Could Bitcoin Crash Gold?

[Insertion]

yes, dud.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.

I think your completely wrong because according to some study in another 20 to 30 years, the world may run out of minable gold. Mining output has been fairly flat for these years and also new discoveries of gold mines have been very less in these days. So do not compare gold with bitcoins. If you have power then you can start mining bitcoins but gold is something completely natural so once finish it is gone for forever.

[Derrike]

yes, dud.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.

I think your completely wrong because according to some study (Goldman Sachs) in another 20 to 30 years, the world may run out of minable gold. Mining output has been fairly flat for these years and also new discoveries of gold mines have been very less in these days. So do not compare gold with bitcoins. If you have power then you can start mining bitcoins but gold is something completely natural so once finish it is gone for forever.

Yes gold will be finished on earth, some day.

Scientists have found many precious metals on asteroids and are working on methods to extract those metals from asteroids or capture them and bring them to earth.

[alva5763]

Gold has been trusted over centuries and is a well-known and accepted investment worldwide. Bitcoin is still unknown to many,even in US,Europe and Asia never mind a trust factor.

[markj113]

yes, dud.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.

I think your completely wrong because according to some study (Goldman Sachs) in another 20 to 30 years, the world may run out of minable gold. Mining output has been fairly flat for these years and also new discoveries of gold mines have been very less in these days. So do not compare gold with bitcoins. If you have power then you can start mining bitcoins but gold is something completely natural so once finish it is gone for forever.

Yes gold will be finished on earth, some day.

Scientists have found many precious metals on asteroids and are working on methods to extract those metals from asteroids or capture them and bring them to earth.

First quantum computers are already functional - in the future all encryption will become useless killing bitcoin.

I would put money on scenario B happening before scenario A

[flock123]

I do not think so, the price of gold is also always increasing, while bitcoin prices always go up and down

[markj113]

it could easily, and bitcoin has already done this, go to the "Gold collapsing , Bitcoin up" thread in speculation board, also seeing how gold is falling hard this time will be even more brutal, the distance that bitcoin will take with the next mega pump, will be bigger

You obviously have no concept of market cap, Bitcoin is a small drop in the ocean of total gold market cap.

Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.

There is only one reason why the price of gold is going down at the moment and that is the paper games being played to suppress the price of gold to enable china to accumulate a few more tonnes at a lower price.

We will see a significant increase in gold price in the not too distant future!

This chart really highlights your point of how bitcoin is currently causing the price of gold to crash  

[harrymmmm]

Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.

Bitcoin price hasn't been 'going downwards' for quite a few months now. And it does indeed appear to be rising on a parabolic curve.

[markj113]

Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.

Bitcoin price hasn't been 'going downwards' for quite a few months now. And it does indeed appear to be rising on a parabolic curve.

I think your idea of parabolic growth is different to everyone elses -

[RustyNomad]

I highly doubt bitcoin will ever be able to replace gold.

Gold has been in use for centuries already whereas bitcoin is still in its infancy. Also consider the fact that most governments will roll out their own digital currencies (like Ecuador) which will have an impact on the mass adoption of bitcoin. People will flock to these alternative digital currencies as they will be backed by their governments and local banks.

When these digital currencies fail (and they will), people will flock to precious metals and its only at this time when we will start to see true mass adoption of bitcoin.

[Derrike]

yes, dud.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.

I think your completely wrong because according to some study (Goldman Sachs) in another 20 to 30 years, the world may run out of minable gold. Mining output has been fairly flat for these years and also new discoveries of gold mines have been very less in these days. So do not compare gold with bitcoins. If you have power then you can start mining bitcoins but gold is something completely natural so once finish it is gone for forever.

Yes gold will be finished on earth, some day.

Scientists have found many precious metals on asteroids and are working on methods to extract those metals from asteroids or capture them and bring them to earth.

First quantum computers are already functional - in the future all encryption will become useless killing bitcoin.

