Bitcoin Forum

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

I wouldn't give those shits the benefit of a click on their video...but I believe you.   
Financial journalism is rife with ignorance about everything,  including btc.
Doesn't surprise me.  They're making the same stupid mistake a lot of people
here make, comparing btc to gold.  Why those two assets out of hundreds of others?
It's completely arbitrary.   Why not compare btc to google stock while they're at it?

Well in fact I think it makes some sense. Because Bitcoin is the digital gold and I don´t just say this common annoying phrase, here are the simmilarities:

Things in which BTC and gold are equal:
 - Limited supply
 - The whole supply isn´t yet mined (and the word mined is no coincidence, "a better gold" is the basic concept of BTC)
 - It´s value is based on owning something and not on depth
 - It´s not controlled by someone (If the USA says they will not accept the value of Gold, fine this will influence the price of Gold but it won´t make gold worthless, same with BTC)

The only important difference: Gold can´t be traded via the internet, but it withstands a Millenium Bug

"Bitcoin: A Peer-to-Peer Electronic Cash System":  https://bitcoin.org/bitcoin.pdf (https://bitcoin.org/bitcoin.pdf)
I'm so sick of all these stupid comparisons.

There are not 21,000,000 ounces of gold - there are billions.  Bitcoin is worth just an absolutely miniature fraction of what gold is worth, and it has not previously been a global reserve currency.

Can we please stop pretending that BTC is fully developed and everyone at Wall Street are complete morons?  BTC is in early stages and its value is NOT comparable to gold.

Yes but bitcoin's price didn't reached the point where it will be stable a gold. You can only discuss it as something equal to gold only  when it will be stable and the volatility could be avoided.

Utterly meaningless but fun all the same. I've read of people on here who bought an ounce for 50-60 BTC. I'd be so narked at that I'd melt it and pour it down the toilet. I might buy an ounce for 0.1, but more likely I'll wait for 0.05.


It's not completely arbitrary. There are many similar qualities and functions between the two, apart from Bitcoin being better at most of them and adding some new ones too.

I think that is only possible after all the BTC gets mined... Which is not in a very close future, but the day will come. And if the whales will be volatile then, it will be. :)

No, it's pretty much just as possible now as it will be then.  Bitcoin will still be a speculative token to some extent, just like gold is.  It can only be stable once it's either used by just about everyone in the world or when fiat currencies start being backed by it (both scenarios are unlikely)

The chances are that it'll become somewhat more popular but will never be particularly stable.  At best we're looking at gold's kind of volatility, without have to centralise and let governments take care of it.  That's fine but we have to recognise that it's probably going to keep happening.
There may be similar qualities, but there are not similar quantities.  The comparison of price, as people have been doing it, is completely arbitrary.

He's moaning about properties, not quantities.

There are many properties that are similar, whereas a Google stock has somewhere around zero.

Still can't understand how this people can compare bitcoin to gold. Bitcoin is virtual and gold is real, isn't there big difference?
Bitcoin's price is usually measured in usd (or any currency, who cares). So behind usd, there is gold. If we remove gold, than money is just paper and bitcoin will become just waste of electricity and equipment.
So nothing important in this news.

ummm, you are missing the entire point of BTC aren't you???

How can you seriously type that removing USD will make bitoin useless and a waste of electricity??

Isn't the entire point of bitcoin(at its founding) to be a peer to peer electronic cash system +store of value? You don't need the USD to exist to have BTC be worth something.

In many video games there is no USD conversion, and plenty of peoplf giure out the worth of in game items in terms of that currency. Why do you need USD?

C...C...C...CNBC ??? People are still watching this 2017-2018 Bitcoin is getting more recognition and it will continue this way. With thr help of the media it will be spread more easily than before...soon the moon ;D

They actually don't know what they are talking about. XD

Well generally there are more gold oz than there would be 1 bitcoin. Bitcoins have a set number of 21,000,000 bitcoins and gold has not been determined if how much we can mine but it would definitely be more than 21,000,000 oz of gold that has already been mined.

