Could Bitcoin Crash Gold? - page 5. | Bitcointalksearch.org

Kprawn

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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

BitProdigy

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We Are The New Wealthy Elite, Gentlemen

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".

Beliathon

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https://youtu.be/PZm8TTLR2NU

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

pitham1

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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.

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

hunnaryb

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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.

Acererak

newbie

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Gold (and Silver) are in the Periodic Table. They are eternal. If there is a rocky and oxygenated planet our space agencies might discover peopled with travelers who can travel from there to here to visit, they will know Gold when they see it-

In Charlemagne's empire, all of Europe was run on silver pennies. At the same time, all of Central America, those great pre-Columbian civilizations, were running on Gold. These metals will never not be recognized as money-

That said, it is not out of the bounds of possibility that in the next 20 years, a generational monetary disconnect could brew up where de-leveraging aging Baby Boomers sell their metals and still-acquiring Millenials choose to stack Bitcoin over Gold/Silver as their rainy day insurance of choice. Stranger things have happened. But even were that to happen, it would, inexorably, be temporary, and once the Masters of the Bitcoin Universe all play their cards, and a "new normal" market valuation for it stabilizes even as everyone in the world is buying and spending it, then Bitcoin and Gold will finally rapproche and find their relative value to the other. And don't be surprised if thereafter 1 oz. Gold is always the higher priced unit of exchange over 1 BTC-

manselr

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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.

n2004al

legendary

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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.

g1974ak

newbie

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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.

harrymmmm

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IMHO, the right way to think about bitcoin in the global economy is that it's kinda viral. Pretty much unstoppable; it will eat up most transactions over time.
As a result, I'd guess it will take over from gold as a wealth storage method, and gold price will drop - maybe not a sudden crash, but an inevitable gold decline.

BitProdigy

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We Are The New Wealthy Elite, Gentlemen

Quote from: foodstamps on July 23, 2015, 09:19:27 AM

Lol, do you really think something with a $4,000,000,000 market cap could crash something that has a known market cap at least 1000x that?

Shocked

Yes. Just like the market cap of fax machines was still 1000x that of email at one time. It's not like they are going to use their market caps to buy weapons and fight each other to the death. The market cap comparison is irrelevant. Obviously if bitcoin crashed gold it would mean that all of the money from gold is transferring over to bitcoin. Gold's market cap shrinks as bit coin's rises. Bitcoin is sucking it's market cap straight out of gold's.

If someone is buying gold as a store of value, and then learns that bitcoin is a superior store of value, he's likely to start buying bitcoin, and perhaps buying bitcoin WITH his gold. Do you see? The value of gold being transferred to bitcoin as the worlds best store of value. The comparison of their current market caps give no indication as to whether or not bitcoin could crash gold.

madonnino

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I ❤ www.LuckyB.it!

gold is gold,It was used as a bargaining chip already two thousand years ago. Bitcoin is digital gold, another story

altcoinhosting

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Quote from: jonald_fyookball on July 25, 2015, 11:10:26 AM

OP, I'd be a bit skeptical that this perception has
reached the masses yet. Otherwise we'd have
a larger market and higher price for Bitcoin.

But yeah, in the next 10,20,30 years, Gold
will go down for sure and Bitcoin will go up
for all the reasons you pointed out.

I can follow bitcoin going up and gold doing down... But BTC crashing gold seems impossible for me (just my opinion)

aakashsangwan

hero member

Activity: 994

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PUGG.io

Yes Bitcoin Can crash gold very easily.
But first whales have to move out from Bitcoin so that there will be a steady growth and not these biweekly pumps and dumps.

faridkifly

sr. member

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I think yes dude, because in my country gold rate is down... And now I regret to invest in gold Cry

btcdealer

full member

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yes bitcoin might crash gold because of its ever changing value....

bitcoinmar

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its need too many years because Gold is holding by many countries in huge amount and bitcoin is still no recognize by any government

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

OP, I'd be a bit skeptical that this perception has
reached the masses yet. Otherwise we'd have
a larger market and higher price for Bitcoin.

But yeah, in the next 10,20,30 years, Gold
will go down for sure and Bitcoin will go up
for all the reasons you pointed out.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: Realpra on July 25, 2015, 06:08:27 AM

Gold has already lost to fiat in terms of usage.

I don't know if gold will disappear, but its definitely in trouble because its difficult to check if the gold is real or tungsten-filled.
We also know that most "gold" is paper gold... which is quite funny really.

I have also seen physical gold that was marked with lasers or something - so am I trusting the lasers or the gold?

Actually trading real gold incurs heavy fees/costs of course.

Also what exactly is the case for gold?

Investment: Land is probably safer and more profitable.

Doomsday: Just buying supplies with cash will probably be more likely to work. If you CAN'T buy stuff anymore
where are you going to spend the gold/silver coins you hoarded 50 years waiting for disaster?
Canned food would help you more.

Currency: Hasn't been for decades/centuries?

Currency collapse: Any investment, bitcoin, job or ownership will help you there.

LTB told me they don't even use silver anymore at "Pork fest"? Its mostly Bitcoin now.

As far as i know the Gold will never disappear, at least not in the real life.
Maybe in digital tech it can be lost but in real life we will touch it

Realpra

hero member

Activity: 815

Merit: 1000

Gold has already lost to fiat in terms of usage.

I don't know if gold will disappear, but its definitely in trouble because its difficult to check if the gold is real or tungsten-filled.
We also know that most "gold" is paper gold... which is quite funny really.

I have also seen physical gold that was marked with lasers or something - so am I trusting the lasers or the gold?

Actually trading real gold incurs heavy fees/costs of course.

Also what exactly is the case for gold?

Investment: Land is probably safer and more profitable.

Doomsday: Just buying supplies with cash will probably be more likely to work. If you CAN'T buy stuff anymore
where are you going to spend the gold/silver coins you hoarded 50 years waiting for disaster?
Canned food would help you more.

Currency: Hasn't been for decades/centuries?

Currency collapse: Any investment, bitcoin, job or ownership will help you there.

LTB told me they don't even use silver anymore at "Pork fest"? Its mostly Bitcoin now.

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