Topic: Could Bitcoin Crash Gold? (Read 5913 times)
I need to agree. Gold 2.0 will out traditional gold in value. because bitcoin has the feature of easily move-able around the world with out worry of any border. Whereas Gold really lags in this.
may be someday it will happen,gold crash on many countr,just because crisiss in greece.
but i dont think it will happen on my country
but i dont think it will happen on my country
If bitcoin will crash the gold this will happen everywhere and not on one single or small group of countries. I don't believe this but if it will be, it will be everywhere.
may be someday it will happen,gold crash on many countr,just because crisiss in greece.
but i dont think it will happen on my country
but i dont think it will happen on my country
Bitcoin could probably crash gold if it meets the following criterias: mainstream adoption, and an increase in price. Could you imagine Bitcoin being worth as near as Gold or even valuable than Gold? Only time will tell if this is going to happen. Just my opinion. 
A bitcoin is already worth more than a gram of gold. You need to be more careful with defining your units in any comparison.
Bitcoin could probably crash gold if it meets the following criterias: mainstream adoption, and an increase in price. Could you imagine Bitcoin being worth as near as Gold or even valuable than Gold? Only time will tell if this is going to happen. Just my opinion.
bitcoin and gold are seperate types of "currency", although they have a bit of effect on each other.One doesn't make the other obsolete
I don't think that Bitcoin will ever crash Gold. Bitcoin is still in its initial stage, many countries are not willing to regulate ,it seems that they will never do it in the future as well. On other people trust gold and they are looking it as traditional way to invest your money. There is a big gap between Bitcoin and people which needs to be fill by awareness and knowledge sharing.
i have never tried buying gold but i dont see how bitcoin can crash gold market on its own .. gold has been around in market from a long before bitcoin so bitcoin is not the only factor playing in its price
The same for me. Bitcoin and gold are two very different entities that "play" everyone its part in this world. Have no points of contact except maybe that both can be assets of investments but for bitcoin this is not sure but only hypothetical while for gold is sure hundred per cent. So I don't see how bitcoin can crash gold. Even one day will be worth thousand of dollars. Gold will have always his place in the world economy and as a reserve in Central Banks.
i have never tried buying gold but i dont see how bitcoin can crash gold market on its own .. gold has been around in market from a long before bitcoin so bitcoin is not the only factor playing in its price
If Bitcoin becomes the store of value for the majority of the under banked and unbanked, it could replace gold as the preferred medium for storing wealth.
That is a big if. There is a reason why there is under-banking prevalent in many parts of the world. It is probably because of low ticket size (not worth the bank's time) or tough regulations (too much effort for the ticket size). So these people don't exactly have a lot of wealth to store.
First quantum computers are already functional - in the future all encryption will become useless killing bitcoin.
I would put money on scenario B happening before scenario A
Yes of course, if quantum computers were to put on sha-256 algorithm and then started mining bitcoins then they would mine the whole Bitcoin network because they are much more powerful and very much power efficient. I would put money on scenario B happening before scenario A
You both need to read up before making such pronouncements.
1) quantum computers can only speed up a rather narrow range of additional problems. ALL forms of cryptography (even as currently used) are not vulnerable.
2) hashes are generally believed to NOT be very vulnerable to quantum computing
Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.
Bitcoin price hasn't been 'going downwards' for quite a few months now. And it does indeed appear to be rising on a parabolic curve.
I think your idea of parabolic growth is different to everyone elses -
You can cherry-pick periods to make it look how you want, but I think 'everyone' reasonable would agree bitcoin price has bottmed out and started climbing again. That's a parabola.
I was watching the charts very closely during the Greek madness that went on during the past few weeks. One would have expected gold to get at least a little boost from the crisis, yet it continued it's downward trend, seemingly completely unaffected by the Greek crisis.
Bitcoin on the other hand experienced notable boosts, you can actually track significant spikes in the price of bitcoin against certain days when Greece made decisions or certain events happened in Greece that caused people to look for alternative stores of value and currency.
