Bitcoin has defeated gold - page 65.

markj113

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Quote from: hase0278 on March 02, 2017, 04:40:34 PM

I think bitcoin has not really defeated gold since the gold market was larger than crypto-currency market right now and the users of gold is more than the user of crypto-currency. Bitcoin just passed gold in terms of price but it didn't defeat it yet and I guess it will never be since bitcoin is seen as an investment opportunity by many, not as a currency that can be used to pay online for services.

I would even disagree with this statement, if bitcoin had passed gold in terms of price it would have exceeded its market cap and its not even 0.3% of it (physical market not including leveraged paper contracts)

Total physcial gold market cap = $7,412,468,544,642
Total bitcoin market cap = $20,219,997,543

And thats not even counting the Comex 145:1 leverage paper shit on top.

hase0278

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I think bitcoin has not really defeated gold since the gold market was larger than crypto-currency market right now and the users of gold is more than the user of crypto-currency. Bitcoin just passed gold in terms of price but it didn't defeat it yet and I guess it will never be since bitcoin is seen as an investment opportunity by many, not as a currency that can be used to pay online for services.

markj113

legendary

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Why do people think 1 troy oz gold equates to 1BTC for direct comparison ?

Why not 1g, an imperial oz, a tola, a tael, a kg?

You cannot make a direct comparison between the two.

FlightyPouch

sr. member

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Well, bitcoin's price just got higher than gold, but that doesn't mean that bitcoin is better than gold. Gold is mined like bitcoins but gold are older than bitcoin and it is still be there. Gold is Gold, Bitcoin is Bitcoin.
I dont really care really whether bitcoin got its price higher than gold because I do not really own or make profit from gold.

tbonetony

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No zuo no die why you try, u zuo u die dont be shy

This is invalid comparison for the reasons others have mentioned above.

One Apple share today is around $139 and IBM is at $180/share, so IBM is more valuable than Apple? Oh, and I sold my R4 miner last week for $1500, so my miner was 10+ times more valuable than Apple the company?

If you think this is a milestone, let's set a milestone for every $10 change in btc price. I am sure we have enough items for sale at different price tag so you can celebrate every half an hour?

wise up.

mindrust

legendary

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Defeated?

You are comparing apples to oranges.

Comparing 1 bitcoin's price to an ounce of gold's price absolutely makes no sense at all. If you want to make some sense, compare their market cap's.

Luckily for you, zerohedge already did that.

Can you see the tiny %0.1?

%49 vs %0.1

Who defeated who? Wake up.

Wendigo

legendary

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Hold your horses guys. Gold has been sought after for centuries and has survived the test of time while Bitcoin is the new kid on the block. Bitcoin has potential but it needs to prove its mettle first. Today we are progressing slowly which is great but the future might have other plans for us. Bitcoin is gaining ground that's for sure.

cotton ball

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Quote from: shield132 on March 02, 2017, 01:29:18 PM

Gold's price absolutely depends on another things and it's worldwidely used from begining. Also if we look bitcoin, it's supply is limited like gold in the earth but bitcoin is new, number of mined bitcoins is still low and many people are interested in using it. Also it's decentralized and it's price depends on latest transactions price. So the word Bitcoim has defeated gold <- is wrong.

From the perspective of price levels and potential in future, bitcoin is very superior, Bitcoin should be equated with fiat, not gold. Gold is commodity with a very slow movement, but has a strong resistance to raise prices. While bitcoin is the opposite. Not only from price factor, demand a fast moving market is also the main reason. It's just a matter of hope and confidence, bitcoin certainly beats gold.

betlord90

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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.

Obviously bitcoin defeated gold am so happy that i have some of bitcoin that i buy last year and i stored them to my wallet. I'm very impressive i have 40% profit now nothing can stop bitcoin its very nice to those have patience to wait the bitcoin goes up to the higher level.

olubams

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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.

That's a good one though but I don't know if the same position will still hold by the time we hear one news that is unfavorable to the crypto-world and the price came crashing. I don't think price should be the only factor in considering which one is higher of the two. We should also consider stability because if that is the case, I am sure bitcoin still has a long to way to go in other to catch up with gold...

JL421

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This was something obvious for a person who has invested in bitcoin for a long time that one day we will beat gold easily , but even I agree with you that this happened really fast I'm really happy with the current state of bitcoin I hope It continues to reach new heights and beat better records in the upcoming future.

yellow1

full member

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I don't know why some people thinks this is nothing in bitcoin perspective. Bitcoin already surpassed Gold price per oz. which means this is another milestone in the young history of bitcoin. So if you can't appreciate it and you call yourself bitcoin enthusiast then I don't know what will make you jump for joy.

shield132

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Gold's price absolutely depends on another things and it's worldwidely used from begining. Also if we look bitcoin, it's supply is limited like gold in the earth but bitcoin is new, number of mined bitcoins is still low and many people are interested in using it. Also it's decentralized and it's price depends on latest transactions price. So the word Bitcoim has defeated gold <- is wrong.

manselr

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Quote from: pedrog on March 02, 2017, 11:48:06 AM

Still less than a kilogram of gold.

Just another arbitrary number...

Not arbitrary at all. The oz is the universal measure of gold, and bitcoin has officially surpassed it. This is huge, all economic newspapers and websites will report on this.
Peter Schiff is up for harsh awakening today.

Mometaskers

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There is still more gold in circulation than bitcoin. Also the price can still be quite unstable, though we 'd like to believe that the price wouldn't crash, it's still possible for it to plunge (hopefully nothing below $600). So basically just stay alert and watch for any possible crash. Now depending on whether you still trust bitcoin you can just buy more of the cheap coins. If you're the sort of person that have enough money to invest on both bitcoin or gold, then do so. Don't rely on just one.

pedrog

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Still less than a kilogram of gold.

Just another arbitrary number...

OmegaStarScream

staff

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This means nothing, instead you should probably compare the marketcap. where the gold marketcap is currently $7,422,335,235,457 (yes trillions) and bitcoin is 20$ billion. Gold exists for thousands of years now and It won't simply lose It value because bitcoin came to life. In my opinion, nothing could actually beat gold and silver, no matter how much year passes.

BrewMaster

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There is trouble abrewing

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.

for me, this means nothing.
because as far as i am concerned bitcoin defeated gold the day it was created. and i found out about bitcoin late but from the day i knew about bitcoin until today i have been seeing profit, and the amount of profit bitcoin has given me, gold could never do in all the previous years.

Sundark

hero member

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

Nothing can stop Bitcoin right now.

Except when ETF will see a denial traders who are gearing towards even higher price will dump their coins.
Never say never, if you think that we will have $1200 price as a new floor you can be disappointed in two weeks.
In 2013 we had our first ATH and then month later bitcoin dropped to $200. What makes you think that we can't see similar situation in 2017?

calkob

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Bitcoin just beat gold in the British pound as well in the last 24 hrs. Grin

current price of gold £1007.74, current bitcoin price is £1014.59. This is what i have been waiting for since 2013. i started buying in in late 2013 in the run up to the Mt Gox disaster and i have bought and held all the way down to £150, i just knew that bitcoin was going to be great one day. I believe we are only at the start of this journey.

Topic: Bitcoin has defeated gold - page 65. (Read 28623 times)