I’m a gold-bug, but at some point we have to admit that Bitcoin is a better form of money

#goldbug #point #admit #Bitcoin #form #money

Newest Most Voted
Inline Feedbacks
View all comments

This is really good. I was going to invest in Gold Coins but started watching those Border Control / Airport Customs officer shows. Yep, they will tax you / confiscate your gold.


Never late to [understand money](https://np.reddit.com/r/Bitcoin/comments/1124cxd/bitcoin_wont_beat_fiat_as_a_medium_of_exchange/j8itipz/)

Gold was good money but it’s political, lacks absolute scarcity and cannot settle as physical bearer instrument in an instant at the same speed as information at next to no cost. Energy currency is the holy grail.

We are witnessing problems with money old as time fixed during our lifetime. It doesn’t really “hit” you until you’re all alone removed from the clown world and start thinking about money from first principles. I got chills when the penny dropped for me 4 years ago. Of all the times you could have been alive. Think of every evil, injustice, abuse of power, all the chaos and untold suffering throughout history, all for control of money. He who controls the money controls every aspect of your life from the day you are born to the day you die.

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.

Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We don’t have to worry about a chain of custody of communication. It doesn’t matter who tells you a longest chain, the proof-of-work speaks for itself. The proof-of-work chain is the solution to the synchronisation problem, and to knowing what the globally shared view is without having to trust anyone.”

— Satoshi Nakamoto

!lntip 1000 (1 hayek)


same used to be a gold and silver bullion bug because well that’s the best there was at the time. sold it all when i found bitcoin.

1. yup although gold’s production is predicable and low, gold’s supply is unknown and getting less scarce as you have indictated.

2 and 3. you only have 2 options to sell gold: get fleeced by bullion exchanges and gold for cash people or risk it p2p where it’s impossible to assay the quality on your own.

4 proper opsec and bitcoin is unconfiscatible whereas securing thousands of dollars in gold is impossible.

5 and 6. way more portable and divisible than gold and you can take your entire wealth in your brain and you can transfer to anyone anywhere anytime whereas you can’t with gold.


Bro I had 75 oz of gold at one time but now I just have crypto for the most part, especially BTC, once I did the research I knew I had to get Bitcoin, at least some for sure


This post and other former gold bugs in this thread… I’m loving reading through this thread!


Also for practical reasons gold eventually needs a form of IOU currency for exchange, for example for cross-border xchange. It’s simply expensive to pay for the transportation, security and as you said, reputation/purity.

And over time those IOUs eventually will get centralized by the government, and humanity will have 1933/1971 all over again. Bitcoin breaks that loop by having the lightning being Bitcoin’s IOU which is 100% verifiable backed and doesn’t necessarily tends towards centralization on governments.

So even in the “theoretical” realm, Bitcoin can surpass gold.


There’s also the issue that if gold price goes up to say $3000, much more mining/new supply will occur. BTC doesn’t have that supply reaction.


That realization hit me in 2014


Nice write up. Thanks for sharing.


Bitcoin is real money


I went through the same thoughts. I hold good amounts of both instead of an either or situation. Diversification is always a safe bet.


This is Gold


I am a former gold/silver bug. 2008-2011 and from 2016-2017… dumped all my gold/silver in 2017 to dabble in “crypto” and finally learned that bitcoin had no equal by 2021.

Gold/silver after adjusted for inflation, have failed to regain its old all time highs in the early 80s… silver needs to be over $150 and gold needs to be $3500 just to reach their inflation adjusted all time highs… that’s after 40+ years too… 40 years of worthless fiat garbage couldn’t push gold and silver to its true inflation adjusted all time highs.

If computers never existed, gold would have no equal as hard money BUT SINCE COMPUTERS EXIST, bitcoin is far superior. If someone can use an app, they can use bitcoin.

I have bartered with gold/silver as well, a headache. I could have easily been robbed because it’s obvious when someone is counting gold/silver at the Walmart parking lot etc. I have had people constantly ask me “is this real?” I have even seen people BITE THE COINS to “verify” if it’s real.

Exchanging gold/silver to fiat is WAY LESS CONVENIENT too. And it’s necessary much more than bitcoin because you can’t shop with gold/silver but there are bitcoin loaded debt cards available these days.

On two occasions I have witnessed dealers try to CHEAT ME with miscounting and their scales were “off” as well… I had almost 1000 ounces to dump after I have had enough of precious metals and the dealer tried to cheat me by 60 ounces, about over $1200 worth.

Little finger prints or milk marks or scratches can affect resale value and sometimes they acid test the coins WHICH DAMAGES THEM. I have also sold a few small stacks of silver and some dealers didn’t even test/verify if it’s real, one dealer just looked at it and said “looks real.”

Also you pay 10% premiums from the dealer then when you wish to sell, you get 90% of melted value IF THEY LIKE YOU… so you lose 20% off the bat unless the prices increased 20%… if the prices increased 20% you can break even.

Every time you send gold/silver buy mail you also risk thieft and the mail is MUCH SLOWER AND LESS RELIABLE than the bitcoin network.

I only think of gold/silver coins as collectibles and I don’t consider it good money unless compared to fiat paper Ponzi notes.

Gold/silver = Bow and Arrows
Bitcoin = Modern Firearm


I’ve changed my mind recently about Crypto Currencies. The tech is what got me convinced. I’m very sure no matter what the price will be the next 1 month, 1 year or 5 years it will pay off one day.


Although I agree with all these points, it does not mean gold is worthless as an investment. It is risky to put all your apples in the same basket, even if theoretically it should be the best basket. For risk management, you diversify, and put some apples in other baskets even when you believe they should do worse. I think gold in a good “second basket” choice.


I’m a gold big too. My main problem is buying physical gold without the huge markup. Where do you buy it from?


I own both and multifamily real estate. Hard assets are better than fiat.


I just buy lots of Coinbase stock instead, because even if it doesnt moon they can still make money as a business. They’ve been resilient during downturns, its something they’ve had to live through so they know how to anticipate it.


Bitcoin will be banned.


Can I ask how much gold you bought periodically? I am interested in acquiring some, but man that stuff is pricey.


You raise many great points, but I have a point of contention with your statement regarding the safety of your treasure, “Again Bitcoin fixes this! I only have to remember my Bitcoin private key and I can have my money in my head”.

Tbh, I’d much rather keep gold in a hidden safe somewhere than secure bitcoin by a fragile security method such as memorization. If this truly is your fix for the long term, you are screwed out of everything the moment something goes wrong, be it your memory, brain damage, certain illnesses, or even death. And if you resort to keeping a physical backup copy of seed words to access your bitcoin in case your memory fails, then it is not much different than keeping gold instead (except for the physical space required).


both is good and has usecases. if there would be a problem with electricity (and internet) gold will be the “better” money. get gold AND bitcoin is the way to go… and lead ofc


Yes, these are all obvious points that anyone can understand. I wouldn’t try too hard to convince them. They’ll buy Bitcoin at the price they deserve, which is relative to one’s IQ and humbleness.


Lots of people here are simping for gold and silver I mean if you are in btc sub and simping for gold that means you didn’t understand Bitcoin yet .


Thanks a lot for sharing. A great read and fully agreed with all your points. Funny I started off with bitcoin and then bought some physical gold. It doesn’t hurt to have both I guess.
But all the points you mentioned (and paper gold price suppression!) make bitcoin a so much better medium.


Buy gold and bitcoin.


Are you Lawrence Lapard

Recent Posts

Darkweb beware

Beware, guys! I recently purchased some Ketamine from the dark web and during the experience, all my thoughts were sent to a Chinese server, giving

Read More »