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katafrag (OP)
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November 12, 2015, 02:33:12 PM |
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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Mickeyb
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November 12, 2015, 02:48:55 PM |
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Well pressure will not ease up on the gold price considering this news. Of course it will take a while until they don't dig all this up. This is a good news for Bitcoin, I agree! I hope that at least 10% of this money would enter the Bitcoin ecosystem. |
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RustyNomad
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November 12, 2015, 03:00:50 PM |
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Doubt whether this will have any impact on the gold price in the near future. It's one thing to find a deposit but quite another to get that deposit to the surface. From the information provided in the article it seems like this will not be an easy task and it is sure going to be expensive. So in the end it will depend on whether the gold can be 'mined' on a cost effective basis with present technology.
If not then it will most probably stay just where it is until technology has advanced to such a point where it can be done cost effectively. Only then might you see an impact on the gold price but this will depend with how much the world gold supply is increased with due to that deposit.
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katafrag (OP)
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November 12, 2015, 03:15:52 PM |
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Doubt whether this will have any impact on the gold price in the near future. It's one thing to find a deposit but quite another to get that deposit to the surface. From the information provided in the article it seems like this will not be an easy task and it is sure going to be expensive. So in the end it will depend on whether the gold can be 'mined' on a cost effective basis with present technology.
If not then it will most probably stay just where it is until technology has advanced to such a point where it can be done cost effectively. Only then might you see an impact on the gold price but this will depend with how much the world gold supply is increased with due to that deposit.
yes, paper gold price is slipping down any way http://www.zerohedge.com/news/2015-11-12/gold-spikes-2015-lows-gold-coin-sales-surge-highest-financial-crisis |
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richardsNY
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November 12, 2015, 03:40:40 PM |
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If they manage to get all that gold above water, then the gold price will definitely gets affected in a not so good way. Good for people who are waiting for a low gold price, and bad for people who are hoping their gold holdings increase in value. I'm glad there will never be more than 21 million Bitcoins.
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LFC_Bitcoin
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#1 VIP Crypto Casino
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November 12, 2015, 04:01:44 PM |
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Why is this good news for bitcoin?
Because it means that gold will be less scarce now after such a huge find?
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Denker
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November 12, 2015, 04:24:01 PM |
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Why is this good news for bitcoin?
Because it means that gold will be less scarce now after such a huge find?
Yes I think that was the intention. But finding new gold areas and digging it out of the deep are two completely different things. If they can't get it up for profits this makes no sense.Interesting case which I will have an eye on. |
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NorrisK
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November 12, 2015, 05:57:32 PM |
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A huge deposit holding at least 470 tons of gold has been discovered beneath the seabed of the East China Sea.
The largest deposit is located two kilometers below sea level in an area with estimated reserves of at least 1,500 tons of gold. It was discovered in the Laizhou city which has the largest gold reserves in China. More than 2,000 tons of gold has been found there recently.
Is it me or is that 470 tons of gold that has been discovered hardly anything compared to the other deposits they have laying around there?
Don't think this will have too much of an impact really.
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katafrag (OP)
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November 12, 2015, 06:23:21 PM |
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Why is this good news for bitcoin?
Because it means that gold will be less scarce now after such a huge find?
Ok here's is the top story China is super active around the south china sea, well the bottom of it if full of gold. Gold will be worth shite. Bitcoin is the only world reserve currency/commodity. |
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celebreze32
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November 12, 2015, 08:29:42 PM |
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A huge deposit holding at least 470 tons of gold has been discovered beneath the seabed of the East China Sea.
The largest deposit is located two kilometers below sea level in an area with estimated reserves of at least 1,500 tons of gold. It was discovered in the Laizhou city which has the largest gold reserves in China. More than 2,000 tons of gold has been found there recently.
Is it me or is that 470 tons of gold that has been discovered hardly anything compared to the other deposits they have laying around there?
Don't think this will have too much of an impact really.
