Bitcoins worth more than gold

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

How do you weigh a bitcoin?

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

Isn't gold also supported by fear and uncertainty?
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Harold
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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.
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Post by TristranandIsolde » Sun Mar 05, 2017 4:58 pm

Chinese money smuggling ...
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Edwardo
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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.
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Edwardo
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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
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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.
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kinard
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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.
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Edwardo
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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.
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kinard
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Post by kinard » Sun Nov 05, 2017 1:07 am

Blockchain

https://en.wikipedia.org/wiki/Blockchain
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rgrowden
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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.
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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?
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Post by Felgerkarb » Mon Nov 06, 2017 10:13 pm

Bitcoins are with zero after an EMP event.
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