Topic: Gold collapsing. Bitcoin UP. - page 1192. (Read 2032266 times)
Yes, the gold bugs seem to be slowly (or quickly - depending on your perspective) coming around. I was very impressed that James Turk of GoldMoney, is now a strong bitcoin advocate, and even investing in btc infrastructure projects. Pretty amazing to see.
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..
Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.
160000 ton is 145 M kg, so 6.9kgAU/BTC
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.
And maybe some hopelessly nostalgic gold bugs.
EDIT: I might do it, just for nostalgia.
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..
Did some research a while back and came up with 160 000 tons of gold and 775 000 tons of silver existing above ground.
That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.
I didn't realize that my remark could be understood as pessimistic
It is my understanding that, entering unknown realms, bitcoin needs references for its capitalization to make sense to anyone.
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It's all fun and games until somebody loses an eye
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
That would put the market capital of bitcoins and gold at equal levels, but I do not see any reason they would need to be equal? Once the powers that be and every body else in the world realizes the advantages bitcoins offer over gold, we could see bitcoin replace the market capital of gold. Someday you might be able to buy 100 kg of gold for a bitcoin, and the only people who do that are going to be jewelry makers and electronics makers.
That's the bank reserves http://fr.wikipedia.org/wiki/R%C3%A9serve_d%27or
http://en.wikipedia.org/wiki/Gold_reserve
(sorry it's in French)
Funny that the french wikipedia doesn't report the same amount than the english one.
http://en.wikipedia.org/wiki/Gold_reserve
Funny that the french wikipedia doesn't report the same amount than the english one.
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Is the global quantity of mined gold really only around 30 000 metric tonnes? That doesn't seem right..
I felt then as I feel now; Bitcoin/gold 'parity' is much closer to 1BTC/kg than 1BTC/oz just on the transmission utility alone. Probably even higher.
yup. Can't wait to buy a kg of gold with 1 btc.
I bet it wont be as long as many might think
Definitely. I have no founded opinion on when exactly this will happen, but I think it is likely to happen at some point; and then I will surely buy 1 kg of gold, just for the fun of it. (I remember that just one or two years ago, 1 kg of gold seemed like something very far away for me to own; at least if I didn't want to spend everything on it. Now it isn't anymore thanks to Bitcoin.)
Global qty of gold in the world ~ 30,562,500 kg
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Global qty of BTC in the world ~ 21,000,000
So 1kg ~ 1 BTC makes some sense. Even 1.455 kg/BTC
Current price of GLD is unsustainable for many mining companies and they've been shutting down some of their sites in 2013. Yet the price has some way to go downward me thinks b/c at the end it's the traders that drives the market not producers.
One of the things which hit me hard and very early was that I could wash ashore naked in Bumfuck Egypt and obtain access to the wealth I had stored in that medium.
Same here. Reminds me of a story contest (1 BTC to win) (not any more) for the best story starting with someone being "beamed naked to xyz by the bitcoin fairy with access to a brain wallet" ;-)
The intention was to get some funny stories as to how one would go about even getting some clothes with only a brainwallet key. It kinda worked, some interesting stories turned up.
Quote from: MofA
Quote
Gold 2.0?
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
http://www.zerohedge.com/news/2014-01-03/bitcoin-versus-gold
So this seems to be the last remaining objection towards bitcoin as Gold 2.0?
It doesn't glitter?
Bummer, and I thought we were up to something here.
Quote
Ever since President Nixon broke the US dollar's last link to gold, the world has been set adrift on a sea of fiat currencies that have been increasingly debased, serving the interests of governments and financial elites. For the last five years, central banks have imposed near-zero rates of interest that have helped push up stock, bond, and real estate prices, but have made it nearly impossible for savers to receive meaningful returns on bank deposits.
To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of 'protective' measures, such as the USA PATRIOT Act, governments have invaded the privacy of citizens and compromised banking secrecy in an unprecedented and often unconstitutional manner. Despite huge potential transaction-cost reductions achievable through advances in digital technology, banks continue to charge exorbitant transaction fees while maintaining transfer delays that reflect a pre-digital age. In addition, bank regulators, led by the IMF, have shown a willingness, in the case of Cyprus, to make depositors liable for poor banking decisions. Many private citizens may naturally see the status quo as a deliberate policy to crush middle-class savers and pave the way for centralized socialism. Some have sought a way out.
To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of 'protective' measures, such as the USA PATRIOT Act, governments have invaded the privacy of citizens and compromised banking secrecy in an unprecedented and often unconstitutional manner. Despite huge potential transaction-cost reductions achievable through advances in digital technology, banks continue to charge exorbitant transaction fees while maintaining transfer delays that reflect a pre-digital age. In addition, bank regulators, led by the IMF, have shown a willingness, in the case of Cyprus, to make depositors liable for poor banking decisions. Many private citizens may naturally see the status quo as a deliberate policy to crush middle-class savers and pave the way for centralized socialism. Some have sought a way out.
Quote
Gold 2.0?
