Bitcoin is nothing like Gold

[Anonymous No.12116236]

1. When Bitcoin was initially mined, everyone who mined it got Bitcoins
2. When Gold was initially mined, only lucky people got Bitcoins.
3. When people mine for anything physical they are never guaranteed to get what they're after, if anything.
4. When people mine for Bitcoin they are absolutely guaranteed to get what they're after. There is no risk.
5. The proof of work in physical mining is the mined object, that shows luck. Scarcity by the very nature that luck prohibits most physical miners from finding anything.
6. The proof of work in Bitcoin mining is the Bitcoin, that shows processing power directed to get a Bitcoin. No scarcity, just power.
7. Many physical miners will never find anything - they will become insolvent or bankrupt.
8. All bitcoin miners will eventually find a Bitcoin.
9. The risk/reward is different. The scarcity is different.
10. Bitcoin is neither a currency, nor an asset like gold.
11. Its only value therefore is scarcity.
12. Bitcoin is not scarce as it can be divided infinitely into satoshis, then millisatoshis, then further when need be.
13. Bitcoin has no value outsde of speculation.

QED

[Anonymous No.12116248]

>>12116236
And?

[Anonymous No.12116265]

>2. When Gold was initially mined, only lucky people got Bitcoins.

[Anonymous No.12116282]

>>12116265
yeah a typo, shit happens, like you buying magic beans probably

[Anonymous No.12116310]

>>12116236
Bitcoin and gold have at least one thing in common: they both attract cranks who defy all logic and reason.

[Anonymous No.12116323]

>>12116236
>there is no risk

Lol

[Anonymous No.12116343]

>>12116323
What is the risk and how is it comparable with gold?

>Bitcoin: Have electricity and software. Guaranteed to find a Bitcoin
>Gold: Have mining equipment, have land, have labor, have luck - Not guaranteed to find anything

[Anonymous No.12116361]

>>12116236
>All bitcoin miners will eventually find a bitcoin
No they won't. That's why mining pools are a thing. If everyone teams up together and one person finds a bitcoin, you split it between all people who took part depending on how much they contributed. If you solomine, you may never find shit.

[Anonymous No.12116379]

>>12116361
Yes you will it'll just take longer.

And you're ignoring the early miners, where 99% of bitcoins were mined. You can't just focus on the market today.

Were early gold miners all finding gold automatically? Everyone who dug earth struck gold?

[Anonymous No.12116517]

>>12116236
Buy Signal: The Thread

[Anonymous No.12116521]

>>12116517
Not an argument

[Anonymous No.12116532]

>>12116517
>that moment that everything is a buy signal to cryptards

[Anonymous No.12116571]

>>12116236
t. got all his facts about how bitcoin mining works by talking to his carpet

[Anonymous No.12116596]

>>12116571
Not an argument

https://bitcointalk.org/index.php?topic=99265.0

>I mined about 200btc with a pentium 4 pc in a couple of days.
>I mined 100 BTC in a few days in late 2009 using two or three computers (the same one built both blocks) I was previously using for SETI@home. I don't remember their specs, but they weren't anything special. I actually stopped because they were using significant amounts of power to generate something that didn't seem to have any purpose or value, and went back to SETI@home.
>I mined 9 blocks with 2 laptops' CPUs from June to Sept 2010.

etc.

[Anonymous No.12116606]

>>12116343
>Bitcoin: Have electricity and software. Guaranteed to find a Bitcoin
It's not guaranteed you get it...

[Anonymous No.12116622]

>>12116606
It is with time. When most Bitcoins were mined everyone was guaranteed Bitcoins.

When were all gold miners guaranteed to strike gold? Never

[Anonymous No.12117183]

>>12116622
No, you're not guaranteed to get a Bitcoin, if you're mining it. You can get unlucky. In fact, if you're just on your own mining, you'd probably never find anything. Many miners go bankrupt already because they don't find bitcoins. But if you're part of a pool, that would be the equivalent of being part of a gold mining company, or owning gold mining stocks. So you don't seem to understand.

[Anonymous No.12117198]

>>12117183
Again you're ignoring the historical mining of Bitcoins. That'd be akin to saying because hardly anybody finds new gold today that nobody ever found tonnes of gold.

[Anonymous No.12117236]

Retard alert.

[Anonymous No.12117316]

>>12117236
Not an argument

[Anonymous No.12117328]

>>12116236

>Bitcoin is not scarce as it can be divided infinitely into satoshis, then millisatoshis, then further when need be.

[Anonymous No.12117332]

>>12116236
Good thread anon, lots of fucktards in here. We are far from bottom

[Anonymous No.12117336]

>>12117328

Thats true. Are you denying it? hahaha.

[Anonymous No.12117347]

>>12117336

You can divide gold into atoms too bro, doesn't mean it's not scarce.

