on what condition can people have fath for bitcoin just like for gold?

[fengshu]

we konw that gold price is historycally stable, now we hope bitcoin's price can be more stable in the long for its widly accepted in busisness.

i think we have fath for gold because it is unique on this planet,different from any other metal.
is bitcoin unique forever as crypto tech develop ?

"Almost all the gold ever mined is stored in the form of bullion and jewelry."
is quick circulation good for bitcoin's price or value?

any thoughts? thanks.

[BitCoinDream]

we konw that gold price is historycally stable, now we hope bitcoin's price can be more stable in the long for its widly accepted in busisness.

i think we have fath for gold because it is unique on this planet,different from any other metal.
is bitcoin unique forever as crypto tech develop ?

"Almost all the gold ever mined is stored in the form of bullion and jewelry."
is quick circulation good for bitcoin's price or value?

any thoughts? thanks.

People trust on gold as it is time tested. Those who have faith in BTC are the ones who understands the protocol and hence know it's value in long term. I wont tell u why as that would unnecessarily lead to sudden price rise. It is buy time

[fengshu]

we konw that gold price is historycally stable, now we hope bitcoin's price can be more stable in the long for its widly accepted in busisness.

i think we have fath for gold because it is unique on this planet,different from any other metal.
is bitcoin unique forever as crypto tech develop ?

"Almost all the gold ever mined is stored in the form of bullion and jewelry."
is quick circulation good for bitcoin's price or value?

any thoughts? thanks.

People trust on gold as it is time tested. Those who have faith in BTC are the ones who understands the protocol and hence know it's value in long term. I wont tell u why as that would unnecessarily lead to sudden price rise. It is buy time

people konwn nothing about BTC would not be here, i think.
i've bought twice, both at the time before its price drops.

i want to hear some enconomic explanation on BTC's superiority in the long run.
personaly, i doubt whether bitcoin's quick circulation in the future and it's value is a contradiction.

another question:
as BTC's price gorws up and circulation speed up, will transaction confirm time of small amounts and big amounts be differ greatly?

[dbbit]

i think we have fath for gold because it is unique on this planet,different from any other metal.

No it's not. Platinum is close in value and usage to gold.

Gold is just used as currency because it's shiny, hard to mine, and easy to verify that it's actually pure. Sounds like something you know?


PS: Gold is not even the most expensive metal. That honor goes to platinum-190, at around $1 billion per ounce.

[shawshankinmate37927]

we konw that gold price is historycally stable, now we hope bitcoin's price can be more stable in the long for its widly accepted in busisness.

i think we have fath for gold because it is unique on this planet,different from any other metal.
is bitcoin unique forever as crypto tech develop ?

"Almost all the gold ever mined is stored in the form of bullion and jewelry."
is quick circulation good for bitcoin's price or value?

any thoughts? thanks.

It's a question of acceptance.  The only thing fiat has going for it is wide acceptance.  We each decide what we want to accept in exchange for the goods and services that we provide.  Today, most people let the bankers and politicians make that decision for them.  The bankers and politicians are very grateful for that, but in the future I think most people are going to prefer a medium of exchange that has a fixed, finite, inelastic total supply that isn't centrally controlled and manipulated by bankers, politicians, or anyone else.

Precious metals were the best alternative before Bitcoin came along, but now the market has to choose between not just fiat and precious metals, but cryptocurrencies as well.  When it comes to precious metals vs cryptocurrencies they each have their own pros and cons which I think will lead to both of them increasingly being used as money for the foreseeable future.  Fiat currencies, on the other hand, offer tremendous advantages to some, but tremendous disadvantages to everyone else, which will make them unsustainable over the long term.

[fengshu]

It's a question of acceptance.  The only thing fiat has going for it is wide acceptance.  We each decide what we want to accept in exchange for the goods and services that we provide.  Today, most people let the bankers and politicians make that decision for them.  The bankers and politicians are very grateful for that, but in the future I think most people are going to prefer a medium of exchange that has a fixed, finite, inelastic total supply that isn't centrally controlled and manipulated by bankers, politicians, or anyone else.

