[keymone]

BTC is what the distributed consensus says BTC is. You can’t fake that without pouring billions into building up mining infrastructure to organize a 51% attack and even then the distributed consensus will simply fork around your amazing achievement of successfully doing a single double spend?

So yeah, BTC is definitely not like gold, it’s way better.

[bb88]

Well, you can't double spend gold. You either have it or your don't. And until the matter replicators come into existence, nobody can fork gold.

As to your argument for the 51%, say, Visa comes out with a fork called VisaCoin(TM) that allows one to use a visa card to make transactions directly from VisaCoin (which is a BTC fork).

So that was two to ten people, maybe and what an ad slogan?

And here's the ad slogan: "When you go to the Fog City Diner in San Francisco, take your visa card, because they don't take BTC!"

[orcasauce]

How is BTC better than gold? What can I do with a bitcoin? It's just data. It's still a fiat currency. Gold is specifically not a fiat currency because it has real world applications. I will agree cryptocurrencies are better than other forms of fiat currency in that there is a definitive quantity, similar to a non-fiat currency, but it's intrinsic value is in the trust others will accept it in exchange for something that has real value.

Suppose a solar flare destroyed all existing digital equipment. What would a physical printout of a wallet be worth?

[keymone]

Bitcoin is better than gold because in virtually all aspects

- it’s scarce by design, not by our belief in inability to find more of it on this planet or some asteroid

- it’s mobile, transporting gold is pain in the ass

- it’s secure, securing a little piece of paper is easier than deposit of gold

- it’s divisible, sividing gold into nanograms is not practical

- it has transaction platform built in

As for practical application of gold - it’s not where gold’s value is derived from.

And what if an asteroid hits the earth and we are all dead?

[bb88]

This kind of gets into some philosophical points, so I'll take them 1 by 1.

> it’s scarce by design, not by our belief in inability to find more of it on this planet or some asteroid

Scarcity is ironically one of the reasons gold is treasured. It's a natural scarcity not a man made scarcity.

> it’s mobile, transporting gold is pain in the ass.

Most gold exchanges don't require you to physically take gold home with you. It's stored in a vault and traded like any other security.

> it’s secure, securing a little piece of paper is easier than deposit of gold

BTC is not a piece of paper, and requires that only one person not be smart enough to break the BTC encryption model.

Gold can be stolen, but not all of it at once. But apparently BTC can be stolen too.

> it’s divisible, dividing gold into nanograms is not practical

Today's cost of gold to grams is $40.17. Practically speaking, we don't need nanograms to get to penny scale. A centigram of gold is good enough.

> it has a transaction model built in.

I hand you an ounce of gold. You give me $1000 dollars or something else in value that I want. That transaction method has been trusted for eons now.

[Fjolsvith]

> Suppose a solar flare destroyed all existing digital equipment.

Suppose someone invents a way to turn lead into gold?

[gbear605]

One of these things is not like the other!

[Fjolsvith]

In their absurdity they are. Oh, and in the way that the two events would wipe out the function of a store of value for bitcoin and gold, respectively.

[pellucide]

how exactly does this happen. This has to involve protocol change or is there something in bitcoin protocol that forks around a chain when a double spend is detected. And how exactly is a double spend detected ?

[keymone]

Diuble spend is detected when a longer chain is published to contest the currently accepted chain with orphan depth of more than 5-6. This is huge deal and will decimate butcoin valuation for sure, but just as with acceptance of segwit and hardforks around protocol bugs in the past - there can be agreement made to deploy a version of bitcoin software to hardcode which chain is valid.

Not saying this is easy but when the project is attacked like that, there will be some action.

[coolspot]

By "distributed consensus" you mean couple chinese guys who own all bitcoin mining?

[keymone]

Bitcoin mining is fairly diversified, with new players about to enter hardware business.