Gold collapsing. Bitcoin TOO!

[ehoffman]

Just to match with the other thread..

Although I think it may raise back to 100$...  Or it may settle to 60$ as the new "standard"...  Or it may have a depressing few months lowering back to single digit   If only one could tell, then market exchanges just wouldn't exists the way it does now

For the first time though, it may be better to put your money in gold...  Hey, after all, it only dropped 10% yesterday, that's still doing a whole lot better than Bitcoins.

Since yesterday

Bitcoin: -50%
Gold:    -10%

So, if you had 100$ Gold vs BTC yesterday, you would end up today with 90$ Gold vs 50$ BTC today
80% advantage Gold!

Well well...  What can we do

[Wuji]

Just to match with the other thread..

Although I think it may raise back to 100$...  Or it may settle to 60$ as the new "standard"...  Or it may have a depressing few months lowering back to single digit   If only one could tell, then market exchanges just wouldn't exists the way it does now

For the first time though, it may be better to put your money in gold...  Hey, after all, it only dropped 10% yesterday, that's still doing a whole lot better than Bitcoins.

Since yesterday

Bitcoin: -50%
Gold:    -10%

So, if you had 100$ Gold vs BTC yesterday, you would end up today with 90$ Gold vs 50$ BTC today
80% advantage Gold!

Well well...  What can we do

Gold is tangible and has more usage and adoption than Bitcoin.  Gold has been used as currency for 700+ years and has charts that go back that far.  This is hardly surprising to those here on earth.  As for those in la la land well I think they are starting to wake up.

[afbitcoins]

I've been a purchaser of gold today in fact, hard to conceive it will not be a good investment long term. I'm sitting out the bitcoin market just now. I'll be a bitcoin buyer again when I feel the time is right, but expecting a few months of consolidation first.

[Wuji]

I've been a purchaser of gold today in fact, hard to conceive it will not be a good investment long term. I'm sitting out the bitcoin market just now. I'll be a bitcoin buyer again when I feel the time is right, but expecting a few months of consolidation first.

With the market going up gold should remain very volatile.  I'm sitting on the sidelines for a while but would love to buy more gold coins.  I sold all mine as soon as it went back down to $1700 again.  Might be a good time to play volatility if you are a high risk investor.  Just make sure you know how to leverage or are prepared to hold for a long time.

Gold went down because Goldman Sachs (evil thieves) told clients to short gold on the COMEX.  While they are right and gold has been a bubble for years they induced a panic sell.

[webchris]

Gold is such a poor investment choice and has so little value in real terms (except the value that the market places on it). We have no idea what the limit is on gold. We do not control the supply. It's practical uses in electronics give it a super tiny fraction of value compared to what the market places on it. It's shiny, so ancient people desired it as a symbol of wealth, and that still lingers today.

Bitcoins bring the possiblity of a structured currency like we've never seen before. I would take bitcoins as a long term investment over gold any day. Actually, I would rather invest in matches or bricks over gold. At least those don't have some super unrealistic value placed on them.

[BTC Books]

Gee.  There's a job for you at one of the Exxon-funded climate change denial organizations.

At $65, bit coin is up HUGE from a year ago, or two years ago.

But you're going to use yesterday's price vs. today's price as a valid statistical comparator?  Really?

Cherry pick much?

[webchris]

Gold is tangible and has more usage and adoption than Bitcoin.

I'm not sure that gold has more usage than Bitcoin. I can't buy anything with gold bars. I'm sure people would give me stuff for them, but no where near what the gold is worth (unless I exchange it for cash). I can buy tons of things with Bitcoins, and that is growing every day. Gold is a very impractical investment and currency.

[Wuji]

Gee.  There's a job for you at one of the Exxon-funded climate change denial organizations.

At $65, bit coin is up HUGE from a year ago, or two years ago.

But you're going to use yesterday's price vs. today's price as a valid statistical comparator?  Really?

Cherry pick much?

Half my family works there and I'm happy with my six figure salary but, thanks for the advice.  It isn't cherry picking it is reality and risks vs. less risks.  Get a clue.

[Wuji]

Gold is tangible and has more usage and adoption than Bitcoin.

I'm not sure that gold has more usage than Bitcoin. I can't buy anything with gold bars. I'm sure people would give me stuff for them, but no where near what the gold is worth (unless I exchange it for cash). I can buy tons of things with Bitcoins, and that is growing every day. Gold is a very impractical investment and currency.

You can fill your teeth, you can sell jewellery, you can make the ram and CPU that goes in your computer.  It is used in your car.  I heard last year Silk Road did 22 million dollars worth of drug trade which is a drop in the bucket.  My uncle who went to federal prison made millions off of pot in the 1980s in one Texas city to give you an idea (estimates are pot is a 6 billion dollar industry).  Not one Bitcoin was used to do anything other than for a little trade and speculation.  Currently over 4 tonnes of gold are being consumed per year.  I totally have been saying for years that gold is in a speculative bubble however, to say a bitcoin has more use than gold is blind ignorance.  If another virtual currency gets adopted due to volatility and MtGox how much will your bitcoins be worth?  Easy answer here, zero.

How much Bitcoin transfers are actual usage and not just speculation trading?  Does anyone know the answer?  Please enlighten us.

[BitcoinAshley]

Gee.  There's a job for you at one of the Exxon-funded climate change denial organizations.

At $65, bit coin is up HUGE from a year ago, or two years ago.

But you're going to use yesterday's price vs. today's price as a valid statistical comparator?  Really?

Cherry pick much?

