Bitcoin price is higher than 1 oz of Gold. But,

lionheart78

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Quote from: Silberman on March 06, 2017, 06:54:29 PM

Quote from: OROBTC on March 06, 2017, 03:15:01 PM

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I cheer that the price of Bitcoin is now over that of 1 oz of gold. Great.

But, I recently read that Bitcoin does not have history (this of course is not a new idea), it has no long-term record of going through the cycles of economic and even political history. Bitcoin is unproven going into the future.

Bitcoin has shown itself to be reasonably sturdy in recent years and is catching on, more slowly than I would like, as a payment mechanism (a currency).

There are many facets of looking at the price relationship of Bitcoin and gold. In this thread, I invite comments re history and its relevance on gold and Bitcoin as Store of Value, now and into the future.

There is nothing to be done about this, gold has a proven record of thousands of years while bitcoin is still a kid the only way we can prove bitcoin will resist anything thrown at it, is by waiting and seeing the results.

Actually, Bitcoin is just a fetus compared to the span of time gold had been around for centuries. Though I do not think that this should be the basis in comparison of the two. Both offers two different things though at the same time can be used as store of value, Bitcoin can be moved easily anywhere, everywhere, an ideal of a real currency which gold is lacking.

as of security or being safe i would have Bitcoin for it for the reason stated by:

Quote from: gentlemand on March 06, 2017, 06:41:15 PM

Quote from: Slark on March 06, 2017, 06:28:13 PM

Safe have type of assets need to be immune to political, economic and sociological conditions - and bitcoin is not immune.

If those are the criteria then there's never been and never will be a safe haven. Gold has been confiscated, controlled and manipulated like mad too. Its status as a safe haven is by permission of the powers that be. Obviously long term a gold burier will be fine, but if they want to return to normal markets if restrictive conditions are in place then that's a grind.

Silberman

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Quote from: OROBTC on March 06, 2017, 03:15:01 PM

...

I cheer that the price of Bitcoin is now over that of 1 oz of gold. Great.

But, I recently read that Bitcoin does not have history (this of course is not a new idea), it has no long-term record of going through the cycles of economic and even political history. Bitcoin is unproven going into the future.

Bitcoin has shown itself to be reasonably sturdy in recent years and is catching on, more slowly than I would like, as a payment mechanism (a currency).

There are many facets of looking at the price relationship of Bitcoin and gold. In this thread, I invite comments re history and its relevance on gold and Bitcoin as Store of Value, now and into the future.

There is nothing to be done about this, gold has a proven record of thousands of years while bitcoin is still a kid the only way we can prove bitcoin will resist anything thrown at it, is by waiting and seeing the results.

gentlemand

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Welt Am Draht

Quote from: Slark on March 06, 2017, 06:28:13 PM

Safe have type of assets need to be immune to political, economic and sociological conditions - and bitcoin is not immune.

If those are the criteria then there's never been and never will be a safe haven. Gold has been confiscated, controlled and manipulated like mad too. Its status as a safe haven is by permission of the powers that be. Obviously long term a gold burier will be fine, but if they want to return to normal markets if restrictive conditions are in place then that's a grind.

Slark

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Quote from: gentlemand on March 06, 2017, 06:13:50 PM

This 'Bitcoin as safe haven' is a mirage put around by cultists. It'll be the first thing to go if most people are squeezed.

I was never fond of bitcoin as safe haven concept.

How can something so unproven (I mean from economic point of view, technical background or security of bitcoin network is spotless) is considered to be safe haven asset.
Bitcoin is more side track of main economy route, semi-official way to invest money. True, BTC is probably the best investment project of our generation.
But decentralized nature of BTC it a double edged sword as we want to it to work in centralized society, therefore BTC need to be stripped of its most valuable properties.
Safe have type of assets need to be immune to political, economic and sociological conditions - and bitcoin is not immune.

gentlemand

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Welt Am Draht

The lack of market battle testing is an interesting one that's rarely picked up on. In a way Bitcoin has had an easy ride - its rise has been surrounded by pathetic interest rates and explosive asset growth. That's a lot of free and stagnant money looking for a home.

This 'Bitcoin as safe haven' is a mirage put around by cultists. It'll be the first thing to go if most people are squeezed.

It definitely has the potential to be a better gold. It's going to take decades if it survives.

Proficient

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Bitcoin's value being over an ounce of gold is not really relevant. People could choose any arbitrary amount of gold, which is not really a unit, and then go on and say that Bitcoin is more valuable than gold, but the actual market cap of Bitcoin is obviously significantly less than gold.

Bitcoin needs to be viewed as a genuinely stable investment and that isn't achieved by some clickbait sites arguing that Bitcoin is better than gold because the value of Bitcoin is more than an ounce of gold - it needs to show stability and prove to investors that it is a genuine solution rather than a fad.

NUFCrichard

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Quote from: OROBTC on March 06, 2017, 03:15:01 PM

...

I cheer that the price of Bitcoin is now over that of 1 oz of gold. Great.

But, I recently read that Bitcoin does not have history (this of course is not a new idea), it has no long-term record of going through the cycles of economic and even political history. Bitcoin is unproven going into the future.

Bitcoin has shown itself to be reasonably sturdy in recent years and is catching on, more slowly than I would like, as a payment mechanism (a currency).

There are many facets of looking at the price relationship of Bitcoin and gold. In this thread, I invite comments re history and its relevance on gold and Bitcoin as Store of Value, now and into the future.

It is worth noting (in my eyes anyway) that you can't actually buy 1oz of gold for 1 bitcoin yet, or where I have looked it is still 1.00x BTC for an ounce.
Bitcoin is far more volatile than gold, that is a good thing at the moment, as gold is slowly falling/stagnating, but Bitcoin is rising quickly.

I will get some gold in the near future, but Bitcoin is far more exciting to me at the moment, but it can quickly become more scary too when it drops like a stone!

thaaanos

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I think the pattern is easily noted.

It is a security contest with a progressive jackpot.

OROBTC

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...

I cheer that the price of Bitcoin is now over that of 1 oz of gold. Great.

But, I recently read that Bitcoin does not have history (this of course is not a new idea), it has no long-term record of going through the cycles of economic and even political history. Bitcoin is unproven going into the future.

Bitcoin has shown itself to be reasonably sturdy in recent years and is catching on, more slowly than I would like, as a payment mechanism (a currency).

There are many facets of looking at the price relationship of Bitcoin and gold. In this thread, I invite comments re history and its relevance on gold and Bitcoin as Store of Value, now and into the future.

Topic: Bitcoin price is higher than 1 oz of Gold. But, (Read 497 times)