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I agree that an indiscernible gold ingot can be more difficult to irrefutably test than bitcoin (performing a water displacement test is not costly & accurate in most situations.). Realistically though, almost all buyers of gold or bitcoin rely on centralised entities.
You exaggerate. I and many other Bitcoin users validate for ourselves. It's quite easy.
Just compare the cost and steps involved to validate, secure and transport bitcoin vs metals. The benefits and cost savings when using bitcoin is enormous. Even the most bullish gold bug knows this but they might not say it publicly of course.
I don't believe it's that simple. I can independently transport (on my person) & transact a high value quantity of gold. @roysebag makes the argument (rightfully) that bitcoin requires substantial infrastructure to do the same.https://twitter.com/josephskewes/status/1132093163114356738 …
The idea that assaying or "validating" pure gold is a difficult task is imho a myth. The whole reason gold as an element ascended as money is due our ability as humans to employ kinesthetic, taste, smell (gold has no taste or smell) sense perceptions to validate it vs. others.
Holding gold in your hand, burning it with a lighter, biting into it, smelling it, tasting it with your tongue, exposing it to water, etc. are all very easy ways to decentrally and self-evidently verify it to be unique to everything else. X-Ray, chemical assays, are also cheap.
Cheap, easy, reliable: pick one. Far short of being good enough for typical retail transactions. Why coins were invented millennia ago. With modern spectroscopy could do better, but would have to redesign form factor of jewelry to be suitable for random sampling & quick spectro.
Majority of people buying bitcoin are doing so on a centralised exchange, do you disagree? That seems to be the reality. They can validate after purchase more easily, but I can buy from a bullion dealer with an XRF machine to test on the spot.
I agree with the fact that majority of ppl are buying BTC on a centralised exchange. But let's be honest - validating BTC vs. owning a XRF to validate gold? We shouldn't be losing energy discussing what's easier.
If you validate with an XRF at the time of purchase, what need is there to own your own? Water displacement test + acid test likely to verify 99.9% of gold. I agreed testing bitcoin is easier, but I also think the vast majority of bitcoin buyers rely on centralised entities.
*to buy. Not validate. Also, it's been around for just 10y, it will only get easier, faster, more secure and private
The only time I am interested in validating is when I buy.
You don't buy BTC at the moment you click the buy button at centralized exchange, you get BTC IOU / fix the price. You get actual BTC only when you withdraw to your wallet. Then you can and should validate.
Nick thank you for your work. when will my grandma be able to validate herself? In order to see mass adoption in bitcoin don’t we need it to be that easy? How close are we? Rather see individuals adopt bitcoin before the institutions! There is still time.
Nick when will we see what you guys are doing with Global Financial Access? Are you guys building on Bitcoin or Ethereum, or both?
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