About: Trading Gold vs Bitcoin: Friend or Foe? (w/ Roy Sebag)
no cryptos wont replace fiat by it self, it would have to be backed by precious metals....
So many factual inaccuracies in this video.
Miners do not earn just from block reward, but also from fees.
Nothing special will happen in 2140 when no more Bitcoins will be issued, since miners are faced everyday with a profitability decision. If the energy cost is too high, some of them would simply stop mining and the difficulty of mining would adapt within 2 weeks (2016 blocks), making it profitable for other miners who stayed in the game.
This guy doesn't understand the basic rules that constitutes Bitcoin protocol and should not talk about it on RV imho.
I gotta say, this is HANDS DOWN the best video on gold vs Bitcoin. Loved the mathematical/logical perspective.
Bitcoin is just like ebooks. No electricity means no bitcoins, no ebooks, no credit cards, no phones or internet. That's the weakness of anything that uses electricity. In war times or in natural disasters, chances are you don't have access to electricity. You need something physical in your pockets that don't rely on electricity. In a mad max world you rely on things old schoolers uses to bring back civilization. High tech stuffs will just be useless stuffs in times of disaster. In times of real trouble, choose things that don't rely on electricity to operate at all. A knife is far more useful than a gun without bullets in a disaster.
Cost of running gold money? Government turns in to fiat and funds murdering 10 million people over 70 years and bankrupts the pensions of a billion people. Your argument is invalid. Warehousing gold is a cost. Warehousing btc mining gear is making money. Like all these guys assumptions are upside down.
This guy claims he is a bitcoin miner? He doesn't sound like one .... he seems kinda clueless
The analogy on the mining misnomer and fungible legos exposes the pseudoscience that so many purport. Well said. Philosophically. Scientifically.
Stephan needs to get some sleep before the next one and perhaps dose up on some iron. Great discourse Roy
the explanation of Gold "storing the experiences of marriages&etc" through the form of jewelry is like a kid's toy
bitcoin got timestamp in it's blockchain that cannot be altered therefore eternal until 51%. Making the value in order to protect that truth through hashrace & competing the hashpools not to let the attacker achieve 51% extremely valuable
I'm full into bitcoin and I like to have contrarian thoughts once in a while. The thing he misses I think is that a bitcoin holder is incentivized in running its full node and start mining as it gives value to the network so in a sense the promise is made with oneself as someone grows its knowledge. The more people get interested the more nodes and Hashrate the network will get. Combing this with the halvings and you get the perfect storm.
I will just note .. much is made of a potential 51% Sybil attack .. however, much easier to do, is simply to attack the miners from being able to hash, or share the legacy of their hashing
wonderful video, thank you
truly excellent commentary, and much needed clarity .. superb
Great video. Keep Gold and buy XRP
Value your gold mine today, what’s your store of value two years ago, and now see what that value is two years from now.
Bitcoin, a lack of diminishing returns? Seriously? If you want to talk energy costs, Mining gold costs more. Divide your gold, in the next hour, and send $100 to Chicago, &100 to Paris, and $100 to Athens, and it’s Sunday.
There is no debate which is easier to divide, send, or store. As for store of value, another two halving’s you’ll understand
Never sell it? I’ll sell it in increments when I get my first social security check. I’ll buy every week I work.
Send me $100 off your gold ounce. I’m in Greece, I’ll wait.
Once a bitcoin is mined it is mined into existence, just like gold.