Why Bitcoin Gold parity is meaningless

[winteriscomming]

New Fix on this calculations,

I do apologize for using the wrong minimun tradeable unit for gold. One person here post the correct unit, and is the (Grain). That is equal to (0.0648 gr)

so the calculation is this:

Real Values are:

0.00000001 BTC = 0.0000125 usd
1 grain Gold          = 1.24 usd

The gold is still 99337,26 times greater.


Right now we are seeing a lot of news with Bitcoin pariry with gold. In my opinion this parity doesnt make any sens and im going to explain why.

First just to clarify im got no relations or hold any gold. for me is an impractical way to store money (for security reasons).....so the price of bitcoin is higher than gold, but the thing is that we are using the wrong units to measure this, the actual parity is 1 BTC versus 1 onz  of gold, but this are not the real values, why:

1 BTC i qual to 1.00000000 BTC and the minimiun measurable and tradeable unit of The BTC will be 0.00000001 BTC, equals to (1250 usd, actual value of BTC) 0.0000125 usd.

1 onz of Gold is iqual to 28.35 gr so the minimiun measurable and tradeable unit of Gold will be 1 gr (1 gr Gold round) equals to (1201 usd ,actual value of Gold) 42.36 usd.

Real Values are:

0.00000001 BTC = 0.0000125 usd
1 gr Gold          = 42.36 usd

Right now of course nobody trade 0.00000001 BTC but if look into the future and beleave that BTC is going to be part of the normal trade life like gold for example, we are forecasting that 1 BTC is going to be iqual to at least 4236.000.000 usd, and this big number is the result for 0.00000001 BTC when the BTC =1 gr of Gold.

We are seeing that the mainstream is using this units and the bitcoin mainstream comunity too. Do not fall in to this. This "Gold Support" is not real.

i apologize for my english.

This is my humble opinion...regards and good luck!

[1714979501]

1714979501

[YuginKadoya]

Comparing Bitcoin to gold will not always work well in your behalf but both have the same value over dollar that is $1200 plus I think you need to focus on one commodity but if you want to risk it all you can always trade on both and I think trading wit both commodities are great and I am trading with spark profit and TQL if you know both that sites it is a great warm up if you are a newbie in trading.

[Red-Apple]

it is not not nothing

bitcoin has been around only 8 years, and how long has Gold been around?
if you go out and tell any person in the street in any country of the world, old or young about gold they all know it.
but if you do that with bitcoin, you will be disappointed. but that is changing and more people know about bitcoin.

i say after this long reaching this parity is a decent achievement although it is not something to lose your head over.
and besides all these talks are great for bitcoin publicity.

[Kprawn]

People compare Bitcoin with Gold, because there are a lot of similar characteristics between the two commodities. Both are rare and it is mined

by a bunch of miners. You also have a "release" over a long period, as miners mine the two commodities. The unit of measure to compare the

two, is not a big issue for most. I own gold & Bitcoin and I see the benefits of both.   

[BigBoom3599]

it is not not nothing

bitcoin has been around only 8 years, and how long has Gold been around?
if you go out and tell any person in the street in any country of the world, old or young about gold they all know it.
but if you do that with bitcoin, you will be disappointed. but that is changing and more people know about bitcoin.

i say after this long reaching this parity is a decent achievement although it is not something to lose your head over.
and besides all these talks are great for bitcoin publicity.

I'd agree if it was parity, but it isn't though... it's like comparing a kilo of apples to a gallon of oil  The only way to compare Bitcoin and gold is with market caps, this means that all the gold is currently worth 356 times more than all the Bitcoins, quite far from parity if you'd ask me  . I'm not saying I wouldn't like a parity, because one bitcoin would be almost half a million dollars. But we just can't call this a parity.

[silversmith]

Bitcoin and gold have nothing to do with each other!

[BrewMaster]

it is a checkpoint for bitcoin.
we reached it and now we are off to the next mark. so it is a meaningful thing.
and as it was mentioned by another comment, bitcoin is still very young and with all the things keeping it back such as the negativity in the media and all the FUD and the drama, i say it has grown very good.

