Bitcoin value tops gold for first time

bravehearth0319

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Quote from: Vasu Dev on March 08, 2017, 02:28:46 PM

As per BBC news update
A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time.
It closed at $1,268 on Thursday while a troy ounce of gold stood at $1,233.

Read more http://www.bbc.com/news/business-39149475

It maybe true that bitcoin value tops gold for the first time, but because of the volatility of bitcoin has it is still not like gold. Though gold was ancient and bitcoin is not, gold is physically can be touch while bitcoin is not but bitcoin has many things had which gold don't have. But lets see what will happen on the upcoming weeks.

jinko

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this comparison is stupid, because the amount of gold KG that exist is not the same as the amount of bitcoin that will ever exist

Dudeperfect

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It's nothing to feel surprised about it because bitcoin has much more potential than that of gold (consider the growth of both the things) and I am sure in next few years bitcoin will have double price than that of gold. People are looking for an advanced type of investments and expecting a faster growth and bitcoin fulfils their expectations.

Text

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No wonder, bitcoin is really powerful. The falling down of the bitcoin's price is jsut a little compare if it rise again. Are those gold holders willing to sell it for bitcoins? So what would be there prefer for? Is it still gold to make there as the first priority?

piloder

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Quote from: jtipt on March 09, 2017, 09:35:33 AM

And the price drop right is just momentary, with ETF and other things coming up soon the price is bound to rise.

But i expect this downtrend to continue because there is no doubt that bitcoin ETF will not get approved by SEC on current situation. Price may see some more correction after tomorrow than within next few weeks price may regain $1300+ price.

Fatanut

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Quote from: Blitzboy on March 09, 2017, 09:34:44 AM

Sadly, the price has dropped now, but this comparison is a good evidence of bitcoin's unstoppable and rapid growth. It reflects how much attention people are paying for it and how surprisingly successful bitcoin has become. Like 7 years ago, who would ever think there does exist a day when an ounce of gold can be bought with just one bitcoin. That bitcoin has gained what gold has right now while it's still young is a clear evidence for a potential future.

Most of the first people that bought bitcoins, obviously. If we weed out those people that bought bitcoins because somebody close to them is highly recommending it that it's almost as if they were forced to buy bitcoins, what will be remaining are the true investors. Those true investors are either very lucky people that have stumbled upon a good article about bitcoins and believed in it right away or people that knew what was going on. It's not like the existence of bitcoin was kept secret. If you were already a trader at that time, you'd know about bitcoins since somebody in your circle of friends surely had the time to look at the incoming trends.

So yeah, those people believed in bitcoins and some of them are probably still holding tons of bitcoins. It didn't cost that much back then so holding tons of bitcoins isn't that big of a deal.

jtipt

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Quote from: mobnepal on March 09, 2017, 02:30:21 AM

Price have already dropped from that level and it is under the price of one once gold right now, so this news doesn't make sense in current situation but price will get pumped again and i am quite sure it will again cross price of one once gold really soon.

Yes right now the news makes no sense and also is its a 1 week old news. And the price drop right is just momentary, with ETF and other things coming up soon the price is bound to rise.

Blitzboy

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Sadly, the price has dropped now, but this comparison is a good evidence of bitcoin's unstoppable and rapid growth. It reflects how much attention people are paying for it and how surprisingly successful bitcoin has become. Like 7 years ago, who would ever think there does exist a day when an ounce of gold can be bought with just one bitcoin. That bitcoin has gained what gold has right now while it's still young is a clear evidence for a potential future.

iamTom123

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People will always compare one asset with another and that is quite normal. Bitcoin against gold can be a good yardstick when evaluating how far that Bitcoin has gone to conquer the financial world but may not be considered to be the absolute yardstick as there can be other factors to also consider. Bitcoin and gold can be good assets to invest with as they can withstand some disruptions in the global economy (though I don't have the facts for this and the readers should be supplying them lol).

Xester

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Its funny to say this but bitcoin just topped the value of gold for the first time but for a few days only. Right now bitcoins price has moved back a couple hundred dollars back and gold is on the lead again. But even if bitcoin will take the lead again in the coming weeks we cannot deny the fact that gold is a good commodity to invest our money on.

dunfida

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Quote from: AngryDwarf on March 08, 2017, 03:06:15 PM

Old news, and the price has dropped.

It's just a psychological price/unit comparison. There is tons of gold nethermind ounces. Market cap would be a better comparison.

Typically BBC, can't mention bitcoin without mentioning silk road.

