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Author Topic: [2017-08-08] Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold  (Read 7877 times)
tyz
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August 07, 2017, 05:31:04 PM
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Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold

More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value.

The price of bitcoin reached a new high above $3,400 during today's session, a figure that was more than $2,000 above the price of gold. At press time, the precious metal was trading for $1,257 according to a spot exchange rate provided by Bloomberg.

https://www.coindesk.com/bitcoin-is-now-worth-nearly-3-times-as-much-as-gold/

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August 08, 2017, 07:37:11 AM
 #2

I have said it when the price of 1BTC reached the same level as one troy ounce of Gold, and I'll say it again - this has ZERO value. Seriously, how many more times will they keep reporting about this nonsense? The only thing that is worth reporting about, is when 1BTC equals the price of 1KG Gold. I even find it to be a disgrace for anyone to compare a few lousy grams of Gold to a whole unit as 1 Bitcoin. I already know the titles of next articles; Bitcoin worth five times more than an ounce of Gold - Bitcoin worth six times more than an ounce of Gold - Bitcoin worth ten times more than an ounce of Gold, etc.

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August 08, 2017, 11:54:53 AM
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This is a very stupid comparison, as we should be comparing the market cap rather than the prices in ounce. Because one ounce is not the same as one coin, and the unit is not similar. The only thing that can be compared is the market cap.

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August 08, 2017, 01:03:47 PM
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I have said it when the price of 1BTC reached the same level as one troy ounce of Gold, and I'll say it again - this has ZERO value.

+ 21 million

An ounce of Bitcoin is worth 3 times 1 ounce of gold? Or is it 100 million satoshis of gold that's worth 0.333 BTC? Oh no, that's right, these things are both totally impossible and non-sensical :/

Will this "gold parity" nonsense ever end? The only parity that could exist would be when the BTC market is the size of the gold market. With Bitcoin at ~ $55 billion, and gold at ~ $7 trillion, it could take a while. Never say never, but I imagine fiat currency market values are more likely to fail against Bitcoin before the value of the gold market ever does (Elon Musk mining massive golden asteroids notwithstanding Grin)

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August 08, 2017, 06:49:40 PM
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At some point the regular people will realize that holding Bitcoin instead of gold will be much more rewarding, and also offers far more convenience.

If that becomes reality, and they start unloading their gold bulk and convert all that value into Bitcoin, we'll be up for a few interesting decades ~ it simply has to be like that.

If we look at the cold hard results in terms of increase/decrease of the gold value in the last 5 years, gold has been down like 22%, where I don't even need to speak about the results that Bitcoin has generated. Roll Eyes

Just hit me up when Bitcoin's market cap is at least 50% of the one from gold. As long as that isn't the case, there is no point in taking any of these news articles serious.

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August 08, 2017, 08:39:29 PM
 #6

Just hit me up when Bitcoin's market cap is at least 50% of the one from gold. As long as that isn't the case, there is no point in taking any of these news articles serious.

For that to happen, a whole lot more money needs to find its way to Bitcoin. Right now, Bitcoin's market cap isn't even 1% of the total world gold market cap. In order for Bitcoin's market cap to reach 50% of what gold is having right now, it needs a market cap of $3.8 trillion. It's not entirely impossible, but I wouldn't focus too much on such high figures. I prefer to focus on things building up step by step. First $100 billion, then $200-$300-$400, etc.

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August 09, 2017, 01:13:27 PM
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I have said it when the price of 1BTC reached the same level as one troy ounce of Gold, and I'll say it again - this has ZERO value. Seriously, how many more times will they keep reporting about this nonsense? The only thing that is worth reporting about, is when 1BTC equals the price of 1KG Gold. I even find it to be a disgrace for anyone to compare a few lousy grams of Gold to a whole unit as 1 Bitcoin. I already know the titles of next articles; Bitcoin worth five times more than an ounce of Gold - Bitcoin worth six times more than an ounce of Gold - Bitcoin worth ten times more than an ounce of Gold, etc.
That's right. How long they are going to compare gold and Bitcoin? It is not a breaking news anymore.
Many experts was predicted that, but I really hoped that after the fork the price get double as minimum. But 3300$ is also nice result, at least it didn't fell down again.

   
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Maheshkumar_Hrangkhawl
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August 09, 2017, 01:15:18 PM
 #8

But what about the number of users? The number of individuals using gold is much more than that for Bitcoin. But even then, the absolute growth in the number of users may be same for both the assets.

veleten
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August 10, 2017, 11:44:06 AM
 #9

sick and tired of this kind of "news"
by the way,the feed lists at least four! of the topics like this : bitcoin and gold,bitcoin costs three times as much,is bitcoin the new gold etc.
when a dog has nothing to do,he licks his balls
when a journalist or a columnist or a blogger has nothing to write about,he compares bitcoin and gold prices

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