Today's video was inspired by a question from Sobuka, who asked "Louis when you are cashing out your cryptocurrencies would you consider putting at least 10% of that profit into precious metals as a cautionary safety play as opposed to fiat?"
Bitcoin Will Replace Gold Within Decades
7 years ago by louisthomas (75)
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I think both will coexist. Two different things, two different markets.
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I think they will coexist as well. They already have gold and bitcoin in the forex markets.
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Like radio and later TV. In history paper money was backed with gold, but this was simply removed. Why would a digital file have to be backed with gold, at least until everybody agrees it has value? 💰
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I disagree with you. Its a matter of years now.
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Imo, it's not just about bitcoins, nor cryptocurrencies. The blockchain technology will revolutionise every parts of the Internet, and later society.
But here you go, just my opinion :D
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within decades I think your far too pessimistic @louisthomas :P
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Your opinion is as valid as any other, I'm bullish for the future of Cryptocurrency.
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the first ever investment I ever made was in Gold.
I am stuck, if I should keep the gold or sell it :( :S
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Definitely keep it! Even if Bitcoin becomes an alternative to gold, it is nothing of physical value. Therefore gold will always have inherent value. I would keep it and diversify into Bitcoin.
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great advise, Thanks
Have a great day :)
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What can you do with your gold?
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agreed, thanks for posting. Upvoted and resteemed.
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In the distant past Bitcoin was about replacing money, not gold. People have lost that vision somehow.
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I agree, the more I look into the scaling debate/history it's somewhat worrying. I imagine we'll get a replacement for money and gold? They might be the same crypto or different ones.
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this is what we need Bitcoin, Lightning, and Streaming Money
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Thank you for sharing this video. The idea of Streaming money is fascinating, I had not heard Andreas talk about that conecpt before. I think when people are earning money in real time by the millisecond it has the potential to change society and the way people work. Hopefully it can help bring an end to the 40 hour work week.
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Keynes was talking about ending the 40 hour week and replacing it with a 15hour working week in 1930 once are societies became rich enough and they have met his projections on that front just not the working week side :(
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Hey Louis, been following your yt channel since the summer. I Finally decided to jump on steemit and start contributing, it's a facinating concept. You've had well-deserved growth this year with your constant uploads, keep the videos coming.
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it looks like it has already has, the way it is trading and it value seem to have convinced people that its more valuable.
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Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com.
Obviously not all of these cryptos will survive. We’re still in the early innings.
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Bitcoin is replacing all currencies.. may be replacing gold...
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Both appear a much better option than fiat currency, do not go 100% into cryptocurrency or anything else for that matter, diversify.
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Do you really think it will take that long? @louisthomas
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Louis, a thought provoking video like always! These are some very interesting points that you mention. I agree with you as things stand right now. But, I do think that the next time there is a major global financial crisis young people will once again be reminded of the importance of holding an asset like gold. That's because it has some attributes that nicely complement digital assets and financial assets. Mainly because it you can posses it without relying on others (i.e., the power grid or your isp) and because it is an asset that is NOT a claim on someone else's balance sheet (like bank accounts or stocks or bonds).
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I think Bitcoin is more useful as a store of value than gold. I don't think it will replace it though. Both will coexist just fine even though Bitcoin may have a larger marketcap at some point. Gold is something physical with real world demand. It's used for jewelry and in electronics. Therefore it will always be valuable.
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Let's hope we can stop Blockstream from preventing Bitcoin scaling.
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