/biz/ - Business & Finance

If that's true why does gold have a higher market cap than bitcoin?

>>58021438
central banks hoard gold

>>58021449
Gold is unironically a scam. Banks and governments are under the same covers to shill shiny rocks to the public. It provides very little value to the average Joe. It looks fine for the normie consumer.
Gold also plays a role for tech industries, but that's where all the practical application ends. About the same goes for diamonds.
In conclusion gold is a tool to inflate accounting books.

I'd be happy to see "rare"-earth element correct themselves during my life time.

>>58021400
What fucking retarded investor puts even a cent into gold? Like whats the upside at all? Your money gives even more returns with bonds

>>58021438
Because loads of gold is not held in jpmorgan investment portfolios. Fuckloads is with central banks, industrial applications, jewelers, private gold sellers ECT

>>58021559
gold is rare tho

>>58021559
>I'd be happy to see "rare"-earth element correct themselves during my life time.
I agree

>>58021579
Not as rare as you think. Also total supply is unknown, possible chance of trillions in gold being discovered from an asteroid crash; or deep underground mining off the books. Golds rarity is arbitrary and speculative, it's a rock

>>58021630

Didn't all the gold in the world come from an asteroid crash?

>>58021573
The upside is that you don’t get rugpulled when your retarded government leaders quadrupole the amount of currency in circulation in only a handful of years. Gold is not meant to be used as a vehicle to grow your wealth. It’s meant to maintain the value of your wealth when the formerly rich are throwing themselves off skyscrapers.

>>58021400
Has Bitcoin produced any tangible value to the human race

>>58021647
i don't think so, but I could be completely ignorant on the subject. From what I understood it occurs naturally on earth and other planets given sufficient time, but I'll be honest and say idk. Eitherway, the gold underground could be in the trillions due to many cataclysms and millions of years of history happening here; we still don't know much about the subterranean mysteries that lie below our feet.

>>58021630
that's fair, and a good reason not to keep ALL your money in rocks
is 14T$ reasonable? gut instinct makes me say 'probably not, considering what else 14T$ technically buys'
but it is rare

>>58021649
And gold barely reflects that retard. This is a nice flimflam thing you tell boomers that you want to skim the top off. It doesnt pan out in reality at all
You're much better off putting in stocks or index funds than gold

>>58021657
Yes. It prevents baseless speculation into companies and provides tax revenue. It might actually be a very valuable knob for future economists to have on the machine.

>>58021649
Also lmfao
> Gold is not meant to be used as a vehicle to grow your wealth.
Couldnt have said it better

>>58021630
>t. Saas tech fag

>>58021630
The value of gold has remained stable relative to the value of human labor for literally thousands of years. It’s brainlets like you that insist asteroid mining and infinite energy transmutation are going to be here any day that are speculating.

>>58021695
It's not abundant, but it can't be as rare as they make it out to be. There are many variables to the supply that could be speculated on, it can't be quantified it's just a leftover of a legacy rarity system before the age of information and globalization. BTC on the other hand is actually quantifiably rare; and no supply can ever be created unlike gold and other rare earth minerals that exist on other planets as well as in asteroids.

>>58021657
It has produced nothing at all. Henry Ford is laughing in his grave as crypto fags attempt to equate wasting energy then selling the reciept, Ford wanted to issue a currency from the power GENERATED by the mussel shoals dam. How much power does a bitcoin generate?

>>58021716
>And gold barely reflects that
What are you even talking about? Go look at a chart, nigger brain. Gold is up significantly vs CPI on basically every timeframe.

>>58021657
Giving people an excellent means to escape inflation that delivers way better than gold and is set to continue to outperform gold and most other major forms of investing (besides getting a lucky 1000x on a low liquidity memecoin).

Funny thing about Schiff... He recently admitted he would have bought bitcoin in the past if he knew how high it was going. Just admitting that invalidates his claim about it having no value even from his personal subjective perspective. He just wants other people to be as persistently-bad about predicting the future as he is, so you try to buy his shiny rocks. His own theories have zero explanative power when it comes to bitcoin and are in a perpetual state of being proven wrong, but just buy gold okay..

>>58021798
Crypto currency is legally rehypothecated from cold wallets; idle wealth is commingled into "low risk investment vehicles", quite literally no different and less secure than a bank, which is also retarded to leave your wealth in. Random number generators have backdoors via generated keys from the dual elliptic curve. All crypto was designed for a rugpull

>>58021783
Asteroid mining isn't even necessary. Realistically we could mine for more underground, there's bound to be quadrillions worth and subterranean vehicles and drilling machines being advanced enough to do that isn't beyond the realm of possibility. It'd be faster to develop than a space mining operation.

>>58021798
>no supply can ever be created unlike [...]
correct me if I'm wrong, but ultimately only code and consensus governs how many BTC there are, not some ironclad law of nature
otherwise I agree, of course, it's different, unequal risks

>>58021834
>bro we could totally drive the price of gold down if we… discover advanced forms of deep earth mining that would almost certainly cost significantly more per oz than the current methods… you know, if such methods existed
Right, speculation.

>>58021657
>What if the heat death of the universe occurs ?
I don't think a single soul listens him seriously

>>58021798
Legally, a
>chill or freeze
can be imposed by a broker, which would trip a pic related.

>>58021847
>only code and consensus
both of which are mutable, being subject to the whims of humans

>>58021861

>>58021881
and exploitable, yes, that was my point, trivial really

>>58021861
Betting against human progress and technology is probably the dumbest bet you can ever make

>>58021400
This will be a cruel mirage for the foolhardy

>>58021949

I'm just not gonna buy it ( the intangible asset) hahaha sorry, im just not gonna.

>>58021861
it's a drill, they could figure out some kind of laser mining technique. that's really not outlandish and sci-fi tier

>>58021947
Look at the progress we’ve made on space travel. 55 years and we’ve actually lost the capability to make it to the moon. But I’m sure the futuristic technologies will pop up any day now to harvest these supposedly worthless metals.

>>58022021
>just like muh hollyjew movies!
>havent you seen fucking Core??
>ultrasonic laser beams bro
>haha dont get precious metals though because uh my rabbi told me to tell you
Meanwhile irl they just print out paper iou slips promising metals as a means of tamping the price down and diverting physical ownership.

>>58022021
You have no idea how to mine. The deeper you go the harder it is. Materials science isn't anywhere it needs to be to make digging equipment reliable at extreme depths let alone profitable. Its just like the yards who think we're going to be asteroid mining in 15 years. Sure, if you want gold to shoot to insane prices. Same thing with deep mining. The temps and pressures down there break everything. "Laser" miners are too fragile and will be for the foreseeable future. You might as well just make gold 2 million dollars an ounce right now if you want to start this fantasy mining operation.

>>58021559
as long as there is retards that buy jewelry then gold won't ever go down

>>58021400
Schiff should buy Qanx and thank me later

>>58021400
Quick reminder that [redacted] cannot touch silver because it burns their skin due to the olygodynamic effect.

ih8ZRWkm alright buddy back to your containment thread

>>58022176
>nooo stop calling out the flaws of crypto
How about the faces of crypto

>>58021400
ahh shit