CNBC hosts are worried about BTC being x3 oz of gold

[oblivi]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

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[Pearls Before Swine]

I wouldn't give those shits the benefit of a click on their video...but I believe you.   
Financial journalism is rife with ignorance about everything,  including btc.
Doesn't surprise me.  They're making the same stupid mistake a lot of people
here make, comparing btc to gold.  Why those two assets out of hundreds of others?
It's completely arbitrary.   Why not compare btc to google stock while they're at it?

[User365]

I wouldn't give those shits the benefit of a click on their video...but I believe you.  
Financial journalism is rife with ignorance about everything,  including btc.
Doesn't surprise me.  They're making the same stupid mistake a lot of people
here make, comparing btc to gold.  Why those two assets out of hundreds of others?
It's completely arbitrary.   Why not compare btc to google stock while they're at it?

Well in fact I think it makes some sense. Because Bitcoin is the digital gold and I don´t just say this common annoying phrase, here are the simmilarities:

Things in which BTC and gold are equal:
 - Limited supply
 - The whole supply isn´t yet mined (and the word mined is no coincidence, "a better gold" is the basic concept of BTC)
 - It´s value is based on owning something and not on depth
 - It´s not controlled by someone (If the USA says they will not accept the value of Gold, fine this will influence the price of Gold but it won´t make gold worthless, same with BTC)

The only important difference: Gold can´t be traded via the internet, but it withstands a Millenium Bug

[Xavofat]

"a better gold" is the basic concept of BTC

"Bitcoin: A Peer-to-Peer Electronic Cash System":  https://bitcoin.org/bitcoin.pdf

now BTC is worth 3 times an oz of gold.

I'm so sick of all these stupid comparisons.

There are not 21,000,000 ounces of gold - there are billions.  Bitcoin is worth just an absolutely miniature fraction of what gold is worth, and it has not previously been a global reserve currency.

Can we please stop pretending that BTC is fully developed and everyone at Wall Street are complete morons?  BTC is in early stages and its value is NOT comparable to gold.

[Beerwizzard]

There are not 21,000,000 ounces of gold - there are billions.  Bitcoin is worth just an absolutely miniature fraction of what gold is worth, and it has not previously been a global reserve currency.

Yes but bitcoin's price didn't reached the point where it will be stable a gold. You can only discuss it as something equal to gold only  when it will be stable and the volatility could be avoided.

[gentlemand]

Utterly meaningless but fun all the same. I've read of people on here who bought an ounce for 50-60 BTC. I'd be so narked at that I'd melt it and pour it down the toilet. I might buy an ounce for 0.1, but more likely I'll wait for 0.05.

It's completely arbitrary.   Why not compare btc to google stock while they're at it?

It's not completely arbitrary. There are many similar qualities and functions between the two, apart from Bitcoin being better at most of them and adding some new ones too.

[guclu]

There are not 21,000,000 ounces of gold - there are billions.  Bitcoin is worth just an absolutely miniature fraction of what gold is worth, and it has not previously been a global reserve currency.

Yes but bitcoin's price didn't reached the point where it will be stable a gold. You can only discuss it as something equal to gold only  when it will be stable and the volatility could be avoided.

I think that is only possible after all the BTC gets mined... Which is not in a very close future, but the day will come. And if the whales will be volatile then, it will be.

[Xavofat]

I think that is only possible after all the BTC gets mined...

No, it's pretty much just as possible now as it will be then.  Bitcoin will still be a speculative token to some extent, just like gold is.  It can only be stable once it's either used by just about everyone in the world or when fiat currencies start being backed by it (both scenarios are unlikely)

The chances are that it'll become somewhat more popular but will never be particularly stable.  At best we're looking at gold's kind of volatility, without have to centralise and let governments take care of it.  That's fine but we have to recognise that it's probably going to keep happening.

It's not completely arbitrary. There are many similar qualities and functions between the two, apart from Bitcoin being better at most of them and adding some new ones too.

There may be similar qualities, but there are not similar quantities.  The comparison of price, as people have been doing it, is completely arbitrary.

[gentlemand]

There may be similar qualities, but there are not similar quantities.  The comparison of price, as people have been doing it, is completely arbitrary.

He's moaning about properties, not quantities.

There are many properties that are similar, whereas a Google stock has somewhere around zero.

[shield132]

Still can't understand how this people can compare bitcoin to gold. Bitcoin is virtual and gold is real, isn't there big difference?
Bitcoin's price is usually measured in usd (or any currency, who cares). So behind usd, there is gold. If we remove gold, than money is just paper and bitcoin will become just waste of electricity and equipment.
So nothing important in this news.

[iluvpie60]

Still can't understand how this people can compare bitcoin to gold. Bitcoin is virtual and gold is real, isn't there big difference?
Bitcoin's price is usually measured in usd (or any currency, who cares). So behind usd, there is gold. If we remove gold, than money is just paper and bitcoin will become just waste of electricity and equipment.
So nothing important in this news.

ummm, you are missing the entire point of BTC aren't you???

How can you seriously type that removing USD will make bitoin useless and a waste of electricity??

Isn't the entire point of bitcoin(at its founding) to be a peer to peer electronic cash system +store of value? You don't need the USD to exist to have BTC be worth something.

