The greater problem is how we will solve global capitalism in relation to environmental destruction. Nation states that do not have any moral considerations have a competitive edge over those that do.
[1]-https://www.youtube.com/watch?v=Cba2GA3haYM&feature=youtu.be
Can you complete your comment?
[1] https://blockgeeks.com/bitcoins-energy-consumption/
https://motherboard.vice.com/en_us/article/qkvxk3/chinas-big...
https://qz.com/1026605/photos-chinas-bitcoin-mines-and-miner...
How feasible is launching a constellation of bitcoin-mining microsats that will run on solar power?
I would love to have a rational debate and hear objective arguments agaisnt bitcoin vs gold that can be applied uniquely to bitcoin or rather that dont apply to both.
Scarcity? No intrinsic value? Speculative? Thefts? Used in illicit ways?
All these apply to both gold and bitcoin.
"Gold has been historically valuable to humans". So have many other rocks, flowers, spices, etc.
I am geniuenly interested in seeing why Bitcoin should fail as being a store of value.
Oh, it's a great store of value. But that doesn't make it a good currency. Currencies aren't intended to store value, they're intended to facilitate the transfer of value. Assets (be it physical such as property, governmental such as bonds, or corporate such as stocks) are what is intended to store value.
In general, you want a currency to suffer from inflation and decrease in value over time. While this may seem counter-intuitive to having a healthy currency, it's the best thing for the economy, as it encourages the currency to continually be in circulation, and whatever cannot be readily spent to be invested into assets or placed into a bank, which then goes and loans it out to others who need it, stimulating the economy.
Gold has never been easy to use as currency. It needs to be weighed, and now its value is so high that in order to buy everyday items, you'd be dealing in almost immeasurably small slivers of gold. So instead people used it as an asset; They would buy it speculatively and watch the price rise as scarcity increased. As more people bought it, the scarcity increased even more quickly, leading to effectively a deflationary spiral.
What do you think will happen as we get closer to the 21 million Bitcoin limit? It'll be the same deal. Everyone will hold onto their BTC because it's scarce, and increased scarcity increases value, and before long, the entire BTC economy grinds to a halt.
"But this has never happened with gold!" I hear you say. Let me point you to the Gold Reserve Act of 1934, where the government basically said "Naw, dawgs, give us that gold back. We gotta get this economy moving again.", and made most private possession of gold illegal, in order to help get America out of the great depression.
Bitcoin is an amazingly cool concept. Bitcoin is an awesome work of technology. Bitcoin is not a currency.
BTC because it's scarce
It's also worth noting the supply was minted mainly by miners doing very low difficulty work early on, using basic home computers.
Satoshi made an intensional design choice to gain control of the supply for a very low cost, exploiting late adopters as bag holders.
The incentive system for bitcoin mining might of anticipated gaining popularity as time passes and increasing the reward as the network grows, but the system was designed completely opposite of that, at the expense of the masses for the benefit of sending the supply to the mining nodes operating in the first few months.
https://www.welivesecurity.com/wp-content/media_files/total_...
The first difference to come to mind is that if you forget the password to your gold, the gold still exists. If you forget the password to your wallet, your bitcoin is pretty much unsalvageable. And assets that are so easy to destroy aren't particularly stable. And yes, most wallets have all sorts of backup capabilities and safety features, but in the end it's used by humans and humans are stupid [citation needed].
Gold can be stolen, gold can be lost. You can hide your gold in the woods, and forget the location.
Also paper money can rot and can burn.
If i memorize my bitcoin seed, my brain is in fact my bank, and if I trust some external entity more than my own brain, bitcoin is not for me.
Is my logic wrong in pointing out a 'flaw' in gold when someone else points out a 'flaw' in bitcoin?
I think criminals will use any tool in ways that they were not meant to be used. This does not make the tool/subject at hand the culprit.
Try buying cocaine from your local neighborhood cartel, contrast that to receiving shipments in the mail. World of difference as far as safety/security.