers of bank notes also promised so. Once users have to pay an expensive price to check their own accounts (the main chain settlement system must be expensive), users have lost their ability to verify their accounts. In this way, the ability of bitcoin to protect inviolability of the private property will be challenged.
If the bitcoin network turns from a payment network into a settlement network, it means the death of the “bitcoin standard system,” and the bitcoin will lose one of its three functions, namely payment, value storage and settlement, just like what had happened to gold several hundreds of years ago. With the increasing number of banks, more and more bank notes were printed, but the reserve fund rate was decreasing. Gold had to say goodbye to its settlement function. When bitcoin’s main chain is connected with various lightning networks and side chains, will the settlement function of bitcoin also be deprived of? Logically speaking, if the main chain settlement cost is too high, the market must find a cheaper way, such as connecting side chains with sub-side chains, or bridging two different lightning networks to achieve direct cross-chain settlement without the trouble of closing channel on the main chain. The last question is when bitcoin will be deprived of its value storage function.
Chapter 4 Failure of gold to protect the gold standard system and failure of the small block of bitcoin to protect the “bitcoin block system”
Gold boasts lots of natural advantages. It is a decentralized currency in real sense, but the gold standard system was still eliminated. Natural advantages and physical properties of gold could not protect the gold standard system, but humans could.
When Keynes challenged against the gold standard system, governments all over the world followed him. None wanted to stand out to protect the gold standard system or the protection force was too small. People were happy to see the increasing number of their paper coins and experience the convenience of paper coins, but were blind to the cost they paid for these.
Bitcoins are decentralized and can ignore enemies like governments. However, the truth was gold could not protect the “gold standard system” with its physical properties. The decentralization property of bitcoin will not be so powerful to outweigh physical properties of gold. Whether decentralization of bitcoin could protect itself relies on humans or talents which can maintain its decentralization instead of a religion-like small block. The small block refuses more users to join the “bitcoin standard system.” In the human history, the “gold bulletin standard system” and the “gold exchange standard system” which offered more convenient but were also more complex were created by allowing fewer and fewer people to join the “gold coin standard system.” At last, governments used the credit money system to totally eliminate the “gold standard system.”
During the development process of bitcoin, will bitcoin repeat the tragedy of gold? The author thinks this will not happen, because people can avoid it by expanding its bigger block.
One after another world economic crisis reminded people of the gold standard system. Satoshi Nakamoto published “On brink of second bailout for banks” on The Times on January 3, 2009. Did it warn bitcoin fans that the “bitcoin standard system” was going to be eliminated?
Chapter 5 Not to refuse new techniques but not to let new techniques eliminate the “bitcoin standard system”
Here, the author does not refuse the lightning network and the side chain. These techniques are great. However, if they are accepted at the cost of refusing bigger blocks, people will lose the “bitcoin standard system.” That is the least expected.
Here, the author supports establishing various high techniques on bigger blocks. While enjoying high techniques, people can also use the backward “bitcoin standard system” to protect the foundation of their private property right. 
Chapter 6 Conclusion
One after another world economic crisis has aroused people’s nostalgia of the gold standard. As it is stated above, Satoshi Nakamoto had warned bitcoin fans of the potential risk of losing the “bitcoin standard system.”
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[uncensored-r/Bitcoin] Based on your calculations, in what year will 1 bitcoin be worth 1 ton of gold?

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12-16 12:02 - 'Gold has been used as store of value for 6000+ years, Bitcoin less than ten. A currency lives and dies based on its transactional utility. Bitcoin Cash is usable today as a transactional currency.' by /u/bitcoincoreclowns removed from /r/Bitcoin within 5-15min

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Gold has been used as store of value for 6000+ years, Bitcoin less than ten. A currency lives and dies based on its transactional utility. Bitcoin Cash is usable today as a transactional currency.
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Based on your calculations, in what year will 1 bitcoin be worth more than 1 ton of gold? /r/Bitcoin

Based on your calculations, in what year will 1 bitcoin be worth more than 1 ton of gold? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A guide to Bitcoin: The amazing investment based on dream gold invented by a wizard

A guide to Bitcoin: The amazing investment based on dream gold invented by a wizard submitted by pikadrew to Bitcoin [link] [comments]

How to Buy Bitcoin on Coinbase Using Your Debit Card - YouTube What is Bitcoin? Bitcoin Explained Simply for Dummies ... Casting A Huge Golden BITCOIN From Scrap Bolts & Bullet ... Bitcoin Gold Mining Profitability - BLOCK #005 BITCOIN NEXT STEP!!! Predictions, Trump, Iran, Gold / ft Alex Saunders

A program to help users find the right BTG-based debit card services for their needs and locations. A marketplace of merchants where shoppers can easily find places to spend their BTG, and sellers can feature that they take Bitcoin Gold. A network of partners (solution providers, payment services, eCommerce integrators) to help merchants easily accept Bitcoin Gold. A brand that helps consumers ... Likewise, Bitcoin should follow the gold’s upside call based on its similar features with the metal. That means a clear bull run towards $20,000, which remains a psychological target for bulls. That means a clear bull run towards $20,000, which remains a psychological target for bulls. A bitcoin economy is laughably far off from a mainstream perspective – even more so than a gold-based economy. Bitcoin’s market cap sits below $200 billion while the Dow hit as high as $8 ... Bitcoin Is the New Gold. Invest in it, perhaps. But don't try to shop with it. By . Noah Smith . January 31, 2018, 5:00 AM EST 4:48. Bitcoin Is the New Gold. Invest in it, perhaps. But don't try ... A fintech company called Paxos has partnered with the Euroclear team to bring blockchain-based gold settlement to the London Bullion Market. The project cal

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How to Buy Bitcoin on Coinbase Using Your Debit Card - YouTube

Bitcoin gold mining profitability can be easily worked out using an online mining calculator such as the one shown in this video. However it is also a good idea not to rely on just one but try a ... I day traded bitcoin for a whole week all from my iPhone. Let's see if it's possible to make passive income ($100 per day) with crypto as a complete beginner... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... During an interview Josh Sigurdson and John Sneisen conducted with Robert Kiyosaki, author of 'Rich Dad, Poor Dad', Kiyosaki explained his thoughts on the fu... This video is unavailable. Watch Queue Queue

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