Sorry I won't be clicking that video either as Pearl Swine says. They don't know what they are talking and it's kinda some weird thing to them as if it's reality that they are seeing the value of bitcoin. They can't accept the fact that this "bitcoin thing" for them is growing and will be growing for the next years to come. Journalism at it's finest.

It did not surprise me because they are a corporate company and earning their living from the promotions of big financial institutions. So they will try to sideline bitcoin for any reason. They see bitcoin as a threat to their rotten old financial system and hence they will try to show us low.

However, the increase in bitcoin's market cap proves that, it doesn't matter what CNBC says. People are loving bitcoin and will keep loving it. Bitcoin has given financial freedom to a lot of people and also provided alternate employment to them. WHAT organized sector says, really doesn't matter to the un-organized sector. 

Well most of the media does not have any idea what the heck bitcoin is or why it is intrinsically value. All they see is bitcoin going up and up every single year and they assume that it is a bubble/or it is a scam without considering the market conditions at the current times.

A lot of people are definitely misled by these people, in my opinion. That’s why you see on the youtube comment sections of videos about bitcoin so many people saying bitcoin is going to be a bubble that will burst very soon without having any idea what they’re talking about.

Bitcoin at 3oz of gold is still a heck of a deal in my opinion. There are around 5 billion ounces of gold compared to 21 million bitcoins. When you consider the fact that bitcoins are just the same as gold in terms of mining and a maximum cap of coins, bitcoin is like a better version of gold.

But whatever, they’re entitled to their opinion even though it’s false.

Thx but I have already read that. If you don´t know that Bitcoin´s idea is to be the new gold than you should educate yourself on fiat currencies, economics and gold standard.


The comparison from one ounce to one BTC is redicioulous, I agree, but not compareable to gold is nonesense. The correct way would be to compare the market cap of those two.

So:
$7,665,486,321,263 ... Gold (http://onlygold.com/Info/All-The-Gold-In-The-World.asp)
    $56,090,150,056 ... BTC (https://coinmarketcap.com/)

You can see at the moment BTC is far behind gold.

I don't know. The media always seem to not believe whatever the heck is happening with bitcoin and they always seem to blame it on some sort of bubble that is forming that will soon crumble and crush bitcoin to absolute 0.

But we all know that ain't happening, at least in our lifetimes.

3x oz of gold is literally nothing. Remember that the market capitalization of gold vs market capitalization of bitcoin is still a long long way in between. This is why bitcoin has so much potential, i believe that bitcoin is the superior currency, once it gains trust it can easily get close to or even equal gold's market cap.

Are CNBC hosts allowed to speak their own opinion on issues? They may be contractually obligated to express only the views of the corporate entity they work for(else they will be fired). That could limit what they're allowed to say as far as bitcoin and other issues go. I wouldn't mind a more independent media. There is much illusion of choice and bias in the media perspective which overrides reason and common sense.

I am perfectly aware of the gold standard and the state of fiat currency.  While BTC achieves the sovereignty over funds that gold has, its main aim is to be a cash system which still has that sovereignty over funds.  

BTC would have been useful even before governments stopped using the gold standard, because when the gold standard existed you had to trust that the bank was actually holding reserves backing the "gold" you were spending.  The reason that you had to trust them is because gold was never efficient as a cash system.

BTC is not just a "better gold", it is a cash system.  People tried to make gold work as a cash system but it was pretty dumb to do so.  
Even that's a fairly bad way to compare them, because it's harder to tell how much money has really been put into them or how much money could really be taken out.  The market cap of BTC could reach the market cap of gold and still have less economic value invested into it.

Some of my comments:
- Bitcoin might be limited supply but there is deep dark fear that in the future developers might change this hard limit to battle deflation.
- Gold can be used in real life, as a metal with certain properties is used in medicine, electronics, jewellery, aerospace etc.
- Gold is kinda controlled and limited by legal standards, you can't travel with 1 kilogram of gold in your pocket.