[Anonymous No.12117370]

>>12117347
Try and take possession of an atom of physical gold. Impossible.

Try and take possession of a denomination of a bitcoin - possible/done every second.

[Anonymous No.12117391]

Gold can be divided infinitely.
Gold was luck based 100 years ago, now you can analyze mining spot beforehead.

[Anonymous No.12117433]

>>12116236

Crypto is an inherently flawed system, and everyone who goes all in will lose in the end.

>>>12117197

[Anonymous No.12117437]

>>12117391
>Gold can be divided infinitely.
No. Physical limits. Nobody is trading invisible atoms.

>>12117391
Scarce based on prohibtions of cost, labor, luck, transport, security. To attain Gold, historically, required so many steps of value.

To attain Bitcoin meant running an application using electricity and waiting for Bitcoins to come out. No luck, no labor, no transport, no security, no risk.

The value comparison is invalid. This is an oft-overlooked (or rather, intentionally ignored) component of what makes anything mined valuable.

[Anonymous No.12117528]

OP is actually retarded Holy shit topkek.

[Anonymous No.12117546]

>>12117528
Not an argument

[Anonymous No.12117598]

>>12116379
It’s entirely possible to solo mine and never find a thing.

[Anonymous No.12117610]

>>12117437
If there is no risk in bitcoin mining then why are the miners all going broke?

[Anonymous No.12117662]

>>12117598
>>12117610

Not when Bitcoin was released, and when most Bitcoins were mined. There was no risk. Today there is a prohibition, but that is relatively immaterial as most Bitcoins were mined without risk on the miners side. The majority were mined without risk.

[Anonymous No.12117666]

>>12116343
Except it's NOT guaranteed you absolute brainlet. You don't even understand the fundamentals of crypto mining.

[Anonymous No.12117681]

>>12117437
Ok this thread has got to be bait. You can't unironically believe there's no risk for crypto miners.

[Anonymous No.12117701]

>>12116343
You are competing with other miners to get the next block of bitcoins which right now its 12.5 btc per block. The issue is that only mining farms/pools are actually going to unlock that block because they have way more hash power. If you try to mine alone for years without joining a pool where they rape uou in fees you will likely get zero bitcoins.

[Anonymous No.12117711]

>>12116236
>everyone who mined it got BTC
That's wrong you brain damaged fuck. Unless you find a pool, you're on your own. A pool of gold miners could not have existed because trust is an issue but with BTC you can't cheat the system.

[Anonymous No.12117720]

>why BTC is the better gold

[Anonymous No.12117739]

>>12116236
>1. When Bitcoin was initially mined, everyone who mined it got Bitcoins
>2. When Gold was initially mined, only lucky people got Bitcoins.
lol i stopped right there. only lucky people get bitcoins when mining, too, you mongoloid. that's why people create mining pools; this is directly analgous to a "gold mining company" because even if Joe finds a huge nugget, he's gotta share with Tom, Dick, and Harry at the company (pool). The kicker? Joe can't run off with the nugget, it's handled automagically, and we don't need to spend precious, limited time and break our backs to do it.
fuck off OP, you're gay.

[Anonymous No.12117745]

>>12117666
It was guaranteed for 90%+ of bitcoin mining. It had no risk. Do you deny this?

[Anonymous No.12117746]

>>12116379
Gold was much easier to find in the past. That's a fact. The only reason miners had it easy back in 2009-2010 is because noone had a mining pool. Everyone was using their computer and there weren't many people competing. There was a steep learning curve to mining. You basicly had to know some stuff about programming to start.

[Anonymous No.12117753]

>>12116379
99% of bitcoins were mined, yet there are a bit less than 4 million left to be mined out of the total amount of 21 million. Nice maths!

>Bitcoin can be divided infinitely and it's a bad thing

INFINITE KEK if everyone would use gold people would literally have micrograms of it. Transactions would be in fucking molecules. Even the poorest bum in the universe could own 1 trillionth of a bitcoin HAHAHAHAHAHAHAHAHAHAHHAHAH

Gold ain't worth shit if people wouldn't invest in it. 50% is being used for jewelry cuz ur monkey brain says shiny=pretty. It has so little use outside of speculation.

Nice bait retard, got what you wanted,?

[Anonymous No.12117762]

>>12117739
>>12117720
>>12117711
>>12117701

Stop treating the current mining process as how almost all Bitcoins were mined.

Over 90% were mined as guarantees just by running a program using electricity. The difficulty increased with time, but that's only relevant for the remainder - in other words, not relevant.

[Anonymous No.12117773]

>>12117746
Gold was easier to find.

In no time of history did every single gold miner find gold. The sale price of gold will always include the cost of failure/risk thats required to make it profitable when mined.

The cost of failure/risk of Bitcoin was 0, 0%, $0, all you needed was electricity and an application.

