🔴 Why Bitcoin Is Not Digital Gold (w/Roy Sebag)

Подписаться 709 тыс.

Просмотров 13 тыс.

50% 1

Roy Sebag, CEO of GoldMoney, talks with Stephan Spears of McEwen Mining about what actually separates gold from bitcoin. Sebag notes the physical space, energy, and capital required to profit from investing in gold versus bitcoin, and he compares the corporeal qualities of the different assets. This clip is excerpted from a video published on Real Vision on July 3, 2019 entitled “No, Don’t ‘Drop Gold.’”
Watch more Real Vision™ videos: po.st/RealVisionVideos
Subscribe to Real Vision™ on RU-vid: po.st/RealVisionSubscribe
Watch more by starting your 14-day free trial here: rvtv.io/2FCyKDj
About Gold:
A collection of interviews and documentaries focusing in on the famous store of value. The series takes a 360-degree view of the precious metal by examining gold's role in history and its proper place in modern investment portfolios. It interviews experts in diverse fields including mining, investment management and bullion storage.
About Real Vision™:
Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today's markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™.
Connect with Real Vision™ Online:
Twitter: rvtv.io/2p5PrhJ
Instagram: rvtv.io/2J7Ddlw
Facebook: rvtv.io/2NNOlmu
Linkedin: rvtv.io/2xbskqx
Why Bitcoin Is Not Digital Gold (w/Roy Sebag)
/ realvisiontelevision
Transcript:
For the full transcript visit: rvtv.io/2FCyKDj
ROY SEBAG: Yeah. So, the way I look at the world in terms of an economy is I actually like to use the word 'cooperation', human cooperation. And at the end of the day, the reason I think that we're able to make predictions and cooperate is because the laws of nature, laws of physics, whatever you want to call them, are immutable. They're irreversible, and they're immutable. And they never change. And because they never change, we're able to essentially observe, measure, predict, and repeat various activities between each other as we seek to cooperate and achieve prosperity. Now, in that regard, there is a fundamental distinction between the things that are external to my mind, that are corporeal that I can ingest through my sense perceptions, that I can see, that I can touch, that I can hear, that I can taste, and things that are entirely an abstraction, where I'm employing my memory, the interior of my mind, and perhaps a language like mathematics to communicate something to me or to you. And where this ultimately manifests is in the relationship between the thermodynamic relationship of energy and entropy. And so, what we find is that things that are from the mind that are abstractions, or of memory, generally don't last. Their ideations, their trends, very academic term, but logical pluralism, there is no definite truth. Whereas things that are of nature are the load stars, they're the Polaris that allows us to cooperate. They're the sun, so to speak. Now, when it comes to the difference between an element which is corporeal, and something like Bitcoin, what you essentially have to understand is that the element doesn't need anything other than the laws of physics to exist. Whereas Bitcoin is an abstraction. It's a system where humans come together and decide to allocate resources towards the reification of this abstraction so that it continues to perpetuate into the future. If humans do not cooperate towards that goal, that abstraction ceases to exist. Where this really comes together, is if you consider that the economy has these corporeal elements like Legos. And we take these building blocks, and we build modular systems of cooperation to use them. But these building blocks are always fungible. And they can always be moved from different activities that we do. Now, our goal when we cooperate is not to just exchange bitcoins or exchange Legos with each other, it's to use the Legos to build a resilient, prosperous society. So, when you look at something like gold, it's definitely a Lego in the system. But it's a Lego that I can use for different things to do different things. I can move it around. The fact that it's a Lego is based on the laws of physics. With Bitcoin, what I have to do is I have to go somewhere in the corner and take a lot of pieces of Legos, just to maintain a new system of Legos to do new things with it. And that's where the fundamental distinction is between the natural order of the natural world and things that are abstractions.

Опубликовано:

7 авг 2019

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 295

@krey89 5 лет назад

who needs gold when you have a printer? - Federal Reserve

@grayarcana 5 лет назад

Well you do need paper and ink, and power to drive the printer. Electronic money costs more, an elaborate technical and organisational infrastructure. Now as long as you are printing the World’s (reserve) currency, you can import all you need to support and sustain your currency and the supporting infrastructure. I mean all you need: if you need anything from abroad, and your currency is not the Reserve currency, then your economy must deliver some value in exchange for your currency, or your exchange rate enters a steep secular decline.

@drmodestoesq 5 лет назад

Who needs gold? People who aren't the Federal Reserve and it's beneficiaries.

@garryallison4716 5 месяцев назад

In fact who needs gold when you can tap a few figures into a machine. Will that last forever, unlikely. Will gold last forever, very likely!!

@mlinchong 5 лет назад

Mining difficulty is dynamic and not fixed. You don't need high btc prices to support mining. Miners would just turn off their rigs if they are unprofitable, then the difficulty would drop after 2 weeks. This would then incentivise them to turn it on again.

@roysebag2723 5 лет назад

Nonsense. Any decrease in difficulty results in an increase in entropy. This argument is one of the most flawed. You can't have a secure PoW blockchain with massive declines in difficulty.

@user-hc5hy3lm7k 5 лет назад

So what happens when the 21 million limit is reached and they run out of imaginary coins to mine? Do the transaction costs get jacked up to pay for the electricity miners use, and buying a cup of coffee then has a $500 transaction cost? Or do all the miners jump ship to the next crypto and Bitcoin is left totally insecure? With the mining reward continuously halving and the miners needing a higher and higher price for the smaller reward they get to compensate for their cost of mining, i would think Bitcoin falling off a cliff would happen before the 21 million is reached.

@james4289 4 года назад

@@user-hc5hy3lm7k That limit wont be reached for another 100 years. Until then the value keeps rising and offsetting the halving.

@user-hc5hy3lm7k 4 года назад

@James. You are only hoping that the value keeps rising to offset the halving. The value could just as well drop instead. The cliff eventually comes. When bitcoin was popular, transaction costs rose close to $50. Who wants to pay $50 transaction cost for a cup of coffee, then wait till the coffee turns cold before the transaction can be confirmed, and then be required by law to report the capital gains/loss on their income tax return every time they buy a cup of coffee or chewing gum? Have you been reporting all your crypto transactions on your income tax return?

@james4289 4 года назад

@@user-hc5hy3lm7k Hope? Do some research.

@rhettpridgeon1326 5 лет назад

"Im being extra nice to bitcoin" bitcoin doesnt care

@playerzero2236 3 года назад

Sold mine for Gold. Have zero regrets on that end.

@marcusyeagle6523 5 лет назад

So if we are measuring miners for the “physical footprint” of bitcoin, can we also measure all of the mining equipment for gold?

@playerzero2236 3 года назад

Gold only has to be mined once, and it takes about two months of household energy per ounce. BTC cannot even exist without the constant liability of energy expenditures. I sold mine for Gold and Silver. Maybe it was early but don't care. Have fun

@modelmark 5 лет назад

Also interesting to note that the only way wars can be fought by governments, is by running large deficits, which are only possible through fiat money. So Germans lost everything in the Weimar Hyperinflation, which sucked them into a war in which they lost everything again. That is the cost of fiat money. The cost of bitcoin is peanuts compared to the suffering originating from fiat money and central banking.

