Bitcoins worth more than gold

Love it or loathe it, we all need it. This is a forum to discuss all aspects of money matters in Cambodia including banks, exchange rates, ATMs, insurance policies and savings products.
Reply As Guest Login & Reply
Edwardo
Wibble Wibble ?!?
Reactions: 0
Posts: 1764
Joined: Tue Aug 16, 2016 8:50 pm

Bitcoins worth more than gold

Post by Edwardo » Sat Mar 04, 2017 11:16 pm

Bitcoin thrives on uncertainty, and there is currently no shortage of uncertainty about. If and when things eventually calm down a bit and get back to a more normalized state, Bitcoin value might see a mega drop. If Trump keeps up his shit-stirring bollocks and this year's elections in Europe take surprise turns, Bitcoins value may soar more. Too risky for me.
One bitcoin now costs more than an ounce of gold.
The digital currency's meteoric rise in 2017 continued this week, with prices hitting above $1,290 per unit on Friday. An ounce of gold, meanwhile, could be had for $1,228.
A number of factors have been driving the convergence of the two commodities.
Gold prices were driven lower this week after William Dudley, the president of Federal Reserve Bank of New York, told CNNMoney that U.S. interest rates could be hiked in the "near future."
http://money.cnn.com/2017/03/03/investi ... index.html

I know there have been many Bitcoin threads on this site, but they are all over the place.
"The final straw actually involved my mortal enemy vladimir, who you may or may not know is an insufferable, overposting asshat."
Top
User avatar
BillyB
A Moment of Clarity
Reactions: 6
Posts: 2416
Joined: Sun Jan 09, 2011 7:04 pm

Post by BillyB » Sat Mar 04, 2017 11:37 pm

How do you weigh a bitcoin?

:grin:
1
1 Image
Top
1984
I need professional help
Reactions: 14
Posts: 1002
Joined: Thu Mar 18, 2010 1:26 pm

Post by 1984 » Sun Mar 05, 2017 9:45 am

Isn't gold also supported by fear and uncertainty?
Top
User avatar
Harold
Buffalo Jockey
Reactions: 15
Posts: 2078
Joined: Sun Feb 23, 2014 12:09 am

Post by Harold » Sun Mar 05, 2017 12:34 pm

1984 wrote:Isn't gold also supported by fear and uncertainty?
Yes, although gold will probably always be valuable because it is scarce and it looks pretty and has been treasured by a variety of cultures all across the world since time immemorial. Humans like gold and seem to universally use it to enhance their image and use it to show their wealth and prosperity.

bitcoin is just bits on a computer. It has value because it is used in the black market and in countries with failing currencies. It will continue to be valuable in the future although a government backed cryptocurrency could compete with bitcoin and cause it to lose much of its value.
Top
TristranandIsolde
RicePikey
Reactions: 0
Posts: 1397
Joined: Mon May 05, 2014 10:06 am

Post by TristranandIsolde » Sun Mar 05, 2017 4:58 pm

Chinese money smuggling ...
Fool's folly is following another fool.
- The Grand Jester

Caution: all of my posts are to be taken with a grain of salt, heroin, and Everclear. Then you can reply back to us.
Top
Edwardo
Wibble Wibble ?!?
Reactions: 0
Posts: 1764
Joined: Tue Aug 16, 2016 8:50 pm

Post by Edwardo » Sun Mar 05, 2017 10:43 pm

1984 wrote:Isn't gold also supported by fear and uncertainty?
Yes, but you can physically hold and protect your gold (up to a point) and it can't be hacked and evaporated by some Russian twat solely via his laptop. Plus gold has a multitude of real-world industrial uses in addition to being favored for jewelry. Bitcoin value can plummet drastically overnight with one pronouncement from the Chinese government, much more so than precious metals values typically move.
"The final straw actually involved my mortal enemy vladimir, who you may or may not know is an insufferable, overposting asshat."
Top
Edwardo
Wibble Wibble ?!?
Reactions: 0
Posts: 1764
Joined: Tue Aug 16, 2016 8:50 pm