Precious metals were the best alternative before Bitcoin came along, but now the market has to choose between not just fiat and precious metals, but cryptocurrencies as well.  When it comes to precious metals vs cryptocurrencies they each have their own pros and cons which I think will lead to both of them increasingly being used as money for the foreseeable future.  Fiat currencies, on the other hand, offer tremendous advantages to some, but tremendous disadvantages to everyone else, which will make them unsustainable over the long term.

big thanks to you.
it seems that there will be a slow BTC circulation.
but it looks like BTC can be manipulated by the big ones in this community,too.
what about the confirm time, will there be a significane difference between big amount and samll amount transfer in the long run?

[franky1]

we konw that gold price is historycally stable,

i take your quote and rebuttle with: (30 year gold history resembles 3 year btc history)

i think we have fath for gold because it is unique on this planet,different from any other metal.

i take your quote and rebuttle with:
1) fools gold
2) cheap copper bars/ingots coated in thin layer of gold
3) if the words 'precious metal' was the same as the words 'crypto currency'.. then i guess your ignoring white gold, platinum, silver which are all in the same category.

circulation is good whether quick or slow movements. the more important part though is the supply or demand. having more demand does make the price rise, but there is a critical point where demand is so high due to hoarding(not circulating) and prices are high due to supplies being small. that people start moving over to something new. this is why gold hoarders want to slate bitcoin so much, because less and less people are buying their hoards of gold. so the demand for gold is decreasing causing a value drop. this causes either the gold hoarder to sell at a loss or hold on even stronger for a possible price rise.. and i hope you can now see their hate for bitcoin.

even jewelers use to love gold, but now they are making jewelery out of platinum and silver more so then 30 years ago.

its all supply and demand. too much supply (circulation) can cause a dip in prices. to much hoarding (not circulating) can cause people to not buy, and find something different to use which also causes a price dip.. there is a narrow area in the middle that supply and demand has to be in for it to satisfy both buyers and sellers

[fengshu]

we konw that gold price is historycally stable,

i take your quote and rebuttle with:
http://goldprice.org/images/monthly_dollar.gif

maybe i should say during every two or three years gold's price do not change a lot

[Dalmar]

Gold is over-hyped by the bitcoin community. Good stocks outperform gold, although in the next 2 years it is not a good time to hold stocks but in general they do outperform gold.

[shawshankinmate37927]

big thanks to you.
it seems that there will be a slow BTC circulation.
but it looks like BTC can be manipulated by the big ones in this community,too.
what about the confirm time, will there be a significane difference between big amount and samll amount transfer in the long run?

Yes, it will take time for BTC to be adopted by the masses.  There are still technological and security barriers that need to be overcome.  When Bitcoin is as easy to use as sending or receiving a text message or e-mail then you'll see wider adoption and circulation.  No new technology becomes widely adopted overnight.

No one in the bitcoin community can manipulate the total supply of bitcoins.  Those who constantly expand the supply of fiat money do so arbitrarily and issue that new money in the form of debt.  Unlike fiat, the inflation of the bitcoin supply is controlled and predetermined and is not a debt.  That's a huge difference and there is nothing anyone can do to change that.  Those who find that inelastic supply unacceptable can choose to use a different currency, but they can't choose to change Bitcoin's parameters.

If slow confirmation times for small transactions become an issue then someone in the market will come up with a solution.  Off-the-blockchain transactions performed by a mutually trusted third party could be one possible solution.  Or, using an alternate cryptocurrency like Litecoin for smaller transactions could be another option.  You gotta have faith in the free market.

[franky1]

maybe i should say during every two or three years gold's price do not change a lot

lets say 50 years of gold history is the equivelent to 5 years of bitcoin.. two or three years of gold is 2-3 months of bitcoin.. so the steady $600-$700 price range of bitcoin these last couple months, is again what i refer to as stable. roughly 10-15% variation

EG 2012-2013 dollar to euro (using just 2 years of fiat history)



low of 121 to high of 135 = over 10% price variation.

so if the dollar is stable for having just a 10% variation over 2 years of the many decades it has been around. then so is bitcoin for having a same 10% variation for the couple months of just 5 years being around

[fengshu]

No it's not. Platinum is close in value and usage to gold.

Gold is just used as currency because it's shiny, hard to mine, and easy to verify that it's actually pure. Sounds like something you know?