I also observe this when anytime BBC mentioned about bitcoin its always attached to silkroad which is somehow a misleading thing for public and think off that bitcoin is really a bad thing to engage on.

hardtime

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This may seem like a major milestone to some and I do believe it is something to be proud of, but it's not going to change the fact that some people would rather have gold (the actual precious metal) in their possession instead of some keys (public and private) in order to have right to the currency in which they worked hard for. I'd be nice if we could do something like this with bitcoin but the actual coin held some bitcoin wealth and not just the gold on the outside of the coin.

Quote from: AngryDwarf on March 08, 2017, 03:06:15 PM

Old news, and the price has dropped.

It's just a psychological price/unit comparison. There is tons of gold nethermind ounces. Market cap would be a better comparison.

Typically BBC, can't mention bitcoin without mentioning silk road.

Bitcoin has a bad rep when it comes to the regular public's light as the only thing in which they think of bitcoin is that it's used by a bunch of junkies on the internet in order to hide from people, when we know that isn't the case in the least. Typical fake news?

Amph

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Quote from: Kakmakr on March 09, 2017, 01:56:27 AM

What unit of Bitcoin should be used to make a fair comparison? 1 - Satoshi or 1 Bit or 1 bitcoin? We should first determine what the best measure for comparison should be, before we make that comparison. How many bitcoins are currently available in comparison to the gold that have been mined.

1 troy-ounce = 1 Satoshi ?
1 ingot = 1 bit ?
1 bar = 1 bitcoin ?

People publish these articles and they do not compare apples with apples. ^hmmmmmm^

obviously you need to use the reference unit, like 1 bitcoin comapred to 1 once, otherwise, it can create confusion by comparing for example 1mbtc with 1 once or 1 gram, and it would look stupid too

there are more once of gold than unit of bitcoin, there is an estimate of 155k tonnes of gold, which is 250x times higher than the 21M marketcap of bitcoin, therefore the real comparison doesn't make any sense anyway

mobnepal

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Price have already dropped from that level and it is under the price of one once gold right now, so this news doesn't make sense in current situation but price will get pumped again and i am quite sure it will again cross price of one once gold really soon.

Kemarit

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Quote from: Kakmakr on March 09, 2017, 01:56:27 AM

What unit of Bitcoin should be used to make a fair comparison? 1 - Satoshi or 1 Bit or 1 bitcoin? We should first determine what the best measure for comparison should be, before we make that comparison. How many bitcoins are currently available in comparison to the gold that have been mined.

1 troy-ounce = 1 Satoshi ?
1 ingot = 1 bit ?
1 bar = 1 bitcoin ?

People publish these articles and they do not compare apples with apples. ^hmmmmmm^

Comparing the price of bitcoin and gold is unreasonable because gold's market cap is around $7 trillion while bitcoin is only $21 billion. If we do math bitcoin price should be around $450,000 to be the same as gold which is impossible to happen in terms of market cap. So yes, its like comparing apples to oranges. And going back to the topic. this is already old news maybe the writer just stumbled on it a few weeks ago and just decided to write about it.

Kakmakr

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What unit of Bitcoin should be used to make a fair comparison? 1 - Satoshi or 1 Bit or 1 bitcoin? We should first determine what the best measure for comparison should be, before we make that comparison. How many bitcoins are currently available in comparison to the gold that have been mined.

1 troy-ounce = 1 Satoshi ?
1 ingot = 1 bit ?
1 bar = 1 bitcoin ?

People publish these articles and they do not compare apples with apples. ^hmmmmmm^

MissGrey

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The Bitcoin always has been compared with gold and this has happened to make real that analogy, for the fact that the Bitcoin can reach the gold price and even to overcome his price and has a limited supply

Schuyler

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The price was not able to break a new resistance that is why we are seeing a test of the support now. If $1,150 does not hold, we might see the price go lower to just over $1000. The good news is we are still at the four digit level, and another good news might push the price back up.

culuuton

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Quote from: Text on March 08, 2017, 10:48:21 PM

There is nothing impossible now with bitcoins, it didn't surprise me anymore I know it could surpass more. But in fact, it can't replace gold even its price is greater. Let's just enjoy what we have now because we didn't know what would happen next so be ready.

Gold is very expensive to use as a currency though because of the middlemen the you need to deal with. It's hard to transport when dealing with large amounts and only certain exchanges will give you anywhere near market value directly.

Text

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There is nothing impossible now with bitcoins, it didn't surprise me anymore I know it could surpass more. But in fact, it can't replace gold even its price is greater. Let's just enjoy what we have now because we didn't know what would happen next so be ready.

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