Will Gold and Silver lose all its speculative value to Bitcoin?

[Coinseeker]

But those are nothing compared to all the gold in the world. Yes, gold will never be worth ZERO, but it can be worth a tiny amount. The current price of gold has absolutely nothing to do with either of those things. It's entirely to do with the mentality that gold is valuable because it's gold.

The market doesn't need to be flooded with supply for the value to fall, demand just needs to drop. And this is exactly what's been happening for the last year or so.

Of course it's been falling, the economy is improving.  Stock markets are breaking records, seemingly, everyday and consumer confidence is greatly improved.  When the economy is up, people move into stocks.  When the economy is down, people move into gold.  None of it has anything to do with Bitcoin.

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[seanneko]

None of it has anything to do with Bitcoin.

I never claimed that it does. Bitcoin hasn't even made a dent in any markets yet.

Gold has been becoming less desirable for a long time. The Australian Government sold the majority of their gold about 15 years ago. I believe other governments around the world have been doing the same.

[Miz4r]

But those are nothing compared to all the gold in the world. Yes, gold will never be worth ZERO, but it can be worth a tiny amount. The current price of gold has absolutely nothing to do with either of those things. It's entirely to do with the mentality that gold is valuable because it's gold.

The market doesn't need to be flooded with supply for the value to fall, demand just needs to drop. And this is exactly what's been happening for the last year or so.

Of course it's been falling, the economy is improving.  Stock markets are breaking records, seemingly, everyday and consumer confidence is greatly improved.  When the economy is up, people move into stocks.  When the economy is down, people move into gold.  None of it has anything to do with Bitcoin.

Economy is improving lol. You call printing lots of money and giving it to wall street improving?

[Coinseeker]

Economy is improving lol. You call printing lots of money and giving it to wall street improving?

I don't no, but it's not about what I or you believe is true, it's about people's perception of reality.  That perception is currently one of an improving and strengthening economy.  Thus the reason gold demand is receding.  Just as it always does.  IMO, if people had a real grasp on reality, they'd be rushing to gold and Bitcoin.  Just like some of the smart people on this forum. 

[wachtwoord]

Hmm...how transactions in gold got processed without electricity?  Is this a serious question?    It's just too funny, though, they did seem to manage for thousands of years prior to the invention of the lightbulb.  To say that Bitcoin may "loose a bit of it's edge" without electricity, is the understatement of the year.  Let's be more accurate, Bitcoin is USELESS without electricity.  I'm not sure why this is even being called into question.  

Yes it was supposed to be a simple question. Without electricity Bitcoin will work in the exact same fashion. Cool huh?

[Coinseeker]

Hmm...how transactions in gold got processed without electricity?  Is this a serious question?    It's just too funny, though, they did seem to manage for thousands of years prior to the invention of the lightbulb.  To say that Bitcoin may "loose a bit of it's edge" without electricity, is the understatement of the year.  Let's be more accurate, Bitcoin is USELESS without electricity.  I'm not sure why this is even being called into question.  

Yes it was supposed to be a simple question. Without electricity Bitcoin will work in the exact same fashion. Cool huh?

Please explain.

[wachtwoord]

Hmm...how transactions in gold got processed without electricity?  Is this a serious question?    It's just too funny, though, they did seem to manage for thousands of years prior to the invention of the lightbulb.  To say that Bitcoin may "loose a bit of it's edge" without electricity, is the understatement of the year.  Let's be more accurate, Bitcoin is USELESS without electricity.  I'm not sure why this is even being called into question.  

Yes it was supposed to be a simple question. Without electricity Bitcoin will work in the exact same fashion. Cool huh?

Please explain.

I explained in the post you quoted but didn't read or comprehended. In the exact same fashion as gold. Re-read the post.

[Coinseeker]

Here's your quote:

How do transactions get progressed for gold without electricity? Bitcoin can function in the same way (but it loses a lot of it edge, albeit temporarily until power is restored).

Just saying it's so, doesn't make it so.  Now, back to where we were.  Please explain...if you can.

[wachtwoord]

Here's your quote:

How do transactions get progressed for gold without electricity? Bitcoin can function in the same way (but it loses a lot of it edge, albeit temporarily until power is restored).

