Gold > BTC

[HappyBitCoinUser]

Seems the Chinese have better idea where to put their money instead of BTC:

http://www.infowars.com/gold-buying-panic-in-china-10000-people-wait-in-line-for-their-chance-to-own-precious-metals-stunning-pictures/

[ElectricMucus]

What's one point three billion divided by ten thousand?

[adrd]

What's one point three billion divided by ten thousand?

130 000  

[RagnarDanneskjold]

What's one point three billion divided by ten thousand?

HA! seriously - I always forget their massive statistical curve anytime I hear some bizarre figure that would be crazy anywhere else.

[bonker]

Seems the Chinese have better idea where to put their money instead of BTC:

http://www.infowars.com/gold-buying-panic-in-china-10000-people-wait-in-line-for-their-chance-to-own-precious-metals-stunning-pictures/

Infowars: Alex Jones is a rabble rousing goon, entertain at your own peril.

[ElectricMucus]

First what that articles implies is zomg the Chinese are buying gold!!111 Which is ludicrous considering that the same thing must be happing tens on thousands of times for the population which has the money to do it to actually do it.
Second that 10,000 figure reminds me of the numbers taken from activists sites after demonstrations. 10,000 people are 100x100 people lining up next to each other in a square. These photos do not look like this.

Oh and BTW AJ is a crackpot fear mongering scumbag who wants to sell you stupid crap using affiliate marketing. (That includes "semi numismatic" gold coins which are just another name for ripoff, there are no semi-numismatic coins they are either numismatic or not. And if they are not they are worth the metal they are made of, period)

[ktttn]

Does anyone have any idea what lugging an 80lb backpack with your life savings in gold in it around will actually do to your body? You know, Bug Out Bag style..
I do. It sucks. A lot.
Gold is heavier than you'd imagine.
Electrons in microchips get my vote for storing value.

Also, incontrovertably and without hesitation, Fuck Alex Jones.
Waking Life was a great film, but fuck that guy.

[painlord2k]

China's markets have bought 300 metric tons of gold after the April smackdown of gold.
Not banks or other financial institutions, but common people.
They bought it all, small coins or large bars.

In Singapore (little place) they bought everything available apart a few large bars (the 12 Kg or 400 ounces gold bars).
Even the 1kg bars fled out of the windows.

And this is just China and Singapore.

Add Viet-Nam, India and other places where the inflation of the local currency is always high and people MUST save in something different from the local currency to have any saving left.
Government try to restrict gold ownership, US$ and € ownership (sic), and so on, to keep their currency to go down the toilet.

It not need much people from China to start using and saving in Bitcoin to move the value of Bitcoin up a lot.

Kenya would just double the GDP of the Bitcoin economy if the substituted the M-Pesa system with Bitcoin (and M-Pesa fee is 10% and the government want another 10% of it and it is denominated in the locally inflating currency).

[HappyBitCoinUser]

Does anyone have any idea what lugging an 80lb backpack with your life savings in gold in it around will actually do to your body?

HOLY CRAP! 80 lb of gold? Do you have any idea what that is worth?

$1,920,000

Wish I had that much to complain about.

Also, you don't have a hiding spot, safe, safety deposit box, or any other method of storing gold? You have to carry your total wealth with you physically everywhere?

[junglist.massive]

gold is one of the oldest goods on earth. It will always have a good price

[bitbybit2]

Do you know that mining a gold micronuggets is more expensive than gold itself.

[crypto-finance]

Says Alex Jones, anti-Bitcoin dinosaur.

[altsay]

Gold is nose-diving right now. It doesnt seem the demand is rising , right? Poor those 10.000 Chinese, i wouldn't rush that much. Though they are just a needle in a big haystack.

[desired_username]

Having some wealth in gold I can say that it's one of the least convenient store of value. My long term bitcoin funds outpaced (yes, I know that it's pure luck) my long term gold "positions" by far.

Mind, I recommend the diversification of wealth. Owning some physical gold is not a bad idea, though I rendered it to a lower priority for quite some time (hassle to store or move, bad liquidity)

[joae1975]

Anyone look at the gold/silver price today?   Thank you Ben Bernanke.

[legitnick]

Chinese dont know what their talkin about