[jtipt]

Comparing bitcoin and gold one to one is not a good idea and no one does that, gold is alot different than bitcoin it's it's a physical thing! while bitcoin is just a digital 0s and 1s lol. Only thing that is being compared is the price and that too only to mention that btc has crossed yet another checkpoint and it's and achievement.

[spartacusrex]

we reached it and now we are off to the next mark...

What is the next mark ?

$10,000 ?

[BrewMaster]

we reached it and now we are off to the next mark...

What is the next mark ?

$10,000 ?

that is not exactly the "next" mark i had in mind since it is the ultimate goal but sure why not

to be more precise we conquered 1 oz now lets conquered 1 Tael and then any other weird names gold units have

[gentlemand]

Of course it's silly, but people are also silly. It's an utterly meaningless barrier but a psychological one all the same. It may be daft but it makes people pay attention.

[Vaccinus]

what you are comparing doesn't make sense to me man, if you want to compare the lowest unit, you need to compare 1 satoshi with 1 mg of gold, or even lower than 1mg like 1 nano or pico, and bitcoin would end victorious anyway, it's better for me if we compare the marketcap not the single unit, but even so you have a different number of supply, it's really nto comparable correctly

[~Bitcoin~]

Bitcoin is compared with gold because of few similar features both gold and bitcoin have like no inflation (limited supply), increasing demand for both gold and bitcoin etc. You have used a lot of your time to calculate all those difference in price between gold and bitcoin but that doesn't make any sense.  

[RodeoX]

We are comparing an arbitrary amount of gold to an arbitrary amount of bitcoin. So it is quite meaningless.

[AT-N-T101]

Bitcoin is compared with gold because of few similar features both gold and bitcoin have like no inflation (limited supply), increasing demand for both gold and bitcoin etc. You have used a lot of your time to calculate all those difference in price between gold and bitcoin but that doesn't make any sense.  

I am sure that gold was, is and will be the main desired wealth in the world. First of all, the advantage of gold over bitcoin is that it is material. He does not need internet and electricity.

[cellard]

You can say what you want: It HAS a meaning. The fact that the standard unit of gold is now lower than the unit of bitcoin has a psychological impact on market participants and will hence have an impact on the price.

[BingoDog]

You can say what you want: It HAS a meaning. The fact that the standard unit of gold is now lower than the unit of bitcoin has a psychological impact on market participants and will hence have an impact on the price.

That is true but the question is how long will this situation last. Many people still prefer gold over bitcoin and one of the reasons for that is that gold is material and not virtual like bitcoins and people still trust more to material stuff and gold is precious metal that always had and always will have the value although at the moment bitcoin is better investment.

[winteriscomming]

what you are comparing doesn't make sense to me man, if you want to compare the lowest unit, you need to compare 1 satoshi with 1 mg of gold, or even lower than 1mg like 1 nano or pico, and bitcoin would end victorious anyway, it's better for me if we compare the marketcap not the single unit, but even so you have a different number of supply, it's really nto comparable correctly

Im just using minimiun measurable and (tradeable) units.

[markj113]

Right now we are seeing a lot of news with Bitcoin pariry with gold. In my opinion this parity doesnt make any sens and im going to explain why.

First just to clarify im got no relations or hold any gold. for me is an impractical way to store money (for security reasons).....so the price of bitcoin is higher than gold, but the thing is that we are using the wrong units to measure this, the actual parity is 1 BTC versus 1 onz  of gold, but this are not the real values, why:

1 BTC i qual to 1.00000000 BTC and the minimiun measurable and tradeable unit of The BTC will be 0.00000001 BTC, equals to (1250 usd, actual value of BTC) 0.0000125 usd.

1 onz of Gold is iqual to 28.35 gr so the minimiun measurable and tradeable unit of Gold will be 1 gr (1 gr Gold round) equals to (1201 usd ,actual value of Gold) 42.36 usd.