Just saying it's so, doesn't make it so.  So, back to where we were.  Please explain...if you can.

How do you process transactions in gold without electricity? That is the answer you seek my friend

[Coinseeker]

Here's your quote:

How do transactions get progressed for gold without electricity? Bitcoin can function in the same way (but it loses a lot of it edge, albeit temporarily until power is restored).

Just saying it's so, doesn't make it so.  So, back to where we were.  Please explain...if you can.

How do you process transactions in gold without electricity? That is the answer you seek my friend

Gold is tangible.  Bitcoin is not.  So, I guess you really have no answer, you're just trying to be "right".  When it's still a square peg in a round hole.   

[wachtwoord]

And a private key cannot be made tangible?

[Coinseeker]

And a private key cannot be made tangible?

A private key to what?  There's no electricity, thus no network.   

[Pruden]

And a private key cannot be made tangible?

A private key to what?  There's no electricity, thus no network.   

Without electricity, don't think gold will help you. Have you read about the 2001 Argentinian crisis?

[wachtwoord]

And a private key cannot be made tangible?

A private key to what?  There's no electricity, thus no network.   

All of Bitcoin's rules require math only and no electricity. As I said, it's impossible to place transactions in blocks without electricity. However this is always impossible with gold. So, without electricity, Bitcoin will merely fall back to the less efficient solution used by gold. I don't think I can spell it out even more.

[Coinseeker]

All of Bitcoin's rules require math only and no electricity. As I said, it's impossible to place transactions in blocks without electricity. However this is always impossible with gold. So, without electricity, Bitcoin will merely fall back to the less efficient solution used by gold. I don't think I can spell it out even more.

Gold doesn't require a "block", math or anything digital to be used as a medium of exchange.  And I don't know anybody who can solve "blocks"  math problems by hand so, your argument is garbage.  Without electricity, there is no mining and without mining, there is no way to prevent double spending.  So, without electricity, Bitcoin is worthless numbers written on a paper.  Sounds a lot like our current paper fiat.  I'll stick with gold in such a situation, thanks.  

[wachtwoord]

All of Bitcoin's rules require math only and no electricity. As I said, it's impossible to place transactions in blocks without electricity. However this is always impossible with gold. So, without electricity, Bitcoin will merely fall back to the less efficient solution used by gold. I don't think I can spell it out even more.

Gold doesn't require a "block", math or anything digital to be used as a medium of exchange.  

Neither does Bitcoin. This what you seem to fail to comprehend. Good luck

[Firedrake]

All of Bitcoin's rules require math only and no electricity. As I said, it's impossible to place transactions in blocks without electricity. However this is always impossible with gold. So, without electricity, Bitcoin will merely fall back to the less efficient solution used by gold. I don't think I can spell it out even more.

Gold doesn't require a "block", math or anything digital to be used as a medium of exchange.  And I don't know anybody who can solve "blocks"  math problems by hand so, your argument is garbage.  Without electricity, there is no mining and without mining, there is no way to prevent double spending.  So, without electricity, Bitcoin is worthless numbers written on a paper.  Sounds a lot like our current paper fiat.  I'll stick with gold in such a situation, thanks.  

Are we talking about a post-apocalyptic future, where don't expect electricity to return?  I'm pretty sure everything will lose value, except food and other necessities. (maybe bottle caps, got to start saving those). Otherwise, I think Bitcoins would survive a 1 or 2 day power outage.

[Tirapon]

I don't think gold and silver will lose all their speculative value. I will be diversifying into PMs in the future, but for now it doesn't make sense because Bitcoin still has soooo much growth ahead.

[Coinseeker]

Are we talking about a post-apocalyptic future, where don't expect electricity to return?  I'm pretty sure everything will lose value, except food and other necessities. (maybe bottle caps, got to start saving those). Otherwise, I think Bitcoins would survive a 1 or 2 day power outage.

Yeah, we got off an an "apocalyptic", zero electricity debate. 

[Coinseeker]

Neither does Bitcoin. This what you seem to fail to comprehend. Good luck

I've asked you repeatedly to explain but you mostly answer questions with questions.  If you have a sensible argument to refute what I've said, I'll listen.  As I said, you simply saying something is so, doesn't make it so.  Now, do you have such an explanation?  I'd love to be educated.