The psychology of bitcoin prices

[Richy_T]

I just watched a YouTube video about the "case for $960 [per ozt] silver". In the Roman Empire, historically, one silver denarius of about a tenth of an ounce, was equated in value to about a day's hard labour. In modern society it seems that gold and silver have been seriously demonetized, and presumably, if it comes to pass, a failure, either partial or total, of paper money/credit, will revalue them closer to their historic value. That's what the metalbugs think, anyway, but there's no absolute certainty they're right, only a degree of probability.

That makes no sense to me. Since then, materials have changed, mining technologies have changed, the population has changed and jewelery and coin production methodologies and usages have changed. To say they are currently undervalued is one thing but to make claims that they will revalue close to their previous values is unfounded.

[Richy_T]

Why should people return to silver and gold when there is a far superior alternative?

I think I know what you're referring to but that "far superior alternative" still requires internet. Gold and silver aren't going away (IMO): we know have precious metals and cryptocurrencies (of which BTC is king) to work with, and you can never have too much free competition.

I think gold may get the squeeze from bitcoin. Silver is still reasonable to be used as a currency in the case of collapse but gold, whilst not completely useless, is a bit ungainly in such circumstances.

[nobbynobbynoob]

I just watched a YouTube video about the "case for $960 [per ozt] silver". In the Roman Empire, historically, one silver denarius of about a tenth of an ounce, was equated in value to about a day's hard labour. In modern society it seems that gold and silver have been seriously demonetized, and presumably, if it comes to pass, a failure, either partial or total, of paper money/credit, will revalue them closer to their historic value. That's what the metalbugs think, anyway, but there's no absolute certainty they're right, only a degree of probability.

That makes no sense to me. Since then, materials have changed, mining technologies have changed, the population has changed and jewelery and coin production methodologies and usages have changed. To say they are currently undervalued is one thing but to make claims that they will revalue close to their previous values is unfounded.

It may well be, but on the other hand when you have thousands of years of history to back up a theory...

Personally, I'm not making any prediction that Ag will rise to $1k/ozt in today's money any time soon, for that would be silly. But the video is somewhat interesting anyway.

[Richy_T]

It may well be, but on the other hand when you have thousands of years of history to back up a theory...

1000 years of history has us riding horses and burning dung to stay warm. 1000 years is a short period time in one aspect and a long period of time in another. So much has changed in the last 200 years and it would take something very, very drastic to reverse some of those changes (using steam as a power source will likely never go away for example) and something that drastic would complicate calculations of price more, not less.

Regardless, I'm planning on adding some silver to the portfolio. Though durable goods is top of the list at the moment.

[Piper67]

Why should people return to silver and gold when there is a far superior alternative?

I think I know what you're referring to but that "far superior alternative" still requires internet. Gold and silver aren't going away (IMO): we know have precious metals and cryptocurrencies (of which BTC is king) to work with, and you can never have too much free competition.

Well, gold and silver require a truck... or a pretty large wheelbarrow. 

[Grouver (BtcBalance)]

$40 or $50 would be a great point to gladly change this.
$50 for just 1 Bitcoin is for most people not psychological doable.

[Richy_T]

Well, gold and silver require a truck... or a pretty large wheelbarrow. 

Pfft. So will the dollar, soon.

[nobbynobbynoob]

Well, gold and silver require a truck... or a pretty large wheelbarrow. 

Pfft. So will the dollar, soon.

They can always print them in trillion-denominations, like Zim dollars.

[Richy_T]

Well, gold and silver require a truck... or a pretty large wheelbarrow. 

Pfft. So will the dollar, soon.

They can always print them in trillion-denominations, like Zim dollars.

Heh. I found this



But to try and pin it on Obama would be to miss the many, many others who are complicit in this fraud.

[Jutarul]

But to try and pin it on Obama would be to miss the many, many others who are complicit in this fraud.

The party started some 40 years ago. Obama came at a time when the music stopped and the booze ran out.