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Author Topic: Silver is loosing ground due to rise of cryptocurrencies  (Read 1029 times)
aoluain
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August 13, 2018, 10:49:10 PM
 #81

The silver standard is definitely a think of a past now.

Previously, money was literally associated with silver as an element, and it has always performed a similar function to gold.

I do think that bitcoin is going to take over, or replace many of the functions of precious metals as a currency. In the future, people seeking a hedge against the continued depreciation of government issued currencies will most likely favor bitcoin as a store of value instead of silver, or gold.

That doesn't mean that silver can't be a viable long term investment - it is probably still culturally significant to a lot of people around teh world, and will likely hold its value much better than fiat come a inflation crisis somewhere. Its industrial uses are obviously there as well, and it's unlikely they will be replaced, with silver being one of the best conductors of electricity. But bitcoin will be seen as a safe haven, just like silver, in the future, and silver's role as that may be diminished.

I was just talking this point today with a friend. We both concluded that Bitcoin will be the #1 or #2
store of value, certainly taking over from silver and maybe gold.

Of course it is impossible to wear jewellery made of bitcoin or create a radioactive sun shield for a
space helmet out of bitcoin, meaning gold and silver will continue to have its uses in technological,
medical and space applications.

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August 14, 2018, 01:01:48 AM
 #82

I am believe gold and silver is good investment beside bitcoin. If gold and silver drop the price, i think its good time to buy because gold and silver acceptable for anyone in anyplace.

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August 14, 2018, 01:56:38 AM
 #83

The silver standard is definitely a think of a past now.

Previously, money was literally associated with silver as an element, and it has always performed a similar function to gold.

I do think that bitcoin is going to take over, or replace many of the functions of precious metals as a currency. In the future, people seeking a hedge against the continued depreciation of government issued currencies will most likely favor bitcoin as a store of value instead of silver, or gold.

That doesn't mean that silver can't be a viable long term investment - it is probably still culturally significant to a lot of people around teh world, and will likely hold its value much better than fiat come a inflation crisis somewhere. Its industrial uses are obviously there as well, and it's unlikely they will be replaced, with silver being one of the best conductors of electricity. But bitcoin will be seen as a safe haven, just like silver, in the future, and silver's role as that may be diminished.

I was just talking this point today with a friend. We both concluded that Bitcoin will be the #1 or #2
store of value, certainly taking over from silver and maybe gold.

Of course it is impossible to wear jewellery made of bitcoin or create a radioactive sun shield for a
space helmet out of bitcoin, meaning gold and silver will continue to have its uses in technological,
medical and space applications.
Of course gold and silver will still exist because they have other selling points such as jewelry. from that gold and silver will always be a commodity for many people but certainly will be seen less frequently. because people today are more interested in investments that provide quick and short profit opportunities that is bitcoin

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August 31, 2018, 11:17:27 AM
 #84

I don't think silver is being affected in any way for cryptocurrency These two are totally two different thing and one caanot make the other to loose its ground. Still I will try to find if it is actually true.      
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September 03, 2018, 08:32:32 PM
 #85

I think this type of issues are irrelevant based on this Bitcoin is a crypto currency known as digital currency and silver is a material which is used as a currency in past why it is related with this I don't know because it cannot compatible with silver.      
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September 04, 2018, 01:24:12 AM
 #86

In many developing countries where gold and silver are so important almost every function in the house is related with it , the dieties the important utensils , earrings and other ornaments , these precious stones are always over the top.
Now the recent survey shows that silver is loosing ground due to cryptocurrencies, and these precious stones are now getting cost stabilized.
What you think is it a good or a bad news ?
Well personally I think it's a pretty good news more and more people will be able to afford it and also I think these precious metals are over valued so it's doing good that it's somehow getting their value down and establishing it's own place.

I think silver price is very undervalue and its good time for buying silver. Gold and silver is traditional investment and i am believe it will survive in many next years. Cryptocurrency is new investment and i am believe bitcoin is store of value like gold and silver

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September 04, 2018, 04:31:15 AM
 #87

An odd comparison, and hard to quantify. Are the same people who look to invest in cryptos looking to invest in silver? I wouldn't have thought so - pretty different commodities!
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September 05, 2018, 06:52:44 AM
 #88

The silver standard is definitely a think of a past now.

