manselr
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July 28, 2015, 04:56:41 PM |
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The strong point of bitcoin is not the being currency but being technology. So the success of bitcoin will be more the technology behing it than the use of it like a currency. In this point of view has nothing to do with the gold. Gold is another thing. It serve as a world reserve while bitcoin as a technology which will disrupt to many other technologies.
That's correct. The technology behind bitcoin will change most of the technologies actually in use becoming those obsolete and unusable because of not being competitive anymore. Bitcoin as a currency will profit from this and will emerge as a currency. But to tell that will crash gold seems something futuristic for me. True but never underestimate the power of gold. Gold is something that's everywhere and iconic for wealth in almost every culture in the world. Its network effect is probably the greatest of all time, even if Bitcoin is superior in basically every single feature.
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Acererak
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July 28, 2015, 08:29:19 PM |
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Gold (and Silver) are in the Periodic Table. They are eternal. If there is a rocky and oxygenated planet our space agencies might discover peopled with travelers who can travel from there to here to visit, they will know Gold when they see it-
In Charlemagne's empire, all of Europe was run on silver pennies. At the same time, all of Central America, those great pre-Columbian civilizations, were running on Gold. These metals will never not be recognized as money-
That said, it is not out of the bounds of possibility that in the next 20 years, a generational monetary disconnect could brew up where de-leveraging aging Baby Boomers sell their metals and still-acquiring Millenials choose to stack Bitcoin over Gold/Silver as their rainy day insurance of choice. Stranger things have happened. But even were that to happen, it would, inexorably, be temporary, and once the Masters of the Bitcoin Universe all play their cards, and a "new normal" market valuation for it stabilizes even as everyone in the world is buying and spending it, then Bitcoin and Gold will finally rapproche and find their relative value to the other. And don't be surprised if thereafter 1 oz. Gold is always the higher priced unit of exchange over 1 BTC-
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hunnaryb
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July 30, 2015, 12:35:40 AM |
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The strong point of bitcoin is not the being currency but being technology. So the success of bitcoin will be more the technology behing it than the use of it like a currency. In this point of view has nothing to do with the gold. Gold is another thing. It serve as a world reserve while bitcoin as a technology which will disrupt to many other technologies.
That's correct. The technology behind bitcoin will change most of the technologies actually in use becoming those obsolete and unusable because of not being competitive anymore. Bitcoin as a currency will profit from this and will emerge as a currency. But to tell that will crash gold seems something futuristic for me. True but never underestimate the power of gold. Gold is something that's everywhere and iconic for wealth in almost every culture in the world. Its network effect is probably the greatest of all time, even if Bitcoin is superior in basically every single feature. Yes Gold is one of the most powerful investment product over the years and it is very popular across the globe, Bitcoin crashing Gold, I don't think that it is possible as people have more faith in Gold and would surely invest in Gold rather then investing in bitcoins.
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pitham1
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July 30, 2015, 01:04:53 AM |
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The strong point of bitcoin is not the being currency but being technology. So the success of bitcoin will be more the technology behing it than the use of it like a currency. In this point of view has nothing to do with the gold. Gold is another thing. It serve as a world reserve while bitcoin as a technology which will disrupt to many other technologies.
That's correct. The technology behind bitcoin will change most of the technologies actually in use becoming those obsolete and unusable because of not being competitive anymore. Bitcoin as a currency will profit from this and will emerge as a currency. But to tell that will crash gold seems something futuristic for me. True but never underestimate the power of gold. Gold is something that's everywhere and iconic for wealth in almost every culture in the world. Its network effect is probably the greatest of all time, even if Bitcoin is superior in basically every single feature. There is enough space for Bitcoin and gold to co-exist in this planet. It is fiat which is going to have a problem. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Beliathon
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July 30, 2015, 01:28:32 AM |
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Bitcoin can and will crash the relative value of gold. Diamonds will not be effected.
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BitProdigy (OP)
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July 30, 2015, 04:08:36 AM |
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Bitcoin can and will crash the relative value of gold. Diamonds will not be effected.
The only reason I agree is because the price of gold is 95% based on it's monetary value as a store of value. Only 5% of it's price is based on it's intrinsic value as an industrial metal used for electronics and jewelry. People will transfer their wealth into whatever they perceive to be the best monetary store of value, and that being the case, bitcoin is currently better at being a money on every single aspect than gold is. It is therefore quite possible that the wealth that is currently stored in gold based it's monetary value may be transferred to bitcoin, and gold will be left with it's 5% intrinsic value as an industrial metal and shiny object used as jewelry. As I heard in an interview, "gold is just shiny bitcoin". ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Kprawn
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July 30, 2015, 06:57:48 AM |
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Well in theory, if the asteroid called 433 Eros investigated by NASA and found to possibly contain more gold than ever extracted on Earth, could be broken up in smaller pieces and brought to earth, it could be possible to extract more than $3,000,000,000,000 worth of gold. This could turn out to be very expensive, but if it was possible, the price of gold could collapse. Once private companies like Virgin and Ellon Musk get the hang of space flight, they could invest in cheaper methods to do space exploration and mining and this might happen way faster than we think. So if all these impossible things happen and the gold price fall through it's ass... Bitcoin might be seen as a better store of value. {We know only 21 000 000 coins would ever exist}
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markj113
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July 30, 2015, 08:13:45 AM |
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Bitcoin can and will crash the relative value of gold. Diamonds will not be effected.
