BTC price shooting up to $24/BTC

[DoomDumas]

evolve only cares about being right, he will never modify his position even if bitcoin continues its track of success. there will be people like this every step up. same exact thing happened as gold went from $200 to $2,000

Don't tell anyone, but precious metals are overvalued right now too.

IMO, Gold and silver a well undervaluated.. The gold price should be arround 33 000$ / ounce if it has followed the last 40 years of inflation, the the CPI supposed inflation.. My guess is gold @ more than 5k$ before 2015 !

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[solex]

d silver a well undervaluated.. The gold price should be arround 33 000$ / ounce if it has followed the last 40 years of inflation, the the CPI supposed inflation.. My guess is gold @ more than 5k$ before 2015 !

I'm a bitcoin-bull like you, but one must not lose perspective. Anyone who bought gold at the 1980 peak has only just got their money back, in inflation adjusted terms, 32 years later! Maybe gold has languished for the reason that bitcoin has so much potential. Gold is useless for remote payments - which is a massive part of the modern world economy.

[Oldsport]

I'm not too educated on the topic... but from what I've heard gold isn't exactly rare but controlled. I guess the same applies for Bitcoin in a way with hoarders, but Bitcoin is transparent. We know how many there are and we know there are limits (there are no secret deposits of Bitcoins 10000s of feet into the ocean or in some undiscovered area of land), whereas with gold it's  matter never truly lost or destroyed since it's constant... simply broken down into smaller pieces to be discovered later. Bitcoin, however, if you lose a wallet the coins are gone forever not broken up to be rediscovered. I hope the gist is somewhat gotten, I'm not the best at defining thoughts and I'm tired..

Correct me if I am wrong but I don't see the point of really comparing the two in the long run.

[honolululu]

I'm not too educated on the topic... but from what I've heard gold isn't exactly rare but controlled. I guess the same applies for Bitcoin in a way with hoarders, but Bitcoin is transparent. We know how many there are and we know there are limits (there are no secret deposits of Bitcoins 10000s of feet into the ocean or in some undiscovered area of land), whereas with gold it's  matter never truly lost or destroyed since it's constant... simply broken down into smaller pieces to be discovered later. Bitcoin, however, if you lose a wallet the coins are gone forever not broken up to be rediscovered. I hope the gist is somewhat gotten, I'm not the best at defining thoughts and I'm tired..

Correct me if I am wrong but I don't see the point of really comparing the two in the long run.

Agreeing with you, but I would say diamonds' price are more supply controlled than gold realisitically.  The supply of Gold is nigh infinite with electric powered particle accelerators.   Even a Dyson sphere can only mine for so many original coins.

http://en.wikipedia.org/wiki/Gold_synthesis

[3phase]

The supply of Gold is nigh infinite with electric powered particle accelerators. 

And you would spend how many millions of $ to produce one ounce of gold?

Or do you believe that gold can go above 1M$/ounce and make the process profitable? If that happens, do you understand how much this gold-producing equipment would cost? And who would care about $ anyway in such a case?

Gold's supply is limited and will be for at least the lives of our generation and our children's generation.