In many video games there is no USD conversion, and plenty of peoplf giure out the worth of in game items in terms of that currency. Why do you need USD?

[Anarchist]

C...C...C...CNBC People are still watching this 2017-2018 Bitcoin is getting more recognition and it will continue this way. With thr help of the media it will be spread more easily than before...soon the moon

[LuanX3]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

They actually don't know what they are talking about. XD

Well generally there are more gold oz than there would be 1 bitcoin. Bitcoins have a set number of 21,000,000 bitcoins and gold has not been determined if how much we can mine but it would definitely be more than 21,000,000 oz of gold that has already been mined.

[batang_bitcoin]

Sorry I won't be clicking that video either as Pearl Swine says. They don't know what they are talking and it's kinda some weird thing to them as if it's reality that they are seeing the value of bitcoin. They can't accept the fact that this "bitcoin thing" for them is growing and will be growing for the next years to come. Journalism at it's finest.

[avikz]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

It did not surprise me because they are a corporate company and earning their living from the promotions of big financial institutions. So they will try to sideline bitcoin for any reason. They see bitcoin as a threat to their rotten old financial system and hence they will try to show us low.

However, the increase in bitcoin's market cap proves that, it doesn't matter what CNBC says. People are loving bitcoin and will keep loving it. Bitcoin has given financial freedom to a lot of people and also provided alternate employment to them. WHAT organized sector says, really doesn't matter to the un-organized sector. 

[xypos]

Well most of the media does not have any idea what the heck bitcoin is or why it is intrinsically value. All they see is bitcoin going up and up every single year and they assume that it is a bubble/or it is a scam without considering the market conditions at the current times.

A lot of people are definitely misled by these people, in my opinion. That’s why you see on the youtube comment sections of videos about bitcoin so many people saying bitcoin is going to be a bubble that will burst very soon without having any idea what they’re talking about.

Bitcoin at 3oz of gold is still a heck of a deal in my opinion. There are around 5 billion ounces of gold compared to 21 million bitcoins. When you consider the fact that bitcoins are just the same as gold in terms of mining and a maximum cap of coins, bitcoin is like a better version of gold.

But whatever, they’re entitled to their opinion even though it’s false.

[User365]

"a better gold" is the basic concept of BTC

"Bitcoin: A Peer-to-Peer Electronic Cash System":  https://bitcoin.org/bitcoin.pdf

Thx but I have already read that. If you don´t know that Bitcoin´s idea is to be the new gold than you should educate yourself on fiat currencies, economics and gold standard.

now BTC is worth 3 times an oz of gold.

I'm so sick of all these stupid comparisons.

There are not 21,000,000 ounces of gold - there are billions.  Bitcoin is worth just an absolutely miniature fraction of what gold is worth, and it has not previously been a global reserve currency.

Can we please stop pretending that BTC is fully developed and everyone at Wall Street are complete morons?  BTC is in early stages and its value is NOT comparable to gold.

The comparison from one ounce to one BTC is redicioulous, I agree, but not compareable to gold is nonesense. The correct way would be to compare the market cap of those two.

So:
$7,665,486,321,263 ... Gold (http://onlygold.com/Info/All-The-Gold-In-The-World.asp)
    $56,090,150,056 ... BTC (https://coinmarketcap.com/)

You can see at the moment BTC is far behind gold.

[xypos]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

I don't know. The media always seem to not believe whatever the heck is happening with bitcoin and they always seem to blame it on some sort of bubble that is forming that will soon crumble and crush bitcoin to absolute 0.

But we all know that ain't happening, at least in our lifetimes.

3x oz of gold is literally nothing. Remember that the market capitalization of gold vs market capitalization of bitcoin is still a long long way in between. This is why bitcoin has so much potential, i believe that bitcoin is the superior currency, once it gains trust it can easily get close to or even equal gold's market cap.

[Hydrogen]

Are CNBC hosts allowed to speak their own opinion on issues? They may be contractually obligated to express only the views of the corporate entity they work for(else they will be fired). That could limit what they're allowed to say as far as bitcoin and other issues go. I wouldn't mind a more independent media. There is much illusion of choice and bias in the media perspective which overrides reason and common sense.

[Xavofat]

"a better gold" is the basic concept of BTC

"Bitcoin: A Peer-to-Peer Electronic Cash System":  https://bitcoin.org/bitcoin.pdf

If you don´t know that Bitcoin´s idea is to be the new gold than you should educate yourself on fiat currencies, economics and gold standard.

I am perfectly aware of the gold standard and the state of fiat currency.  While BTC achieves the sovereignty over funds that gold has, its main aim is to be a cash system which still has that sovereignty over funds.  

BTC would have been useful even before governments stopped using the gold standard, because when the gold standard existed you had to trust that the bank was actually holding reserves backing the "gold" you were spending.  The reason that you had to trust them is because gold was never efficient as a cash system.

BTC is not just a "better gold", it is a cash system.  People tried to make gold work as a cash system but it was pretty dumb to do so.  

now BTC is worth 3 times an oz of gold.

I'm so sick of all these stupid comparisons.

The correct way would be to compare the market cap of those two.

Even that's a fairly bad way to compare them, because it's harder to tell how much money has really been put into them or how much money could really be taken out.  The market cap of BTC could reach the market cap of gold and still have less economic value invested into it.