The only reason I agree is because the price of gold is 95% based on it's monetary value as a store of value. Only 5% of it's price is based on it's intrinsic value as an industrial metal used for electronics and jewelry. People will transfer their wealth into whatever they perceive to be the best monetary store of value, and that being the case, bitcoin is currently better at being a money on every single aspect than gold is. It is therefore quite possible that the wealth that is currently stored in gold based it's monetary value may be transferred to bitcoin, and gold will be left with it's 5% intrinsic value as an industrial metal and shiny object used as jewelry. As I heard in an interview, "gold is just shiny bitcoin". ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Complete bollocks - ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F2zvFahE.png&t=665&c=6Zqy3bztxfplfA)
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g1974ak
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July 30, 2015, 08:19:28 AM |
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There is enough space for Bitcoin and gold to co-exist in this planet. It is fiat which is going to have a problem. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) There is place for everything in this our world. For the gold, for the bitcoin and even for the fiat money. the problem to be understand is that everyone of those three are complementary and not substitute of each other. Gold cannot do the things which do bitcoin and fiat money. Bitcoin cannot replace fiat money because have not physique form an until now are not invented yet the tools that can made the using of bitcoin like the fiat money. And at the end the fiat money cannot replace gold as a reserve asset because of it s inflation in time.
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n2004al
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July 30, 2015, 08:23:31 AM |
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I will go further. Why one must replace the other when all can live together. Everyone in his space and everyone in his duty. It is talked to much about the lack of fees for the bitcoin and for its existence without the banks but an economy cannot exist without the banks. I think that bitcoin will be merged with the banks. Its technology will make possible that banks will be evolved and everything will be better end better. On the other hand as it was with every new technology which has improved the everyday living of everyone of us.
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Kakmakr
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July 30, 2015, 09:01:59 AM |
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There is space for both, but is there enough room for growth? You cannot have a commodity with no growth, it will simply grow smaller and die. One commodity must loose market share for the other to grow. The Bitcoin supporters wants more people to invest in Bitcoin, for their investment to show a profit, and the same goes for the people who invest in gold.
For Bitcoin to crush gold, something must happen to the gold market or people invested in other commodities must trust Bitcoin more than gold. Will that happen? Nope <People trusted gold for many centuries as a safe haven>
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TinEye
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July 30, 2015, 11:10:58 AM |
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The strong point of bitcoin is not the being currency but being technology. So the success of bitcoin will be more the technology behing it than the use of it like a currency. In this point of view has nothing to do with the gold. Gold is another thing. It serve as a world reserve while bitcoin as a technology which will disrupt to many other technologies.
That's correct. The technology behind bitcoin will change most of the technologies actually in use becoming those obsolete and unusable because of not being competitive anymore. Bitcoin as a currency will profit from this and will emerge as a currency. But to tell that will crash gold seems something futuristic for me. True but never underestimate the power of gold. Gold is something that's everywhere and iconic for wealth in almost every culture in the world. Its network effect is probably the greatest of all time, even if Bitcoin is superior in basically every single feature. Yes Gold is one of the most powerful investment product over the years and it is very popular across the globe, Bitcoin crashing Gold, I don't think that it is possible as people have more faith in Gold and would surely invest in Gold rather then investing in bitcoins. i think you're wrong gold is already crashing without the need of bitcoin to crash it, when bitcoin will be fully adopted i'm sure that people will have more faith in it, the same as gold, and gold will be forgotten if not for its intrinsic value Well in theory, if the asteroid called 433 Eros investigated by NASA and found to possibly contain more gold than ever extracted on Earth, could be broken up in smaller pieces and brought to earth, it could be possible to extract more than $3,000,000,000,000 worth of gold. This could turn out to be very expensive, but if it was possible, the price of gold could collapse. Once private companies like Virgin and Ellon Musk get the hang of space flight, they could invest in cheaper methods to do space exploration and mining and this might happen way faster than we think. So if all these impossible things happen and the gold price fall through it's ass... Bitcoin might be seen as a better store of value. {We know only 21 000 000 coins would ever exist} so gold is not even a good store of value, because in theory, based on this revelation there can be infinite gold in the universe, maybe far away in the universe, scientists could discover a better element than gold that can be used more in the industry, one never know
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Blawpaw
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July 30, 2015, 12:39:49 PM |
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I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.
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gentlemand
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July 30, 2015, 12:44:10 PM |
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I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.
The utility aspect is a pretty minuscule part of its value. The overwhelming majority is all value parking and speculation.
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Beliathon
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July 30, 2015, 01:54:31 PM |
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I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.
Gold is only scarce to a planet-bound civilization. We are no longer planet-bound, and gold is downright abundant in our solar system. Gold was an excellent investment in 1915, but a terrible investment to be making in 2015.
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afriezalie
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July 30, 2015, 02:01:48 PM |
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Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.
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Ingatqhvq
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July 30, 2015, 02:03:36 PM |
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Probably. But it's need time. Hope we can see this happened some day.
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Derrike
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July 30, 2015, 02:06:46 PM |
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Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.
No, at least the pumps in gold prices remain there for a long time. But you cannot say the same for Bitcoin.
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g1974ak
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July 30, 2015, 02:55:14 PM |
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Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.
The price of gold has its up and down. Only a few years ago the price of gold was at record levels. Amount never seen before. So the down price of today's days is normal cycle of the price of one good that has his cycle of price. Gold will never decline. There are hundred of years that serve as a etalon.
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markj113
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July 30, 2015, 03:40:13 PM |
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If anyone thinks we are about to take off and start mining asteroids any time in the near future you need a reality check.
All the gold ever mined could still fit inside an average sized 4 bedroom house, all $8.2 trillion of it now that is rare!
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