@Steven-nv6wp 5 лет назад

Amen, you might find it interesting to know that Henry Ford also said this about gold-money in 1921 and proposed an Electricity based money :)

@jcantonelli1 5 лет назад

This. I hear talk all the time about how 'wasteful' the Bitcoin Network is. Anyone who says this clearly has not considered all the first order effects on the environment of maintaining the global fiat monetary system, nor the secondary effects and beyond, which include unconstrained war efforts.

@zachary9685 5 лет назад

These are the convoluted mental gymnastics of someone who didn't buy the dip

@TheGbelcher 5 лет назад

🤣

@nachannachle2706 5 лет назад

He was busy spot trading gold. :)

@peterfarla 5 лет назад

You can’t compare an element like gold with a system like Bitcoin.

@jons4596 5 лет назад

Actually you can compare them where they are similar, which they are in many ways. Just because they aren’t the same thing doesn’t make them incomparable.

@noahwhipkey6262 5 лет назад

@Russell Spears You like BTC too much. :) Just a thought. Make money how you like to, gold will always be a physical commodity, and BTC is a representation of 0s and 1s. Both have pros and cons, please get off your high horse. We all know what BTC is and does, please calm BTC boner down. It is easy to see what kind of person you are just by your uploads. You are at least a couple years late dude, if not 10.

@user-hc5hy3lm7k 5 лет назад

No you can easily compare them side by side. Which is better a blockchain of nothing (Bitcoin) or a blockchain of gold? Which is better a blockchain of nothing (Bitcoin) or a blockchain of cobalt? Which is better a blockchain of nothing (Bitcoin) or a blockchain of tin?

@user-hc5hy3lm7k 5 лет назад

@Russel Spears. If you don't know what a blockchain is, look up the definition on wikipedia. To put it in simple terms, it is essentially a secure ledger that records ownership of imaginary tokens (Bitcoin) or some commodity like gold, or some asset.

@Nonconceptuality 5 лет назад

Quantum mechanics says that the physical realm is an abstraction. The relationship between thoughts and sensations are a ponzy scheme that gives this realm the appearance of substantiality.

@Whatsthis1do 5 лет назад

Well you heard it here. The price must keep rising... sounds like the perfect investment ;)

@_-_-_-_-_-_-_-_- 5 лет назад

lolno, the price stays flat long term, bitcoin is fucked. The price decreases long term, bitcoin is fucked.

@adriansegura6352 5 лет назад

Tulubs went up until it poped😂😂😂

@te5401 5 лет назад

Religion is a powerful belief system based on an idea. Bitcoin is a powerful trusted value system based on an idea and backed by cryptography

@yavormarinov5881 5 лет назад

yeah, kids believe in Santa and Eastern Bunny :), until they grow up and open their eyes.

@te5401 5 лет назад

@@yavormarinov5881 exactly. And grownups believe in political parties, race, nationalism, capitalism, religion Etc. These ideas are just as made up as Santa and Easter Bunny. The only difference is the former is more useful then the ladder. Santa and Easter bunny = altcoins

@aquaboy2022 5 лет назад

So, bitcoin is a religion.

@dobson777a 5 лет назад

Bitcoin is too immature to allot any significant hard earned currency. Call me in 20 years after it has survived all of its competitors encroaching their moat and also throw in a couple recessions for good measure.

@NewmiesDad 5 лет назад

I think you mean, "Backed by maths"

@bloodmuffin123 5 лет назад

What happens when all the bitcoin is mined out will there be enough rewards to the hosts of the transactions to make it worth while sorry I'm new to crypto?

@XxIAmFromAustriaxX 5 лет назад

But wait. If the price would go down, the amount of miners would go down and it would get cheaper to "mine"? I really don't understand his punchline there at the end.

@424dsfdsfdsfs 5 лет назад

Nope it will make mining a loss generating business.

@XxIAmFromAustriaxX 5 лет назад

@@424dsfdsfdsfs Yes, that is PRECISELY my point. Mining would generate losses, the weakes miners die, difficulty adjusts, costs go down.

@user-hc5hy3lm7k 5 лет назад

Sebag already replied to that. When the number of miners go down, it becomes less secure. How would you like it if a group of Chinese miners with AISC rigs took over Bitcoin with fewer miners, and they steal all your imaginary coins?

@user-hc5hy3lm7k 5 лет назад

You said "except your most recent txs are safe". They don't need to go back far. They can look for a recent $1 million dollar transaction and hijack it. All people's new transactions are recent. Would anybody still be sending new transactions if it can be screwed with? I would not send even a small amount if there was a possibility it could be scewed with. When it comes to money, people don't put up with "sometimes secure, sometimes not".

@user-hc5hy3lm7k 5 лет назад

That article says a 51% attack is too expensive, but that assumes there are a lot of other miners. When the 21 million limit is reached and crypto miners jump ship to the next crypto because they are not rewarded with any coins anymore (and users are not willing to pay a very high transaction fee to support the huge amount of electricity required for many miners), then there would be a lot fewer miners without that reward. When that happens, it would be a lot easier for a group of Chinese or any malicious group to have over 51% hash power and then they double spend and cause havoc to that crypto. Even before the 21 million limit is reach, there will be miners jumping ship to other cryptos because the reward is getting smaller (halved). If the price of Bitcoin refuses to double when the reward is halved, the miners get less for their work. You cannot guarantee the price of Bitcoin will double every time there is a halving when there are whales that are happy to take profits, or smaller fish taking profits too. When the price gets too high, people will eventually question why they are giving so much value to a blockchain of nothing (Bitcoin) and run out of greater fools who will pay a higher price.

@TheGbelcher 5 лет назад

Isn’t assigning monetary value to the element known as gold a mental abstraction? I would argue that what makes gold interesting to investors has nothing to do with its molecular composition but everything to do with the mental abstraction that has been agreed upon across cultures for centuries. This physical argument doesn’t hold up because it doesn’t explain how gold is different from other metals. And the mental abstraction that does make gold different from other metals can easily be applied to BTC. The argument falls apart there but I’ll go on because this is fun. He also makes the odd argument that the activity of mining somehow derives the BTC price/value. This is completely false and is no less true of mining and refining metals. That’s completely backwards thinking. The value of gold is what makes it worth mining in the first place. Not the other way around. If the cost to mine increases that would reduce supply and increase the price of gold or BTC but to say value is derived or created *through* that process is completely insane.

@billdipperly6079 5 лет назад

So correct. the fact that gold does not decay and does not bind with any other metals means nothing to investors! i mean who wants something that will stay the same weight and shape for 1000+ years?

@samirelarabi1011 5 лет назад

Greg Belcher thank you!!!

@mikebetts2046 5 лет назад

You are all wrong. Gold does have physical properties that are not matched by an other material, so it has real uses. Among these are, excellent conductivity, the most malleable of any metal, the best resistance to tarnishing and corrosion, compatible with the body (for medical uses), high lustre. Other materials possess some of these but not to the same degree or not all in one material. There is a reason why gold is so common in the electronics industry where other cheaper metals cannot perform.