Real Values are:

0.00000001 BTC = 0.0000125 usd
1 gr Gold          = 42.36 usd

Right now of course nobody trade 0.00000001 BTC but if look into the future and beleave that BTC is going to be part of the normal trade life like gold for example, we are forecasting that 1 BTC is going to be iqual to at least 4236.000.000 usd, and this big number is the result for 0.00000001 BTC when the BTC =1 gr of Gold.

We are seeing that the mainstream is using this units and the bitcoin mainstream comunity too. Do not fall in to this. This "Gold Support" is not real.

i apologize for my english.

This is my humble opinion...regards and good luck!

Just to correct you.

1) An oz of gold is 31.1g - Gold is measured in troy oz not imperial oz.

2) The minimum common measurable tradable amount of gold is done in grains not grams. 1 gram = 15.4324 grains

So as you say you hold no gold as you dont know what your talking about  

[Yanisumin]

it is not not nothing

bitcoin has been around only 8 years, and how long has Gold been around?
if you go out and tell any person in the street in any country of the world, old or young about gold they all know it.
but if you do that with bitcoin, you will be disappointed. but that is changing and more people know about bitcoin.

i say after this long reaching this parity is a decent achievement although it is not something to lose your head over.
and besides all these talks are great for bitcoin publicity.

Yup, you're right. That natural made material ( gold ) has been around million of years ago. It's like comparing a 1mmr DOTA player to a 9kmmr player. Everybody knows what gold is. It is malleable, shiny and eeexxxppensive!!!

What I'm saying here is we are lucky that in the eight years of bitcoins existence it has able to overtake gold's price even in a short amount of time. I'm still glad even if Bitcoin is below 1000 dollars cause I believe in its potential. You can't beat a thousand years material (gold) in a mere 10 years, but another 10 years is another story. Bitcoin might be higher than any of the world's reserve, maybe not. Hang on tight this will be a long ride.

[dearbesz1219]

it is not not nothing

bitcoin has been around only 8 years, and how long has Gold been around?
if you go out and tell any person in the street in any country of the world, old or young about gold they all know it.
but if you do that with bitcoin, you will be disappointed. but that is changing and more people know about bitcoin.

i say after this long reaching this parity is a decent achievement although it is not something to lose your head over.
and besides all these talks are great for bitcoin publicity.

I will support this one, I agreed that Gold was stand for a decades while bitcoin was 8 years up to the present. I think Gold doesn't have any uniformity into bitcoin,  though gold can't be deny is ancient But maybe the similitude of bitcoin to gold was the communiyt is giving a value of bitcoin and investors like gold in the market.

[TheAlgorithm]

it is not not nothing

bitcoin has been around only 8 years, and how long has Gold been around?
if you go out and tell any person in the street in any country of the world, old or young about gold they all know it.
but if you do that with bitcoin, you will be disappointed. but that is changing and more people know about bitcoin.

i say after this long reaching this parity is a decent achievement although it is not something to lose your head over.
and besides all these talks are great for bitcoin publicity.

I will support this one, I agreed that Gold was stand for a decades while bitcoin was 8 years up to the present. I think Gold doesn't have any uniformity into bitcoin,  though gold can't be deny is ancient But maybe the similitude of bitcoin to gold was the communiyt is giving a value of bitcoin and investors like gold in the market.

I think that longevity is not the relevant factor here, because we pretty much know that Bitcoin will continue to exist for a long time as well as gold.  The reason that the two are incomparable is because Bitcoin is a currency whereas gold is just used as a store of value and for sentimental value.  Bitcoin cannot have this sentimental value as, like online fiat currency, it does not physically exist and is not physically backed by any asset.

[justdimin]

I guess there will be no need to compare the basic units of bitcoin and gold. By exchange price bitcoin has beaten gold, that's all. It may give physiological edge for bitcoiners like now bitcoins are costlier than gold. When you talk to new people, you may say this then surely they will show surprises. I believe for bitcoiners and for media coverage it is meaningful in some sense.

[maxbit]

Think they are separate entitites, gold, silver and btc and be around while everything else drops off. Perhaps 1 or 2 other altcoins, but dunno