Bitcoin has defeated gold - page 53.

mindrust

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Quote from: Vishnu.Reang on August 16, 2017, 04:46:29 AM

Why we are comparing one oz. of gold with one Bitcoin? These units are not the same. One oz. is not equivalent to one coin. IMO, we should be comparing one tonne of gold with one Bitcoin. So here is my comparison:

One tonne of gold: $38,600,000
One Bitcoin: $4,100

We should compare market caps. Anything else is irrelevant. Market cap itself is not the most reliable data but that's the best we got.

In Oct 2016;

http://www.zerohedge.com/news/2016-10-27/needham-raises-bitcoin-price-target-848-heres-why

Now;

Conclusion; bitcoin has %0.87 of the total gold market. If an ounce of gold is $1270 while the market cap is $8,000 billion, that means the total supply is: 6,299,212,598 ounces. So;

An ounce of gold from 6,299,212,598 ounces = 1270$
A btc from 16,507,962 bitcoins = 4100$

16507692/6299212598= 0.0026206BTC

If 0.0026206BTC ever equals to 1270$, that will be the time when bitcoin will become as valuable as gold.

When that time comes 1bitcoin will be = 500k$

so, to defeat gold, 1btc should be 500k$ or more.

Btc and gold supply both will rise in time but i am not crazy enough to calculate those.

Vishnu.Reang

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Why we are comparing one oz. of gold with one Bitcoin? These units are not the same. One oz. is not equivalent to one coin. IMO, we should be comparing one tonne of gold with one Bitcoin. So here is my comparison:

One tonne of gold: $38,600,000
One Bitcoin: $4,100

Ayiranorea

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Quote from: BitcoinPC on August 16, 2017, 03:55:02 AM

Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Yeah, Bitcoin has defeated the gold. But when you asked this thread then bitcoin was $1260 and now you could see bitcoin price has been increased more then triple, and now bitcoin is $4152. So definitely bitcoin beat the gold and now may be in the coming time, we would be compare the bitcoin price with diamond price.

Bitcoin has grown triple the value of gold to reach the ath. Gold has been given preference as a most trusted reserve, now too that prevails among the users who doesn't wish to risk their earnings. One who focus on profiting prefer bitcoin over gold though it has got risks due to the volatile nature.

babarian

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

I also feel that way,
Initially I also did not expect that bitcoin prices can beat the price of gold
But in the past few months I've just learned and feel that the bitcoin price is so phenomenal and unstoppable

Schuyler

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If we are talking about the price of gold per ounce, then it is clear that bitcoin has overtaken it many times over. But if we are to compare one bitcoin with one gold bar, there is still a long way to go. But it isn't impossible that one day, we see that the price of both are in the same level already, if not bitcoin having the higher price. That might come sooner than later because even if bitcoin is still in its early stages of existence, it already commands a high value because of the finite number of coins that can be mined.

BitcoinPC

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Yeah, Bitcoin has defeated the gold. But when you asked this thread then bitcoin was $1260 and now you could see bitcoin price has been increased more then triple, and now bitcoin is $4152. So definitely bitcoin beat the gold and now may be in the coming time, we would be compare the bitcoin price with diamond price.

betlord90

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Quote from: zarados on August 16, 2017, 03:30:51 AM

Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

well, right now the price of the bitcoin already 3x gold price. Ofcourse bitcoin has defeated gold , but it's just in term of price. But Gold still hold a biggest popularity around the world faction, Gold survive until Thousand of year until now. But People who know about bitcoin, is just a few percent of this world population. That mean, bitcoin has not defeated gold in All category. We'll see, how long the bitcoin will survive.

Apparently that is happening right now but for me gold is passive investment that have huge possibilities that will gain more value when more years to come and with bitcoins we cannot still guarantee that this coin will continue to live for further more years so I can't conclude to put some huge money here since I'm not sure on where would bitcoins take us for this far.

zarados

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

well, right now the price of the bitcoin already 3x gold price. Ofcourse bitcoin has defeated gold , but it's just in term of price. But Gold still hold a biggest popularity around the world faction, Gold survive until Thousand of year until now. But People who know about bitcoin, is just a few percent of this world population. That mean, bitcoin has not defeated gold in All category. We'll see, how long the bitcoin will survive.

Reid

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Defeated is a wrong word for it.
It is just natural that bitcoin can come with this large price because of the number of it that is available.
Keep in mind that we also know what number it will end, unlike gold which is unknown.
Many places are still not discovered and there could be one that have lots of gold in it. That is why its price just stayed there.

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Quote from: streazight on August 15, 2017, 12:14:30 PM

Anyone who is saying that Bitcoin hasn’t defeated gold must have been blind all this while. You can’t compare gold with bitcoin at its current rate.
Bitcoin is now at the rate of $4000, with lots of investments into. I don’t even think there are lots of people investing gold like that. Gold can’t compete in the ring this time around, because Bitcoin already won the belt.