@mikebetts2046 5 лет назад

So the monetary value is just a reflection of how much people want or need it. It was and still is valuable for jewelry because of the lustre and malleability. The industrial uses just add to that value.

@mikebetts2046 5 лет назад

A lot of good points here you have made but remember; there is no limit to the number of various crypto-currencies that could be created. And they will all compete in the same space. But as far as we know, there is only one element in the universe that has the same properties as gold. The same could be said for many/most of the elements. Some similarities for sure among them but each has its own unique properties and usefulness and corresponding value based on utility and scarcity.

@brandonderrick006 5 лет назад

All I see him doing is pointing out differences but this doesn't affect the legitimacy of bitcoin. Artwork is an "abstract lego" yet has appreciated much more than gold. Nobody young is buying gold and if gold becomes increasingly important in the monetary system again, governments will centralize its supply and manipulate the price as needed to centralize its supply even more. If bitcoin isn't as good as gold, where does it rank in safe haven assets? The fact that we compare it to the de facto store of value means bitcoin has some value. He obviously knows what he's talking about so I would like to hear his opinion on bitcoin versus other assets. Is there a future of bitcoin and gold coexistence?

@brandonderrick006 5 лет назад

Chris Hayes thank you

@robtmil51 5 лет назад

You are correct sir! His distinction is irrelevant.

@markocarroll9424 5 лет назад

But why would young people buy bitcoin when about 80% of the subsidy has already been given out ? Surely someone who is 5 years old now will just try to band together with others when they are 15-20 to create another token

@robtmil51 5 лет назад

@@markocarroll9424 85% has been mined, it's value will likely rise for the next few decades. The .01 you buy today for $116 may double every year and you will sell it off in increments of .001 or . 0001 up to 8 decimals. That percentage having been mined cements is scarcity not its value. A 5 year old may well create something better at which time swapping in and out of cryptos/currencies should be swift and not a money losing proposition. Until then btc has a huge first mover advantage just as people, businesses and governments that buy early.

@sidjames3914 5 лет назад

If bitcoins value proposition is the equivalent of a negative yielding bond, why after 10 years aren’t bitcoin investors broke?

@noahwhipkey6262 5 лет назад

Same reason people buy negative yielding bonds. Safety. But BTC doesn't exactly have a government guarantee. BTC is just a game of who is the bigger fool.

@jonsalvador5051 5 лет назад

some are in fact, the ones that bought over current price in the lat run

@dieyoung 5 лет назад

@@noahwhipkey6262 "Government guarantee" is a contradiction in terms

@noahwhipkey6262 5 лет назад

@@dieyoung Uhm, I'm speaking on behalf of government bonds. As in credit ratings. Most people feel pretty safe about USTs. Or German bunds. Should they? Debatable. BTC is like any other floating asset, it has inherent risk. BTC has a huge amount of risk right now, both upside and downside. Like I said, game of bigger fools. Please explain the contradiction.

@dieyoung 5 лет назад

@@noahwhipkey6262 the contradiction is that while the government will not " default" on its IOUs in the forms of bonds , they can print money and devalue the purchasing power of the return that you may have received that's making their debt worth less

@christianwei7536 5 лет назад

Bitcoin is version 0.x (0.18) right now. Maybe at some point in time "staking" is proovably secure and energy demand is lowered dramatically. Version 1.0.0 is going to be better than bitcoin today I hope. Interesting points he made about the present state though.

@xblackrainbow 5 лет назад

isnt there something like 4 owners to 1 unit of paper gold? Also, why is he so focused on mining costs when there is cryptos alts already out there that do NOT require any mining and have zero (not low but ZERO) fee that provides instant transactions all while completely decentralized. Focus on the big picture and the future please.

@jcantonelli1 5 лет назад

4 to 1? that'd be a conservative estimate...

@666gene 5 лет назад

So why do gold receipts have value?

@GBlunted 5 лет назад

The captions for this video are not timed properly...

@RealVisionFinance 5 лет назад

We know and we're sorry. It's something we are working on resolving for our future videos.

@zzz_ttt_0091 5 лет назад

good video. Physics shows you the way :D

@Pieherto 5 лет назад

In that comparison you would also have to calculate the *energy* *used* *to* *transport* *gold,* *store* *and* *secure* *gold,* *sell* *or* *buy* *gold.* Bitcoin has high energy consumption because it is traded a lot. If gold were to be traded a lot, there would also be high energy cost to allow those transactions. You cannot compare a complete monetary system with gold you would have to compare it with a monetary system based on gold, which then has to include also vaults, transportation, bankers processing your transaction request, etc.

@jons4596 5 лет назад

There will be more and more passionate bitcoin believers and more and more passionate bitcoin skeptics as btc gains exposure. There will not be more and more bitcoin made. Only one group will affect the price. It’s not much more complicated than that for me. Have fun on the sidelines.

@ramsa01Yt 5 лет назад

The system is highly energetically inefficient - a price for its independence, but is it worth it? Not clear right now (yet)...

@robertpetronella8468 5 лет назад

i can make things with legos too.

@Ischim0n 5 лет назад

Also to take into consideration is that the technology improves every year, and with improvement we'll see less and less electricity costs but more hashrate (meaning more secure network as well). Eventually we'll reach a point where everyone and every product on earth is connected to the bitcoin network, securing the network and helping everyone get paid for doing doing so. But he is correct, that currently bitcoin is impacting the world negatively. But it is still a better solution than gold in many ways as a store of value.

@antextra300 5 лет назад

He didnt talk about the payment network that is included in Bitcoin. Gold is useless on it's own in a global tech world. Bitcoin's payment system, it's decentralized nature, and P2P globally, are worth A LOT, not accounted for.

@ThePeterharis 5 лет назад

another fucknut who doesn't know the diff between it's + its

@antextra300 5 лет назад

@@ThePeterharis " 's " usually indicates ownership. But not when paired with it. So in this case u are correct. Easy mistake. Is that all u got to add to the convo?..... Ok. U are much smarter than me. Lol

@ThePeterharis 5 лет назад

i don't claim to be smarter than any1. don't have such an inferiority complex m8

@antextra300 5 лет назад

@@ThePeterharis i hope u watch the video we are commenting on. These types of macro economic issues can really help people if they understand them. I happen to disagree with this man's opinions on btc, but these are educational for us all. Good stuff!

@ThePeterharis 5 лет назад

he's talking thru his hole. 2 mins in & i switched off

@rapturereadyyt 5 лет назад

In five years, I think are going to be hard-pressed to find anyone who is proud to say they owned bitcoin.

@marcusyeagle6523 5 лет назад

bet

@MrChips005 5 лет назад

the Bitcoin network is powered almost entirely by renewable energy aka solar, wind, etc. people that make the argument that bitcoin is wasting resources through its process are simply ignoring this point. it was not always this way but has grown into it over time. Roy makes some good points but i'm not persuaded to the idea that gold is better than bitcoin, when bitcoin is actually better in almost every characteristic of money that can be measured

@moresalesoryourmoneyback 5 лет назад

And the keeping, safeguarding, shipping, and settlement of gold has no cost? He's comparing apples to oranges. If she compared the true cost of the gold economy then it would be a fair comparison.

