benjamindees
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April 16, 2013, 07:47:21 PM |
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"Bitcoin only has value based on the assumption that people will want to use it."
Exactly. Unlike gold, people will want to use Bitcoin as an actual currency.
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Civil Liberty Through Complex Mathematics
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teodor87
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Man is King!
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April 17, 2013, 09:20:42 AM |
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"Bitcoin only has value based on the assumption that people will want to use it."
Exactly. Unlike gold, people will want to use Bitcoin as an actual currency.
Gold was used as an actual currency for thousands of years. It was (and still is) too risky for people to carry gold around.
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1BXi1DWT9U8snSr8wmuL7iihqphNiPRN9k
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honolululu
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April 17, 2013, 09:42:50 AM |
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"Bitcoin only has value based on the assumption that people will want to use it."
Exactly. Unlike gold, people will want to use Bitcoin as an actual currency.
Gold was used as an actual currency for thousands of years. It was (and still is) too risky for people to carry gold around. Right, because gold jewelry isn't popular.
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gollum
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In Hashrate We Trust!
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April 17, 2013, 09:50:50 AM |
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Ask your self which kind of money still can be used after this circumstances:
-fire -natural disasters -revolutions -financial crisis -war (including electro magnetic pulse and destroyed infrastructure) -death -several generations
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Epicurus
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April 17, 2013, 03:39:35 PM |
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Ask your self which kind of money still can be used after this circumstances:
-fire -natural disasters -revolutions -financial crisis -war (including electro magnetic pulse and destroyed infrastructure) -death -several generations
If you're asking what'll be used after total upheaval in the world, including destruction of our infrastructure, it sure as hell won't be bitcoins. It might be gold. Might be iron. Certainly, gold has thousands of years of history of being used without modern infrastructure.
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Razick
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April 17, 2013, 08:30:10 PM |
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Sounds like a ponzi to me.
It's not even as if many shops will accept it as currency.
Does anyone even know the where the guy is who first figured out how it works, or how to mine it, or why anyone should believe it has any value whatsoever?
Plus, I read somewhere that drug dealers and terrorists use it.
[Edit: not trolling gold. Gold good. Just showing dumb attacks on bitcoin are dumb.]
+10!
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ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
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bitcoinscanada
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April 18, 2013, 02:16:25 AM |
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I started buying gold at about $1100. This latest dip is another great time to buy.
The question is.. which latest dip is better to buy, gold or bitcoin?
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manfred
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Energy is Wealth
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April 18, 2013, 05:23:48 PM |
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It's not the same. Once gold was appreciated because it was shiny. Today it is known as one of the best electrical conductors and one of the rarest metals on the planet. The real question shoud be "Why silver price is so low?".
+10
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manfred
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Energy is Wealth
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April 18, 2013, 05:53:54 PM |
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There is no comparison between bitcoin and precious metals. Simply put you need precious metals to mine bitcoins, you dont need bitcoins to mine precious metals. (copper for electric motor, gold contacts for pcb, silver second most used commodity in the world) So 100% dependable one way 0% the other way which means no meaningful debate. Bitcoin will never have a several thousand year history i say it wont make 100 year of usage. The world is moving way to fast for it With this latest paper gold sell off the demand for physical stuff is sky-rocketing, most physical gold, silver out of stock
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herzmeister
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April 18, 2013, 05:54:08 PM |
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Gabi
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If you want to walk on water, get out of the boat
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April 18, 2013, 06:59:20 PM |
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Sounds like a ponzi to me.
It's not even as if many shops will accept it as currency.
Does anyone even know the where the guy is who first figured out how it works, or how to mine it, or why anyone should believe it has any value whatsoever?
Plus, I read somewhere that drug dealers and terrorists use it.
[Edit: not trolling gold. Gold good. Just showing dumb attacks on bitcoin are dumb.]
