Gold collapsing. Bitcoin UP.

[molecular]

Gold 2.0?

Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.

http://www.zerohedge.com/news/2014-01-03/bitcoin-versus-gold

So this seems to be the last remaining objection towards bitcoin as Gold 2.0?

It doesn't glitter?

Bummer, and I thought we were up to something here.

[1714246099]

1714246099

[1714246099]

1714246099

[molecular]

One of the things which hit me hard and very early was that I could wash ashore naked in Bumfuck Egypt and obtain access to the wealth I had stored in that medium.

Same here. Reminds me of a story contest (1 BTC to win) (not any more) for the best story starting with someone being "beamed naked to xyz by the bitcoin fairy with access to a brain wallet" ;-)

The intention was to get some funny stories as to how one would go about even getting some clothes with only a brainwallet key. It kinda worked, some interesting stories turned up.

[bit.craft]

Current price of GLD is unsustainable for many mining companies and they've been shutting down some of their sites in 2013. Yet the price has some way to go downward me thinks b/c at the end it's the traders that drives the market not producers.

[flynn]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

[domob]

  I felt then as I feel now;  Bitcoin/gold 'parity' is much closer to 1BTC/kg than 1BTC/oz just on the transmission utility alone.  Probably even higher.

yup. Can't wait to buy a kg of gold with 1 btc.

I bet it wont be as long as many might think

Definitely.  I have no founded opinion on when exactly this will happen, but I think it is likely to happen at some point; and then I will surely buy 1 kg of gold, just for the fun of it.  (I remember that just one or two years ago, 1 kg of gold seemed like something very far away for me to own; at least if I didn't want to spend everything on it.  Now it isn't anymore thanks to Bitcoin.)

[ErisDiscordia]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

[flynn]

That's the bank reserves http://fr.wikipedia.org/wiki/R%C3%A9serve_d%27or
http://en.wikipedia.org/wiki/Gold_reserve
(sorry it's in French)

Funny that the french wikipedia doesn't report the same amount than the english one.

[Peter Lambert]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.

[flynn]

That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.

I didn't realize that my remark could be understood as pessimistic

It is my understanding that, entering unknown realms, bitcoin needs references for its capitalization to make sense to anyone.

[molecular]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

[molecular]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.

And maybe some hopelessly nostalgic gold bugs.

EDIT: I might do it, just for nostalgia.

[wachtwoord]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

160000 ton is 145 M kg, so 6.9kgAU/BTC

[bitrider]

Yes, the gold bugs seem to be slowly (or quickly - depending on your perspective) coming around. I was very impressed that James Turk of GoldMoney, is now a strong bitcoin advocate, and even investing in btc infrastructure projects. Pretty amazing to see.

[cypherdoc]

cypherdoc come back! we will reach gold parity again soon!

No worries, I never left. BTW,

Gold collapsing. Bitcoin UP.

[Zarathustra]

cypherdoc come back! we will reach gold parity again soon!

No worries, I never left. BTW,

Gold collapsing. Bitcoin UP.

Yes:

Gold collapsing to 250.-

http://www.dasgelbeforum.de.org/forum_entry.php?id=303145

@ELLI is probably the best elliott-wave analyst in western europe. He is the owner of that forum. Since he has a serious health problem and needs fulltime care, you can donate here, also with bitcoins:

http://www.dasgelbeforum.de.org/forum_entry.php?id=288000

[marcus_of_augustus]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.

... it has been mentioned before somewhere that "gold silver shall be cast into the streets" ... ah yes here it is

These caves and rocks of the mountains will not furnish the desired protection from the wrath of this “evil day,” when the great waves of popular discontent are lashing and foaming against the mountains (kingdoms—Rev. 6:15-17; Psa. 46:3); and the time will come when men “shall cast their silver into the streets, and their gold shall be as though it were unclean [margin]: their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord.

[molecular]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

160000 ton is 145 M kg, so 6.9kgAU/BTC

a ton is 1000 kg where I live. Should've said "metric ton"?

EDIT: so: 7.6 kgAU/BTC

[wachtwoord]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

160000 ton is 145 M kg, so 6.9kgAU/BTC

a ton is 1000 kg where I live. Should've said "metric ton"?

I asked Google. People should really stop using all these retarded systems. Where I'm from an ounce is 100 gram and a pound is 500 gram but countries that aren't yet ready for the metric system have very weird quantities. Therefore I learned to ask Google but apparently that fails too sometimes.

[Erdogan]

Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000

So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC  

Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..

Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.

160000 ton is 145 M kg, so 6.9kgAU/BTC

a ton is 1000 kg where I live. Should've said "metric ton"?

EDIT: so: 7.6 kgAU/BTC

What is the total amount of gold above ground in mega-troy-ounces? This metric tonne stuff, it must be constructed to keep the good people in the dark. Manipulation!

[flynn]

maybe it's about Kibigrams ?