Bitcoin has defeated gold

[sportis]

Gold is too hard to die. To my point of view it's only the price from the last days where we don't really know if bitcoin will rise, stay stable (impossible because of it's known volatility) or go down. Moreover we have to see the big picture, that is the total market cap of gold is more than $7,300 trillions and about the bitcoin respectively is more than $20,500 billions. The today XBT/XAU close is about 1.039 showing that 1 btc worth more than 1 ounce of gold. But all of these are only some indexes and they have nothing to predict in the long run. Wait and see in the near future so we could draw more reliable conclusions.

[SvenBomvolen]

I would not be so optimistic like you are. Bitcoin's price is not stable and it just can't grow nonstop. It is bitcoin's nature to behave itself like that. Yes, we broke the price for gold, but I expect some new fall in the price for bitcoin soon and we will mve again under the price of 1200$. But I am sure - slowly with this ups and downs the price for bitcoin will move forward.

[Zadicar]

Gold is too hard to die. To my point of view it's only the price from the last days where we don't really know if bitcoin will rise, stay stable (impossible because of it's known volatility) or go down. Moreover we have to see the big picture, that is the total market cap of gold is more than $7,300 trillions and about the bitcoin respectively is more than $20,500 billions. The today XBT/XAU close is about 1.039 showing that 1 btc worth more than 1 ounce of gold. But all of these are only some indexes and they have nothing to predict in the long run. Wait and see in the near future so we could draw more reliable conclusions.

We cant really compare them regarding on its volume and marketcap gold is already being established for how many years and bitcoin would be nothing even the price of it now surpasses gold but still they are good on both investments theres no need to compare.

[Betwrong]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Although I think it's a good thing that media is talking a lot about Bitcoin these days I think this Bitcoin_defeated_gold talk has not much sense in terms of prices. Why we start talking about this when 1 Bitcoin is worth more than 1 ounce of gold? Why didn't we talk about this when Bitcoin's price was higher than of 1 gram of gold?

I think the really great news would be if Bitcoin was more accepted than gold by regular people, but unfortunately (for those who are ignorant) this won't happen soon.

[FLoving]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Just compare the total value of all gold in circulation and the total value of all bitcoins in circulation.
You will have your answer. 

The circulation of gold is higher but the traders are readily shifting to bitcoin trade and gold is only remained as a metal for ornament because of that the circulation of gold will remain but will not be able to compete bitcoin in the field of business as the traders want to trade only that asset which have higher profit in shorter time.

[KuromaYoichi]

Bitcoin value beat gold at the moment but the marketcap still far from gold. Yes i know that bitcoin is still young compared to gold but saying bitcoin has defeated gold is a bit too early in my opinion.

[TastyChillySauce00]

Bitcoin value beat gold at the moment but the market cap still far from gold. Yes i know that bitcoin is still young compared to gold but saying bitcoin has defeated gold is a bit too early in my opinion.

Well, as have been mentioned in the title, bitcoin only beat gold by its value that now currently surpasses gold regardless of how OP could determine the prices of gold and compare it to bitcoin, and it means that the market cap has nothing to do with what we're currently discussing.
And honestly, if we're talking about overall bitcoin compared to gold, it's still too early as you have said. There's many factors that need to be compared before declaring that bitcoin has defeated gold.

[Ayers]

Bitcoin value beat gold at the moment but the marketcap still far from gold. Yes i know that bitcoin is still young compared to gold but saying bitcoin has defeated gold is a bit too early in my opinion.

there are more supply in gold than bitcoin, so marketcap is relative, value is more important, and gold can be mined forever as it can be produced on laboratory, where bitcoin as a limited supply and will eventually end

[raven7886]

gold can be mined forever as it can be produced on laboratory, where bitcoin as a limited supply and will eventually end

Are you sure that gold mining will last for ever ? I do not think so unless otherwise there would be finding of more number of new mining farms. I read almost 80% currently running mines are reaching its full capacity. (How to produce gold in laboratory. I'm sorry I have not heard is).

Other than the limited supply of bitcoin, the continuously increasing demand of bitcoins for digital usage must be the prime key for bitcoin is defeating gold. In near future, we may need 100 ounces of gold to buy one full bitcoins, who knows.

[DoublerHunter]

Yes bitcoin already defeats gold in terms of price but i think it doesn't stable because there still a risk that bitcoin price will go down if something happens like bad news or panic selling. But even though bitcoin is not stable on its price it is kind of a good side for me because i'm a bitcoin trader and i love the volatility of bitcoin price since i was started.

[asriloni]

Bitcoin value beat gold at the moment but the marketcap still far from gold. Yes i know that bitcoin is still young compared to gold but saying bitcoin has defeated gold is a bit too early in my opinion.

there are more supply in gold than bitcoin, so marketcap is relative, value is more important, and gold can be mined forever as it can be produced on laboratory, where bitcoin as a limited supply and will eventually end

What a laboratory?LOL that's a part of mineral from the earth. and I guess it has a limit on the supply of the gold around the world. You can make another supply of bitcoin anytime because basically it has built by the algorithm.

