An ounce of Gold or an ounce of Bitcoin?! (Contest Inside!)

in #bitcoin4 years ago (edited)

Ok ok, Bitcoin isn't actually measured in ounces, or any other form of weight for that matter.

However, for those of you that are into this sort of thing...

Bitcoin is now almost 3x the current price of the yellow metal as it is setting new highs today over $3400 per coin.

Why is that significant?

Well it isn't really, other than the fact that Bitcoin is often referred to as the digital gold. With hopes to be the new store of wealth that gold has been for so many centuries. 

Just 6 months ago, Bitcoin and gold traded at parity around $1200, meaning they were both trading for roughly the same amount. 

In less than 6 months, Bitcoin has tripled and gold has...

(crickets chirping)

...well gold has stayed roughly the same, currently tipping the scales at $1258. 

Can you see why investors are starting to flock to cryptocurrencies?

The chart below shows the price of gold over the last 2 decades:

Other than this symbolism there really aren't many similarities between gold and Bitcoin. 

For instance:

One is physical, while the other is digital.

One has a finite supply, while the supply of the other one fluctuates with it's price.

Plus there really is no similarity in their market movements basically since Bitcoin was created.

Either way, I still like the label of Bitcoin being "digital gold", it has a nice ring to it and I would sure love for Bitcoin to copy that chart of gold above over the next couple decades! :)

Back to the title of this post...

I have a riddle for my readers out there, and the first person to correctly answer this riddle gets 1 SBD.

The riddle is likely one that you have heard before, but think a little more critically about it this time.

The riddle is as follows:

"What weighs more, a pound of feathers or a pound of gold?"

The first person to correctly answer this and to tell me why in the comments section wins 1 SBD!

Good luck and stay informed my friends!


Image Sources:

Follow me: @jrcornel


A pound of feathers weighs more then a pound of gold as gold is measured using the Troy system where 12 ounces equal a pound (as opposed to 16 ounces equal a pound for feathers).
By the way i think bitcoin should be called liquid platinum. or maybe we use that for other, better cryptos!

Well done. I honestly thought they were the same...

Ding Ding Ding! We have a winner! Nice job. 1 SBD will be transferred to your account shortly.

How about liquid platinum we keep reserved for Steem when the time comes ;)

haha i think we can all agree on that!

thank you for your valuable comment. i am new here .i am follow you . i am waiting for your next post

cool. well welcome and enjoy!

Nicely done! 🎉🎊

Nice post on bitcoin and gold, I like the comparison. If I had to choose between gold and bitcoin of the same amount, I'd choose bitcoin any day. I see you got your answer about the pound of gold and feathers. I didn't know about the troy system before, I guess you learn something new each day :) Thank you for sharing :)

btc should equal a kilo of gold soon :D

Two things @jcronel. First, my answer:

A pound of feathers must weigh more being gold has traditionally been looked at by the troy ounce and that is only 12 ounces to a pound.

Second: To me bitcoin is the digital gold because similar to gold it is looked at as more a store of value than a transactional currency, at least that is how I look at it.

You are correct but just a little too late... someone else just beat you to the punch!

Ah, yup that comment wasn't there when I started mine but was when I finished. So close! ;-)

I gave you half a SBD (ish) with my vote for coming in a close second ;)

Ah, it's all good buddy, appreciate it.

Riddle answer- neither, they are both a pound, unless a pound is not a unit of measurement and in fact a currency unit, then the feathers.

You are on the right track... but not quite what I am looking for... :)

@jrcornel...they should weigh the same since they both weigh a pound.

Bitcoin Cash needs to have its logo changed to become the silver of crypto to Bitcoin's gold.

One pound is one pound no matter what material.

In most cases yes. However, think very critically about this one...

They both weigh the same. A key difference between gold and BTC is BTC isn't being manipulated by naked shorts and paper contracts. If everyone with a paper claim tried to get their physical share in gold, there would be a short squeeze and the price of gold would explode.

Now that derivatives markets are opening up to Bitcoin, I am not sure how much longer the same won't be said for Bitcoin. Regarding your answer... incorrect :)

Bitcoin is the new gold...

