Bitcoin catches on with gold bugs | Bitcointalksearch.org

Hirose UK

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...“I’m not ready to give up entirely on gold,” Mr. Stahl said. But “in the next 10 years, there will be a cryptocurrency alternative.”

Either I am. I mean, even there will be a cryptocurrency alternative, gold is still the best physical investment. So if I can invest in gold and bitcoin, why not? Grin

Cyaren

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I think bitcoin can definitely be a better store of value than gold in the future, but in the near short term, gold and silver will still be held as a popular alternative to fiat as people are not yet fully aware of the alternative of bitcoin.

While bitcoin is virtual and gold is solid, it doesn't really matter as long as it functions as a currency and a store of value. Bitcoin is more liquid than gold which is always good. It also has smaller spreads, unlike gold which has much bigger spreads if you are trading in physical volumes.

Enotche

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Gold has proved to be one of the most durable materials on earth. It does not degrade. Every ounce of gold ever mined, are still present in the world - except for a small part, sent for orbit.
Bitcoin can only be destroyed in a certain short period of time of mining in special circumstances, which, however, still had not evolved. But if the hard disk that contains the private key that will be sent to the dump contained on it will be lost forever bitcoins.
The only thing that holds the currently high price of gold, it's popularity and tax incentives in most countries for the exchange.

... "I'm not ready to give up entirely on gold," Mr. Stahl said. But "in the next 10 years, there will be a cryptocurrency alternative."
I think so too. Bitcoin is another asset that do not completely on something to refuse.

Kakmakr

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At some time in the future, the gold supply will run out or it will not be economically viable to mine for it. Gold will need a digital alternative, like Fiat currencies needs a digital alternative. If we can only get roughly 10% of that market, we would be able to triple the Bitcoin price. ^hmmmmm^ now that sounds nice.

The only problem is, Bitcoin has become more volatile since other Crypto currencies has been hyping up their currency and it might be with us for a while.

mrhelpful

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Quote from: yayayo on May 23, 2016, 09:15:11 AM

Gold (precious metals) and Bitcoin are a perfect match. After all, Bitcoin is modeled after the extraction method of commodities... It's also interesting that some big precious metal dealers were very quick to accept Bitcoin. This is a clear indication that Bitcoin seems to be attractive to people that like sound, non-political money in general (even if some less modern gold bugs preach that gold is the only solution).

I've also noticed that Bitcoin price movements tend to correlate with that of gold. Sometimes Bitcoin moves first, then gold follows.

ya.ya.yo!

Yes except that for bitcoin it is totally artificial.

Its artificial yes. But its internet money and like everything else is used with associate with payment system w. the internet.

But if you really want to boil down to physical attributes, then just change it for cash or a gold re-seller that accepts in exchange like that bitgold website.

ruletheworld

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Quote from: yayayo on May 23, 2016, 09:15:11 AM

Gold (precious metals) and Bitcoin are a perfect match. After all, Bitcoin is modeled after the extraction method of commodities... It's also interesting that some big precious metal dealers were very quick to accept Bitcoin. This is a clear indication that Bitcoin seems to be attractive to people that like sound, non-political money in general (even if some less modern gold bugs preach that gold is the only solution).

I've also noticed that Bitcoin price movements tend to correlate with that of gold. Sometimes Bitcoin moves first, then gold follows.

ya.ya.yo!

Yes except that for bitcoin it is totally artificial.

Define 'artificial'. If by that you mean 'not physical' then, welcome to the 21st century mate, where most things of value from money to stocks to bonds are 'not physical'.

yayayo

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Gold (precious metals) and Bitcoin are a perfect match. After all, Bitcoin is modeled after the extraction method of commodities... It's also interesting that some big precious metal dealers were very quick to accept Bitcoin. This is a clear indication that Bitcoin seems to be attractive to people that like sound, non-political money in general (even if some less modern gold bugs preach that gold is the only solution).

I've also noticed that Bitcoin price movements tend to correlate with that of gold. Sometimes Bitcoin moves first, then gold follows.

ya.ya.yo!

alyssa85

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http://www.wsj.com/articles/bitcoin-catches-on-with-gold-bugs-1463959897

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In April, volatility in bitcoin’s price fell below that of gold for 28 consecutive days, the longest period in its history. Bitcoin volatility also briefly dropped below that of another flight-to-safety trade, the Japanese yen, according to data from FactSet and CoinDesk.

...Bitcoin has become “a store of value for those concerned about other asset classes,” said Gil Luria, head of technology research at Wedbush Securities. “Gold used to be the only refuge for those who have grave concerns over the global economy and monetary system.”

The gold market dwarfs bitcoin. The amount of money in bitcoin is estimated at $6.8 billion by bitcoin wallet provider Blockchain. The over-the-counter gold market trades between $150 billion and $240 billion a day, according to the World Gold Council. Holdings in gold-backed ETFs are close to $80 billion.

...“I’m not ready to give up entirely on gold,” Mr. Stahl said. But “in the next 10 years, there will be a cryptocurrency alternative.”

Topic: Bitcoin catches on with gold bugs (Read 485 times)