[markj113]

there are more supply in gold than bitcoin, so marketcap is relative, value is more important, and gold can be mined forever as it can be produced on laboratory, where bitcoin as a limited supply and will eventually end

This is a copy and paste as I am lazy.

An example of lab produced gold :

Cost of creating Gold is determined by electricity used and labour (wages) involved. It would be 'unfair' to include the outright cost associated to engineer and assemble the technology required to synthesize Gold and other Metals.

I will give you some specs and info about one cyclotron called TRIUMF (and for very good reason).

    Built in 1968

    340+ Engineers and Scientist employed

    150+ Students (don't get paid)

    Canadian Government has already paid for infrastructure (totaled $80 Million) and approved funds to run the cyclotron for 5 years costing $222 Million CAD. Now, if we entertain the idea that each Specialized Staff receive $300,000 CAD salary (per year) that leaves $120 Million CAD for running costs. Divide $120 Million CAD by 5 to leaves $24 Million CAD per year cyclotron electrical running costs (if not Cold Fusion).

    Generates non synthesized revenue purely by those wishing to lick the belly of TRIUMF of over $1 Billion CAD per year.

    Collaborates with over 50 other international 'research' institutes.

    Canada National Lab (apparently) owned

    Is able to beam 1 Trillion Particles no problem

Points to know:
- One Particle = Proton or Neutron or Electron.
- Proton + Electron + Neutron = 3 Particles
- Gold has approx 275 particles in one Atom (79 being Electrons).
- Since the TRIUMF is able to 'handle' 1,000,000,000,000 Particles (Trillion) per fire
- I gram of Gold contains approx 24,150,300,000,000,000,000,000 electrons
- 1 gram of Gold contains approx 24,150,300,000,000,000,000,000 Protons
- 1 gram of Gold contains approx 36,000,000,000,000,000,000,000 Neutrons
- Total Particles in 1 gram of Gold is 85,000,000,000,000,000,000,000 (rounded up to nearest whole).
- Therefore, it would require 850,000,000 runs of the Cyclotron to be able to produce 1 gram of Gold (and that 'if' it is 100% efficient without energy lost as heat et cetera).
- Now, the TRIUMF apparently only fires on avg 6 High Intensity beams per week for 13 weeks, bring the total amount of fires to 78 beams fired per year.
- It would take TRIUMF approx 10,897,436 years at their apparent current rate to produce one gram of Gold.

I dont think the miners have anything to worry about any time soon  

[Gaaara]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Nope goverments can, they can do it if they want, they can completely isolate bitcoin from everyone, but as far as I concern they will soon accept bitcoin as a normal currency so in short you're right no one can stop bitcoin, it is really spreading like a virus worldwide.

[Tesorex]

I didn't realize there was a fight between bitcoin and gold, way to go btc way to go.

[deisik]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Although I think it's a good thing that media is talking a lot about Bitcoin these days I think this Bitcoin_defeated_gold talk has not much sense in terms of prices. Why we start talking about this when 1 Bitcoin is worth more than 1 ounce of gold? Why didn't we talk about this when Bitcoin's price was higher than of 1 gram of gold?

I guess mostly because the price of gold is measured in troy ounces

Technically, such comparisons don't make much sense but markets are mostly about psychology, not arithmetics. Therefore we can't just discard such comparisons altogether as completely inconsequential. Reaching certain numbers (let's call them "magic") may have profound effects on the market sentiment, both in positive and in negatives meanings. For example, people may be waiting for certain prices (or dates) which they consider as tipping points and then start cashing out en masse. And the price of gold may well be just one such magic number (since people obviously follow gold prices even if they are exclusively into Bitcoin)

[Lecam]

Now bitcoin defeated gold the price of bitcoin now is more than gold and we can see how much the value now of gold. If i were you do invest more in bitcoin to get more income but don't keep bitcoin in along term just only short term.

[megynacuna]

Yes Bitcoin did it and we have a new benchmark. We are going to beat diamond too and set at the top of all commodities in the coming years. I'm hopeful of a major jump on the 11th March or afterwards.

[bravehearth0319]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

That's not wondering anymore because the volatility of bitcoin is aggressive in terms of going up. Moreover, bitcoin didn't defeat the gold, it is just bitcoin has already surpassed the price of Gold.

[tn211]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

That's not wondering anymore because the volatility of bitcoin is aggressive in terms of going up. Moreover, bitcoin didn't defeat the gold, it is just bitcoin has already surpassed the price of Gold.

Yeah it is not a game between btc vs gold or btc vs fiat. Bitcoin is meant for online payments and hence bitcoin can't compete with those kind of assets.

Which is fine, because more ppl stepping in today makes it a win win for everyone.

[Coinonat]

 I think you need to wait and see if the price stays for long time then you can make that claim cvehemently.