Bitcoin Forum

Initially I was skeptical on how a virtual currency can compete with traditional commodities like Gold and Silver. But I came to realize the following:

Existing Above Ground Gold Quantity: 170kt or 5.5bn ounces increasing by ~90mn ounces per year.
Existing Above Ground Silver Quantity: ~900kt or 29bn ounces increasing by 700mn ounces per year.

Contrast this with finite numbers of 20 or 80 million coins and you start to realize why those who have lots of money want to get the largest possible piece of the pie in something that is "so limited" in quantity, driving the prices up - and probably way more than gold. It's a "long-run" issue, in which the scarcity of Bitcoins or Litecoins will make them more "valuable". Who knows, we may witness market caps in the trillions for the virtual currencies, whatever that means for their value per unit.

Well put,  it gives me goose bumps just thinking about mass adoption taking place right before our very eyes.  It's always nice to see gold and silver bugs accept Bitcoins.  Thanks for info.  :)

Currency   Commodity.
Two different things.
Also , Silver has some use in which it can't be replaced  by Gold, so cut the last part of the title.

Re: Contemplate this: Gold & Silver vs Bitcoin  / it's enough.

Hmm. What about infinite numbers of altcoins?

Worst case scenario for gold/silverbugs that are into v.currencies to sell the virtual currencies and stack more gold and silver :D


Indeed, but Gold & Silver have been currency for millenia - except for the last few decades that is.


The same works the other way around too.

That what I just did last week... Silver was below production costs, bitcoin was at $1050... time to cash out into silver.

I used:

http://www.amagimetals.com/

I ordered $80 in face value "junk" silver. I'm proud to say I've never bought any bitcoin whatsoever too...  ;D

lol