저자: Yield & Bitcoin · 외국인
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Nobody quotes wages or prices in a fixed quantity of Bitcoin, right? You're not going to you it doesn't happen anywhere. The to the extent that even somebody was to get paid in Bitcoin, they would have a salary in dollars or in euros and then when it came time to get paid, they would try to figure out how many Bitcoin they need to equal that number of dollars or number of euros.
It's not a unit of account like money and it's not being used as a medium of exchange. But people most of the Bitcoin it's like traded on Binance. It's you know. Yes. Yeah. It's heavy. Is it real gold or no? Well, I don't know. I mean I I you know I mean is this what you're trying to I mean let's see how it looks.
Well, you know the color is a little This is pure gold. My bracelet is pure gold. So the color looks a little off. Yeah. you know, but you know, I don't know. I mean, pro probably, you know, maybe it's not real gold. It's given to me by a really important person. Is that Well, I know, but this is not a mint that I would recognize.
I mean, the the thing about mints is if you know the name of the company that minted it and you trust them because they have a reputation in the market, right, that they want to protect. But this I mean, I've never I've never heard of any of this. So, I would have to I would have to probably assay it to know if this was real gold.
But it the color looks a little off compared to my bracelet cuz this Huh. It might be your bracelet that's a little bit off. I don't know. Now, I want to address your question about gold. Uh, Bitcoin not based on anything. Um, do you use the iPhone or I saw you I have an iPhone? Yeah. Right here. You don't use Android, right?
No, I have an iPhone. And you use the internet obviously. So, you use apps, Google, Facebook, etc. Um and uh Google is virtual, right? Excuse me. Every the internet is virtual. The internet has like nothing physical. Yes. Yes, it is. Yeah. So um when you use X, X is completely virtual. There's nothing physical about it.
But X is worth a lot of money, right? It has value. It's a it's a utility tool, right? So internet has value, right? Yes. Yeah. There's no disputing that. So Bitcoin itself actually doesn't exist. I don't know if you if you if everybody in the audience knows about this or not. There's no Bitcoin on the blockchain physically or virtually.
All all there is is records of transactions on the blockchain. Yes. Right. So when when people say I send you one bitcoin, they are not sending one bitcoin. One one another transaction on the ledger said I send you one. Right. Nothing actually moves. There's nothing that actually goes anywhere. I I get that.
And the way we calculate the way we figure out this address has one bitcoin is actually we go through all the transactions on our blockchain. We look at all the inputs and all the receiving and all the all all the sending out and then if there's a difference positive then you know this address has one blockchain or one bitcoin right so bitcoin actually doesn't exist anywhere but it doesn't mean that because it's virtual it has no value right so google has a lot of value twitter has a lot of value um and when we know when uh uh uh there's many virtual things that has value
so I wouldn't be so sure about that so uh so first of all on the gold right Um, you said that uh the gold is always there. How much gold is there in in the world? Well, I don't have to know exactly, but I know it's pretty scarce and the supply grows relatively slowly. We don't know, right? We don't know.
Well, no, I don't know how much is in the earth's crust, right? So, tomorrow we can find another, you know, China can find can find another big mine. Bitcoin undeniably has a price, but that doesn't mean it has underlying value. In his view, Bitcoin's high prices exist purely because people want to buy it.
And because many current holders refuse to sell, expecting prices to rise even further. But according to Schiff, that expectation doesn't make Bitcoin valuable. It simply makes it speculative. He emphasizes that Bitcoin is not actually being used as money. Instead, he argues it functions more like a collectible, something people accumulate under the belief that its rarity and popularity will make it worth more in the future.
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Thanks, and enjoy the video. But that's what Bitcoin is being used as. It's not being used as money. It's being used as a speculative digital asset. I mean to me people collect Bitcoin and they collect Bitcoin because they think the collection is going to be more valuable in the future is priced in Bitcoin.
