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Title: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: RUEHL on June 15, 2014, 10:10:03 PM If FBI auctioned $18m of seized gold, would price of gold take a hit?
Hell no! Then why Bitcoin? Doesn't make sense... ::) Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: Bit_Happy on June 15, 2014, 10:16:09 PM Bravo. I think the prices will be above market value, since people will not have to send funds to unregulated exchanges outside of the USA.
They are sealed (blind) bids, will the actual sale prices even be revealed at all later? Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: bananas on June 15, 2014, 10:19:24 PM Bravo. I think the prices will be above market value, since people will not have to send funds to unregulated exchanges outside of the USA. They are sealed (blind) bids, will the actual sale prices even be revealed at all later? I think it has to be made public, like all governement things. It is probably sealed just for the auction purpose, and then it is public information. Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: Cicero2.0 on June 15, 2014, 10:26:39 PM I think it is kind of a different market though. With gold it is pure supply and demand so I would think the price would go down more dramatically. With bit coin it is different depending on whether or not it goes through the exchanges isn't it?
Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: OROBTC on June 15, 2014, 10:55:47 PM ...
$18 million of gold is less than half a metric tonne. Peanuts. Not a price blip at all. For now. In round numbers, current prices: ($1277 / toz Au) * (32.15 toz / kg) * 1000 kg / metric tonne) = $41,055,000 / metric tonne $18 mln / $45.1 mln = 44% of a metric tonne. *** Yes, you can buy that all at once (physical Au) if you have the money. *** More gold information here: "Gold: Basic Facts for the 99%" http://goo.gl/i3GESl (http://goo.gl/i3GESl) Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: beatljuice on June 15, 2014, 11:03:42 PM Market cap of gold = 6,647,834,263,217
Market cap of Bitcoin = 7,521,163,339 To have the same effect as $18,000,000 does on Bitcoin you would have to sell $15,909,907,994 of gold. Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: beatljuice on June 15, 2014, 11:14:16 PM Remember that Bitcoin is TINY! Its market cap is only slightly over 1% of Apple and that's just one company (granted the highest valued company there is). When you understand this is when Bitcoin gets really exciting.
EDIT: Really exciting from an investment perspective. There are many other reasons to be excited about Bitcoin also. Title: Re: If FBI auctioned $18m of seized gold, would price of gold take a hit? Post by: NEM minnow on June 16, 2014, 03:02:34 AM Remember that Bitcoin is TINY! Its market cap is only slightly over 1% of Apple and that's just one company (granted the highest valued company there is). When you understand this is when Bitcoin gets really exciting. EDIT: Really exciting from an investment perspective. There are many other reasons to be excited about Bitcoin also. This is soooo true. It is exciting from an investment perspective because we know if it gets big it has room to grow 100 times or even 1000 times bigger. That being said, it is also so comparatively small, that another tech could displace it. |