A lot of the people that haven't invested in bitcoin feeling worried about the future of bitcoin and they will have to regret it. $10.000 will be so easy with the current track of bitcoin.
But the bank will be worry rather than the cnbc host.

I sometimes have the feeling that if it comes to media and education, the dumber the person is the higher he sits.

Comparing the price of bitcoin and gold has only one logical explanation. To advertise bitcoin. Next, they say they are worried? You just adverstised bitcoin now. You will not undone it by saying you are worried. Thats like thinking one thing and doing another. That is just absolutly stunningly stupid.

It's shocking that you're a Legendary member and yet don't understand that this is impossible.  Developers are not capable of increasing the maximum supply.

If they did so they would break the consensus rules and there would be a chain split (imagine Bitcoin Cash for example).  Because there is no reason for users to want a coin with a much higher supply, the market cap would fall and people would use the old chain.  Even if the majority of users moved to the new chain, you would have the option to use the original BTC with a 21 million max supply.
Not as a currency though, at least not in the modern day, hence why banks used to hold gold reserves and issue shitloads of money (which eventually became non-existent debt money, showing that gold is only a good store of value when held by individuals, much like BTC).

Why would they be worried? I don't understand they are not even banks but maybe they do not support the new system. ;)

CNBC hosts worried this isn't right they should actually be happy and tell it's users that few months ago we all were happy that bitcoin has finally crossed the price of gold and today it bas become 3 times it's price this is another proof that no matter what bitcoin is always better than gold and it has proved this

There is no fun in comparing the price of Bitcoin and gold. They both have their own price driving factor and belong to completely different areas. With limited supply Bitcoin will reach to 6 figure soon leaving gold far away.

CNBC have given limelight to Bitcoin with showing their concern to Bitcoin growth. This will rather help in making many people know how another commodity(Bitcoin) is growing with such a fast rate and beating gold as an investment asset, than scaring people of Bitcoin. Any good or bad publicity is just a boost to Bitcoin popularity.

All of us arent so happy  >:(

This price is unsustainable. While I agree this is sensationalism, the underlying idea isnt. Why is bitcoin, something with no real world value and no basis of evaluation, three times the price of gold? Gold is one of the oldest, trusted and widely used stores of value. Has real world applications in multiple industries. Bitcoin is so many ones and zeros, literally. The bitcoin price is what it is because of uninformed consensus and banana sauce speculation; I think what they are trying to communicate (besides making bitcoin talking points) is that the growth of bitcoin is unsustainable, which I completely agree with.


Curb that enthusiasm, bitcoin fanbois. Remember the GOX. Until the capitalization increases, and we get much, much smarter as a whole concerning speculation, there is always the chance for this to go very, very south.

Always assume it can go back to sub 100  ;)

They should be more worried about how stupid they are. Bitcoin price and the price of gold can't be compared because they don't refer to the same thing or even things that are loosely related.

If they worry that BTC is about to kill gold, it is still far away because BTC market cap still is nothing compared to gold. For now.

I think they are worried that they are already late in Bitcoin trend, since they are too attached to gold trend, they fear that one day their holding is useless compared to Bitcoin.  Same goes with bitcoin guys.  I think it can't be avoided, comparing two different stuff when one is emerging and the other one being dominant become idle in terms of price boom.

People are so used to the measures which are used on a daily basis. There is no logic to comparing the weight of gold in oz to bitcoin's price. Why not use the weight of gold in kg? That would paint a different picture.

It is a pretty arbitrary comparison and a foolish one, similar to people often comparing stock prices to each other without taking into account the number of outstanding shares.

CNBC will help us to take this thing mainstream and also to reel in the Goldbugs to invest in Bitcoin as apposed to Gold or to compliment it. There is about $7 trillion worth of gold in the world, compared to $56 billion of Bitcoin. Bitcoin as a digital investment in Gold, should be a natural evolution for Goldbugs.

