Could Bitcoin Crash Gold? - page 4. | Bitcointalksearch.org

Mickeyb

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Quote from: Aki4real on July 31, 2015, 01:59:24 PM

What people seem to forget, that gold is used in many of the things we use today.
No not jewellery.. but it's also used in smartphones etc.

Due to it's industrial usage and history, if you look at it with a macro view, you will see the current downtrend in gold is no big deal.

IMHO it will always stay a valuable good and hopefully it will co-exist with Bitcoins.

My 2 cents

Well we can have influence on its price, and put a down pressure on its price, but we will not extinct gold. I don't even dream this big. Gold has existed for 2,000 years and will exist another 2,000.

What we need to make sure from now is that Bitcoin exists out there with gold as well in 2,000 years.

Amph

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Quote from: Aki4real on July 31, 2015, 01:59:24 PM

What people seem to forget, that gold is used in many of the things we use today.
No not jewellery.. but it's also used in smartphones etc.

Due to it's industrial usage and history, if you look at it with a macro view, you will see the current downtrend in gold is no big deal.

IMHO it will always stay a valuable good and hopefully it will co-exist with Bitcoins.

My 2 cents

actaully gold is not so used in industrial so much as many think, you have diamond and copper that have a much heavy use

gold has a better value simply because it is harder to get now, the mining farm are limited and are all controlled, somehow centralized...

if bitcoin becomes big enough it can surely crash gold by a value point of view, this if we compare one ounce to 1 btc

Aggressor66

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I believe in technology ( bitcoin & other crypto currencies) more than gold .
Gold is good but in real its very hard to buy things with it, special small ones and it can be counterfeited and its still have weigh which makes it hard to move & store .
But bitcoin & other crypto currencies your wealth can be stored in a txt file / a piece of paper or even in your mind .

Aki4real

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What people seem to forget, that gold is used in many of the things we use today.
No not jewellery.. but it's also used in smartphones etc.

Due to it's industrial usage and history, if you look at it with a macro view, you will see the current downtrend in gold is no big deal.

IMHO it will always stay a valuable good and hopefully it will co-exist with Bitcoins.

My 2 cents

Derrike

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Quote from: altcoinhosting on July 23, 2015, 06:55:09 AM

I don't think it ever will... I truely believe BTC will become a mainstream payment method, but i don't think it'll ever replace gold... People love shiny things Grin

Couldn't agree with you more.

yup he is totally wrong.
As Bitcoin is a digital currency and not physical just like gold.
But if you like shiny things than you can buy physical Bitcoin (that much simple).
But as Bitcoin is just a child against gold which is from ages.

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Quote from: markj113 on July 30, 2015, 10:40:13 AM

If anyone thinks we are about to take off and start mining asteroids any time in the near future you need a reality check.

All the gold ever mined could still fit inside an average sized 4 bedroom house, all $8.2 trillion of it now that is rare!

The thing is, gold is being rated and priced according to it's rarity and it's proven not to be the case. They find new gold deposits on earth too, and the mining operations are getting better at extracting it. It has also been found on asteroids, with the possibility for it to be mined in the future.

I love gold, but it's impact on earth is devastating based on the damage that is done to extract it. The most damage is done, in areas that are very remote and poorly regulated. Lots of trees and plants are removed to excavate and animals are killed and water are polluted.

How many people have died in mining accidents?
The cost of that average sized 4 bedroom house full of gold was huge.

zeraTunerse

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Quote from: g1974ak on July 30, 2015, 09:55:14 AM

Quote from: afriezalie on July 30, 2015, 09:01:48 AM

Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.

The price of gold has its up and down. Only a few years ago the price of gold was at record levels. Amount never seen before. So the down price of today's days is normal cycle of the price of one good that has his cycle of price. Gold will never decline. There are hundred of years that serve as a etalon.

But I don't think that bitcoin can ever crash gold even in the future, the fluctuation in gold price is a part and parcel, this is since the inception of gold, so even at present if gold prices are going down, it would go much higher in the future.

markj113

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If anyone thinks we are about to take off and start mining asteroids any time in the near future you need a reality check.

All the gold ever mined could still fit inside an average sized 4 bedroom house, all $8.2 trillion of it now that is rare!

g1974ak

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Quote from: afriezalie on July 30, 2015, 09:01:48 AM

Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.

The price of gold has its up and down. Only a few years ago the price of gold was at record levels. Amount never seen before. So the down price of today's days is normal cycle of the price of one good that has his cycle of price. Gold will never decline. There are hundred of years that serve as a etalon.

Derrike

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Quote from: afriezalie on July 30, 2015, 09:01:48 AM

Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.

No, at least the pumps in gold prices remain there for a long time.
But you cannot say the same for Bitcoin.

Ingatqhvq

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Probably. But it's need time. Hope we can see this happened some day.

afriezalie

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Until today i still say it's not possible. But maybe in 10years or 20years later it'll become possible. Gold price has crashed and gone down continously since one month ago and bitcoin price go higher. But Gold still win in popularity.

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Quote from: Blawpaw on July 30, 2015, 07:39:49 AM

I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.

