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We looked our financial advisor in the eye and told him gold will turn into a scam because of #bitcoin 
He laughed and condescendingly came back with the 6000 years argument.
Here is why we think gold's years are numbered.
He laughed and condescendingly came back with the 6000 years argument.
Here is why we think gold's years are numbered.
1) Gold throughout history has been mainly used as a store of value. Even as jewelry it’s main purpose is to store & transfer wealth. That is why it is used in East Asian & middle eastern countries as dowries
2) Gold salesman like @PeterSchiff will lie to you and tell you that golds value comes from practical use cases like electronics. Gold does get used for other things besides store of value but that demand is not what gives gold a $10 trillion dollar market cap. This does
3) Large countries and institutions storing massive amounts of gold in vaults. That is what gives gold value. This has worked great for millennia because gold was always the scarcest asset with the highest Stock/Flow ratio
#Bitcoin changed that
#Bitcoin
changed that
4) #Bitcoin is digital gold, Only its 1000x better than gold in all aspects
Lets dig a little into why that is
a. Unlike gold, Bitcoin is 100% monetary premium which means it is not used for electronics or any other use cases other than pure money
is digital gold, Only its 1000x better than gold in all aspectsLets dig a little into why that is
a. Unlike gold, Bitcoin is 100% monetary premium which means it is not used for electronics or any other use cases other than pure money
5) b. #Bitcoin dematerializes value and makes it digital which made it easier to move value across the world without the need for any third parties. We can move $100 million from Canada to the uk to Australia and back to Canada in 2 hours for 30 bucks MAX. https://twitter.com/whale_alert/status/1337058837745037313?s=20
dematerializes value and makes it digital which made it easier to move value across the world without the need for any third parties. We can move $100 million from Canada to the uk to Australia and back to Canada in 2 hours for 30 bucks MAX. https://twitter.com/whale_alert/status/1337058837745037313?s=20
6) To do that with gold you will need an armed security team and will cost you from 300 to 500 thousand dollars & take 4 to 5 months.
7) c. Because gold is so heavy and difficult to store. Some Countries will store their gold in other countries which in some cases does lead to the confiscation of that gold https://www.theguardian.com/world/2020/jun/25/uk-high-court-hears-claims-boe-unlawfully-blocks-venezuelan-gold
8) Even regular individuals that hold gold will take EXTREME measures to transfer their wealth across countries that have strict capital controls https://nypost.com/2020/10/16/plane-passenger-caught-smuggling-gold-in-rectum-to-avoid-taxes/
9) d. #Gold is scarce but #Bitcoin is absolutely scarce. A very important differentiation. Gold miners currently mine 2% of the gold supply every year. The higher the price of gold goes, the more resources will be spent on trying to mine more gold. (Just like oil)
is absolutely scarce. A very important differentiation. Gold miners currently mine 2% of the gold supply every year. The higher the price of gold goes, the more resources will be spent on trying to mine more gold. (Just like oil)
10) As technology improves its highly likely humans will be able to mine more than the 2% currently being mined around the world. #Bitcoin supply issuance is fixed and comes with a difficulty adjustment which simply means that if the whole world turned their computers
supply issuance is fixed and comes with a difficulty adjustment which simply means that if the whole world turned their computers
11) into #Bitcoin miners they will mine the same amount of bitcoin while making the network stronger. This thread is a beautiful clarification of this process https://twitter.com/PrestonPysh/status/1327103306775359488?s=20
miners they will mine the same amount of bitcoin while making the network stronger. This thread is a beautiful clarification of this process https://twitter.com/PrestonPysh/status/1327103306775359488?s=20
12) e. #Bitcoin supply is verifiable to the last 1/100millionth unit (SATOSHI) simply by running a full node on your laptop. While gold bugs will tell you that gold scarce. There is no accurate way of verifying that scarcity to the last ounce. Ask accountant @pierre_rochard
supply is verifiable to the last 1/100millionth unit (SATOSHI) simply by running a full node on your laptop. While gold bugs will tell you that gold scarce. There is no accurate way of verifying that scarcity to the last ounce. Ask accountant @pierre_rochard
13) Gold investors can easily be surprised that a discovery of a new gold mine will soon flood the market https://smallcaps.com.au/worlds-largest-gold-deposit-discovered-in-siberia/
14) f. That same Node that you run on your laptop can also verify that the #bitcoin you are receiving is the real thing. Gold is extremely hard to verify which leads to fake gold being circulated in the market https://news.bitcoin.com/gold-industry-83-tons-fake-gold-bars-secure-2-billion-loans-china/#:~:text=The%20gold%20industry%20has%20been,jewelry%20manufacturer%20in%20Wuhan%2C%20China.
you are receiving is the real thing. Gold is extremely hard to verify which leads to fake gold being circulated in the market https://news.bitcoin.com/gold-industry-83-tons-fake-gold-bars-secure-2-billion-loans-china/#:~:text=The%20gold%20industry%20has%20been,jewelry%20manufacturer%20in%20Wuhan%2C%20China.
15) All of these reasons will eventually turn gold into a store of wealth scam. We love the idea of gold but we disagree with Hedge Fund Managers like Paul Tudor Jones, Stan Druckenmiller & @DTAPCAP that think gold and #bitcoin are cousins.
are cousins.
16) Its like saying Google maps & Randmcnally maps are cousins. It doesn't make sense, The Market will eventually choose one over the other to store their wealth. This will not happen in 2 or 3 years. https://twitter.com/michael_saylor/status/1330879464373448704?s=20
17) But over a decade or two. #Gold investors will suffer greatly for identifying the problems in the world and choosing the wrong tool to fight it. Smart investors will realize this eventually and sell their gold to buy bitcoin just like @RaoulGMI Choose wisely, Choose #Bitcoin
18) Gold was a great store of value for 6000 years because we didn't have bitcoin This is a new era. Welcome everyone to the #Bitcoin Standard https://twitter.com/michael_saylor/status/1326177590491623426?s=20
Standard https://twitter.com/michael_saylor/status/1326177590491623426?s=20
