The most frequently misunderstood difference between gold and Bitcoin is that BTC issuance is pre-determined and algorithmic, rather than miner-driven. While miners play a role, investors place value subjectively. Marginal cost of production matters much less.
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the #1 value prop of Bitcoin is it's fixed supply. that's the biggest beauty of it.
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If its not controlled by the STATE then who does the inflation go TO? If the expansions & contractions are preprogrammed, WHEN do you decide to expand or contract? How does this info reach the Blockchain? Have you solved oracles problem? When you contract how do you BURN coins?
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these are all hard questions that are still unsolved. I know this because I am personally invested in people trying to solve them and its *NOT* easy. Even if it *IS* solved. an inflationary currency will always lose to a fixed-supply one on the free market.
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The latter preserves wealth much better / is a much better Store of Value.
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How so ? it's just lost 65% of it's value since January. That is close to an order of magnitude worse than the USD has ever seen over the same time frame. You're all theory- but this is not borne out in practice.
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Jesus Christ, it’s only 9 years old. It’s still undergoing a process of slow monetization. Gold took millenia to fully monetize. You’re comparing a mature currency with an extremely young one.pic.twitter.com/8Sh6LfA9qe
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Do you think GOLD was stable 9 years after it was first discovered? Of course not!
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No but it wasn't a store of value and likely wasn't a means of transaction either. But most importantly - gold's market cap 9 years after discovered wasn't $200B in 2018 dollars.
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