[Anonymous No.12117786]

>>12117753
Can you summarise an argument in that gibberish?

[Anonymous No.12117796]

>>12116236
>All bitcoin miners will eventually find a Bitcoin.
point and laugh at this retard

[Anonymous No.12117802]

>>12117370
True. Altho most gold trading is not done by actually transfering the gold. Most is done in where it stays in a safe where you buy ownership, even partial ownership is possible. It is just entry in a table.

You could not get your physical gold out this way, but it does not matter for its purpose.

Consequently gold trading is *mostly* abstracted into changing a numbers in a table (from the safe of the bank). Bitcorn just leaves the theoretical physical gold transfer out and stays at changing numbers in a table.

[Anonymous No.12117818]

>>12117762
I don't get your point. Who cares if btc is way more scarce now thsn it was in 2009. Miners process transactions for people using the network and in return miners get financisl incentives to keep mining with block rewards.

[Anonymous No.12117823]

>>12117802
This is true but the caveat is if people were unable to take possession of gold they would not value it at any price (or perhaps nowhere near its current or historical price).

You can buy units of gold, but not atoms, and nothing that cant be physically transported.

[Anonymous No.12117825]

>>12117773
>The cost of failure/risk of Bitcoin was 0, 0%, $0, all you needed was electricity and an application.


And what if bitcoin never gained any value and you'd get hit by the electricity bill?

[Anonymous No.12117831]

>>12117773
There is gold everywhere. Everyone has thr ability yo find small smounts of gold anywhere in the wotld. There are people whose job is to dig up dirt in the city and sift for tiny pebbles of golf.

[Anonymous No.12117834]

>>12117786

Asks the brainlet

[Anonymous No.12117839]

>>12117818
The point is that the comparison between gold and bitcoin fails here.

It fails because the price of Gold will always be [Tangible value + Cost of Risk]

What was the Cost of Risk for Bitcoin? 0 for 90%+ of its mining.

This creates a severe price disparity - forever. You will never bring them into a value alignment as Gold was never 90% risk-free. The value of risk needs to be included into the asset price.

[Anonymous No.12117843]

>>12117825
Then you own something valueless and any bill is irrelevant. You could try and sell it but as you said its valueless so no buyers and doesnt matter whether you price it infinity or 0.

[Anonymous No.12117854]

>>12117831
This is wrong and false

[Anonymous No.12118088]

>>12117839
Certainly shut them faggots up

[Anonymous No.12118116]

>>12117370
>Try and take possession of an atom of physical gold. Impossible.

That's precisely why bitcoins are better, you stupid fucking brainlet.

[Anonymous No.12118144]

>>12118116
So its not gold, then. So its not a valuable asset, then. And its not a currency. So what is it? Oh its a speculators widget.

[Anonymous No.12118544]

>>12117762
uh, your assertion is completely irrelevant but okay sweaty. go buy your shiny rocks which we'll be mining on asteroids in 10-20 yrs.

[Anonymous No.12118551]

>>12117773
>The cost of failure/risk of Bitcoin was 0, 0%, $0
>all you needed was electricity
PICK ONE FAGGOT. or can you show me the land of free electricity?
Your mother probably bathed you frequently in Johnson & Johnson products, huh?

[Anonymous No.12118565]

I'm 95% down on initial, and believe it or not, I'm super excited and can't wait to buy more.

[Anonymous No.12118569]

>>12117839
open a multi terrahash operation for zero risk!
the federal reserve hates him!
>he actually thinks spending thousands on electricity monthly and 5-6 figures on hardware which may not hold its value is "risk-free"

[Anonymous No.12118584]

>>12118144
>So its not gold, then. So its not a valuable asset, then.
wow, solid argument! thanks just bought 3 kilos of gold that I will never be able to reasonably transfer or sell at a moments notice

[Anonymous No.12118695]

>>12118551
Electricity isnt a risk you fucking moron its a cost

Risk = 0 means everyone who mined coins got coins

[Anonymous No.12118706]

>>12118569
ARE YOU SMOKING METH? OR JUST OBTUSE?

For 90% of Bitcoins mined it had 0 risk. You can't just ignore that and focus on the current situation.

[Anonymous No.12118714]

>>12118584
So you admit its not gold, and its not a currency (or its a very very poor one), what are you trying to say Bitcoin is?

[Anonymous No.12118805]

Anyone who isn't retarded can ascertain the implication on the price floor from having a zero risk 'mined' asset with no other tangible value beyond being an asset thats alleged to be a store of value

If you don't get it you'll never get it

[Anonymous No.12118917]

>>12116236
>12. Bitcoin is not scarce as it can be divided infinitely into satoshis, then millisatoshis, then further when need be.
Guys I chainsawed my gold, this means gold was never scarce.