Half my family works there and I'm happy with my six figure salary but, thanks for the advice.  It isn't cherry picking it is reality and risks vs. less risks.  Get a clue.

Actually, you WERE cherry picking. BTC Books has a clue, you do not. Taking a one-day price movement vs a many-month price movement and arbitrarily using that as a judgement criteria for gold vs. bitcoins.

If you bought bitcoins at $0.012/mBTC in December '12 and now they're $0.06/mBTC, you've realized much higher gains than gold. Still, I'm picking a random arbitrary time period. But picking one day's price movement is just hilarious and I can't believe you actually deny that you are cherry picking. What a jokester. 

[Wuji]

Gee.  There's a job for you at one of the Exxon-funded climate change denial organizations.

At $65, bit coin is up HUGE from a year ago, or two years ago.

But you're going to use yesterday's price vs. today's price as a valid statistical comparator?  Really?

Cherry pick much?

Half my family works there and I'm happy with my six figure salary but, thanks for the advice.  It isn't cherry picking it is reality and risks vs. less risks.  Get a clue.

Actually, you WERE cherry picking. BTC Books has a clue, you do not. Taking a one-day price movement vs a many-month price movement and arbitrarily using that as a judgement criteria for gold vs. bitcoins.

If you bought bitcoins at $0.012/mBTC in December '12 and now they're $0.06/mBTC, you've realized much higher gains than gold. Still, I'm picking a random arbitrary time period. But picking one day's price movement is just hilarious and I can't believe you actually deny that you are cherry picking. What a jokester.  

When did I take a one day price movement? Please quote it.  I bought BTC at $14 and less and sold it at $230.  That is hardly in one day.  If you go back and read my first thread before we were over $100 you would see that.  In the same thread I called the bubble and posted about 1 hour before the top at $266 saying I had sold 12 hours earlier at $230.

I said Gold has a 700 year history as a currency versus Bitcoin.  That is one day?  Puff puff pass jokesteress.

[BTC Books]

When did I take a one day price movement? Please quote it.  I bought BTC at $14 and less and sold it at $230.  That is hardly in one day.  If you go back and read my first thread before we were over $100 you would see that.  In the same thread I called the bubble and posted about 1 hour before the top at $266 saying I had sold 12 hours earlier at $230.

I said Gold has a 700 year history as a currency versus Bitcoin.  That is one day?  Puff puff pass jokesteress.

Perhaps it might ameliorate your high dudgeon to note that my post - to which, for some reason, you took offense - was in response to the OP, and to the OP only.

[Wuji]

When did I take a one day price movement? Please quote it.  I bought BTC at $14 and less and sold it at $230.  That is hardly in one day.  If you go back and read my first thread before we were over $100 you would see that.  In the same thread I called the bubble and posted about 1 hour before the top at $266 saying I had sold 12 hours earlier at $230.

I said Gold has a 700 year history as a currency versus Bitcoin.  That is one day?  Puff puff pass jokesteress.

Perhaps it might ameliorate your high dudgeon to note that my post - to which, for some reason, you took offense - was in response to the OP, and to the OP only.

Ok yes this thread had me completely confused. I had recently made a remark about Exxon in another thread and was thinking your reply was in regards to that.  Carry on sorry for being lost.  I guess I shouldn't post to forums while I'm working. 

[lucif]

Its not gold. Its a paper where wrote that this is gold. This paper costs shit.

[superduh]

and your completely false assumption is that gold has more use just because it's been around longer.
it's like people who are too afraid to know that the world is not flat or that there is gravity.
just because people have been doing or using something for a long time does not validate it as anything better than it is.
gold is just shiny. that is all. who cares how much it costs
the only way i would ever even buy gold is if i was a millionaire looking for a quick way to blow my money.
gold is hardly a true investment besides speculators and is mostly an outdated store of value.
that is all.

[BitSmile]

Its not gold. Its a paper where wrote that this is gold. This paper costs shit.

It's paper, but it proves your ownership of the gold. Demand for gold is going up, not down, this is market manipulation.
http://blogs.telegraph.co.uk/finance/thomaspascoe/100024081/the-gold-price-crash-is-further-evidence-of-market-rigging/
EDIT: BUY BUY BUY Gold, before you can't.

[superduh]

Its not gold. Its a paper where wrote that this is gold. This paper costs shit.

It's paper, but it proves your ownership of the gold. Demand for gold is going up, not down, this is market manipulation.
http://blogs.telegraph.co.uk/finance/thomaspascoe/100024081/the-gold-price-crash-is-further-evidence-of-market-rigging/
EDIT: BUY BUY BUY Gold, before you can't.

who needs a paper for gold?
sure it's market manipulation now.. as are bitcoins

[Wuji]

and your completely false assumption is that gold has more use just because it's been around longer.
it's like people who are too afraid to know that the world is not flat or that there is gravity.
just because people have been doing or using something for a long time does not validate it as anything better than it is.
gold is just shiny. that is all. who cares how much it costs
the only way i would ever even buy gold is if i was a millionaire looking for a quick way to blow my money.
gold is hardly a true investment besides speculators and is mostly an outdated store of value.
that is all.

4 tonnes of consumption is suddenly an assumption?  You should try research, Google is your friend.

[superduh]

4 tonnes of consumption is suddenly an assumption?  You should try research, Google is your friend.

i know it's consumed. so are diamonds and i'm sure google will teach you all about diamond prices

[Wuji]

Yeah I don't believe paper gold is equal to the amount of real gold.  This is why in the past I only bought gold coins.  They are worth more than Gold unless you melt them.  Forget paper gold.  That is just another banking scam gone wild.