I gather you should look at trading volumes

If you really want to really see how Bitcoin actually fares against gold. You may look at these charts (though they are pretty old already but still):

And note that these figures represent only physical gold trades (no paper gold) that managed to make it into statistics. According to the the World Gold Council (WGC), bullion banks often trade directly against each other, and thus the true volume is in fact underestimated. Now compare these figures with Bitcoin trading volumes (measly 3-4 billion dollars, half of which are fake at that), and you will see how far behind gold Bitcoin actually is

Aventhe

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Well, we have come quite a long way since then, with the price of bitcoin now at ~$4200 USD. However, there is more to 'bitcoin vs gold' than just the standalone price.

Gold is far more stable than Bitcoin, with the price barely increasing or decreasing over time. If you want to secure your funds with a very small window of risk, gold is your man. If you think that fiat is not going to survive for very long, gold is a very viable option to invest in than bitcoin.

Bitcoin on the other hand is highly volatile and can increase or decrease its value in a very short period of time, sometimes even without notice or warning. If you smartly invest in bitcoin when it is at a low price, you can't really go wrong. However if you buy high and panic sell when the price drops or dips a little, then investing may not be the thing for you.

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Quote from: batang_bitcoin on August 15, 2017, 11:59:44 PM

Quote from: kristaline-ian on August 15, 2017, 06:37:19 PM

hi guyz! newbie here.. please help me do it too,a lil bit confused

In what part you are having confusion? Do you have gold already? I can't understand on how I'm going to help you if you didn't indicate what is the specific part you need help. Anyway, bitcoin has defeated gold in terms of demand. Bitcoin no doubt the demand is starting to boom and we can see the effect of it with its current pricing.

That's a very far-fetched claim

If not outright bullshit. Once we had a discussion of gold versus oil in terms of daily turnover (i.e. how much gold and oil is sold and bought daily), and if I'm not mistaken, gold was a clear winner back then. Its daily trading volume reached something like 300 billion dollars, i.e. so many billions of dollar-worth of gold is traded every day. Now compare that to the whole of the so-called Bitcoin market cap with its daily volumes of just a few billion dollars

batang_bitcoin

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Quote from: kristaline-ian on August 15, 2017, 06:37:19 PM

hi guyz! newbie here.. please help me do it too,a lil bit confused

In what part you are having confusion? Do you have gold already? I can't understand on how I'm going to help you if you didn't indicate what is the specific part you need help. Anyway, bitcoin has defeated gold in terms of demand. Bitcoin no doubt the demand is starting to boom and we can see the effect of it with its current pricing.

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Quote from: bahandhi0508 on August 15, 2017, 10:44:04 PM

Quote from: ydrogios on August 15, 2017, 02:44:52 PM

Above ground gold is worth $6T compare that to BTC market cap, and you'll see that it's a hundred times smaller. But even gold is nothing comparing to seeds and drinking water (they are building GMO free seeds depositors not for fun).

In my own insight gold is nothing compared with bitcoin's demand nowadays, but the certain about is really promisinf and price was hitting the top as of now. So this is now agreeable that Gold is already beaten by the price if bitcoin a $4000.

Well bitcoin has defeated quite a lot of its competitors in investments with its great run right now. But gold is still gold so i'm not really counting it out yet but bitcoin is way ahead right now.

bahandhi0508

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Quote from: ydrogios on August 15, 2017, 02:44:52 PM

Above ground gold is worth $6T compare that to BTC market cap, and you'll see that it's a hundred times smaller. But even gold is nothing comparing to seeds and drinking water (they are building GMO free seeds depositors not for fun).

In my own insight gold is nothing compared with bitcoin's demand nowadays, but the certain about is really promisinf and price was hitting the top as of now. So this is now agreeable that Gold is already beaten by the price if bitcoin a $4000.

aeternus

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

We must not chant victory, when the economy goes bad gold has a tendency to do well, and when the economy is in a terrible shape gold tends to do exceptionally well, we do not know what it is going to happen in such a scenario, will people run to gold as always or will they take refuge in bitcoin?

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Quote from: ikilledcobain on August 15, 2017, 02:48:32 PM

Hmm, it may be worth more than gold, but defeated is a strong word.

I like both as an investment. Gold is for if TSHTF.

The bitcoin and gold has the different meant. I must say the gold just a value that has formed by the art, So you can see the gold has used to make jewelry and something that has contained the art value. The bitcoin is not just a value but a lot of the usefulness that really used by a lot of people. that brings the value to the bitcoin. I can say the value of bitcoin more than gold.

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Quote from: raymart0720 on August 15, 2017, 06:15:10 PM

woaaahh its a new milestone for bitcoin having higher than any currency means higher rate of bitcoin..... and also higher opportunity for miners and savers of btc to do much more for the next decades and history too

i do not think that there is any competition between the two. because both are different from each one. bitcoin is a currency and people are using it for shopping and for running business but, gold is a precious element that people do not use as currency but try to hold it or make jeweler from it.

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hi guyz! newbie here.. please help me do it too,a lil bit confused

Pakar11220

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Quote from: soul-impact on March 02, 2017, 11:13:27 AM

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Great. I love BTc price lol now its 4120$ Cheesy

It amazing i love to know these things.

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