it could easily, and bitcoin has already done this, go to the "Gold collapsing , Bitcoin up" thread in speculation board, also seeing how gold is falling hard this time will be even more brutal, the distance that bitcoin will take with the next mega pump, will be bigger
if bitcoin can manage to surpass 2k in value(not really that difficulty, when you see plenty of prediction which consider 10k an easy step in few years) i think gold is done and crashed for good
Topic: Could Bitcoin Crash Gold? - page 7. (Read 5913 times)
I think yes, because gold is going down... and why not? Bitcoin can crash more than only gold.. we just need to do something for it, bring more people to Bitcoin and let big companies accept it 
I thinki now why gold prices is lowering...
When the crisis hit the US some of the whales bought gold. When the stock market started to pick up again they would talk in public about gold and others started to buy gold. Then the whales sold out and the sheep heard was stuck with the gold. A common pump and dump....
Gold has never been a good investment to ordinary people but a safe haven trough crises for rich people.
When the crisis hit the US some of the whales bought gold. When the stock market started to pick up again they would talk in public about gold and others started to buy gold. Then the whales sold out and the sheep heard was stuck with the gold. A common pump and dump....
Gold has never been a good investment to ordinary people but a safe haven trough crises for rich people.
People still invest in ‘gold’ or ‘bonds’ as a way to save money an grow their wealth. But when you need to transfer your gold across the border or withdraw your bonds, you’re sure to draw some attention. Or worse, you might even get robbed. But if you use Bitcoin, then you can just store your money in a digital wallet, and take your property anywhere in the world without a single question being asked. Simple!
When I say that bitcoin is the ultimate money on the planet I say this from a purely technical standpoint. The qualities that make anything a sound money are in general store of value, medium of exchange, fungibility, unit of account, divisibility, and portability.
Bitcoin is superior to gold on a purely technical standpoint as money because gold is inherently flawed in the fact that it cannot realistically stand alone as it's own form of currency. Consider someone buying a multimillion dollar house with gold, are they going to load up a truck with all the gold and drive it to the sellers vault? How long does that take and how much does that cost? How would you buy a book on amazon.com with gold? Are you going to mail some gold coins to amazon's headquarters?
In order to use gold, a currency must always be created which acts as a receipt for gold, or a gold certificate which is redeemable in gold, or a bank note that you can trade and which can be redeemed in gold, that solves the problem of gold's difficulty as a medium of exchange. This inherent weakness in gold which necessitates the creation of certificates receipts and bank notes is what makes it inferior to bitcoin.
Bitcoin has the value storage capacity of gold because of it's scarcity and the rate at which it is generated, but includes the best form of medium of exchange we have ever seen so that there is no need to produce receipts, certificates, notes that are more easily tradable. Bitcoin is already easily tradable, unlike gold, and even improves on golds value storage capacity because of it's definite predictable certain scarcity. It is the ultimate sound money therefore.
History shows that when certificates for gold are printed, or some currency is created that is backed by gold, there is no way to prevent more of them being printed than exists gold that backs them up, this causes bank runs, economic instability, eventually only partial redeem ability of the notes in gold, and inevitably purely fiat money that is no longer backed by gold. This cycle repeats over and over in history, but it stops with bitcoin.
Bitcoin is superior to gold on a purely technical standpoint as money because gold is inherently flawed in the fact that it cannot realistically stand alone as it's own form of currency. Consider someone buying a multimillion dollar house with gold, are they going to load up a truck with all the gold and drive it to the sellers vault? How long does that take and how much does that cost? How would you buy a book on amazon.com with gold? Are you going to mail some gold coins to amazon's headquarters?
In order to use gold, a currency must always be created which acts as a receipt for gold, or a gold certificate which is redeemable in gold, or a bank note that you can trade and which can be redeemed in gold, that solves the problem of gold's difficulty as a medium of exchange. This inherent weakness in gold which necessitates the creation of certificates receipts and bank notes is what makes it inferior to bitcoin.
Bitcoin has the value storage capacity of gold because of it's scarcity and the rate at which it is generated, but includes the best form of medium of exchange we have ever seen so that there is no need to produce receipts, certificates, notes that are more easily tradable. Bitcoin is already easily tradable, unlike gold, and even improves on golds value storage capacity because of it's definite predictable certain scarcity. It is the ultimate sound money therefore.
History shows that when certificates for gold are printed, or some currency is created that is backed by gold, there is no way to prevent more of them being printed than exists gold that backs them up, this causes bank runs, economic instability, eventually only partial redeem ability of the notes in gold, and inevitably purely fiat money that is no longer backed by gold. This cycle repeats over and over in history, but it stops with bitcoin.
I don't think Bitcoin has reached "ultimate money on the planet" status.
I think the trends you're noticing are a coincidence. The volume of bitcoin users or transactions is still very, very small compared to fiat currency transactions. And because bitcoin's transaction volume is so relatively small it doesn't take as much activity to move the price a greater swing one way or the other. A bunch of us on this forum talk about the Greek currency crisis, theorize how bitcoin would be the safe alternative, buy some more bitcoin anticipating a possible run, and then see that run up (due to our cycle of conversation.)
It's possible that the rest of the world didn't see any need to "flock to gold" because all the other fiat currencies are (relatively) stable, not linked to the Greek currency success or failure. And the people of Greece can't easily move their money to gold anyway, given the austerity measures that were already in place.
Also, Gold is priced at its intrinsic value if the current price is what people believe its worth, if the market value equals its perceived true value. I.e., if people believe that gold is really scarce (and not just supply-controlled by jewelry companies) then it's current value is its intrinsic value.
I think the trends you're noticing are a coincidence. The volume of bitcoin users or transactions is still very, very small compared to fiat currency transactions. And because bitcoin's transaction volume is so relatively small it doesn't take as much activity to move the price a greater swing one way or the other. A bunch of us on this forum talk about the Greek currency crisis, theorize how bitcoin would be the safe alternative, buy some more bitcoin anticipating a possible run, and then see that run up (due to our cycle of conversation.)
It's possible that the rest of the world didn't see any need to "flock to gold" because all the other fiat currencies are (relatively) stable, not linked to the Greek currency success or failure. And the people of Greece can't easily move their money to gold anyway, given the austerity measures that were already in place.
Also, Gold is priced at its intrinsic value if the current price is what people believe its worth, if the market value equals its perceived true value. I.e., if people believe that gold is really scarce (and not just supply-controlled by jewelry companies) then it's current value is its intrinsic value.
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?
No.
Stupid mainstream media now says (like many times before) : "Gold is dead"
-> you should buy gold (& BTC )
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?
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