The similarities between Gold and Bitcoin, makes the transition so much easier and Bitcoin offers Goldbugs the option to break free from centralized control. < In some countries gold ownership was banned and gold confiscated by the government >

Executive Order 6102 in the United States - 1933 < "forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States". > Will this happen to Gold again?

Bitcoin is Pseudo-anonymous - This makes Bitcoin confiscation a bit more difficult. < Even if they tried, it could be transferred and hidden globally without much effort >

This is the first time they are realize this reality.  CNBC  were busy forecasting evil day for bitcoin investors before and now they are worried because bitcoin is now more than three times oz of gold. Like op has rightly said before governments agency see the reality of what will happen bitcoin will be above $10000 and by then bitcoin will go mainstream and the like Trump, Rockefellers, Slim and big stock and estate investors will invest in bitcoin and the price will pump to the direction of the moon and by then we may take profit at $100,000.

CNBC has been featuring many pro-bitcoin people lately. My take is that someone high in their corporate ladder might be involved with bitcoin and perhaps actually hold a personal stake at it.

It's not only CNBC that has been bullish on Bitcoin, or to put it, less negative. Main stream media sources, wall street banks, etc, they all seem to have changed the way they look at Bitcoin. It's funny that it took them this long to come to that point, but better late than never I guess. Most people here throughout the years have noticed that if Bitcoin would have made it into the news, it mostly had to do with theft, money laundering, drugs, weapons, etc. I even had the impression that they on purposely didn't cover Bitcoin related news that was positive minded. They had one task, and that was making Bitcoin look as bad as possible in the eyes of the average joes. Other than that, this Bitcoin is worth x times more than an ounce of Gold is just rubbish. It has ZERO value considering that Bitcoin's market cap isn't even enough to account for 0.9% of Gold's market cap.

It is very easy to tell that bitcoin can be more than that in the future, the price of bitcoin right now is keep on rising and we can see up to 10x of the price of gold in the future, if the countries will fully adopt bitcoin then we can easily tell that bitcoin can be just one of the most expensive item in the world of internet.

Well at least they are noticing that bitcoin is slowly gaining ground on gold. They can't make sense of how the price went up that high because they are clueless on what drives it that way. Good for the early adopters they don't have to put with these people who seem "worried" about how technology can really make a big impact in the financial world.

It's actually probably a good thing that they are talking about Bitcoin even if they don't understand it. By mentioning this, they have told the audience that Bitcoin is 3 times as valuable as gold.

There are people in the audience that will go research Bitcoin because of that and it will spark interest. Eventually people will begin to understand that this is a new technology that could go mainstream in a few years and could be worth much more than it is today.

I think they are giving good insight because they really seeing good investment returned out from this investment maybe some employee or bosses inside
this company already got a good knowledge about bitcoin and they wanted to share the blessings of bitcoin to more people around the world nothing can
stop bitcoin to gain more popularity for sure.

I think what the CNBC Host says, that the BTC price is threefold, it is a form of fropesionalism for what it does. The scenario that has been made makes it necessary to say that, although in fact, maybe they do not really understand the bitcoin development that occurs, I think the physiological effects of the conversation that we should see. This will be a point in itself for bitcoin users. With such a word, of course, will increase the interest of investors to invest in bitcoin. I think not only 3 times, maybe even more than that.

Bitcoins base unit is worth 3x that of golds base unit. Who gives a shit? That's like saying bugs rule the world because there are trillions of them on earth. I think it's pretty clear who rules earth folks. It ain't no cock-a-roach.

There is far more gold than Bitcoin, relatively speaking. In fact, "a Bitcoin" kind of isn't actually a thing. In reality, Bitcoin is a bundle of units on a blockchain. 1 BTC is simply the way we write or separate them in order to make sense out of it.

We could easily call 1 BTC as 1mBTC instead and then there would be 21,000,000,000 BTC or whatever. It is all relative to the amount of decimals involved, that is it.