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
http://www.zerohedge.com/news/2014-01-03/bitcoin-versus-gold
It's worth noting that that article came from Euro Pacific Capital; Peter Schiff's firm. Furthermore, the author, John Browne, is listed as their senior economic consultant. While he ends the piece saying he'll stick with gold, it's remarkably positive coming from EPC, and also from an older gold-bug. More people really are being assimilated.
Resistance is futile.
Quote from: MofA
Quote
Gold 2.0?
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
http://www.zerohedge.com/news/2014-01-03/bitcoin-versus-gold
One of the things which hit me hard and very early was that I could wash ashore naked in Bumfuck Egypt and obtain access to the wealth I had stored in that medium. With a little planning at least. This is wholly unlike the kinds of hassles I'd have with PM's in times of crisis, and if one is a phyzzz freak (like yours truly) it is even somewhat cumbersome in these 'good times.'.
Recognizing these virtues and others, I never would have believed that we got down to $2 in the 2011 trough. But so it was, and that is why I continued to buy and took a much bigger position than I anticipated when I started (somewhere around $16.) I felt then as I feel now; Bitcoin/gold 'parity' is much closer to 1BTC/kg than 1BTC/oz just on the transmission utility alone. Probably even higher.
Quote
Ever since President Nixon broke the US dollar's last link to gold, the world has been set adrift on a sea of fiat currencies that have been increasingly debased, serving the interests of governments and financial elites. For the last five years, central banks have imposed near-zero rates of interest that have helped push up stock, bond, and real estate prices, but have made it nearly impossible for savers to receive meaningful returns on bank deposits.
To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of 'protective' measures, such as the USA PATRIOT Act, governments have invaded the privacy of citizens and compromised banking secrecy in an unprecedented and often unconstitutional manner. Despite huge potential transaction-cost reductions achievable through advances in digital technology, banks continue to charge exorbitant transaction fees while maintaining transfer delays that reflect a pre-digital age. In addition, bank regulators, led by the IMF, have shown a willingness, in the case of Cyprus, to make depositors liable for poor banking decisions. Many private citizens may naturally see the status quo as a deliberate policy to crush middle-class savers and pave the way for centralized socialism. Some have sought a way out.
To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of 'protective' measures, such as the USA PATRIOT Act, governments have invaded the privacy of citizens and compromised banking secrecy in an unprecedented and often unconstitutional manner. Despite huge potential transaction-cost reductions achievable through advances in digital technology, banks continue to charge exorbitant transaction fees while maintaining transfer delays that reflect a pre-digital age. In addition, bank regulators, led by the IMF, have shown a willingness, in the case of Cyprus, to make depositors liable for poor banking decisions. Many private citizens may naturally see the status quo as a deliberate policy to crush middle-class savers and pave the way for centralized socialism. Some have sought a way out.
Quote
Gold 2.0?
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
Traditionally, investors have turned to precious metals such as gold to help protect and privately transfer their wealth. However, ever-increasing regulation, monitoring, and physical searches have eroded some of the key protections afforded by gold. Gold's weakness over the past 24 months has also spooked many former adherents. In such an environment, many have seen the recent arrival of digital crypto-currencies as the means to restore the monetary independence that has been co-opted by big governments. Currencies like the now-famous Bitcoin offer the potential for a store of value, low transaction costs, free movement, and anonymity. It's no wonder that Bitcoin has taken the world by storm. But all that glitters is not gold.
http://www.zerohedge.com/news/2014-01-03/bitcoin-versus-gold
Good one here for idealists, tech/future/trend watchers ...
http://letstalkbitcoin.com/e72-powerful-perspectives/
http://letstalkbitcoin.com/e72-powerful-perspectives/
Trace is high on bitcoin
https://www.youtube.com/watch?v=0dNawEe8M1Y
good interview with visionvictory
https://www.youtube.com/watch?v=0dNawEe8M1Y
good interview with visionvictory
So if Roger Ver is "Bitcoin Jesus" .... Trace Meyer is "Bitcoin Buffet" now?
Funnily enough, James Turk has been suggested as ANOTHER (always capitalised by convention
) though I'd always assumed him to be older and middle-eastern. Some sunglass-wearing OPEC advisor perhaps, disillusioned by the 70s, coughing up a final confession.I imagined ANOTHER as some similarly aged/experienced and disillusioned old money scion. I actually prefer your vision as I think about it and remember back to the time when I did a lightning parse through his and FOA's work. Or a complete fraud.
I never would have expected Turk. I've always considered him something of a clod intellectually. Or more accurately, with respect to his ability to think in an orthogonal manner and separate himself from his own interests.
You're right, of course, ANOTHER (and FOA) was far more elegant and many-dimensioned. I think Turk was only considered because he spent the 80s in the Gulf.
Trace is high on bitcoin
https://www.youtube.com/watch?v=0dNawEe8M1Y
good interview with visionvictory
https://www.youtube.com/watch?v=0dNawEe8M1Y
good interview with visionvictory
Wow that was all bull I think cypherdoc got a mention.
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