White sugar (OP)
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Merit: 1005
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May 27, 2017, 08:31:33 AM |
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A single bitcoin is now roughly twice as valuable as an ounce of gold. The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin's value has since pared its gains, and traded at about $2,433 midday Friday. Just two months ago, bitcoin only just inched above the value of gold. The surge comes as the cryptocurrency gains legitimacy in countries such as Japan, and Chinese regulators look to be growing more tolerant of bitcoin. Despite bitcoin's volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty. Gold, too, is known to be a "safe haven" asset — investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%. http://fortune.com/2017/05/26/bitcoin-gold-value-2017/ |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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1Referee
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May 27, 2017, 08:47:37 AM |
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Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
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odolvlobo
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May 28, 2017, 01:18:00 AM |
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If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point. I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful. |
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Farstdury
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Activity: 70
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May 28, 2017, 06:31:54 AM |
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If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point. I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful. that is right. The market cap is more relevant. |
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magneto
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May 28, 2017, 06:38:36 AM |
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Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number. If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work. |
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kayeme
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Activity: 36
Merit: 0
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May 28, 2017, 06:51:23 AM |
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If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point. I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful. that is right. The market cap is more relevant. The market cap is probably the most relevant metric but I think the price of gold has a psychological value which is bringing people into bitcoin. That's why I don't think there's anything from with such comparisons, the psychological factor is bringing free publicity to bitcoin. |
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Kemarit
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Activity: 3080
Merit: 1353
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May 28, 2017, 07:28:47 AM |
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Although we are all proud of having bitcoin and comparing it against the value of gold as assets or store of value, but I have to disagree comparing it with gold. And I agree with what others have been pointing it here. We can't compare orange to apple. Bitcoin has its own value not comparable to other assets. But hold your horses, next time we are going to see 1 ounce of diamond compared to bitcoin as well. LOL.  . |
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Nagadota
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May 28, 2017, 10:29:41 AM |
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If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point. I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful. Even that comparison wouldn't show the insanity of suggesting that Bitcoin is worth more than gold because if you held all the Bitcoin in existence, it wouldn't actually take more than a million Bitcoin or so to make the price and market cap tumble dramatically, whereas the same sort of scenario with gold is unlikely (people still like it in jewellery etc). Also, the amount of Bitcoin that's lost is basically unknown and it could be quite a significant amount. Market cap with cryptocurrencies doesn't mean very much in this context, and it's basically impossible to grasp just how much more valuable gold is. |
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South Park
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May 30, 2017, 10:56:22 PM |
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Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number. If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work. Even if it is an arbitrary number, any other number is as arbitrary, if we use other number we see bitcoin is not close, but the most common unit of account for gold is the oz while in bitcoin is a full bitcoin, so to me that is the more natural way to compare both even if the comparison is not the most useful way to do it since the market cap seems a better way to compare both, but I cannot blame people for doing it. |
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RomanJDS
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May 31, 2017, 06:51:53 AM |
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Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number. If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work. This comparison is nessery for people who knows nothing about bitcoin |
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Carlton Banks
Legendary
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Activity: 3430
Merit: 3074
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May 31, 2017, 07:12:46 AM |
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If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point. I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful. that is right. The market cap is more relevant. And Bitcoin is now 5% of Gold's market cap. Not bad. Better yet, Bitcoin is something like 150% of silver's market cap. Don't understand what happened to that story TBH, saw no reporting of it anywhere |
Vires in numeris
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1Referee
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Activity: 2170
Merit: 1427
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May 31, 2017, 07:24:18 AM |
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the total value of all the gold ($8,943,770,600,000) might be more useful.
According to various sources, it says that the value of all the gold is more in the range of $7,613,000,000,000. Either way, it shows that Bitcoin is nothing more than a tiny dot, and from there articles like these don't hold any value. Especially not with such loud clickbait titles. And Bitcoin is now 5% of Gold's market cap. Not bad.
Uhm, no. If Bitcoin would be on 5% of Gold's market cap, it would sit on $380,000,000,000 right now. |
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Carlton Banks
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Activity: 3430
Merit: 3074
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May 31, 2017, 07:43:04 AM |
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Yeah, you're right, it's actually 0.05%. My bad.
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Vires in numeris
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