Gold bugs ignoring bitcoin?

[smoothie]

Perhaps they aren't ignoring bitcoin, maybe they are still learning about it.

This future film seems to sway more towards the hard money side of things.

http://goldsilver.com/hidden-secrets-money/

It isn't to say that gold/silver are going to be worth nothing, but I tend to think that highlighting the utility of bitcoin is important in our technological age.

Perhaps in a few years bitcoin will get some attention from say a Mike Maloney...i know James Turk is aware...

[ShireSilver]

IMHO its going to take the hardcore goldbugs longer than the normal person because they have to unlearn some things that are frankly wrong. One of them is the idea that there is such a thing as intrinsic value, and another is that the value is equivalent to spot price.

Heck, it took me over a year after hearing about bitcoins to finally understand the real value.

[CurbsideProphet]

I guess that depends on your definition but I see a lot of "gold bugs" here or at least people who either still hold or have held a good amount of PM's as part of their portfolio.  I think Bitcoin and gold overlap quite a bit in the sense that both types of investor have a similar outlook for the macroeconomy with regards to the reckless monetary policy being implemented by our various heads of government.

[sunnankar]

Perhaps in a few years bitcoin will get some attention from say a Mike Maloney...i know James Turk is aware...

Over a year ago, I had in-depth face-to-face conversations with both Mike Maloney and James Turk, where I answered many of their questions, along with many other gold bugs.

So they are aware of and should be treating Bitcoin seriously. I think part of the issue might be their lack of education in mathematics, cryptography, networking and computer science.

Monetary science is a very complicated subject and requires and understanding of many other topics like chemistry, economics, computer science, etc. Their lack of discussion on the Bitcoin topic really just reveals their superficial understanding of economics and monetary science. Those individuals who truly understand monetary science have been discussing Bitcoin for years.

Ironically, the wealth transfer is not going to holders of gold and silver but to holders of bitcoins.

[fellowtraveler]

Goldbugs will learn to appreciate Bitcoin when they learn that they can use Bitcoin for sending gold.

[smoothie]

Goldbugs will learn to appreciate Bitcoin when they learn that they can use Bitcoin for sending gold. value.

Sending gold still is the old fashioned way...physically.

[Lethn]

IMHO its going to take the hardcore goldbugs longer than the normal person because they have to unlearn some things that are frankly wrong. One of them is the idea that there is such a thing as intrinsic value, and another is that the value is equivalent to spot price.

Heck, it took me over a year after hearing about bitcoins to finally understand the real value.

The term 'real' value though is itself wrong though, value is only defined by how much someone is willing to pay for something, if everyone was utterly loyal to governments etc. Bitcoin wouldn't have nearly as much influence as it's gaining now

[fellowtraveler]

Goldbugs will learn to appreciate Bitcoin when they learn that they can use Bitcoin for sending gold. value.

Sending gold still is the old fashioned way...physically.

• Alice walks into a coin shop in America, and gives them a gold coin.
• The coin shop in America sends some Bitcoin to a coin shop in Britain.
• Bob walks into the coin shop in Britain and picks up the gold coin.

Therefore you can use Bitcoin for sending gold. (Or any other form of value.)

This is a similar mechanism to Silk Road, eh? You can use Bitcoin for sending Drugs.

You can use Bitcoin for sending anything.

Goldbugs will learn to love Bitcoin when they realize they can use it for sending gold.

[ShireSilver]

The term 'real' value though is itself wrong though, value is only defined by how much someone is willing to pay for something

Getting into semantic arguments that don't really matter all that much, but you appear to be confusing price with value. Value is an individual characteristic and very subjective. Price is a collective measure provided by the actions of valuing individuals acting in a market. Or something like that.