Bitcoin Forum

 ;D ;D ;D

In pictures:

5

Go for the gold next.

Parity with one pound (16 oz) of silver. That would mean BTC wiping out centuries of depreciation in the oldest currency the Pound Sterling (GBP) in a matter of a few years. Or to put it in another way parity with what a GBP used to be worth.

we are at parity with an ounce of silver, not a whole pound

...yet

We only just reached parity with what a USD used to be worth. Don't preempt, it's bad for your sanity.

It truly is a great day.  Bitcoin has reached parity in a few short years with something that's been considered money for hundreds, if not thousands of years.

One troy pound of silver is composed of 12 troy oz. Each troy oz. has 480 grains, as opposed to the "normal" ounce of 437.5 grains.

And now both are over priced! :-)
I like silver at 10 dollars an ounce.

So would I, want to sell me some at that price? ;D

The British pound was not a Troy pound. Rather, it was a Tower pound, which measures 12 Tower ounces and weighs slightly less than a Troy pound.

Can't wait for the gold parity..

It is interesting to think that BTC1 is worth the same amount as an ounce of silver.  Different types of work went into each items production.

And yet, some just can't make the connection:


(on a side-note this is fucking hilarious. He says gold/silver derive it's value from the work that had to be put into mining (which is false anyway) and 3 seconds later complains that bitcoin is hard to mine and is constantly being "bid up" in the market. Just LOL. He seems to think its unfair that it's hard to mine and one has to buy it. Well duh, same for silver, tried mining some last night in the backyard with that ol' shovel, didn't get much, quite unfair, no everyone's trying to buy it and the price goes up, unfair squared!)

On another side note: I don't understand the whole: "it has value because work was put in"-thing. Maybe the fact that it requires a lot of work to extract bitcoin/silver is result of i's scarcrity, but its value is not a result of the work you had to put in to get it. I've asked this question ("why would the fact that much work was put into producing something mean that this something has value? I can't get the work back out, can I?") to some silver guys and the answer was: "But you can sell that silver and get energy back for it, tadaaa!". That's false again: you can probably buy energy for silver, but not because energy was used to mine the silver but for other reasons. A counter-example can easily be constructed.

Sorry, this was not an answer to what I quoted, but the quote lead me to this.

Exactly. What if you do all that work and all you get is a pile of rocks? What if you're walking to the site and you stumble over a big nugget of silver (Well, it has happened with gold. I'm not sure if it can with silver).

It's the converse of a true statement. Humans tend to think that if something is true, it's converse also is (e.g. "to be attractive you usually must smell nice" is true, while "if you smell nice you are attractive" is patently false, but enough people believe it to make Axe advertisements work).

Similarly, "if it has value then work must be put in" is true, and obviously so. Its converse, "if work was put in then it must have value", is not necessarily true—but for a human, easy enough to assume so.

I didn't know this. Thanks.

Firstly silver, later on palladium, finally gold... Who knows.

And after gold we will hit platinum and rhodium.

I'd like to get an ounce of technetium for a bitcoin, please.

unobtainium!

Won't take long... http://technet.microsoft.com/subscriptions/hh442910.aspx

i'm saving my canadian pennies and waiting for scarcity to take effect ;)