Bitcoin value tops gold for first time

As per BBC news update
A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time.
It closed at $1,268 on Thursday while a troy ounce of gold stood at $1,233.

Read more http://www.bbc.com/news/business-39149475

Old news, and the price has dropped.

It's just a psychological price/unit comparison. There is tons of gold nethermind ounces. Market cap would be a better comparison.

Typically BBC, can't mention bitcoin without mentioning silk road.

Already the price has dropped below the price of gold. Gold price top have decreased a little. This looks like the decrease phase has started.

Quote from: Vasu Dev on March 08, 2017, 06:28:46 PM

Seems this news had been delayed. Bitcoin value had top golds but not anymore. There is a minor dump yesterday that brings Bitcoin value to 1050 in coinbase, recovered and now it is araound $1160+. Let us see if the decision of ETF will push Bitcoin pass gold value once more and stay with it.

Quote from: Vasu Dev on March 08, 2017, 06:28:46 PM

This was a very impressive feet achieved by Bitcoin and we are all proud if being part of this community. We hope our investments in Bitcoin will keep yielding productive results for all of us.

Quote from: megynacuna on March 08, 2017, 08:25:17 PM

Quote from: Vasu Dev on March 08, 2017, 06:28:46 PM

This was a very impressive feet achieved by Bitcoin and we are all proud if being part of this community. We hope our investments in Bitcoin will keep yielding productive results for all of us.

It would be better if Bitcoin would have stayed above gold value. But it was short lived because at this moment Bitcoin is under gold value due to the dump yesterday and I think it was still happening at this moment since it had recovered and then go down to sub $1200 again.

That is what bitcoin can do, watching all news claim of bitcoin over riding gold but just not up to a week. The volatility is what we deal with and as well enjoy while trading. The dump is not for long but why compare with gold, looking at its stable price over the years. Gold is gold and bitcoin is bitcoin

sure but such volatility reduces the adoption potential of bitcoin... most people prefer a stable value (or of course a continuous increase Wink

)

Quote from: UDC on March 09, 2017, 02:23:06 AM

sure but such volatility reduces the adoption potential of bitcoin... most people prefer a stable value (or of course a continuous increase Wink

)

The nice thing is volatility has been going down over time. Bitcoin is still a relatively small market, but as we keep adding billions to the market cap the price will become more stable.

There is nothing impossible now with bitcoins, it didn't surprise me anymore I know it could surpass more. But in fact, it can't replace gold even its price is greater. Let's just enjoy what we have now because we didn't know what would happen next so be ready.

Quote from: Text on March 09, 2017, 02:48:21 AM

Gold is very expensive to use as a currency though because of the middlemen the you need to deal with. It's hard to transport when dealing with large amounts and only certain exchanges will give you anywhere near market value directly.

The price was not able to break a new resistance that is why we are seeing a test of the support now. If $1,150 does not hold, we might see the price go lower to just over $1000. The good news is we are still at the four digit level, and another good news might push the price back up.

The Bitcoin always has been compared with gold and this has happened to make real that analogy, for the fact that the Bitcoin can reach the gold price and even to overcome his price and has a limited supply

What unit of Bitcoin should be used to make a fair comparison? 1 - Satoshi or 1 Bit or 1 bitcoin? We should first determine what the best measure for comparison should be, before we make that comparison. How many bitcoins are currently available in comparison to the gold that have been mined.

1 troy-ounce = 1 Satoshi ?
1 ingot = 1 bit ?
1 bar = 1 bitcoin ?

People publish these articles and they do not compare apples with apples. ^hmmmmmm^

Quote from: Kakmakr on March 09, 2017, 05:56:27 AM

Comparing the price of bitcoin and gold is unreasonable because gold's market cap is around $7 trillion while bitcoin is only $21 billion. If we do math bitcoin price should be around $450,000 to be the same as gold which is impossible to happen in terms of market cap. So yes, its like comparing apples to oranges. And going back to the topic. this is already old news maybe the writer just stumbled on it a few weeks ago and just decided to write about it.

Price have already dropped from that level and it is under the price of one once gold right now, so this news doesn't make sense in current situation but price will get pumped again and i am quite sure it will again cross price of one once gold really soon.

Quote from: Kakmakr on March 09, 2017, 05:56:27 AM

obviously you need to use the reference unit, like 1 bitcoin comapred to 1 once, otherwise, it can create confusion by comparing for example 1mbtc with 1 once or 1 gram, and it would look stupid too

there are more once of gold than unit of bitcoin, there is an estimate of 155k tonnes of gold, which is 250x times higher than the 21M marketcap of bitcoin, therefore the real comparison doesn't make any sense anyway

This may seem like a major milestone to some and I do believe it is something to be proud of, but it's not going to change the fact that some people would rather have gold (the actual precious metal) in their possession instead of some keys (public and private) in order to have right to the currency in which they worked hard for. I'd be nice if we could do something like this with bitcoin but the actual coin held some bitcoin wealth and not just the gold on the outside of the coin.

Quote from: AngryDwarf on March 08, 2017, 07:06:15 PM

Bitcoin has a bad rep when it comes to the regular public's light as the only thing in which they think of bitcoin is that it's used by a bunch of junkies on the internet in order to hide from people, when we know that isn't the case in the least. Typical fake news?

Quote from: AngryDwarf on March 08, 2017, 07:06:15 PM

I also observe this when anytime BBC mentioned about bitcoin its always attached to silkroad which is somehow a misleading thing for public and think off that bitcoin is really a bad thing to engage on.

Its funny to say this but bitcoin just topped the value of gold for the first time but for a few days only. Right now bitcoins price has moved back a couple hundred dollars back and gold is on the lead again. But even if bitcoin will take the lead again in the coming weeks we cannot deny the fact that gold is a good commodity to invest our money on.