Post by Edwardo » Sat Nov 04, 2017 8:58 pm

My instincts tell me Bitcoin will implode eventually, but in the meantime, fuck me blue. Some people will be bitcoin billionaires soon. My instincts suck. I also once thought that this fancy internets web thingy was a passing fad and that cars would never replace the reliable ol' horse and buggy.
1 Bitcoin equals
7332.98 US Dollar
https://www.google.com/search?q=bitcoin ... e&ie=UTF-8
"The final straw actually involved my mortal enemy vladimir, who you may or may not know is an insufferable, overposting asshat."
Top
User avatar
Lucky Lucan
K440 Knight Captain
Reactions: 307
Posts: 20871
Joined: Fri Mar 04, 2011 12:24 pm
Location: The Pearl of the Orient

Post by Lucky Lucan » Sun Nov 05, 2017 12:19 am

You can dig a hole in the ground and hide gold there. Then the whole neighborhood can be looted and razed, but sooner or later you might get a chance to retrieve your gold, and it'll still be a rare commodity that has a high value. Those virtual bitcoins can be turned into nothing at the push of a button.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
Top
User avatar
kinard
Stanley H Tweedle
Reactions: 87
Posts: 6980
Joined: Tue Jun 28, 2011 9:16 am

Post by kinard » Sun Nov 05, 2017 12:53 am

Read yesterday that a bitcoin on its inception, had a value of 2 slices of pizza and now has a value of $10,000! Also, there is a limited number of them; 21 million.
"Not my circus, not my monkeys" - KiR
Top
Edwardo
Wibble Wibble ?!?
Reactions: 0
Posts: 1764
Joined: Tue Aug 16, 2016 8:50 pm

Post by Edwardo » Sun Nov 05, 2017 12:59 am

kinard wrote:Read yesterday that a bitcoin on its inception, had a value of 2 slices of pizza and now has a value of $10,000! Also, there is a limited number of them; 21 million.
That makes using them such a hassle. To buy meal at McDonalds you need to spend 0.00068794716 bitcoins. You need all those decimal places. It's like paying for everyday things with a $10,000 bill. Must be great for money laundering, large illegal narcotic deals, and financing coups/revolutions in some banana republics, but not so great for typical legal commerce. I think that will be it's undoing.
"The final straw actually involved my mortal enemy vladimir, who you may or may not know is an insufferable, overposting asshat."
Top
User avatar
kinard
Stanley H Tweedle
Reactions: 87
Posts: 6980
Joined: Tue Jun 28, 2011 9:16 am

Post by kinard » Sun Nov 05, 2017 1:07 am

Blockchain

https://en.wikipedia.org/wiki/Blockchain
"Not my circus, not my monkeys" - KiR
Top
rgrowden
My Best Friend is my Computer
Reactions: 3
Posts: 605
Joined: Wed May 14, 2014 4:29 pm

Post by rgrowden » Sun Nov 05, 2017 8:31 am

I prefer gold. If the shit really hits the fan, and you're fighting off the hordes, you can always melt down your gold for bullets.
1
1 Image
Top
User avatar
spitthedog
Basement Dweller
Reactions: 66
Posts: 5123
Joined: Mon Feb 17, 2014 10:19 pm

Post by spitthedog » Sun Nov 05, 2017 5:31 pm

Been reading some study's lately that show that p/e ratios/valuation, such as shiller cape etc in stocks has no correlation with 5 year returns in the stock market, and what really drives the stock market is liquidity/central banks low interest rates.

As far as i know Bitcoin has bugger all liquidity, hence the extreme daily moves?
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
Top
User avatar
Felgerkarb
Sir Felgerkarb, Kt Pb
Reactions: 184
Posts: 9033
Joined: Mon Jun 18, 2007 3:22 am
Location: Castle Felgerkarb, Felgerkarbia (Formerly Preah Vihear)
Contact:
Contact Felgerkarb

Post by Felgerkarb » Mon Nov 06, 2017 10:13 pm

Bitcoins are with zero after an EMP event.
====================
Why are the gods such vicious cunts?
Where is the god of tits and wine?
Top

Guest Reply


This question is a means of preventing automated form submissions by spambots.
 
Login & Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Money, Banking and Insurance”