So it's not a a a unit of account when you you know the price is relative though like no uh we can reverse calculate like the the price of US dollars in Bitcoin is 0.0. But that's like an exchange rate. But I'm talking about merchandise, people that are selling goods and services, which would include, you know, labor.
Nobody quotes wages or prices in a fixed quantity of Bitcoin, right? You're not going to you it doesn't happen anywhere. the to the extent that even somebody was to get paid in Bitcoin, they would have a salary in dollars or in euros and then when it came time to get paid, they would try to figure out how many bitcoin they need to equal that number of dollars or number of euros.
It's not a unit of account like money and it's not being used as a medium of exchange. But people most of the bitcoin it's like traded on Binance and you know people gamble with it. They buy it and they sell it, they day trade it or they hodal it. Uh, but they're not using it, I mean, as a medium of exchange.
It's not a unit of account and it's can't be a store of value because you can't store what you don't have on a crypto podcast that you I guess you happen to see it. Yeah. Yeah. Yeah. Um, but yeah, so I have, you know, my website is t-old. T- gold.com. So the T actually is for tokenized gold. Yeah. Um, I was actually surprised Tether never grabbed that URL, but anyway, I I I took it.
So it's t-gold.com and and right now if you go to t- gold.com you can buy physical gold and silver. Yeah. And we store it for you. Yeah. And ultimately um people who own gold and silver in this form and it's all it's segregated and vaulted. It's not it's not comingled. It's not you know it's it's it's allocated gold not unallocated gold.
So you own it. It's stored you know in in a vault. Um, but ultimately there'll be two ways that you can withdraw your gold other than sell it. You can sell it and just get dollars. But one way is to withdraw in physical form. You can take delivery of bars or coins in whatever denomination that you want.
Or you can also take delivery in the form of a token. Y. And so when you take delivery of the token and now you can deposit it in your wallet or put it on an exchange to the extent that we get it listed on an exchange, but you can withdraw the token, right? And what the token represents is ownership of gold.
Yep. You know, you own the gold. It's in a vault, but the token is the evidence that you own it. Like if you check uh you know, your your your your coat and they give you a a claim check. The claim check isn't a code, but it it's redeemable in a code. Sure. Um, and so the the the tokenized gold now is your your ownership of gold, but if you want, you can transfer that token or any portion of it because it's divisible.
Uh, you can transfer part of that to somebody else. Uh, and now that other person owns the gold and so you transfer the ownership of the gold rather than the physical gold. The gold sits in a vault. Uh, but the ownership can change hands. And now you can use your token as a medium of exchange. And so now you have a viable monetary unit that is a store of value because it's backed by the gold that that's in the vault that you that anybody can can take delivery of.
But in the meantime, you know, you've taken gold and you've now made it more uh transportable, more divisible, more funible. you've improved on all of its monetary properties, but you don't lose the most important property, which is it's a store of value because it's its value is the gold uh that the token represents.
So, what I'm hearing you is saying is actually the tokenized gold is actually almost better than the gold itself in in the ways that it's divisible, it's transferable, transportable, it's a medium of exchange, etc. Right. Yeah. as for money purposes. Yes. Obviously, if you want to actually do something with the gold, if you're a jeweler, you can't do you have to take the token and redeem it, right?
If you're, you know, if you're manufacturing computer chips and you need gold, you have to redeem the token. But as far as using it as money, yeah, yes, it improves on on gold. Just like the old blacksmiths, right? Originally, when people had gold and they would have it stored with a blacksmith, the blacksmith would write out of IOU, a piece of paper,
y which could then circulate in place of gold because it was more convenient and that that was currency. And when governments started currencies, they were legitimate because they were backed by gold. So instead of um you know engaging in commerce with the gold, we used paper currency. But that currency derived its value from the gold that backed it up.
Now fiat currency is paper currency backed by nothing. And so there's nothing that gives it value other than faith and confidence. So tokenized gold takes that to the digital level where instead of having a paper representation of ownership, I have a digital representation and I don't have to be in the same room to hand you a piece of paper.
