Quote from: Smoothie
BITCOIN and SILVER PARITY REACHED!
Bitcoin has reached MASTER BOX PARITY
Topic: BITCOIN and SILVER PARITY REACHED! (Read 2391 times)
Bitcoin has reached MASTER BOX PARITY
i'm saving my canadian pennies and waiting for scarcity to take effect 
Firstly silver, later on palladium, finally gold... Who knows.
And after gold we will hit platinum and rhodium.
I'd like to get an ounce of technetium for a bitcoin, please.
Won't take long... http://technet.microsoft.com/subscriptions/hh442910.aspx
Firstly silver, later on palladium, finally gold... Who knows.
And after gold we will hit platinum and rhodium.
I'd like to get an ounce of technetium for a bitcoin, please.
unobtainium!
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It's all fun and games until somebody loses an eye
Firstly silver, later on palladium, finally gold... Who knows.
And after gold we will hit platinum and rhodium.
I'd like to get an ounce of technetium for a bitcoin, please.
Firstly silver, later on palladium, finally gold... Who knows.
The British pound was not a Troy pound. Rather, it was a Tower pound, which measures 12 Tower ounces and weighs slightly less than a Troy pound.
I didn't know this. Thanks.
On another side note: I don't understand the whole: "it has value because work was put in"-thing. Maybe the fact that it requires a lot of work to extract bitcoin/silver is result of i's scarcrity, but its value is not a result of the work you had to put in to get it. I've asked this question ("why would the fact that much work was put into producing something mean that this something has value? I can't get the work back out, can I?") to some silver guys and the answer was: "But you can sell that silver and get energy back for it, tadaaa!". That's false again: you can probably buy energy for silver, but not because energy was used to mine the silver but for other reasons. A counter-example can easily be constructed.
It's the converse of a true statement. Humans tend to think that if something is true, it's converse also is (e.g. "to be attractive you usually must smell nice" is true, while "if you smell nice you are attractive" is patently false, but enough people believe it to make Axe advertisements work).
Similarly, "if it has value then work must be put in" is true, and obviously so. Its converse, "if work was put in then it must have value", is not necessarily true—but for a human, easy enough to assume so.
On another side note: I don't understand the whole: "it has value because work was put in"-thing. Maybe the fact that it requires a lot of work to extract bitcoin/silver is result of i's scarcrity, but its value is not a result of the work you had to put in to get it. I've asked this question ("why would the fact that much work was put into producing something mean that this something has value? I can't get the work back out, can I?") to some silver guys and the answer was: "But you can sell that silver and get energy back for it, tadaaa!". That's false again: you can probably buy energy for silver, but not because energy was used to mine the silver but for other reasons. A counter-example can easily be constructed.
Exactly. What if you do all that work and all you get is a pile of rocks? What if you're walking to the site and you stumble over a big nugget of silver (Well, it has happened with gold. I'm not sure if it can with silver).
It is interesting to think that BTC1 is worth the same amount as an ounce of silver. Different types of work went into each items production.
And yet, some just can't make the connection:
Quote from: ChrisDouane https://www.youtube.com/watch?feature=player_detailpage&v=9Y4T0t_ZWXE#t=479s
Gold and Silver are worth what it is because of the time, energy, money and capital that goes into producing that goes into creating it.
...
Good luck trying to setup your computer and actually try mining these things (bitcoins), I think it takes years for you to mine one or two or five or whatever.
...
Good luck trying to setup your computer and actually try mining these things (bitcoins), I think it takes years for you to mine one or two or five or whatever.
(on a side-note this is fucking hilarious. He says gold/silver derive it's value from the work that had to be put into mining (which is false anyway) and 3 seconds later complains that bitcoin is hard to mine and is constantly being "bid up" in the market. Just LOL. He seems to think its unfair that it's hard to mine and one has to buy it. Well duh, same for silver, tried mining some last night in the backyard with that ol' shovel, didn't get much, quite unfair, no everyone's trying to buy it and the price goes up, unfair squared!)
On another side note: I don't understand the whole: "it has value because work was put in"-thing. Maybe the fact that it requires a lot of work to extract bitcoin/silver is result of i's scarcrity, but its value is not a result of the work you had to put in to get it. I've asked this question ("why would the fact that much work was put into producing something mean that this something has value? I can't get the work back out, can I?") to some silver guys and the answer was: "But you can sell that silver and get energy back for it, tadaaa!". That's false again: you can probably buy energy for silver, but not because energy was used to mine the silver but for other reasons. A counter-example can easily be constructed.
Sorry, this was not an answer to what I quoted, but the quote lead me to this.
It is interesting to think that BTC1 is worth the same amount as an ounce of silver. Different types of work went into each items production.
Can't wait for the gold parity..
Parity with one pound (16 oz) of silver.
One troy pound of silver is composed of 12 troy oz. Each troy oz. has 480 grains, as opposed to the "normal" ounce of 437.5 grains.
The British pound was not a Troy pound. Rather, it was a Tower pound, which measures 12 Tower ounces and weighs slightly less than a Troy pound.
And now both are over priced! :-)
I like silver at 10 dollars an ounce.
I like silver at 10 dollars an ounce.
So would I, want to sell me some at that price?
And now both are over priced! :-)
I like silver at 10 dollars an ounce.
I like silver at 10 dollars an ounce.
Parity with one pound (16 oz) of silver.
One troy pound of silver is composed of 12 troy oz. Each troy oz. has 480 grains, as opposed to the "normal" ounce of 437.5 grains.
It truly is a great day. Bitcoin has reached parity in a few short years with something that's been considered money for hundreds, if not thousands of years.
Parity with one pound (16 oz) of silver. That would mean BTC wiping out centuries of depreciation in the oldest currency the Pound Sterling (GBP) in a matter of a few years. Or to put it in another way parity with what a GBP used to be worth.
We only just reached parity with what a USD used to be worth. Don't preempt, it's bad for your sanity.
we are at parity with an ounce of silver, not a whole pound
...yet
...yet
Parity with one pound (16 oz) of silver. That would mean BTC wiping out centuries of depreciation in the oldest currency the Pound Sterling (GBP) in a matter of a few years. Or to put it in another way parity with what a GBP used to be worth.
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