@MichielVanKets 5 лет назад

gold is money and bitcoin is a currency, which is just fine, because we don't need money to trade and bitcoin doesn't have to be money to become the next world reserve currency

@Unifrog_ 5 лет назад

Money is the dominant currency for a given economy, a good identifier for a currency being money is that its the preferred unit of account. Neither gold or bitcoin are used as money pretty much anywhere. Peter Schiff doesn't even price his services in gold.

@MichielVanKets 5 лет назад

@@Unifrog_ money has intrinsic value, a currency doesn't, that's the difference

@endthefed4816 5 лет назад

Bitcoin can never be used as Currency or major medium exchange. The flaw of blockchain to be used in currency Is that it has to store all the data. Longer we use it, more power to mine it. At some point we cannot sustain it!!!

@moresalesoryourmoneyback 5 лет назад

@@endthefed4816 you don't know what you're talkin about. you're confusing mining and keeping a full node with all the historic data. These are two different functions. The node data is not kept by miners, and it has nothing to do with mining.

@zacharyaurelius1893 5 лет назад

"it only works long term if the price keep rising", isn't that the whole point of bitcoin? That means people now can save money without being afraid of losing their purchasing power..

@jcantonelli1 5 лет назад

Yes. Ridiculous argument that was.

@samirelarabi1011 5 лет назад

Why does he compare the volumetric space of gold with the volumetric space of bitcoin mining instead of comparing apples with apples. Bitcoin’s volumetric space is nothing since it is software. One usb can contain 10 million dollars of bitcoin.

@christophera-realone9834 5 лет назад

Why is the representation of “bitcoin” a gold colored coin when it’s actually nothing

@nicosmind3 5 лет назад

Software doesnt exist off thin air. You might as well say "Since no one lives in a vault, then vault spaces are nothing to society and dont take up any room." If every computer in the world was destroyed would bitcoin still exist?

@richardminhle 5 лет назад

Without the physical space of mining machines, BTC means jacksh*t.

@samirelarabi1011 5 лет назад

Little Cripple what a fallacy. “If every computer ceases to exist”. I think by then we will have other worries than bitcoin vs gold.

@samirelarabi1011 5 лет назад

Richard Minh Le not true. 17 of the 21 million coins are already mined. To send BTC there need to be nodes not miners. Miners mine new coins. Which is not necessary to upkeep the network. So false

@boysenberrydracula3599 5 лет назад

Roy called for Bitcoin devs to work on a gold backed crypto involving a trusted third party security hole. There's Bitcoin for our immutable wealth transfer Roy

@user-hc5hy3lm7k 5 лет назад

I would hardly call transferring a blockchain of nothing (Bitcoin) as transferring wealth. More like transferring very secure immutable empty bags, with suckers holding the bag lol

@SabhanKahlanBadhan Год назад

This was 3 years ago. I hope this guy have read some more and by now has gotten it🙏🏽

@samirelarabi1011 5 лет назад

Saying that bitcoin mining is polluting without mentioning the pollution of gold mining (the amount of energy, oil that is needed to mine that gold)... talking about bias. Please compare apples to apples.

@soominlee7340 5 лет назад

Gold does not need mining and it will still be served as a reserve currency. For Bitcoin it is the opposite.

@samirelarabi1011 5 лет назад

Internet Incrível same can be said for BTC, currently 17 million of the 21 mil are already in circulation. That Gold is a reserve currency is a fallacy. Bitcoin only exists for 10 years. It is about comparing the attributes which make it a SoV. Which in the case of both is scarcity. Both need energy (bitcoin needs electricity and gold needs labor, oil, hardware) to be converted into a valuable scarce commodity. The thing that makes bitcoin stand out is the immutability, uncensorability and the digital nature. I could go to North Korea or USA with 50 million dollars in my back pocket and send it to you in under 10 min via my mobile phone.

@samirelarabi1011 5 лет назад

paulcmnt no untrue. Nodes verify transactions which does not cost a lot of energy. Check your facts.

@samirelarabi1011 5 лет назад

paulcmnt verifying transactions does not cost much energy. Sending gold from person to person via a third party costs more energy. www.coindesk.com/information/how-do-bitcoin-transactions-work

@getrekt7581 5 лет назад

See you at 25k bitcoin

@TheTraderGuy 5 лет назад

and then 3k again

@owenbenjaminshapiro6285 5 лет назад

So far, it hasn't dropped to previous lows ever. Whenever a bull market occurs, new highs are reached and it crashes down to something higher than last bear market. We may never reach down to 3000$ again

@adriansegura6352 5 лет назад

Good luck trying to get out ,😂😂😂😂

@cheyno237 5 лет назад

Using metaphors and comparisons to other objects (gold, mining etc.) is an acceptance requirement of any good software's conceptual model

@garryallison5679 5 лет назад

Isnt thats what going to happen. Price keeps rising. New companies coming along all the time for energy saving products. For eg look at 1414 degrees and battery storage tech. Other companies coming along all the time because energy/climate is a world wide matter. So tjose overheads will go down.

@suddonlee4326 5 лет назад

So 85%+ of bitcoin has been already mined. What happens when all bitcoin is mined and when would that be roughly. Would mining just shut down and will bitcoin become unusable?

@garryallison5679 5 лет назад

The way i see it, the only threat to BTC is lack of electricity

@ptbuildlovedesign6505 5 лет назад

Bitcoin energy consumtion is more efficient than gold, fiat, and banking. For example, how much energy does it take for a nation to maintain its world reserve currency status? A navy worth of energy. What about the entire banking systems energy consumption?! Money = energy... and trust requires energy. Bitcoin is much more energy efficient at providing trust

@testblustacks5799 5 лет назад

I disagree. Bitcoins are always shown with an image of a gold 'B' i.e. they must have same value as gold. SGOL physical gold etf 0.18% fee. Mining dilution of gold 1% / year. Currency war + trade war + negative interest rates = gold up

@whiteglove5723 5 лет назад

Please send me 1 oz of gold to my phone or to my wallet for that matter to my bank acct. without any other party involved. How do I verify your gold is the Real thing? I’ll say, have all 3, fiat, PMs and crypto’s! PM and crypto’s are against fiat system not to each other! At goldmoney, they own your gold NOT YOU!

@jcantonelli1 5 лет назад

Exactly. I really wish these gold bugs would realize that Bitcoin is NOT the enemy - fiat is. Gold and Bitcoin play very well together.

@MetalBum 5 лет назад

Perhaps

@nottypical7675 5 лет назад

I think he has said a lot to say not much. Gold is perceived as valuable because we agree to it. Same as bitcoin. The physical differences are obvious and I would give physical gold advantages that it can be used for other things outside of monetary uses but the case can be made for bitcoin in other digital uses beside money.

@noahlockwood9766 5 лет назад

What an astute, well reasoned argument. Thank you.

