Fight!!! Silver versus bitcoin

[afbitcoins]

From my blog, I’ve spent some of my hard earned time scaling up a graph of bitcoins to match as closely as I can on both time and price axis with a similar graph for silver. Heres the result.



http://afbitcoins.wordpress.com/2013/03/19/fight-silver-versus-bitcoins/

[Beta-coiner1]

A bitcoin is currently worth 2 ounces of silver and ~1 gram of gold.

[SgtSpike]

Why does your thread title say "Silver vs Gold", when clearly, that is not what you aim to discuss?

[Mike Christ]

Why does your thread title say "Silver vs Gold", when clearly, that is not what you aim to discuss?

It certainly got my attention

[notme]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.  BTC is much easier to move up and harder to naked short sell since delivery is so easy to demand.

Silver has no chance.

[afbitcoins]

oops must have gold on the brain. thanks for pointing it out, have fixed the subject now

 

[afbitcoins]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.  BTC is much easier to move up and harder to naked short sell since delivery is so easy to demand.

Silver has no chance.

Like it, very persuasive argument..

[afbitcoins]

Been trying to post on tfmetalsreport but the site is down again. Need some silver bugs to fight that corner, not a single vote for silver yet.

[Mike Christ]

The poll has spoken!!

[notme]

Good point, although 40k unrelated chains would be wasteful when merged mining could secure them all with many fewer resources.  But yes, bitcoin won't be the only use of this technology.

[notme]

The poll has spoken!!

Let's hope the Bernankester's not reading this thread, or he might crash the Dollar (just in time for April Fools ) just to prove 23 smug Bitcoiners wrong

Crashing the dollar would prove them right.

[cypherdoc]

bwahahaha!

43:1 ?!

sure feels good selling all those bags of silver @ $49.  

[oakpacific]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.  BTC is much easier to move up and harder to naked short sell since delivery is so easy to demand.

Silver has no chance.

Like it, very persuasive argument..

Yeah but I can't just discover/make up a new atom with a limited supply and call it "Blyther". But there could one day be 40k crypto-coins, each originally inspired by Bitcoin. This is one thing that is bound to keep deterring sceptics... until Bitcoin users start getting it and presenting the FOSS idea properly.

Although I still see this as positive, in the next few years there could be 10 new "in-game coins" inspired by Bitcoin, 50 large corporations using private versions of Bitcoin for their supply chain, 100 different company stock schemes that are impossible to "naked short" thanks to Bitcoin technology... And if they're each as big as Bitcoin itself, that's utterly massive growth of 160 times, yet actual Bitcoin users see no increase in price! Given that most Bitcoin users seem to be speculating that they'll get rich easily due to seigniorage because everyone will want to buy-in... I'll have no sympathy if it doesn't work out that way.

The question is that physical silver is too difficult to move around to where it's useful, and paper silver can be created at a faster rate than bitcoin.

Corporations don't need to use bitcoin for bookkeeping, it's for transactions between different legal entities, and it will win the competition because it already gets the greatest support.

[Timo Y]

Yeah but I can't just discover/make up a new atom with a limited supply and call it "Blyther".

Well you can start using ruthenium or iridium as a money.  

Physically, there is nothing about gold and silver that makes them more suitable as a store-of-value than ruthenium or iridium.  So how come these lesser-known metals aren't used as a store-of-value?  

Network effect. Gold and silver are only money because everyone thinks they are money.

Same applies to Bitcoin. That's why competing alt-currencies are going to have an extremely hard time displacing Bitcoin.

[rpietila]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.

Nah, as for the facts, there is quite exactly 1000 ounces of silver above ground per 1 bitcoin, of which about 10% is identified. Most of the supply is hidden and not tradable, as with bitcoin.

[molecular]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.

Nah, as for the facts, there is quite exactly 1000 ounces of silver above ground per 1 bitcoin, of which about 10% is identified. Most of the supply is hidden and not tradable, as with bitcoin.

good enough for me.

[rpietila]

Stunning resultss...

The one voter who has confidence in silver, come and buy some from me at the links below! 

[notme]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.

Nah, as for the facts, there is quite exactly 1000 ounces of silver above ground per 1 bitcoin, of which about 10% is identified. Most of the supply is hidden and not tradable, as with bitcoin.

As you say yourself, much of the supply is hidden.  My source says 840 billion ounces, yours apparently says 21 billion ounces.  Either way, there is dramatically more silver than bitcoin, plus way more uncertainty regarding the actual amount of silver already mined.  With bitcoin, we can calculate an exact number at any point.

[SgtSpike]

This isn't even a competition.  It's like a 2 year old fighting Muhammad Ali.

[molecular]

There are 40k times as many ounces of silver above ground now as there will ever be bitcoins.

Nah, as for the facts, there is quite exactly 1000 ounces of silver above ground per 1 bitcoin, of which about 10% is identified. Most of the supply is hidden and not tradable, as with bitcoin.

As you say yourself, much of the supply is hidden.  My source says 840 billion ounces, yours apparently says 21 billion ounces.  Either way, there is dramatically more silver than bitcoin, plus way more uncertainty regarding the actual amount of silver already mined.  With bitcoin, we can calculate an exact number at any point.

I did some research a while back and came up with 25 billion oz silver existing above-ground (not just investment silver).

How do you come up with 840 billion ounces? Does that somehow include "minable silver" or something?