Gold is only scarce to a planet-bound civilization. We are no longer planet-bound, and gold is downright abundant in our solar system. Gold was an excellent investment in 1915, but a terrible investment to be making in 2015.

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Quote from: Blawpaw on July 30, 2015, 07:39:49 AM

I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.

The utility aspect is a pretty minuscule part of its value. The overwhelming majority is all value parking and speculation.

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I think that would be impossible. Assuming that gold is scarce and has an immense utility, its own intrinsic value dictates that it would be always more valuable than Bitcoin.

TinEye

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Quote from: hunnaryb on July 29, 2015, 07:35:40 PM

Quote from: manselr on July 28, 2015, 11:56:41 AM

Quote from: n2004al on July 28, 2015, 10:49:59 AM

Quote from: g1974ak on July 28, 2015, 10:46:59 AM

The strong point of bitcoin is not the being currency but being technology. So the success of bitcoin will be more the technology behing it than the use of it like a currency. In this point of view has nothing to do with the gold. Gold is another thing. It serve as a world reserve while bitcoin as a technology which will disrupt to many other technologies.

That's correct. The technology behind bitcoin will change most of the technologies actually in use becoming those obsolete and unusable because of not being competitive anymore. Bitcoin as a currency will profit from this and will emerge as a currency. But to tell that will crash gold seems something futuristic for me.

True but never underestimate the power of gold. Gold is something that's everywhere and iconic for wealth in almost every culture in the world. Its network effect is probably the greatest of all time, even if Bitcoin is superior in basically every single feature.

Yes Gold is one of the most powerful investment product over the years and it is very popular across the globe, Bitcoin crashing Gold, I don't think that it is possible as people have more faith in Gold and would surely invest in Gold rather then investing in bitcoins.

i think you're wrong gold is already crashing without the need of bitcoin to crash it, when bitcoin will be fully adopted i'm sure that people will have more faith in it, the same as gold, and gold will be forgotten if not for its intrinsic value

Quote from: Kprawn on July 30, 2015, 01:57:48 AM

Well in theory, if the asteroid called 433 Eros investigated by NASA and found to possibly contain more gold than ever extracted on Earth, could be broken up in smaller pieces and brought to earth, it could be

possible to extract more than $3,000,000,000,000 worth of gold. This could turn out to be very expensive, but if it was possible, the price of gold could collapse.

Once private companies like Virgin and Ellon Musk get the hang of space flight, they could invest in cheaper methods to do space exploration and mining and this might happen way faster than we think.

So if all these impossible things happen and the gold price fall through it's ass... Bitcoin might be seen as a better store of value. {We know only 21 000 000 coins would ever exist} Wink

so gold is not even a good store of value, because in theory, based on this revelation there can be infinite gold in the universe, maybe far away in the universe, scientists could discover a better element than gold that can be used more in the industry, one never know

Kakmakr

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There is space for both, but is there enough room for growth? You cannot have a commodity with no growth, it will simply grow smaller and die. One commodity must loose market share for the other to grow.
The Bitcoin supporters wants more people to invest in Bitcoin, for their investment to show a profit, and the same goes for the people who invest in gold.

For Bitcoin to crush gold, something must happen to the gold market or people invested in other commodities must trust Bitcoin more than gold. Will that happen? Nope

n2004al

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I will go further. Why one must replace the other when all can live together. Everyone in his space and everyone in his duty. It is talked to much about the lack of fees for the bitcoin and for its existence without the banks but an economy cannot exist without the banks. I think that bitcoin will be merged with the banks. Its technology will make possible that banks will be evolved and everything will be better end better. On the other hand as it was with every new technology which has improved the everyday living of everyone of us.

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Quote from: pitham1 on July 29, 2015, 08:04:53 PM

There is enough space for Bitcoin and gold to co-exist in this planet.
It is fiat which is going to have a problem.

There is place for everything in this our world. For the gold, for the bitcoin and even for the fiat money. the problem to be understand is that everyone of those three are complementary and not substitute of each other. Gold cannot do the things which do bitcoin and fiat money. Bitcoin cannot replace fiat money because have not physique form an until now are not invented yet the tools that can made the using of bitcoin like the fiat money. And at the end the fiat money cannot replace gold as a reserve asset because of it s inflation in time.

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Quote from: BitProdigy on July 29, 2015, 11:08:36 PM

Quote from: Beliathon on July 29, 2015, 08:28:32 PM

Bitcoin can and will crash the relative value of gold. Diamonds will not be effected.

The only reason I agree is because the price of gold is 95% based on it's monetary value as a store of value. Only 5% of it's price is based on it's intrinsic value as an industrial metal used for electronics and jewelry. People will transfer their wealth into whatever they perceive to be the best monetary store of value, and that being the case, bitcoin is currently better at being a money on every single aspect than gold is. It is therefore quite possible that the wealth that is currently stored in gold based it's monetary value may be transferred to bitcoin, and gold will be left with it's 5% intrinsic value as an industrial metal and shiny object used as jewelry.

As I heard in an interview, "gold is just shiny bitcoin".

Complete bollocks -

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