@Kartyman550 5 лет назад

Talk about alphabet soup. If even a small group of people keep using energy to mine it’ll keep working

@modelmark 5 лет назад

Always interesting to see someone declare there is no truth in the world of ideas followed by a statement that bitcoiners don't get an idea that is demonstratively true and believe something that is false

@roysebag2723 5 лет назад

My argument is that there is no truth to abstract ideas, they are subjective and subject to change through time. In other words, things that have no tether to nature within the objective present. You can think the sky isn't blue or that up isn't down but nature along with your common senses provides you with the truth value. You may feel that blue is ugly or you don't even see blue, you see turquoise. But a group of people will come to common agreement that what they all believe to be blue is blue. That is the adjudicating line between subjectivity and objectivity. The same goes for eating, you may prefer one food over another, but you can't escape the requirement to metabolize calories every day. The corporeal world is observably objective, measurable, and repeatable. The world interior to our mind is subjective.

@modelmark 5 лет назад

@@roysebag2723 The only relevant ideas are those which refer to reality. And all do. Math is abstract, but not subjective. The fact that I like pistache ice cream and you like chocolate, does not mean truth is subjective. It means the objective truth is:your brain gives of more endorphins when you eat chocolate ice cream and my brain gives off more endorphins when eating pistache ice cream. One reality, one truth, two brains, two experiences. The fact that not everyone agrees about what reality is, also does not mean there are multiple realities. The fact that you argue with me about who is right, means that you implicitly agree there is 1 reality and 1 truth and we just argue about what that truth is.

@dstr769 4 года назад

Dislikes = definition of judging a video by its title.

@dieyoung 5 лет назад

The fact that gold is a corporeal element is completely irrelevant. It still takes energy and entropy to mine it and every year it gets harder and harder to find gold. bitcoin mining is dynamic relative to the amount of people on the network mining. honestly these arguments have been used many times and many times they have been proved wrong

@convergeua 5 лет назад

I think point he was making refers to, once gold is mined, it is there, not effort is required to keep it in your safe. While bitcoin requires miners to exist in order for network to function and transactions to occur. In case price of bitcoin would be very low and declining - it will put miners out of bussiness and transaction costs will be higher, which eventually could make whole system crash. Not saying it's going to happen, but it's a possibility. How in your opinion these arguments were proven wrong? Link please, if possible

@dieyoung 5 лет назад

@@convergeua ok fair enough but the function of miners is not simply to mine new bitcoin but to also maintain a payment network that is uncensorable. Gold holdings can be confiscated by the government, removing them from a country might be restricted etc. As for the point of bitcoin price falling and miners going out of business, this is just a risk of doing business and gold miners have the same concerns. in fact, from what I understand, there are only a handful of primary silver miners in the world and most silver is mine as a byproduct. but if the price of bitcoin goes down and miners drop off the network , the difficulty for new miners to come on drops and makes it much cheaper to mine. I'm not sure if you are familiar with the hash rate of bitcoin and how it functions but there are many checks within the protocol that would make sure that the system stays live

@convergeua 5 лет назад

@@dieyoung "function of miners is not simply to mine new bitcoin but to also maintain a payment network that is uncensorable" That was exactly Roy's point. Miners need to keep mining in order for network to function and transactions to occur. No miners - no transactions. "Gold holdings can be confiscated by the government" Gov needs to know you have gold. Buy anonymously, hide and you're fine. Of course, if you have millions it's harder, but most people probably cannot afford more than 10 coins 1 oz coins, which will fit in a pocket. BTC wallet private keys can be lost or stolen too. Crypto exchange can steel your coins, it's all about how responsible one is with privacy and security. Difference is BTC requires 3rd parties (miners) to exist, and gold just exists "As for the point of bitcoin price falling and miners going out of business, this is just a risk of doing business and gold miners have the same concerns" Gold which was already mined doesn't require for mine to operate in order to exist as... gold. Actually, as far as I know, large gold miners are entering futures contract short positions as a hedge, to protect themselves from price drops, I wonder if crypto miners do that too. "in fact, from what I understand, there are only a handful of primary silver miners in the world and most silver is mine as a byproduct" That is correct. Byproduct of copper mining mainly. "I'm not sure if you are familiar with the hash rate of bitcoin and how it functions but there are many checks within the protocol that would make sure that the system stays live" Miners still will have to calculate their reward in fiat to pay the bills (or at least part it), right? In hypothetical case of low BTC price they will need bigger reward in BTC (in order to be profitable) to validate transactions, meaning high transaction fees? Did I get it right? Anyway, I do think Roy has valid points, we live in interesting times, I wonder how all this will play out.

@dieyoung 5 лет назад

@@convergeua Yes, it is true that the miners must maintain the ledger but the value added is that transactions cannot be corrupted or censored which I think is quite valuable, especially if you live in a place like Venezuela. As for the hash rate that's not quite correct, transaction costs go up when there is a high demand for payment processing, it is not contingent on the cost of mining itself. The number one cost for miners is electricity and if the price goes low on bitcoin you are correct they will go out of business but what happens is that the network rechecks the total amount of players in the system every two weeks and adjust accordingly so that every 10 minutes the global ledger is updated. this is called the difficulty readjustment and makes it easier to mine. don't get me wrong I am a huge fan of gold and precious metals as a hedge against inflation and generally as uninsurance again central banking. I personally just believe that in today's day and age having a global unstoppable payment system that is pseudonymous is quite a breakthrough for the advancement of freedom

@convergeua 5 лет назад

@@dieyoung "I think is quite valuable, especially if you live in a place like Venezuela" Not sure how much BTC was and is used in Venezuela. I do have one example though, I was living in Cyprus during banking crisis, and reality was very different from what media was saying. Gold bugs were saying people were using gold and silver, crypto bugs were saying BTC was used, but in reality neither was true. Visa card and cash was still 99.99% of transactions. During hyperinflation, most common thing to do at the moment is to get USD, it's probably easiest option. Older generation still respects gold, because it worked for centuries in the past. Younger generation is fascinated by crypto, but adoption is still very low in my opinion + younger people don't have much money anyway. At the moment 2 major uses for BTC are trading on exchanges and capital escape vehicle from China and another countries with capital controls (and I'm pretty sure, they are not hodling). What BTC actually needs in my opinion is way lower volatility (to qualify as store of value), ease of use for everyday transactions and widespread adoption (medium of exchange). So far, it failed in both, but it doesn't mean this will not change. I'm totally for it, but at the moment I'm skeptical. "I personally just believe that in today's day and age having a global unstoppable payment system that is pseudonymous is quite a breakthrough for the advancement of freedom" Totally with you on this one. But, we're still in early stages, even most respected crypto people, like Andreas Antonopoulos and Pomp are saying "Don't put in BTC amount you cannot afford to lose". I think much better investment would be investing in crypto infrastructure and development, rather than coins itself.

@JayBowles 5 лет назад

OK so if humans don't exist, Bitcoin doesn't exist. If humans don't exist neither does the value of gold. This guy, the CEO of a gold investing company, thinks gold is better than Bitcoin and that Bitcoin isn't digital gold. Very convenient.