PS: Gold is not even the most expensive metal. That honor goes to platinum-190, at around $1 billion per ounce.

Platinum looks like silver and we want use silver as a currency so we don't choose platinum because its color  
so gold is still unique.

[sudoku]

On the condition of mass delusion. Value is in the eye of the beholder. There was time when there were no humans on earth and no one to value gold. There will be a time when gold will no longer be valued. The 5000 years history of gold is a blink of the eye compared to the age of the earth. So it is with bitcoin. It was once worthless and will be so again. Only the mass delusion of some humans gives it value.

[BitOnyx]

Gold is not similar to bitcoin. Bitcoin is much more flexible. Payments with gold are much more difficult and require actual movement of metal .

[MicroGuy]

Did somebody say gold? 

On the condition of mass delusion. Value is in the eye of the beholder. There was time when there were no humans on earth and no one to value gold. There will be a time when gold will no longer be valued. The 5000 years history of gold is a blink of the eye compared to the age of the earth. So it is with bitcoin. It was once worthless and will be so again. Only the mass delusion of some humans gives it value.

This is a great explanation.  

[Meuh6879]

Gold is not similar to bitcoin. Bitcoin is much more flexible. Payments with gold are much more difficult and require actual movement of metal .

that exactly why i have choose BTC in dec 2013 ... instead of gold.
i can't buy something on Internet with gold metal ... but with an exchange, BTC and paypal and 1 hour, i can.

that is money fo me : buy what i want.
and trust me, local market don't accept gold ... 

[shawshankinmate37927]

On the condition of mass delusion. Value is in the eye of the beholder. There was time when there were no humans on earth and no one to value gold. There will be a time when gold will no longer be valued. The 5000 years history of gold is a blink of the eye compared to the age of the earth. So it is with bitcoin. It was once worthless and will be so again. Only the mass delusion of some humans gives it value.

Agreed.  Only humans have a use for money.  Take humans out of the picture and there is no need for money.

[S4VV4S]

Gold is not similar to bitcoin. Bitcoin is much more flexible. Payments with gold are much more difficult and require actual movement of metal .

Also, Bitcoin is instantly divisible. Gold is not.

[QuestionAuthority]

we konw that gold price is historycally stable, now we hope bitcoin's price can be more stable in the long for its widly accepted in busisness.

i think we have fath for gold because it is unique on this planet,different from any other metal.
is bitcoin unique forever as crypto tech develop ?

"Almost all the gold ever mined is stored in the form of bullion and jewelry."
is quick circulation good for bitcoin's price or value?

any thoughts? thanks.

Cypherdoc hasn't posted here yet? He'll smell the word gold and be here shortly.

How has the price of gold been historically stable. Just the opposite. Bitcoin doesn't have the ability to be stable yet and won't for a very long time.

Only idiots have faith in gold over time. You can lose as much money speculating on gold as you can on Bitcoin. Bitcoin is unique only as it's the first one and started the craze. I don't think it will be the last iteration of crypto coin or eventually even the most popular.

How a commodity is stored is immaterial to its value. Value isn't derived from storage method.
The amount of money in a nation's money supply is crucial to the health of its economy. If there is not enough money in circulation, the economy cannot grow. This basic premise should hold true for Bitcoin if Bitcoin is currency but you are comparing it to a commodity. So basically you're saying it's not money.

If you want to compare Bitcoin price to a commodity you should look up price charts for the now defunct pork bellies market. The charts look real similar.

[fengshu]

so if the dollar is stable for having just a 10% variation over 2 years of the many decades it has been around. then so is bitcoin for having a same 10% variation for the couple months of just 5 years being around

thank you very much for your good presentation.
during the last three month bitcoin's price volatility is low, but we see chinese policy December last year and MT.Gox caused price breakdown.  All of this attributes to goverment regulation, at these situition, its price is not stable at all. it will happen again.

if the bitcoin market keeps the pace of recent two month, BTC will make a big step to be a stable currency.
another hand, lots people suggest there will not be this kind of stable, and they have reasons because the limited bitcoin supply, they(include me) think the price will rise steadily in the long term.

expectation of steady rise and stable in price is a contradiction?