S3052 (OP)
Legendary
 Offline
Activity: 2100
Merit: 1000
|
 |
January 31, 2013, 08:42:54 PM
Last edit: January 31, 2013, 09:28:05 PM by S3052 |
|
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..?
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
ArticMine
Legendary
Offline
Activity: 2282
Merit: 1050
Monero Core Team
|
|
January 31, 2013, 09:12:58 PM |
|
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.
|
|
|
|
jimbobway
Legendary
Offline
Activity: 1304
Merit: 1014
|
|
January 31, 2013, 09:17:21 PM |
|
A pound of silver is over $400. You mean an ounce of silver? (~$28).
|
|
|
|
|
SkRRJyTC
Legendary
Offline
Activity: 1008
Merit: 1000
|
|
January 31, 2013, 09:20:52 PM |
|
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?  |
|
|
|
|
ArticMine
Legendary
Offline
Activity: 2282
Merit: 1050
Monero Core Team
|
|
January 31, 2013, 09:22:31 PM |
|
A pound of silver is over $400. You mean an ounce of silver? (~$28).
No I mean 1 pound (16 oz) of silver. |
|
|
|
S3052 (OP)
Legendary
Offline
Activity: 2100
Merit: 1000
|
|
January 31, 2013, 09:28:25 PM |
|
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? changed it to blue. sorry for that mistake :-) |
|
|
|
SkRRJyTC
Legendary
Offline
Activity: 1008
Merit: 1000
|
|
January 31, 2013, 09:34:18 PM |
|
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? changed it to blue. sorry for that mistake :-) My world was a scary place for a moment there. Thanks.   |
|
|
|
|
jimbobway
Legendary
Offline
Activity: 1304
Merit: 1014
|
|
January 31, 2013, 09:41:40 PM |
|
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? |
|
|
|
|
vokain
Legendary
Offline
Activity: 1834
Merit: 1019
|
|
January 31, 2013, 11:14:20 PM |
|
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 |
|
|
|
|
ArticMine
Legendary
Offline
Activity: 2282
Merit: 1050
Monero Core Team
|
|
February 01, 2013, 01:19:48 AM |
|
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 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_sterlingThe 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. |
|
|
|
|
oakpacific
|
|
February 01, 2013, 04:15:37 AM
Last edit: February 01, 2013, 06:00:43 AM by oakpacific |
|
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,
|
|
|
|
S3052 (OP)
Legendary
Offline
Activity: 2100
Merit: 1000
|
|
February 01, 2013, 05:47:31 AM |
|
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?
|
|
|
|
|
oakpacific
|
|
February 01, 2013, 06:03:36 AM |
|
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. |
|
|
|
ArticMine
Legendary
Offline
Activity: 2282
Merit: 1050
Monero Core Team
|
|
February 01, 2013, 06:44:01 AM |
|
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.
|
|
|
|
S3052 (OP)
Legendary
Offline
Activity: 2100
Merit: 1000
|
|
February 01, 2013, 05:51:32 PM |
|
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...
|
|
|
|
|
World
|
|
February 01, 2013, 10:02:00 PM |
|
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 |
Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
|
|
|
|
oakpacific
|
|
February 02, 2013, 01:50:32 AM |
|
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. |
|
|
|
S3052 (OP)
Legendary
Offline
Activity: 2100
Merit: 1000
|
|
February 02, 2013, 10:03:33 AM |
|
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.
but still, it is a nice appealing goal, if eventually bitcoin will have a higher "mkt cap" vs. gold.
|
|
|
|
|