@SmashBrosBrawl 5 лет назад

Couldn't we use the same argument against yourself, you own Bitcoin therefore anything you say that is pro-bitcoin is shilling?

@jonsalvador5051 5 лет назад

solid arguments he gives

@frantzl 3 года назад

Sounds like Roy Teabag suffers from analysis paralysis

@Maebbie 5 лет назад

I created one rule

@zzz_ttt_0091 5 лет назад

:))) this made people angry. If everyone used bitcoin who has credit card , the ledger size would be trizziliobytes long :D

@roberthuang5646 5 лет назад

His logic makes no absolute sense. Gold is just another metal on the periodic table. It's valuable only because we humans perceived it as an object of limited supply and rarity, not because of it's "corporeal" quality. The value of gold in itself is an abstraction.

@xs1069 5 лет назад

But it's not "just another metal", it has unique "corporeal" (material/physical) properties that make it superior to any other object - in serving the human's material need to save/store our excess labour/energy/surplus into objects that are not at risk of evaporating into nothing. The world and it's objects change and evolve. Gold does not. It persists unchanged better than any other rare, fungible and tradable thing. For example, take a Banana vs a Gold Coin. When we work and get paid, do you want to store your savings in Bananas which must be eaten or traded before they rot? No, you need something that will better persist through time unchanged - so you can save up your surplus to achieve bigger goals traded down the track. You need something that doesn't change in weight through oxidation, something that one part of which is equal in all physical characteristics to every other part, that doesn't degrade but is containable, malleable enough to be easily divisible and comparable, something whose existence and properties are independent of our beliefs/infrastructure/upkeep/maintenance, something which doesn't have those risks. Gold excels on all these points better than anything else that exists, better than all other elements, while being scarce enough that human effort is required to produce it. "Food" is also valuable to humans for it's own unique "corporeal" qualities, because those qualities also have a unique relationship to our needs. It's our _recognition_ and _understanding_of that value-relationship that is abstract. But the value itself (or food or gold or bitcoin) is derived from the facts of nature and our relationship with it - it's not a choice or social agreement.The unique relationship between gold and man exists whether we discover/understand it or not.

@roysebag2723 5 лет назад

This is nonsense. There are invariant properties distinct to each corporeal element. Some are more toxic, some are more ductile, some react with air. I recommend you brush up on some basic chemistry. You should then spend some time understanding basic geology so that you may appreciate the relative scarcity of the elements.

@MichielVanKets 5 лет назад

gold is money and bitcoin is a currency, which is just fine, because we don't need money to trade and bitcoin doesn't have to be money to become the next world reserve currency this is not just my opinion, these are facts

@remorajah 5 лет назад

Bitcoin is money as well

@TheOne-pv4rz 3 года назад

And guess what, the price has been rising...a LOT.

@Sam-fp8zm Год назад

I sold out when i realised just how bad the scam is. Sure I made money but for every $1 I pulled out someone else loses $1. Well even more due to fees, scams etc.

@NewmiesDad 5 лет назад

The comparison of virtual currencies to gold should never have been made in the first place. Representing 'proof of work' as MINING, and displaying 1111s & 0000s as a gold coin is completely misleading. Let's call bitcoin a currency for sake of argument - it has very little use in daily life - but as money, it's only ANOTHER FIAT CURRENCY. And the other alt-formulations (they are not coins), are similar to different sovereign monies, i.e. euros, yuan, pound. Instead of being issued by governments, we store tons of data and throw a checksum on it so we 'know' 'sorta kinda', which is the true blockchain. As bitcoin fails adoption, the koolaided create the idea of value in the blockspace itself. There is none. When the idea of anonymity collapses, cryptos' many fails will become evident. It saddens me how much time and effort and energy and gear has gone into this 'solution' looking for a problem. Unless the problem is cash and gold and TRUE anonymity.

@user-hc5hy3lm7k 5 лет назад

Remember Dec. 2017 when transaction costs shot up with increased demand? The more it is used, the higher the transaction cost. If Bitcoin were actually used as currency instead of speculation, the transaction cost would shoot up and not enough transactions would be able to be processed every 10 minutes. Transactions would be waiting in the queue forever. Decentralized will always be slower and less efficient than centralized when it comes to maintaining a ledger. Bticoin will PAY people to mine it until the 21 million limit is reached and they run out of imaginary coins to mine. Then all the miners jump ship to the next crypto and Bitcoin is left totally insecure. That is unless buying a cup of coffee has a $500 transaction cost to pay for the huge electricity miners use.

@jeffkoehne4852 5 лет назад

As crypto laws are made,crypto loses it's sexy.when it loses wanters it's price goes down and down,a death spiral.gold in my hand is mine it has a greater history of more people wanting it

@maxb5640 5 лет назад

Well the one thing where mining and bitcoin are similar - is that once the block is computed it exist. There no need for additional computation of it. In bitcoin by design there is finite amount of blocks. Utility of these blocks is in computation which required to produce them and infrastructure. It is entirely fictional if you subscribe to idea that there is fundamental differences between information in atoms and information in computers. On the other hand if entire universe is nothing but information (which E=mc2 proves) then utility of information itself is fundamental .After all gold is nothing but bunch of identical atoms locked in specific pattern. We can produce gold -its just not more energy efficient than mining (at least not yet). now the actual value of bitcoin is questionable -as nothing prevents to make another blockchain blocks like that. And as computational capacity improves the cost of computing blocks will continue to fall. Where the most value is - is in trust, acceptance of this fiction. After all USD is nothing but fictionm. What makes it strong is trust, economic power and military enforcement of the issuer

@patricebaumel 5 лет назад

Things of the mind that have lasted a long time: Religions.

@tensevo 5 лет назад

Gold has a cost to mine and carry. Bitcoin has a cost to mine and carry. Both Gold and Bitcoin are speculative. Neither is more valuable than the other, intrisically. Why is silicon valley worth more than the Gold market? Is that wrong? Have the markets mispriced Gold? Or over valued silicon valley? Market prices are speculative when no cash flow is being generated.

@jeffreygaston3670 5 лет назад

Extremely ignorant argument. Without human cooperation we would not be mining or refining gold. Most of our water treatment, powergrid etc. is regulated and controlled by computers so tightly that a extended loss of power would render those systems inoperable. Our society is interdependent on technology on this point. This is a man in an antiquated business making an argument for the same side that his interests lie on.

@christophera-realone9834 5 лет назад

Bitcoin = no thanks

@rjw6487 5 лет назад

Peace. Live with your Bitcoin and let hom live with gold. Meet him at a farmers market at the next blackout or recession and buy what you need. One of you will go home hungry.

@jessem8928 5 лет назад

Wow, what a well thought out argument.

@journeyofasha 5 лет назад

abstraction based on mathematics... the universe some would argue is based on math... but yeah what ever gold money selling their shit.... is sad that he doesn't understand math.... i can argue with him but in the words of satoshi, if you dont get it i dont have the time.....