Previously, money was literally associated with silver as an element, and it has always performed a similar function to gold.

I do think that bitcoin is going to take over, or replace many of the functions of precious metals as a currency. In the future, people seeking a hedge against the continued depreciation of government issued currencies will most likely favor bitcoin as a store of value instead of silver, or gold.

That doesn't mean that silver can't be a viable long term investment - it is probably still culturally significant to a lot of people around teh world, and will likely hold its value much better than fiat come a inflation crisis somewhere. Its industrial uses are obviously there as well, and it's unlikely they will be replaced, with silver being one of the best conductors of electricity. But bitcoin will be seen as a safe haven, just like silver, in the future, and silver's role as that may be diminished.

I was just talking this point today with a friend. We both concluded that Bitcoin will be the #1 or #2
store of value, certainly taking over from silver and maybe gold.

Of course it is impossible to wear jewellery made of bitcoin or create a radioactive sun shield for a
space helmet out of bitcoin, meaning gold and silver will continue to have its uses in technological,
medical and space applications.

Exactly. That's one of the points that I forgot to mention in my reply as well, which was the fact that silver and gold are going to be still used for jewellery purposes, which since bitcoin isn't something that is physical, cannot fulfill. I guess that could come under the "industrial uses" that I mentioned with precious metals.

Having said that, bitcoin is simply just a purer and better form of money in my opinion.

Even silver and gold are subject to more centralization, and manipulation when it comes to value than bitcoin. Nor can precious metals be transacted online, which is something really important as the internet continues to develop.

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September 06, 2018, 04:51:31 PM
 #89

The silver standard is definitely a think of a past now.

Previously, money was literally associated with silver as an element, and it has always performed a similar function to gold.

I do think that bitcoin is going to take over, or replace many of the functions of precious metals as a currency. In the future, people seeking a hedge against the continued depreciation of government issued currencies will most likely favor bitcoin as a store of value instead of silver, or gold.

That doesn't mean that silver can't be a viable long term investment - it is probably still culturally significant to a lot of people around teh world, and will likely hold its value much better than fiat come a inflation crisis somewhere. Its industrial uses are obviously there as well, and it's unlikely they will be replaced, with silver being one of the best conductors of electricity. But bitcoin will be seen as a safe haven, just like silver, in the future, and silver's role as that may be diminished.

I was just talking this point today with a friend. We both concluded that Bitcoin will be the #1 or #2
store of value, certainly taking over from silver and maybe gold.

Of course it is impossible to wear jewellery made of bitcoin or create a radioactive sun shield for a
space helmet out of bitcoin, meaning gold and silver will continue to have its uses in technological,
medical and space applications.

Exactly. That's one of the points that I forgot to mention in my reply as well, which was the fact that silver and gold are going to be still used for jewellery purposes, which since bitcoin isn't something that is physical, cannot fulfill. I guess that could come under the "industrial uses" that I mentioned with precious metals.

Having said that, bitcoin is simply just a purer and better form of money in my opinion.

Even silver and gold are subject to more centralization, and manipulation when it comes to value than bitcoin. Nor can precious metals be transacted online, which is something really important as the internet continues to develop.
Oh yeah! It is not news that the price of silver and gold over time has been largely suppressed and systematically manipulated in a way to control their prices, and most believe they are under the thumb and control of central bankers. I still won’t be surprised if this would be their attempt on the crypto space as well in the long run.

However, I agree with the opinion that silver and gold will still always have their place no matter what, since all these financial manipulators are still always going to be involved even in the crypto market as well but for what it is worth, the main value in terms of purer and better form of money in the long run like you said, will make it overcome.
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September 07, 2018, 02:14:22 AM
 #90

I think the movement of cryptocurrency price conditions cannot give much influence to the movement of gold and silver prices because of the gold and silver conditions there is no link with cryptocurrency.