This has me wondering if bitcoin is affecting gold. Gold has been declining in price ever since 2012. It seems to be that for the past 5000 years gold has been valuable because it was the ultimate form of value storage on the planet, and a pretty good currency, making it the best money on the planet. Without it's use as store of value and money, if those utilities are removed from it's value and price, it's intrinsic value as just an industrial metal is minuscule in comparison.
Now that bitcoin is on the scene, it seems that gold is no longer the ultimate store of value nor the ultimate money on the planet. Bitcoin improves on the things which make gold a good store of value and at the same time integrates improvements on the medium of exchange features of paper money making it not only a superior store of value, but also a superior currency or medium of exchange, making bitcoin the best money on the planet.
If bitcoin is now the ultimate money on the planet, will this cause gold to crash to it's intrinsic value as an industrial metal used in circuitry and jewelry?
Bitcoin on the other hand experienced notable boosts, you can actually track significant spikes in the price of bitcoin against certain days when Greece made decisions or certain events happened in Greece that caused people to look for alternative stores of value and currency.
This has me wondering if bitcoin is affecting gold. Gold has been declining in price ever since 2012. It seems to be that for the past 5000 years gold has been valuable because it was the ultimate form of value storage on the planet, and a pretty good currency, making it the best money on the planet. Without it's use as store of value and money, if those utilities are removed from it's value and price, it's intrinsic value as just an industrial metal is minuscule in comparison.
Now that bitcoin is on the scene, it seems that gold is no longer the ultimate store of value nor the ultimate money on the planet. Bitcoin improves on the things which make gold a good store of value and at the same time integrates improvements on the medium of exchange features of paper money making it not only a superior store of value, but also a superior currency or medium of exchange, making bitcoin the best money on the planet.
If bitcoin is now the ultimate money on the planet, will this cause gold to crash to it's intrinsic value as an industrial metal used in circuitry and jewelry?
For a bitcoin future, bitcoin is easier to store than gold
If Bitcoin becomes the store of value for the majority of the under banked and unbanked, it could replace gold as the preferred medium for storing wealth.
maybe Bitcoin Crash Gold..because user bicoin is so many people right now
please refer to post #109
maybe Bitcoin Crash Gold..because user bicoin is so many people right now
I do not think so, the price of gold is also always increasing, while bitcoin prices always go up and down
Lol in what planet does gold "always increase"? lets look at the all time graph
There you have it.
yes, dud.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.
gold is unlimited all over the universe, divided up to a particle.
bitcoin could only be divided as low as 1 out of 100 million and very limited as 21 million.
I think your completely wrong because according to some study (Goldman Sachs) in another 20 to 30 years, the world may run out of minable gold. Mining output has been fairly flat for these years and also new discoveries of gold mines have been very less in these days. So do not compare gold with bitcoins. If you have power then you can start mining bitcoins but gold is something completely natural so once finish it is gone for forever.
Scientists have found many precious metals on asteroids and are working on methods to extract those metals from asteroids or capture them and bring them to earth.
First quantum computers are already functional - in the future all encryption will become useless killing bitcoin.
I would put money on scenario B happening before scenario A
I highly doubt bitcoin will ever be able to replace gold.
Gold has been in use for centuries already whereas bitcoin is still in its infancy. Also consider the fact that most governments will roll out their own digital currencies (like Ecuador) which will have an impact on the mass adoption of bitcoin. People will flock to these alternative digital currencies as they will be backed by their governments and local banks.
When these digital currencies fail (and they will), people will flock to precious metals and its only at this time when we will start to see true mass adoption of bitcoin.
Gold has been in use for centuries already whereas bitcoin is still in its infancy. Also consider the fact that most governments will roll out their own digital currencies (like Ecuador) which will have an impact on the mass adoption of bitcoin. People will flock to these alternative digital currencies as they will be backed by their governments and local banks.
When these digital currencies fail (and they will), people will flock to precious metals and its only at this time when we will start to see true mass adoption of bitcoin.
Also if bitcoin is causing the price of gold to drop then surely this huge influx of new money would be causing the price of bitcoin to go parabolic instead of downwards.
Bitcoin price hasn't been 'going downwards' for quite a few months now. And it does indeed appear to be rising on a parabolic curve.
I think your idea of parabolic growth is different to everyone elses -
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