Hi @jrcornel! You have just received a 1.0 SBD tip from @emble!

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Check it out.

well nice post. keep up dating

Q: Do you prefer Gold or Bitcoin?
A: Yes.

Depends on if you're refering to the fiat currency from the UK (the pound).. 😉

Great post and quick answer! A pound really should be a pound. Oh well!

I would take bitcoin over gold any day! It is much easier to buy, save and spend than physical gold!

I will definitely choose bitcoin, You must know also why I chose it @jrcornel 😁👍

But nonetheless, this is not even bad idea :) bitcoin could be made as a real coin, but out of very rare metals, more rare than gold ( maybe platinum?), and in that case , the price would be more stable. You are saying how cryptos are so much better than gold or silver. It can not be, because of its velocity. one day big uprise, next day big dip. people that buy gold, buy it for financial safety. It means, that in case if currency we use, inflates big time or...cryptos crash still got gold. You can exchange gold in every corner . While you can not exchange crypto currencies if exhange services cancel that ability (because they may be just losing money while doing that).... that will never happen to gold or silver.

thank you for your valuable post. i am new here .i am follow you . i am waiting for your next post

Similar weight!

In most cases yes, however for this riddle, think more critically...

Ok. The correct answer is interesting dear @jrcornel. Didn't know! More critically: if this experiment is carried out in zero gravity. Will it be correct?)

Hello and Thanks.

Don't get it

I prefer ounce of bitcoin . Just write the data in blockchain to paper and make it ounce XD

followe me i'm new You know the difficulties of beginning and thank you for your time .

Never thought that one day I'd be able to compare bitcoin to gold, but i am amazed. at first I saw no hope because of last months falls, im so happy seeing a rise since August began. Crypto to the moon @jrcornel

Trick question. Not fair! The unit of measure was not specified! lolz

The way things are going in the coin market, I won't be surprised that within a year and a half other coins don't pass gold. Who knows?

Is now a good time to start investing in bitcoin? i see some people recommending small monthly investments but right now when it is at a high is that really wise? Is it possible it will go higher or should i wait for the plunge to begin investing? I'm not to this whole cryptocurrency thing

By the way did you know there are a limited amount of physical Bitcoins that you can obtain? Hehe, they are like flash drives I think with etched addresses in them. Honestly they look extremely amazing

But I mean c'mon, for 3.2k dollars how wouldn't they

digital gold, yesser I like the sounds of that

I prefer bitcoin, with such little volume compared to the stock market its valued so high. imagine when it has 50 billion $ in volume for 1 day the price will be at like 50,000$

Good post and information

Excellent post my friend. Crypto are the future. Regarding your question both weigh the same. Good evening

Bitcoin yeah!!

The mainstream may not want to admit it but crypto is becoming a game changer. Ready or not, here they come!

Choosing between Bitcoin and gold to me is like choosing bitcoin or cash, I will definitely go for the former. Bitcoin can be useful in so many ways while gold is just a form of value storage. Bitcoin ftw.

Weight is similar, but more feathers?)

Great post. I also have a new page devoted to cryptocurrency news. I cover all different cryptos and any pressing crypto news that the community may need to know. My layedt post was about Ripple.
Please follow me if this interests you. Thanks.

Neither both weigh a pound

Well, just like a comparison between a orange and a apple. We do get more vitamins from orange than an apple. So there we have it both coins are valuable, but my "bitcoin" baby hit the mark. Big up Bitcoin, just slow it down so I can catch up some more with you... please.

it would take a real gold coin with a hologram a private key

I love the post and reading the replies. You get a real feel for who the gold collectors are. If gold did not trade in paper futures we would be sitting high on the hog. Thus the need that Bitcoin fills.

If you were to ask people what gold's supply schedule looks like over time, they probably would not draw you something that looks like an exponential curve. With gold being sneakily inflated, it's not set up to preserve value in the way that bitcoin is

It is not sneakily is dug up out the ground. The effort involved in digging it up out the ground secures its price.