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September 07, 2018, 04:04:25 AM
 #91

I personally think there is no connection between the crypto and silver price, silver and gold is a precious metal that will always needed, its kind of surprising that the silver price go down this year, but there is nothing to do with crypto , many speculator said that silver is no longer profitable but I think silver and gold is a good long term investment because same with gold, silver can be used for a lot of household things, so maybe this year the price go down but for long term it will be profitable

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September 07, 2018, 04:09:06 AM
 #92

I posted in this thread back in August, but unfortunately I didn't post the price of silver.  Right now it's $14.05, and when I made that other post I'm pretty sure it was above $15.  Silver is doing exactly what I figured it would do.  On the other hand, I think bitcoin has fallen too--but I still don't think there's anything causal.  It's just standard volatility as far as crypto goes, but it's a persistent bear market for metals (silver in particular).

I haven't looked at a silver chart going back a few years, but does anyone know the last time silver was under $15?  I can't remember if it actually got that low since the bubble popped in 2011.

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September 08, 2018, 12:41:31 PM
 #93

An odd comparison, and hard to quantify. Are the same people who look to invest in cryptos looking to invest in silver? I wouldn't have thought so - pretty different commodities!
Absolutely different commodities indeed! This to me is like two different separate spaces entirely and I do not see how much they correlate. I do not expect that in the long run, Silver nor gold will become obsolete and then attention will totally shift from there to digital age.

These commodities have been used for different things in the past, they are valuable and that will not change. Cryptocurrencies as well will have its own market and in anyway, as things evolve, we might see it being a preferred choice, but that would not eliminate the other commodities.
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September 08, 2018, 12:46:07 PM
 #94

In many developing countries where gold and silver are so important almost every function in the house is related with it , the dieties the important utensils , earrings and other ornaments , these precious stones are always over the top.
Now the recent survey shows that silver is loosing ground due to cryptocurrencies, and these precious stones are now getting cost stabilized.
What you think is it a good or a bad news ?
Well personally I think it's a pretty good news more and more people will be able to afford it and also I think these precious metals are over valued so it's doing good that it's somehow getting their value down and establishing it's own place.

Silver and crypto currencies are very competitive at this time. Therefore silver is likely to experience some slump because the crypto currency is growing.
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September 08, 2018, 01:03:24 PM
 #95

Silver is popular in developing countries but in my opinion we can't compare silver with bitcoin because they are different silver is a material things while Bitcoin is a virtual money and the price of silver is low while Bitcoin is volatile.
how not bitcoin is more promising than gold or silver, although it is almost as useful as it is but bitcoin is still the main choice, how not the price of bitcoin is very promising and is indeed good enough to be an investment.
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September 08, 2018, 01:21:05 PM
 #96

Just like cryptocurrencies nothing is permanent,and knowing gold and silver this stands for very long time even our grandparents born.so if crypto recovers price in time then these materials will recovers more because this is tested by time ..and I believe that cryptocurrency has nothing to do with this value dropping since virtual and physical are two different things

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September 08, 2018, 03:17:11 PM
 #97

Another reason why I think cryptocurrency is highly appreciated is the fact that you're absolutely in charge of your asset and is relatively safe if you make use of cold storage or paper wallet while in storing precious metals, most patronized major financial institutions and this come at a price.

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September 13, 2018, 03:54:41 PM
 #98

 I do not think the correlation between silver and crypto is there. I mean silver can lose value in your country but increases insanely in my country, its all about supply and demand. For example USA may not buy silver like they used to however germany might see a sudden surge of interest in silver and prices will flactuate. In my country silver is biggest it has ever been in the history of silver prices.
However crypto has been in a steady decline, do I go out and say "people who lost money on crypto went after buying silver" ? No because I do not see the correlation there neither. I think they are different places from each other.

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September 13, 2018, 03:58:35 PM
 #99

I invest in crypto, participate in crypto projects, and work in a related industry.  However, I continued to stack gold and silver, as well as accumulate other asset types.  They aren't going anywhere.
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September 13, 2018, 04:19:59 PM
 #100

   Silver and crypto are far different to compare their value. Yes they are both valuable but crypto is not stable like silver or gold. Nowadays cryptocurrency is really a great investment opportunity it will not be the reason why silver loosing grounds.

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