@journeyofasha 5 лет назад

oh and he doesn't know the periodic table, there are way more many much heavier elements with higher energy density than gold... and comparing all the bitcoin and all the gold, is cognitive dissonance.... why, they is an infinite amount of gold in the universe but there is only 21 million bitcoin in the universe... but hey who cares about math.... im a gold bug and gold is the best because 5k years..... (and secretly i have a gold company so i have to promote gold) seems more like conflict of interest.. but again who cares.... when the system collapses, i will accept both gold and bitcoin for the food on my farm, but will purposely make gold bugs suffer because they think they can eat gold because they can hold it.. lol btc bugs dont have a problem with gold in fact all those in btc own gold, cant say the same for the gold bugs.... one group thinks they know everything and the other group recognizes we cant know everything..... leave it to the gold bugs to show how much hubris a human can have...

@heathwinning2057 5 лет назад

Osmium is the densest element....

@Chaicowski 5 лет назад

I felt dumber becuase I listened to this. How did he get on this channel?

@Steven-nv6wp 5 лет назад

he's promoting gold, his gold companies shares have jumped off a cliff

@sp500-steph7 5 лет назад

sometimes too much education is bad.

@user-hc5hy3lm7k 5 лет назад

Agreed. The crypto lovers falling in love with techno babble don't realize they are buying into a good old fashioned Ponzi. A blockchain of nothing (Bitcoin) is the ultimate in modern holding the bag, a chain of empty bags.

@sp500-steph7 5 лет назад

- there needs to be a mr ponzi for a ponzi. look at other markets thats a ponzi

@user-hc5hy3lm7k 5 лет назад

a mr ponzi? Satoshi and his early pals are the mr ponzi who got the majority of the Bitcoins for virtually nothing and are laughing at the suckers paying insane prices for a chain of empty bags.

@sp500-steph7 5 лет назад

@@user-hc5hy3lm7k lol true

@jammin590 5 лет назад

If I replace "Bitcoin" with "fiat currency", then these statements make more sense, at least to me

@424dsfdsfdsfs 5 лет назад

You just don’t understand what kind of value is generated daily in the fiat system economy (frankly any existing economy except illegal like drugs lol). It pays for the system existence many many many times over. Bitcoin doesn’t

@jammin590 5 лет назад

@@424dsfdsfdsfs I agree that fiat currencies are used to execute vast amounts of value exchanges today. My comment refers to the points that Roy makes, regarding gold being "an element, corporeal" where as Bitcoin needs humans to participate in an abstraction, in order for it to continue to exist. Fiat currencies are just like Bitcoin, in this particular & specific regard, i.e. they need humans to participate in order for it to continue to exist.

@Steven-nv6wp 5 лет назад

value?

@424dsfdsfdsfs 5 лет назад

Steven do you understand basic terms? Okay I will explain. Say I find a way to produce very good and cheap shoes but cannot scale. I take a loan in fiat dollars and I build up production and now everyone is able to buy their own pair of my shoes and really enjoy that. I delivered great new value to a lot of people.

@Steven-nv6wp 5 лет назад

@@424dsfdsfdsfs you lost me at loan

@nstoc552 5 лет назад

This is good for Bitcoin.

@Unifrog_ 5 лет назад

Bitcoin inflation is currently subsidising its own security for making transactions but gold inflation only goes towards increasing gold supply. The main value proposition for bitcoin is censorship resistance which is why bitcoin holders are willing to accept bitcoin inflation as a net positive right now and throughout its history so far. If you dont accept paying for bitcoins energy usage through inflation then the simple solution is to not hold bitcoin. Of course if you hold gold then inflation of gold through mining is something you subsidise by providing price support so you need to consider the environmental impact. But again the impact of gold is not producing anything for someone who already holds gold, you are not getting security you are just getting devaluation. It may be devaluation in line with the lowering cost of production of all other goods and great in comparison to fiat but its still not an equal comparison. In the long run though bitcoin will have lower inflation than gold and eventually it will be deflationary as the increased supply is lower than lost coins. At that point would you redo the comparison of what bitcoin inflation pays for and what gold inflation pays for?

@Jason-ub4ui 5 лет назад

Bitcoin cannot inflate the way fiat currencies can. There will only ever be 21 million bitcoins in existence, unlike fiat currencies, which can be printed infinitely.

@hantusmostert 5 лет назад

I'd like one ounce (Satoshi) of BTC but I can't afford one ounce of Gold

@drmodestoesq 5 лет назад

Buy silver instead.

@hantusmostert 5 лет назад

@@drmodestoesq platinum

@jeramatth5959 5 лет назад

He crushed it adout bitcoin not being digital coin Powered to existence power off its no more

@whiteglove5723 5 лет назад

if there are no power grid for days.. its guns, ammo and food... worthless for gold and silver either. lets pray that this will never happens...

@24rooter 5 лет назад

History on devices are in sync with blockchain right up to internet or power failure. All you need is a charged device to transact device-to-device. Smoke signals can be used to transmit packets. Devices with cameras and flash can transmit and interpret transactions from a distance. Skull cracking open yet??

@the77th 5 лет назад

When a chemistry major walks into a software engineering class . Dude #Bye

@JetLife413 4 года назад

Yea but they’re taking about money. You can be an expert in software engineering but have zero knowledge in the fundamentals of sound currency

@madbadtrad7746 5 лет назад

As I see it: cypto currencies are exactly that: currencies. And a far better system than central bank controlled fiat currencies. Gold is money. Crypto currencies backed by gold would be a powerful combination; and where we are headed I believe.

@jonsalvador5051 5 лет назад

epic

@irvinmartin5789 5 лет назад

People only care about the gains. Has Gold 50xed your investment since 2015?

@rookie7413 5 лет назад

L'Eggo My Legos

@uckBayNguyen 5 лет назад

Bitcoin is not ecologically sound.

@MyFirstBitcoin 5 лет назад

... 'when it comes to Bitcoin .. ' , spit it out mate. Why bother comparing BTC and Gold, Bitcoin's on so many other levels. There's no scarcity in gold, and 99.9% don't even command custody. probably why its been such a poor investment over the decades. Gold holds no interest in the C.21. Except for the old men sweating their metal losses. You are irresponsible not to own some BTC..... scroll out...

@jeffreygaston3670 5 лет назад

agreed, plus super one sided argument. Nobody is considering what is costs to transport and store all of the gold that is constantly changing hands.

@billdipperly6079 5 лет назад

how stupid do you have to be to say there is no scarcity in gold?

@billdipperly6079 5 лет назад

*numbers on a computer* "scarcity!" *metal created by a supernova* "no scarcity!"

@J10044 5 лет назад

@@billdipperly6079 Yes, it's a silly remark. Unless we find a way to extract gold from seawater, or other planets, or meteorites; then the scarcity of gold is gone.

@billdipperly6079 5 лет назад

@@J10044 can we run out of gold on this planet first before we start moving to other planets? lol it is already difficult enough to mine on earth

@heartysailorman5719 3 года назад

These guys had crypto buying capabilities for awhile but dropped it. Cost me $$$$$$, so I dropped them...dinosaurs

@ricecrash5225 5 лет назад

The single reason I don’t like bitcoin is governmental risk. Governments can not and will not allow a digital currency to rival fiat currency unless they control it. Like a Gov coin. Bitcoin will be regulated against IMO and server farms targeted.

