Bitcoin is better than gold in the 'safe haven' battle

With Bitcoin’s price again topping $59,000, its value relative to gold is approaching new all-time highs, which could signal the emergence of a new preferred store of value.

Measured against the price of gold, bitcoin hit 34.94 ounces on Tuesday. On March 13, the price of Bitcoin soared above $61,000, and the price of Bitcoin relative to gold peaked at 35.35 ounces.

University of Bern: There is a risk of "double-spending tokens" in the Ripple consensus protocol: A new research report released by researchers at the University of Bern in Switzerland shows that the Ripple consensus mechanism is "neither secure nor active." Researchers Christian Cachin, Amores-Sesar, and Jovana Mićić report that the Ripple consensus protocol could allow users to potentially “double-spend tokens” and potentially result in transaction processing being terminated. The researchers set up examples of the Ripple protocol with varying numbers and types of nodes, and found that malfunctioning or malicious nodes could have "devastating effects on the health of the network." "We found that the Ripple protocol relies heavily on synchronized clocks, real-time messaging, a fault-free network, and [Unique Node List] common trusted node a priori agreements with Ripple signatures, but violations of these If one or more of these conditions, especially if an attacker becomes active-zce inside the network, then the system may fail critically.” (cointelegraph) [2020/12/4 23:05:08]

Bitcoin continues to outperform gold significantly | Chart: BuyBitcoinWorldwide

ZG.COM Club announced its official establishment at the "City of Lights" conference: On May 28th, hosted by ZG.COM Club and Encryption Capital, the "City of Lights" named by ZG.COM——2020 ZG.COM Club The Global Partner Conference was held in Shenzhen. At the meeting, ZG.COM CEO Zhao Changyu, ZG.COM VP Li Wenhao, ZG.COM South China Center Executive President Ye Xiaoli, ZG.COM South China Center COO Liu Min, ZG.COM South China Center Business Director EASON, Encrypt Capital founder Zhang Jun, Encrypt Capital COO Zhu Jianwei participated in the ribbon-cutting ceremony for the official establishment of ZG.COM Club.

Ye Xiaoli, Executive President of ZG.COM South China Center, delivered a speech saying: Integrating local resources of the site, helping partners grow, and boosting industry development are the original intentions of ZG Club. Next, ZG Club will rely on ZG.COM's own brand resources and ecological advantages. Externally organize the activity resources and partner resources of the global site, and commit to absorbing high-quality teams to provide a full range of blockchain in-depth value-added services through the offline blockchain industry communication and service platform. [2020/5/28]

Bitcoin's value relative to gold has more than doubled in the past three months and nearly seven-fold since October 2020.

News | PeckShield issued an early warning for EOS high-risk accounts, and there is a risk of "rainbow" attack theft: Recently, the blockchain security company PeckShield found that some EOS users are using secret keys that have serious security risks when analyzing the security of EOS accounts. The root of the problem is that some key generation tools allow users to use weak mnemonic combinations, and the keys generated in this way are prone to "rainbow" attacks, which can lead to theft of account digital assets. In response to this security threat, in order to help users reduce possible economic losses, PeckShield security personnel have customized a set of crisis solutions:

1. Disclose the details of the asset theft vulnerability caused by the use of mnemonics, and call on EOS community users to strengthen security precautions and avoid using empty mnemonics or weak mnemonic combinations;

2. Enable EOSRescuer (peckshield.com/eosrescuer) public query service, users can check whether their account has security risks with one click;

3. Temporarily transfer the assets of users with high security risks that have been monitored to a specific security account. Affected users can contact PeckShield to claim them. In order to ensure that the interests of users are not infringed, PeckShield will transparently disclose all records of the above-mentioned security accounts and accept the supervision of third-party media. Note: Users need to provide proof of EOS account ownership, including necessary transaction records, etc. when claiming. [2018/7/11]

Meanwhile, gold futures on the Comex division of the New York Mercantile Exchange fell below $1,700 an ounce on Tuesday to hit a three-week low of $1,676.50. Since peaking above $2,050 an ounce in August 2020, gold prices have corrected nearly 18%.

2020 has been a big year for gold, as the yellow metal hit record highs across all major currencies before breaching $2,000 an ounce for the first time. At the end of 2020, the price of gold rose by about 22%. Still, that pales in comparison to Bitcoin’s 265% annual return.

With inflation concerns heightened by the recent $190 million stimulus package, assets such as gold and bitcoin should theoretically do well as investors hedge against a weaker dollar. However, the recent rise in bond yields may have taken some of the shine off gold.

Others, even prominent analysts like Bloomberg's Mke McGlone, think gold will lose out to Bitcoin in the "safe haven" race. Earlier this month, McGlone tweeted:

“Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace at which Bitcoin replaces gold as a store of value in investor portfolios.”

Digital gold is crowding out the old guard — gold will always have a place in jewelry and coin collections, but most indicators point to bitcoin accelerating to replace gold as a store of value in investors’ portfolios.

— Mike McGlone (@Mikemclone11) March 8, 2021

Even JPMorgan, a longtime bitcoin critic, has claimed that the digital currency will consume some of gold's market share. "Bitcoin adoption by institutional investors is just beginning, whereas for gold it is very advanced," JPMorgan strategists led by Nikolas Panigirtzoglou said in a December 2020 note. If the medium- to long-term view proves to be correct, then the price of gold will be hit by structural headwinds in the next few years."

The narrative that Bitcoin is called digital gold continues to strengthen after the halving. The halving every four years (the last one happened in May 2020) reduces the amount of new bitcoins that enter circulation after each block is mined.

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