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Author Topic: New All-Time-High of Bitcoin versus Gold today - will it go even higher?  (Read 1587 times)
S3052
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January 31, 2013, 08:42:54 PM
 #1

Today, BTC made a new all-time-high versus Gold at 0.0128 (above the June 2011 high of 0.0108).

Could this be the start of more..?

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January 31, 2013, 09:12:58 PM
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The key psychological point in my mind is 31.89 USD, mainly because of the impact it will have on financial writers particularly after a lot of the negative press over the last year and a half. If this is surpassed then there is a very significant chance of a very strong rally comparable to or even bigger than the one in 2011.

Maybe a pound of sterling silver. I mean the actual metal not the fiat currently issued by the Bank of England.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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January 31, 2013, 09:17:21 PM
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A pound of silver is over $400.  You mean an ounce of silver? (~$28).
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January 31, 2013, 09:20:52 PM
 #4

Today, BTC made a new all-time-high versus Gold at 0.0128 (above the June 2011 high of 0.0108).

Could this be the start of more..?


Im confused... is this the blue guy? Huh Huh Huh
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January 31, 2013, 09:22:31 PM
 #5

A pound of silver is over $400.  You mean an ounce of silver? (~$28).

No I mean 1 pound (16 oz) of silver.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
S3052
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January 31, 2013, 09:28:25 PM
 #6

Today, BTC made a new all-time-high versus Gold at 0.0128 (above the June 2011 high of 0.0108).

Could this be the start of more..?


Im confused... is this the blue guy? Huh Huh Huh

changed it to blue. sorry for that mistake :-)

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January 31, 2013, 09:34:18 PM
 #7

Today, BTC made a new all-time-high versus Gold at 0.0128 (above the June 2011 high of 0.0108).

Could this be the start of more..?


Im confused... is this the blue guy? Huh Huh Huh

changed it to blue. sorry for that mistake :-)

My world was a scary place for a moment there.  Thanks. Smiley Tongue
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January 31, 2013, 09:41:40 PM
 #8

A pound of silver is over $400.  You mean an ounce of silver? (~$28).

No I mean 1 pound (16 oz) of silver.

How did you come up with this number?  Just speculation?
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January 31, 2013, 11:14:20 PM
 #9

A pound of silver is over $400.  You mean an ounce of silver? (~$28).

No I mean 1 pound (16 oz) of silver.

How did you come up with this number?  Just speculation?

I'm actually ignorant of the subject but are pounds of sterling silver the now common denomination when dealin with silver, as gold is denominated in ounces? Just cultural tendencies

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ArticMine
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February 01, 2013, 01:19:48 AM
 #10

A pound of silver is over $400.  You mean an ounce of silver? (~$28).

No I mean 1 pound (16 oz) of silver.

How did you come up with this number?  Just speculation?

I'm actually ignorant of the subject but are pounds of sterling silver the now common denomination when dealin with silver, as gold is denominated in ounces? Just cultural tendencies

Quote
The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. It evolved into the modern British currency, the pound sterling
http://en.wikipedia.org/wiki/Pound_sterling

The term "pound sterling" referred originally to 1 pound (16) oz of silver. 1 BTC reached the value of 1 GBP back in 2011 and it would take a smaller rise than the rise in 2011 for 1 BTC to be worth 16 oz of silver effectively wiping out centuries of devaluation of the British pound, the oldest currency still in use.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
oakpacific
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February 01, 2013, 04:15:37 AM
 #11

Pound/ounce are just random units people came up with, unlike 1 BTC, which is exactly 1/2100000 of the total amount of bitcoins that will ever be in circulation. So I think the important question to ask is if the total market cap of bitcoin could reach a significant percentage of that of silver,

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
S3052
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February 01, 2013, 05:47:31 AM
 #12

1. this is why I mentioned that the BTC/Gold ratio is at an all time high, which is independent from absolute unit effects

2. what is the "mkt cap" of Silver and Gold?

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February 01, 2013, 06:03:36 AM
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1. this is why I mentioned that the BTC/Gold ratio is at an all time high, which is independent from absolute unit effects

2. what is the "mkt cap" of Silver and Gold?


We can not tell, but we can estimate, in orders of tens of billions of USD, hundreds of billions, etc. We don't really need to reach a so-called "parity", just to have a roughly comparable market is enough of a statement.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
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February 01, 2013, 06:44:01 AM
 #14

http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
S3052
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February 01, 2013, 05:51:32 PM
 #15

http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.

wow... now the long term goal is clear...


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February 01, 2013, 10:02:00 PM
 #16

http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.
166,500 tons
http://demonocracy.info/infographics/world/gold/gold.html

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February 02, 2013, 01:50:32 AM
 #17

http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.

wow... now the long term goal is clear...



Why? Only a small percentage of these golds are investable, you know better than me about this.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
S3052
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February 02, 2013, 10:03:33 AM
 #18

http://www.numbersleuth.org/worlds-gold/ gives the total amount of gold in the world at 165000 metric tons. For 21,000,000 BTC and a gold price of 1600 USD an ounce this works out to 400,000 USD per BTC for an equal market cap for bitcoin and gold.

wow... now the long term goal is clear...



Why? Only a small percentage of these golds are investable, you know better than me about this.

yes, true.
but still, it is a nice appealing goal, if eventually bitcoin will have a higher "mkt cap" vs. gold.

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