I can transfer it. But what Bitcoin is like, Bitcoin is like the fiat currency because it's backed by nothing, right? Whereas a tokenized gold is legitimate because it's backed by something. It deres its value from gold. Bitcoin derives its value from confidence, from faith. If people think it has value, then they're willing to buy it.
That gold's scarcity is tied to physical reality and has withstood centuries of technological advancement. Meanwhile, Bitcoin's scarcity is tied to code, something critics argue could be forked or replaced. And and so it improves on gold. It makes gold better, just like paper made it better. Except, you know, once the government came in and corrupted it, right, that then that was a problem.
But it wasn't a problem for gold. It was just a problem with government. But the um gold that's issued through a token, you don't need a government. You don't need a any any any private, you know, entity that has a good reputation and is trustworthy can tokenize gold. It doesn't need to be a a a government that does it.
And now people could use that as money. And even if there's a lot of different tokens, they're all fungeable because gold is gold. Let's talk about gold for a little bit. Um I have a magic box if um we can get that up up the stage. Yeah, Tintin, come over. Today is actually the first time meeting Tint Ting.
Tinting is actually a K for Aster. Yeah, please. Yeah, thank you. Thank you. It's It's pretty heavy. So, I have a nice box here. What is that? It has um some um I think it's Kirk Kirk Kirk's language. Uh I took it back from Kyrkystan. He has a certificate. I I got it I got this from a very important person from um uh Kyrkystan.
Uhhuh. Very recently. Uh just completely by luck. So, it would take it out. It's pretty heavy. Um, I put this down. You can see like it says, um, Kger stand 1,000 gs fine gold 99.9 and a serial number. Try it. Yes. Yeah, it's heavy. Is it real gold or no? Well, I don't know. I mean, I you know, I mean, is this what you're trying to I mean, let's see how it looks.
Well, you know, the color is a little th this is pure gold. My bracelet is pure gold, so the color looks a little off. Yeah. You know, but you know, I don't know. I mean, probably, you know, maybe it's not real gold. It's given to me by a really important person. Is that Well, I know, but this is not a mint that I would recognize.
I mean, the the thing about mints is if you know the name of the company that minted it and you trust them because they have a reputation in the market that they want to protect, but this I mean, I've never I've never heard of any of this. So, I would have to I would have to probably assay it to know if this was real gold.
But it the color looks a little off compared to my bracelet because this Huh. It might be your bracelet that's a little bit off. I don't know. So, u It depends. Are you giving it to me? I I see the thing. Is it a gift? This is the thing. I I wouldn't because if you're if you're if it's a gift, then I know it's if you're not going to give it to me, it's probably gold.
If it's a gift, then maybe it's How much is this worth? Like one one kg of gold right now. Well, gold's about $4,200 an ounce. So So that I mean that would that would probably be $50,000. I don't know. Do the math, but I mean it seems like a lot of gold if it was real. AI told me it's like a$130,000ish.
Yeah. 130kish. Right or wrong? No. Go. Well, gold is, as I said, it's about $4,200 an ounce. And that's What is that? A It's 1 kg. So, I don't know. A kilogram. How many ounces in a kilogram? 32. 132. Huh? 132K. All right. See, so I would want to give you I don't So, 13 I don't want to give the whole piece.
I can give a little bit, but I can't like, you know, Well, that's why that's why you tokenize it. Then you can give me half of it, right? But they also make, you know, we sell it. My company, Shift Gold, we sell 10th ounce gold coins, right? Right. You know, you can you can have small denomination and we sell them in by reputable mints, so you know that they're real.
You don't have to you don't have to guess. You don't have to try to assay it. You look at the coin and you know, you can tell if it's been, you know, monkey with. But, you know, see, I want to give it to you, but I don't know if you can take it out of the country. I'm sure I can just How many days are you staying?
