That Giant Asteroid of Gold Won’t Make Us Richer .Rejoice, people of Earth! News outlets are reporting that NASA is planning to visit an asteroid made of gold and other precious metals! But guess what BITCOIN IS JUST 21 million ever.
Why saving your fortune in precious metals is a bad idea: "The golden asteroid worth $700 quintillion that could make everyone on Earth a billionaire" --- I guarantee there isn't some asteroid with billions worth of bitcoin cash floating around waiting to be found :P
10-06 23:23 - 'Interesting fact: A single garden-variety metallic asteroid contains vastly more gold than has ever been mined in the history of the world' (twitter.com) by /u/2Panik removed from /r/Bitcoin within 4-14min
Is it a good idea to return to the gold standard when asteroid mining will begin in the next 50 years?
I hate fiat currency as much as the next guy, but my problem with the gold standard is what’s going to happen to gold backed currency when Elon Musk or someone else in the commercial space industry brings back a giant asteroid with lots of gold (such as Psyche 16, an asteroid in the asteroid belt between Mars and Jupiter which is estimated to contain 10 quintillion dollars worth of gold and other metals)? Gold derives it’s value from being nonreactive (and this virtually indestructible) and rare. But a sudden increase in the supply of gold would tank the price of gold and thus tank the value of gold backed currencies. Is gold really the best thing to keep out wealth in?
Bitcoin is the only truly fixed asset in the world. 'Precious' metals like gold are rare on earth but as plentiful as sand in our galaxy. Soon, @elonmusk, @jeffbezos, and/or others will be mining asteroids, which will crater the price of these metals. #BitcoinBillionaires
A recently published 98-page report issued by the financial firm to its clients suggests a single asteroid could possess as much as $50 billion in valuable and rare resources, like platinum Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. The existence of a golden asteroid is fake news– a lie spread to pump Bitcoin. 16 Psyche is a rare metallic asteroid with a composition similar to the earth’s core. It’s made almost entirely of an iron-nickel allow, with small amounts of other metals, likely to include gold. — Peter Schiff (@PeterSchiff) June 29, 2019 Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Tapping Asteroid Would Cripple Gold Value, Take Bitcoin Price to Final Frontier . The amount the asteroid could potentially contain worth of metals like iron, nickel, gold, and palladium – some more valuable than others here on Earth – is said to be enough to make every human on Earth a billionaire, but that’s just not how basic supply and demand economics works.
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