Here is a real bubble - gold

[johnyj]

In one day it lost all the gain from last 2 years, now people will understand why bitcoin is better than gold 

The gold production increased, there are huge amount of gold mined out from china during the last year. But for bitcoin production rate is always fixed

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[TsuyokuNaritai]

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.]

[deepceleron]

[nebulus]

Wow, that took a dive...

[TeeBone]

When bitcoin loses 85% of its 'value' in a few days, it's a great time to buy. When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable 

Sorry wiseguys, but bitcoin has a loooong way to go before it approaches gold as real money. I have thousands of years to back me up. Bitcoin was invented last week and will likely end up being the netscape or myspace of alternative currencies.

[TsuyokuNaritai]

When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable 

[Xrim]

They are dumping paper gold to decrease the price and thus "strengthen"  the USD.
It's just paper gold that are being dumped, the low price are making people buying physical as crazy.

[TeeBone]

They are dumping paper gold to decrease the price and thus "strengthen"  the USD.
It's just paper gold that are being dumped, the low price are making people buying physical as crazy.

I've noticed the main online dealers are backed up or out of stock, folks buying like crazy. My local coinshop the same. Not only that, whatever is available they are asking double the juice.

[teodor87]

People it's not a bubble.

A lot of people bought 10 year options for gold which expired that year. And a lot of investors from 2008 closed their positions.

It is also possible that the SNB (Swiss National Bank) is dumping gold again to save the Euro.

But the more gold falls -the better. Creates buy opportunities.

For now the situation in Europe and the world is stable, but if it gets out of control gold will again become a safehaven, therefore if it falls below 1000$ I'd sell my home to open a position with the money.

[NABiT]

They are dumping paper gold to decrease the price and thus "strengthen"  the USD.
It's just paper gold that are being dumped, the low price are making people buying physical as crazy.

I've noticed the main online dealers are backed up or out of stock, folks buying like crazy. My local coinshop the same. Not only that, whatever is available they are asking double the juice.

Quite right, the story is the same all round, sold out / high premiums.

[Bitsaurus]

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.

Thank you for this. Comedy GOLDBTC

[Lethn]

Buying opportunity for me!!!111

[qbits]

When bitcoin loses 85% of its 'value' in a few days, it's a great time to buy. When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable 

Sorry wiseguys, but bitcoin has a loooong way to go before it approaches gold as real money. I have thousands of years to back me up. Bitcoin was invented last week and will likely end up being the netscape or myspace of alternative currencies.

+1

not sure I agree 100% on the netscape thing after all that is where we got firefox from... ahhh I see now

+ another 1

[johnyj]

Gold is a perfect example of value backed by consensus, although gold don't have a lot of use, but several thousand years of history give it enough consensus as a store of value. And this value does correlate to manufacturing cost somehow

[rothschild_666]

They are dumping paper gold to decrease the price and thus "strengthen"  the USD.
It's just paper gold that are being dumped, the low price are making people buying physical as crazy.

I've noticed the main online dealers are backed up or out of stock, folks buying like crazy. My local coinshop the same. Not only that, whatever is available they are asking double the juice.

APMEX has 1 gram assays for 13 over spot?

Wait nvmd just did the math.  That is some juice.

[johnyj]

When bitcoin loses 85% of its 'value' in a few days, it's a great time to buy. When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable  

Sorry wiseguys, but bitcoin has a loooong way to go before it approaches gold as real money. I have thousands of years to back me up. Bitcoin was invented last week and will likely end up being the netscape or myspace of alternative currencies.

Bitcoin has only 4 years history and only limited amount of participants, while gold has several thousand years history and accepted by most of the people on the planet, but it still crashed 20% in one day, it is obvious which one has the potential

[Spendulus]

There is simply not comparison between gold and bitcoin.  The thousands of years of acceptance of gold do not enter into the equation.

What enters is reality like paper gold, GLD, options, long and short positions, institutional holdings.  These moderate the price and swings in the price.

And STILL it drops 20% very rapidly.

Obviously, these factors do not currently affect BTC market price.

Very interesting.

[justusranvier]

The thousands of years of acceptance of gold do not enter into the equation.

It's funny how people like to point to the history of gold's back in ancient times as if it means anything at all. For almost all of the last 6000 years horses were the most trusted form of land transportation, and we all know how that worked out.

[teodor87]

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?".

[Rygon]

When bitcoin loses 85% of its 'value' in a few days, it's a great time to buy. When gold dips 20% after riding high for a few yrs, it's a ponzi scheme. Seems reasonable 

Sorry wiseguys, but bitcoin has a loooong way to go before it approaches gold as real money. I have thousands of years to back me up. Bitcoin was invented last week and will likely end up being the netscape or myspace of alternative currencies.

I can buy pretty much anything on the internet using bitcoins, either directly or through an intermediate service. For the sellers, they get paid immediately, so it's good for them too. I don't know of any website that accepts gold as currency. I suppose I could sell a gold coin to a coin dealer for 10% that what the going market rate is, wait for the check to clear, then transfer that cash to paypal, etc. The point is that gold/silver is not a currency for the average person. Store of value, maybe. But guns and bullets meet almost all of the same criteria to be a suitable storage of value.