🧠 Gold Will Be Worthless - Thanks to Asteroid Mining
With NASA scientists preparing to visit an asteroid with more than £8,000 QUADRILLION worth of various metals, including gold, it's becoming increasingly clear that asteroid mining will disrupt , if not entirely invalidate, the role of any kind of precious metal as a form of store of value on earth. There will be simply too much on the supply side, diluting the value of the existing stockpile.
This also creates an incredible opportunity for Bitcoin and other cryptocurrencies as a store of value, since they're digitally scarce and can't be found anywhere else in the universe.
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Long before that is the fact that gold buyers are dying off. The millennials are not high on gold. They are leaning towards Bitcoin. A couple of recent surveys by brokerage houses revealed that they preferred Bitcoin investments over gold by a 9 to 1 margin.
This will happen long before asteroid mining.
The ASIC miner market has also been waking up, rolling out faster, new-gen mining devices. In late March, Canaan rolled out its Avalonminer 10 which delivers a hashrate of 31 terahashes per second (TH/s) at 1,736 watts (W). Days later, Bitmain revealed its Antminer 17 series, delivering a hashrate ranging from 50 TH/s to 56 TH/s, operating at 42 watts per terahash (W/Th) to 45 W/Th. And MicroBT released a whopping 72 TH/s bitcoin ASIC M20S recently.Best CPUs and GPUs for Mining Monero XMR
Asteroid mining is very far in the future possibility, we do not have the technology to land on an asteroid, never alone mine it traveling through the cosmos, the best chance we have to mine a asteroid will be if one large enough to mine were to land on earth, then killing all life and un-min able, Perhaps the comet that killed the Dinosaurs was filled with gold and gold? and that's the way this circle carries on?
The whole gold asteroid thing is silly and ridiculous. Mining is expensive. Space mining is stupidly expensive.
So, lets say you start mining this asteroid... the more precious metals you bring back to Earth... the less money it is worth, making the mining operation less and less profitable.
To assume you're going to mine all the metal at once is just... "ambitious".
In the end gold is still an "energy" currency just like Bitcoin. It costs resources to mine it, and if the supply gets too high and the price too diluted it's no longer worth mining.
Of course their will artifcal supply to keep gold price up like Diamonds but it will either way make the gold price go down way done in the future
Golden asteroid story ‘complete BS’ spread by bitcoin bulls to pump up crypto, Peter Schiff tells RT
What do you think?
Sounds somewhat legit but I don't care enough to research it more.
Yeah saw that before. He exaggerating his point. It true other metal our in asteroid but scientist can know "estimate" how much gold is in a asteroid.
Mining on gold used to be cheaper now more expensive as the supply of gold in now harder to get ie need to dig deeper and more. So yes he right but the technology and theory is still there/coming. Plus the asteroid has more valuable resources that so happen to be near the gold as well. So when the miners mine the other stuff they can also bring the gold.
it not going to happen now nor in 50 years but it will happen maybe the next 100+ years.
But gold won't be as unique anymore. Why choose it over aluminum?
Golden asteroid story ‘complete BS’ spread by bitcoin bulls to pump up crypto, Peter Schiff tells RT
What do you think?
Sounds somewhat legit but I don't care enough to research it more.
Here's a paper on the feasibility of asteroid mining. It's not a thing of the near future but something to consider in the long term nonetheless.
https://arxiv.org/abs/1808.05099
I only wrote this in my University Paper on the topic of resource economics 6 years ago after I had been at NASA 😄.
The resources that will be most scarce relative to its demand will be nutrients vital to sustain life, as we evolved to require minerals unique to Earth. Gold and Diamonds on the other hand are plntiful even in the nearby solar system.
The water-diamond-paradox will be turned on its head sooner or later😛
I noticed you used the 'investing' tag.
You should think about swapping that out to "steemleo" to support the new community and get some of the rewards. It's an investment community, you'll fit right in and I have 22k coins staked.
My goodness, 22k? How? Bought?
airdropped
I heard quantum computers can break bitcoin in a few years 🤷🏼♂️😂
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Yeah, heard that as well.. But for sure the bitcoin community will not let this to happen.. And maybe will use quantum computer to mine bitcoin, hopefully
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If we have an asteroid contain metals that include gold and other valuable blinking thingsi think gold may be dunking in value because imagine having that asteroid totally extracted and all those opportunities to have so much gold? That'll means these worthwhile things will become cheap and trust me, some economies will crash
Flooding that market with asteroid gold... hmmm? Yeah, I'll go BTC any day.
As soon as you said mining within the Mars/Jupiter planetary space. I started laughing my ass off.