Topic: [26-05-2017] Bitcoin Is Twice as Valuable as Gold Right Now (Read 542 times)
Yeah, you're right, it's actually 0.05%. My bad.
the total value of all the gold ($8,943,770,600,000) might be more useful.
According to various sources, it says that the value of all the gold is more in the range of $7,613,000,000,000. Either way, it shows that Bitcoin is nothing more than a tiny dot, and from there articles like these don't hold any value. Especially not with such loud clickbait titles.And Bitcoin is now 5% of Gold's market cap. Not bad.
Uhm, no. If Bitcoin would be on 5% of Gold's market cap, it would sit on $380,000,000,000 right now. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point.
I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful.
that is right. The market cap is more relevant.
And Bitcoin is now 5% of Gold's market cap. Not bad.
Better yet, Bitcoin is something like 150% of silver's market cap. Don't understand what happened to that story TBH, saw no reporting of it anywhere
Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number.
If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work.
This comparison is nessery for people who knows nothing about bitcoin
Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number.
If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work.
If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point.
I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful.
Also, the amount of Bitcoin that's lost is basically unknown and it could be quite a significant amount.
Market cap with cryptocurrencies doesn't mean very much in this context, and it's basically impossible to grasp just how much more valuable gold is.
Although we are all proud of having bitcoin and comparing it against the value of gold as assets or store of value, but I have to disagree comparing it with gold. And I agree with what others have been pointing it here. We can't compare orange to apple. Bitcoin has its own value not comparable to other assets. But hold your horses, next time we are going to see 1 ounce of diamond compared to bitcoin as well. LOL. 
.
. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point.
I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful.
that is right. The market cap is more relevant.
The market cap is probably the most relevant metric but I think the price of gold has a psychological value which is bringing people into bitcoin. That's why I don't think there's anything from with such comparisons, the psychological factor is bringing free publicity to bitcoin.
Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
100% agree with you. I believe that a troy ounce is just an arbitrary number that people decided will be the standard of measurement for gold and silver. It could be a gram, it could have been 10 grams. As i said, it's just an arbitrary number.
If you really want to compare things, then maybe do 1/21000000 of the entire bitcoin market capitalisation compared to 1/21000000of gold's capitalisation. Bitcoin isn't even close right now. Honestly, it'll take at least a few decades for bitcoin to catch up. Gold has been the people money of choice for the past millenium. And to change that would take a lot of work.
If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point.
I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful.
that is right. The market cap is more relevant.
If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
I don't think your comparison is any more "fair" and any less arbitrary than the comparison of the values of 95,084,257,000,000,000,000,000 atoms of gold to 100,000,000 satoshis. Maybe that is your point.
I think the comparison of the total value of all the bitcoins ($34,460,900,000) vs. the total value of all the gold ($8,943,770,600,000) might be more useful.
Please, not this again. I have said it before, and I'll say it again - this comparison is absolutely nonsense. How can you compare a tiny fraction of a whole unit of Gold, with a whole unit as 1BTC? It makes no sense. If you want to fairly compare things, then you have to compare one troy ounce of Gold (31.1GR) with 0.0311BTC. Obviously, if you look at things from this perspective, there is nothing to compare at all - it's $1266 for Gold versus $62 for Bitcoin.
A single bitcoin is now roughly twice as valuable as an ounce of gold.
The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin's value has since pared its gains, and traded at about $2,433 midday Friday.
Just two months ago, bitcoin only just inched above the value of gold.
The surge comes as the cryptocurrency gains legitimacy in countries such as Japan, and Chinese regulators look to be growing more tolerant of bitcoin. Despite bitcoin's volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty.
Gold, too, is known to be a "safe haven" asset — investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%.
http://fortune.com/2017/05/26/bitcoin-gold-value-2017/
The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin's value has since pared its gains, and traded at about $2,433 midday Friday.
Just two months ago, bitcoin only just inched above the value of gold.
The surge comes as the cryptocurrency gains legitimacy in countries such as Japan, and Chinese regulators look to be growing more tolerant of bitcoin. Despite bitcoin's volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty.
Gold, too, is known to be a "safe haven" asset — investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%.
http://fortune.com/2017/05/26/bitcoin-gold-value-2017/
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