You know what? No one's I can put that in my in my in my bag. No one's going to care. You sure? Yeah. This country will can some countries will put you in jail for for carrying that. Yeah. For depends if you declared or not, etc. Where you got it, where you got it from, all the sort. Well, if I if I tell them I got it from you, what do you
But you probably be you probably be even bigger trouble. But it Huh. But it is real gold. It is given to me by the president of Kyrgystan. So I do I have not Well, you probably have some sentimental value now. So you don't want to give it to me. uh well especially after this uh you'll have some fundamental value but we we'll see so but the point is though u we if I give you bitcoin right now right you can I can ver we can verify instantly you got bitcoin in a number of ways
yeah I understand that yes right and also even with digit even with a tokenized gold right so if you send it to someone you you you can verify almost immediately yeah same same with tokenized gold yes so now I want to address your question about gold uh bitcoin not based on anything. Um, do you use the iPhone or I saw so
I have an iPhone? Yeah. Right here. You don't use Android, right? No, I have an iPhone. And you use the internet obviously. So you use X, Google, Facebook, etc. Um, and uh, Google is virtual, right? Excuse me. Every the internet is virtual. The internet has like nothing physical. Yes. Yes, it is. Yeah.
So um, when you use X, X is completely virtual. There's nothing fiscal about it. But X is worth a lot of money, right? It has value. It's a it's a utility tool, right? So internet has value, right? Yes. Yeah. There's no disputing that. So Bitcoin itself actually doesn't exist. I don't know if you if you if everybody in the audience knows about this or not.
There's no Bitcoin on the blockchain physically or virtually. All all there is is records of transactions on the blockchain. Yes. Right. So when when people say I send you one bitcoin, they are not sending one bitcoin. They just one one another transaction on the ledger said I send you one. Right. Nothing actually moves.
There's nothing that actually goes anywhere. I I get that. And the way we calculate the way we figure out this address has one bitcoin is actually we go through all the transactions on blockchain. We look at all the inputs and all the receiving and all the all all the sending out and then if there's a difference positive then you know this address has one blockchain or one bitcoin right so bitcoin actually doesn't exist anywhere but it doesn't mean that because it's virtual it has no value right so google has a lot of value twitter has a lot of value um and when we know when uh uh uh there's many virtual things that has value so a a per a item's value doesn't is not associated with its physical property Even even with gold right the industrial like the computer chips which use gold the value of gold is much less than the value of the gold we give because it's a rare commodity uh prec precious metal right
yeah well first of all just because something is intangible right I mean there are tangible assets there's intangible assets I'm not saying that something has to be tangible to have value I mean all companies I mean your company probably has goodwill that you know that's that has value but it's not something you can touch or feel uh it's an intangible asset.
Um and what makes Bitcoin worthless as far as I'm concerned is not the fact that I can't touch it or taste it or smell it. You know, it I guess I recognize that things can be intangible and have value. It's that you don't you can't do anything with it. It it doesn't have a utility beyond the fact that yes, I can transfer it to you and you can transfer it to somebody else.
and the the whole methodology, the way it works, yes, it's it's very uh uh uh smart. Uh the way the whole system is set up, I understand that. But at the end of the day, when I transfer my Bitcoin to you, I've transferred nothing. I have nothing. I give you nothing. Right? When I transfer tokenized gold to you, I've transferred gold.
I've transferred the ownership of the gold. And what gives the gold the value is what you do with it as a metal. Gold has properties that other metals don't have, that other elements don't have. And it's needed. There are, you know, industries that need gold. They must buy gold. They can't substitute copper or another metal.
There are things that only gold can do. And people companies need gold. Now, because gold is scarce, there's not just an abundant supply of gold because it's very valuable, but there's not a lot of it. then it's going to have a high price just by supply and demand. Please take a little time to like this video, subscribe to the channel, and turn on post notifications for more videos like this.
You can also check out our other videos on cryptocurrencies and the overall digital asset space, and drop your comments and observations in the comment section below. Everything you do helps with the YouTube algorithm and immensely contributes to the channel's growth. Thanks and enjoy the
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