@ricecrash5225 5 лет назад

Andre Fouche Do you know how many ounces of Gold were confiscated? Zero

@antextra300 5 лет назад

Gov'ts CAN NOT stop it. Look at BitTorrent compared to Napster. Btc will keep running no matter what.

@ricecrash5225 5 лет назад

antextra300 They can stop it. Maybe not 100% but enough to drive it underground and crush the price

@ricecrash5225 5 лет назад

Just Get Over It The blockchain is constantly growing and demand on engineering and raw processing power are the potential weak links. Governments sanction / close server farms and make it illegal to trade with or use as a currency. You and your friends can link your PC’s together and trade your petty amounts but large players will leave undermining the credibility and stability forcing a loss of confidence in bitcoin as a storer of value. I am sure governments will hire tech savy teams with all sorts of ways you and I haven’t thought of. Enlightened ?

@antextra300 5 лет назад

@@ricecrash5225 gov'ts are WAY behind on the tech curve, plus they move too slow. This is a cat and mouse games where we are building and blocking before they even know it needs to be blocked. The core protocol CAN NOT be stopped, just like a gun file, once it is released there are enough people who realise its value and spread that info. The ethos of bitcoin is what blew me away! These builders and hodlers WILL NOT RELENT! Understand the culture, ethos, principles, and dedication of these people, and you will learn that IT WILL NEVER BE SHUT DOWN! gov'ts can do what they want, and we will continue to build. Austrian school says that people will go for their own self interest, and the incentives of btc are such that it will win! THE HARDEST MONEY ALWAYS WINS!!

@entropyfu 5 лет назад

Goldbug hates bitcoin. News at 11.

@mrunderhill3970 5 лет назад

I wish I had so much gold that the space required to store it would be a problem

@drmodestoesq 5 лет назад

Even the space requirement argument for silver is a joke. A ten ounce bar of silver is as big as a smartphone. Slightly smaller. How many of them could you stack in a shoe box in your closet? 25 grand worth of silver would take up hardly any space.

@MrAmbrosse 5 лет назад

I thought this guy was bullish on BTC

@barnblitz 5 лет назад

Dude should keep hodling LEGOs, i stick with Ethereum which basically nullifies every of his arguments against bitcoin.

@thanasispanification 5 лет назад

Bitcoin is a ledger and Gold is an object. A ledger is live and continuous and Gold is mined once and then stored! The speaker compares 🍎 with 🍐 and wonders why Bitcoin evangelists can't get it!

@thanasispanification 5 лет назад

"...the bits of bitcoin do not worth anything more that symbols I can write with pen and paper" !!! The guy uses sophisticated vocabulary to convey an obvious lack of understanding!

@user-dr9gs6wh1k 3 года назад

People don’t understand. Bitcoin as a long term investment is dumb. We are on a planet scarce of resources where the population is exponentially growing every few years. People aren’t going to care about Bitcoin in the coming future, if the system doesn’t fall apart by then, people would have already started to focus their scarce resources into things with intrinsic physical value. You’re better buying up land, physical gold and silver. Ideas and abstraction will always fade. We went from gold standard to fiat and now the crypto age. At the end of the day, none of them are different, just tools for transfer of value. Crypto will change to something else after it’s time if it even gets the main stage. Physical assets will hit a point in the coming future of exponentially passing everything else in value. The news will be filled with attempts to reverse what they neglected in nature, new technology for resource longevity, selections of who should be considered priority humans etc etc. value transfer will begin to be separated by class and centralized by net worth and portfolios. Don’t fall for the hype. Take your profits and invest in true assets that can attract abstract value transfers such as cash or Bitcoin or whatever is next wether be upwards or back to the stone ages.

@torydutton9148 5 лет назад

Gold is better. We should use it. Sure we can trust this guy to hold our gold. Humans have never been able to trust a government or bank to not run a fractional reserve, but I’m sure we can trust this guy. Gold is better because it has a higher stock-to-flow ratio than all other money, around 62. That’s why gold has always won and those who held hold accumulated more wealth. Bitcoin’s something like 25 and about to go to 50 in May. Then Bitcoin’s stock to flow will go to 100 in 2024, 200 in 2028 and simply keep doubling every 4 years. Haha. I think I’ll just hang on to my bitcoin and buy more. People don’t have to understand what I say about stock to flow. But if they did, they would understand that bitcoin will win this monetary fight to the death. Bitcoin will kill fiat currencies. That’s something gold couldn’t do because it requires banks, which lead to centralization. Bitcoin killing fiat currency is inevitable and many people understand that. We don’t know the timing, but with a stock to flow of 200 in 2028, which is way more than double that of any money ever used in the past, I’m thinking it’s not so far out. Bitcoin will pass the market cap of gold between 2024 and 2028 because it’s stock to flow will be much higher. By the time 2028 rolls around, almost everyone will understand what I’m writing here. It will be over for fiat currencies. It will likely be over for fractional reserve banking. We will be on our way to a society with the hardest money ever. This will radically transform everything. The only thing even close was the United States between the civil war and WWI. It’s going to be rough for the parasites who get paychecks from the government. I would say that it will be rough for all the finacial engineers on Wall St since they don’t produce anything, but most of them will see the writing in that wall and start accumulating bitcoin sooner than the average Joe. It’s going to be much better for the productive people in society.

@jcantonelli1 5 лет назад

I agree with most of what you said, except for the fact that not all who receive government cheques are parasites - that bit sounds a little too Ayn Rand-ian for me.

@pjcornell4318 5 лет назад

This guy is the most super hyper literal person in the world. Yes. BTC is not LITERALLY gold. But it does function like gold in the economy, because so long as people run mining rigs, it is an immutable, borderless, uncensorable truth machine that is as good as gold for the purposes of commerce.

@Steven-nv6wp 5 лет назад

Repeat video, shilling bitcoin, probably buying it at the same time, thought Roy was really smart until this interview.. doesn't even know the miners will be paid by transaction fees once the price has levelled out so the price does NOT have to keep rising

@Candite231 5 лет назад

Bla bla

@craniuman 5 лет назад

pseudo intellectual AKA "nutcase"

@chrishudson9525 5 лет назад

BTC is an interesting speculative asset, and a good way for the Chinese to get their money out of China, if only to be then converted into a more stable asset on the other side of that. That said, BTC is nothing like Gold. The title of this vid couldn't be more uncontroversial.

@te5401 5 лет назад

I agree with everything this guy says. My response is SO WHAT?

@ashthegreat1 5 лет назад

Academic over-analysis. Same could be said for any digital vs analogue phenomenon.

@424dsfdsfdsfs 5 лет назад

Are you a kind of person that says a strange tumor in your brain is nothing and his call is an academic over-analysis? If you’re unable to calculate costs don’t pretend to be a smartass

@ashthegreat1 5 лет назад

@@424dsfdsfdsfs there's more to having a meaningful human existence than academia and cost calculations. You should try it sometime.