EPIC
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wachtwoord
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April 18, 2013, 07:07:35 PM |
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Ask your self which kind of money still can be used after this circumstances:
-fire -natural disasters -revolutions -financial crisis -war (including electro magnetic pulse and destroyed infrastructure) -death -several generations
I don't think I'll be able to use Bitcoins or gold postmortem no
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Its About Sharing
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Antifragile
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April 18, 2013, 07:37:03 PM |
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Well, here is the story of the crooks from the recent gold/silver crash (mostly taken from a podcast mentioned below): On Friday in the morning hours, someone shorted 3.4 million ounces (100 tons)of June Futures. This brought the spot price of gold down to the $1540 support level. When gold goes below this level (bull market support level) algorithmic trades start to kick in. This started a massive selloff in the paper markets. On Monday this spread to the Asian markets and American markets later. This was followed by 300 tons later on Friday. It seems to have been coming from Merrill Lynch (their floor team). So, no actual gold was exchanging hands - It was all Naked Shorts with the intention of bringing the price down. My question is WHY do it now??? Yeah, the bond markets look ready to pop and currencies all over are in trouble. Lesser of two evils? No, pure evil. Andrew McGuire (whistle blower) blew the whistle on JPMorgan a couple of years ago, regarding their manipulation of the silver markets. He told the CFTC and even told them the specific date JPMorgan would crash the market to cover their huge short position. It happened exactly as he said, date was spot on, confirming what he had told the Commodity Futures Trade Commission! They did nothing about it! Now, the same whilstle blower on April 12th came out and said the Federal Reserves agents were the ones hitting the markets with 500 tons of naked shorts. He was right again and it looks like the Fed is involved. They are trying to keep the lid on precious metals, trying to make people think the dollar is ok, when it is doing terrible. Yeah, the economy is good and markets are strong... criminals. We are close to something happening people. These bankers are really getting aggressive lately. Right after the Cyprus thing happened no less. Great podcast on this - http://www.corbettreport.com/interview-648-radio-liberty-carnage-in-the-markets/
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BTC = Black Swan. BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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benjamindees
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April 19, 2013, 12:45:11 AM |
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At the 11th of April there was a meeting at the white house with Obama and members of the Financial Services Forum.
9/11 was WTC. 3/11 was Fukushima. Perhaps 4/11 is this.
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Civil Liberty Through Complex Mathematics
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Tervel
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April 19, 2013, 01:19:33 PM |
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Ask your self which kind of money still can be used after this circumstances:
-fire -natural disasters -revolutions -financial crisis -war (including electro magnetic pulse and destroyed infrastructure) -death -several generations
Even if we assume that there is no government to support them, paper money will still be both hard to fake and easy to handle.
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jdbtracker
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April 21, 2013, 02:35:26 AM Last edit: April 21, 2013, 03:14:28 PM by jdbtracker |
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Found this article, it is worth reading all the way; think about, it could help us find the real stable growth pattern... but remember we do not know what all the factors are for Bitcoin, so just consider it, study it, discuss it, the group will find a better answer then anyone of us. http://techcrunch.com/2013/04/20/what-can-behavioral-finance-can-teach-us-about-bubbles/wow, I should have read that last page. but what about the A.I. traders & algorithm traders? These algorithm based traders are dangerous could they of had something to do with it? I mean if a whole bunch of them are triggered in just the right way, all of them will go off one by one and they won't start buying until the price reaches a specific level to trigger them all up in sequence again. This could be a interesting read, hell I've heard a few monitor the news to figure out social movements to create more effective trades; Just imagine Watson the supercomputer that beat Ken Jennings running the stock market; one for each broker. http://www.randomhouse.com.au/books/scott-patterson/dark-pools-the-rise-of-ai-trading-machines-and-the-looming-threat-to-wall-street-9781847940988.aspxanyone read this hilarious story about a pricing algorithm that made a book sold on ebay for several million dollars.. yet only $17 dollars at the store? Do they really understand what they are doing? http://www.michaeleisen.org/blog/?p=358It could be interesting, cause when you start using pure math to predict a system... just gotta get enough of them, leave humans out of the loop and boom! The trades are no longer meaning/utility based or based on any semblance of reality the math itself begins to control the movement of the markets in completely counter intuitive ways.
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If you think my efforts are worth something; I'll keep on keeping on. I don't believe in IQ, only in Determination.
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mcarturr
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April 21, 2013, 09:20:33 PM |
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gold is worse since you have to kept them safe, everyone can robb you the gold.
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DelfinaMeadows
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July 10, 2014, 11:35:06 AM |
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Very good discussion about gold. It's really important to know bitcoin is better than gold. When you have gold you're scared of robbing. bitcoin make you safe in this regards.
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IIOII
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July 10, 2014, 01:45:44 PM |
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gold is worse since you have to kept them safe, everyone can robb you the gold.
And bitcoin can't be stolen, right? Sorry, but I think a lot of the gold bashing in this thread is plain stupid. In reality bitcoin was modeled after gold (and other precious metals), that's why the generation process of bitcoins is called "mining". Gold is physical, bitcoin is not. There are advantages and disadvantages for both cases. The purchasing power of gold pretty much stays the same longterm. If gold value is expressed in fiat, it is mostly an indicator of fiat inflation. I predict that bitcoin will share the same properties once it has reached the saturation point of adoption (until then it will rise in value substantially).
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