That's a hell of a lot of potential gold they have but it's less than half a percent of what's already mined. Wikipedia says the total mined world gold holdings were 171,300 tonnes in 2011. It will take years to mine it if it's economically viable so it won't be dumped on the market all in one dump. It's not going to cause a crash.  |
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rocks
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November 12, 2015, 09:34:48 PM |
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A huge deposit holding at least 470 tons of gold has been discovered beneath the seabed of the East China Sea.
The largest deposit is located two kilometers below sea level in an area with estimated reserves of at least 1,500 tons of gold. It was discovered in the Laizhou city which has the largest gold reserves in China. More than 2,000 tons of gold has been found there recently.
Is it me or is that 470 tons of gold that has been discovered hardly anything compared to the other deposits they have laying around there?
Don't think this will have too much of an impact really.
That's a hell of a lot of potential gold they have but it's less than half a percent of what's already mined. Wikipedia says the total mined world gold holdings were 171,300 tonnes in 2011. It will take years to mine it if it's economically viable so it won't be dumped on the market all in one dump. It's not going to cause a crash. Exactly, those amounts are small compared to how much gold china has been purchasing the past several years anyway. And sea extraction takes decades to plan and execute, and it's doubtful they would recover most of the available gold. It's largely a non-factor |
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smiles
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November 12, 2015, 10:25:22 PM |
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Even if they dug it all up tomorrow it still wouldn't affect the price, China doesn't sell gold.
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YellowBerries
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November 12, 2015, 10:44:04 PM |
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This will most likely devalue gold, it is already at the lowest its in a while.
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jasonjm
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November 13, 2015, 03:16:40 AM |
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Gimme a break.
This discovery is 2000 meters under the sea, and not in a treasure chest, and but in veins of probably 10g per ton of rock.
With current technology you could probably mine it for 5000 dollars per ounce.
Since gold is at 1085, it's probably not a good idea.
Dumbest article in years.
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masterplague
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November 13, 2015, 04:50:16 AM |
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China is rich and is getting richer that's why they're dumping their gold.  If China would dump their gold towards my shore I'd gladly take it. I think there's a better chance to invest now when others are scared so that there'll be few competitors. |
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smiles
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November 13, 2015, 05:00:37 AM |
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Alright, but 5 tonnes is hardly a dump. It's what they found in the couch. |
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jasonjm
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November 13, 2015, 06:10:19 AM |
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this thread is just terrible.
if you want to know who is dumping gold, look at Venezuela.
They are totally bankrupt and in the process of losing their entire 400 TON gold reserve, right now
not long now till they got none.
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jaberwock
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November 13, 2015, 12:10:36 PM |
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That gold is more or less unaccessible by actual technology, just like all the gold buried near magma. At least for the current gold price.
Even deep oil reserves still are not being explored, like the Pre-salt layer in Brazil, so I think it won't affect the market for some decades at least, except by some manipulative panic dump without long term effect
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Enjorlas
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November 13, 2015, 01:28:29 PM |
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That is nothing. Check out the gold reserves on Mars. You can literally see it from space:  Within 100 years, gold will be as cheap as silver is today. |
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Snail2
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November 13, 2015, 02:45:09 PM |
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That gold sitting 2km deep under the sea. That's going to be a quite hard task to mine and bring it to the surface, so that's more like a hypothetical gold at this time... and for a while. I don't think such distant possibilities to mine some gold sometimes in the future will have a great impact on the gold prices.
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Nunu
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November 25, 2015, 07:04:28 AM |
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That is nothing. Check out the gold reserves on Mars. You can literally see it from space: Within 100 years, gold will be as cheap as silver is today. Years ago, gold was of the highest value. Let's go for diamonds! LOL  |
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apriloni
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November 25, 2015, 07:08:10 AM |
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It is not possilbe to use today's technology to dig up all the gold. By the time it is dug up, the supply of money will make the gold price higher.
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