BTC Approaching Current Price of Silver

[herbertfilby]

Current Silver Spot Price per oz.:
Ask: $36.68
Bid:$36.58

Current BTC Market Price:
$30.40

Next stop, GOLD.

[The Koolio]

Current Silver Spot Price per oz.:
Ask: $36.68
Bid:$36.58

Current BTC Market Price:
$30.40

Next stop, GOLD.

after that... next stop... cocaine

[Bazil]

Current Silver Spot Price per oz.:
Ask: $36.68
Bid:$36.58

Current BTC Market Price:
$30.40

Next stop, GOLD.

Gold is at least a few months away, mid fall probably.

[imperi]

Cool, then we can rename it to Bitgold or maybe even eGold.

[digdugg67]

Looks like the PM market is dropping to meet the rising BTC.
gold,silver,platinum all down 0.5%-0.85% today.
Bitcoin up 80+%

I'm in for the long haul on PM and BTC. Hedges against inflation. I'll ride out the roller coaster.

[Efemero]

Sorry, but here the price of silver is 824€/kg... What's the weight of a bitcoin? 1oz or 1kg?

[dayfall]

When it happens, I plan to celebrate by buying lots of silver.  Such pretty coins.

When *THAT* happens, I plan to celebrate by buying lots of gold.   Then I write my "How to Get Lots of Free Gold" book.

[GideonGono]

Sorry, but here the price of silver is 824€/kg... What's the weight of a bitcoin? 1oz or 1kg?

He's quoting in Troy Ounce, about 30g

[Findeton]

Sorry, but here the price of silver is 824€/kg... What's the weight of a bitcoin? 1oz or 1kg?

Exactly, this is an absurd comparison. You should compare market capital. Silver is 1.6 trillion dollars, bitcoin is 180 million dollars. A bitcoin should be worth 261 000 $ to have the same market capital than silver (Good luck with that).

[LnxPeng]

I'm calculating $76,210k USD / BTC to reach equivalent market cap (I'm assuming 21M BTC total volume, since that is a known quantity).

Also, it is measured as an ordinate number, similar to the USD or other currency. One dollar is one dollar whether it's in Cash, Cheque, or bits in a wire transfer, which are also massless.

[digdugg67]

I'm thinking we are talking unit price not market cap.
1 troy oz Silver to 1 BTC.

I could be wrong. but .......

[Rodyland]

I think Findeton is right - it's absurd - but he's also wrong, as it's interesting.  Right now for me 1btc = a nice meal.  It's a valid comparison.  It's a real world comparison.

When you compare the value of the USD to the GBP you don't say "it doesn't matter what the price is, you need to compare the market cap" because, for one, nobody knows the market cap (all we have are various guesses). 

But at the end of the day, if you have a btc, you want to know what you can get for it.  Doesn't matter if there are 1 million of them or 21 million of them or a gazillion of them - it's (supposed to be) a currency so all that matters is what you can get for it.

And you can almost get for it an ounce of silver. 

[Findeton]

I'm thinking we are talking unit price not market cap.
1 troy oz Silver to 1 BTC.

I could be wrong. but .......

But that's comparing chickens to apples. You HAVE TO compare market capital in order to make a reasonable comparison. There's only 21 million bitcoins max and there are many more silver ounces.

I mean, you could also compare BTC price to... I don't know, perhaps horses. 1 Horse = 2000$, when are we going to reach the 1 horse/btc rate?

[Valhalla1]

I'm thinking we are talking unit price not market cap.
1 troy oz Silver to 1 BTC.

I could be wrong. but .......

But that's comparing chickens to apples. You HAVE TO compare market capital in order to make a reasonable comparison. There's only 21 million bitcoins max and there are many more silver ounces.

I mean, you could also compare BTC price to... I don't know, perhaps horses. 1 Horse = 2000$, when are we going to reach the 1 horse/btc rate?

agreed, you are comparing arbitrary unit sizes.  you can't measure bitcoin in troy ounces so its not a fair comparison

[Rodyland]

agreed, you are comparing arbitrary unit sizes.  you can't measure bitcoin in troy ounces so its not a fair comparison

You can't measure USD in troy ounces either yet people price silver in USD.

[Valhalla1]

agreed, you are comparing arbitrary unit sizes.  you can't measure bitcoin in troy ounces so its not a fair comparison

You can't measure USD in troy ounces either yet people price silver in USD.

yes, you can compare 1 oz silver/USD

but you cant expect the comparison (1 oz silver/USD) : (1 bitcoin/USD)  to be meaningful

[herbertfilby]

[torbank]

Now it's dipping nicely.

In the end, price doesn't matter as much as how Bitcoins will be used and for what.

[Rodyland]

yes, you can compare 1 oz silver/USD

but you cant expect the comparison (1 oz silver/USD) : (1 bitcoin/USD)  to be meaningful

Of course you can!  If bitcoins were worth $35USD then I'd happily sell you an oz of silver for one btc.  Given that btc is _supposed_ to be a currency, one measure of its worth is what you can buy with it.

And if you can buy an oz of silver for 1btc, then that makes 1btc worth 1 oz of silver.

[Valhalla1]

And if you can buy an oz of silver for 1btc, then that makes 1btc worth 1 oz of silver.

indeed, such arbitrary comparisons can be made, as was pointed out already, you might as well example the bitcoin to xbox ratio or the bitcoin to hyundai ratio

I am speaking quantitatively, the ratio is rather arbitrary and meaningless.  It would be different if
a) bitcoins could be measured in troy ounces
b) there were an equal number of troy ounces of silver in the world as total number of bitcoins
or perhaps c) the market cap of the two are equal