I would put money on scenario B happening before scenario A

Yes of course, if quantum computers were to put on sha-256 algorithm and then started mining bitcoins then they would mine the whole Bitcoin network because they are much more powerful and very much power efficient.

[AtheistAKASaneBrain]

I do not think so, the price of gold is also always increasing, while bitcoin prices always go up and down

Lol in what planet does gold "always increase"? lets look at the all time graph



There you have it.

[novadragon]

maybe Bitcoin Crash Gold..because user bicoin is so many people right now

[markj113]

maybe Bitcoin Crash Gold..because user bicoin is so many people right now

please refer to post #109

[bitcollins85]

If Bitcoin becomes the store of value for the majority of the under banked and unbanked, it could replace gold as the preferred medium for storing wealth.

[Ilove-Obama]

I was watching the charts very closely during the Greek madness that went on during the past few weeks. One would have expected gold to get at least a little boost from the crisis, yet it continued it's downward trend, seemingly completely unaffected by the Greek crisis.

Bitcoin on the other hand experienced notable boosts, you can actually track significant spikes in the price of bitcoin against certain days when Greece made decisions or certain events happened in Greece that caused people to look for alternative stores of value and currency.

This has me wondering if bitcoin is affecting gold. Gold has been declining in price ever since 2012. It seems to be that for the past 5000 years gold has been valuable because it was the ultimate form of value storage on the planet, and a pretty good currency, making it the best money on the planet. Without it's use as store of value and money, if those utilities are removed from it's value and price, it's intrinsic value as just an industrial metal is minuscule in comparison.

Now that bitcoin is on the scene, it seems that gold is no longer the ultimate store of value nor the ultimate money on the planet. Bitcoin improves on the things which make gold a good store of value and at the same time integrates improvements on the medium of exchange features of paper money making it not only a superior store of value, but also a superior currency or medium of exchange, making bitcoin the best money on the planet.

If bitcoin is now the ultimate money on the planet, will this cause gold to crash to it's intrinsic value as an industrial metal used in circuitry and jewelry?

For a bitcoin future, bitcoin is easier to store than gold

[harrymmmm]

Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.

Bitcoin price hasn't been 'going downwards' for quite a few months now. And it does indeed appear to be rising on a parabolic curve.

I think your idea of parabolic growth is different to everyone elses -

You can cherry-pick periods to make it look how you want, but I think 'everyone' reasonable would agree bitcoin price has bottmed out and started climbing again. That's a parabola.

[harrymmmm]

First quantum computers are already functional - in the future all encryption will become useless killing bitcoin.

I would put money on scenario B happening before scenario A

Yes of course, if quantum computers were to put on sha-256 algorithm and then started mining bitcoins then they would mine the whole Bitcoin network because they are much more powerful and very much power efficient.

You both need to read up before making such pronouncements.

1) quantum computers can only speed up a rather narrow range of additional problems. ALL forms of cryptography (even as currently used) are not vulnerable.
2) hashes are generally believed to NOT be very vulnerable to quantum computing

[pitham1]

If Bitcoin becomes the store of value for the majority of the under banked and unbanked, it could replace gold as the preferred medium for storing wealth.

That is a big if. There is a reason why there is under-banking prevalent in many parts of the world. It is probably because of low ticket size (not worth the bank's time) or tough regulations (too much effort for the ticket size). So these people don't exactly have a lot of wealth to store.

[timothythomas]

i have never tried buying gold but i dont see how bitcoin can crash gold market on its own .. gold has been around in market from a long before bitcoin so bitcoin is not the only factor playing in its price

[n2004al]

i have never tried buying gold but i dont see how bitcoin can crash gold market on its own .. gold has been around in market from a long before bitcoin so bitcoin is not the only factor playing in its price

The same for me. Bitcoin and gold are two very different entities that "play" everyone its part in this world. Have no points of contact except maybe that both can be assets of investments but for bitcoin this is not sure but only hypothetical while for gold is sure hundred per cent. So I don't see how bitcoin can crash gold. Even one day will be worth thousand of dollars. Gold will have always his place in the world economy and as a reserve in Central Banks.