In the past year gold has increased in value for 1 oz. from about $1160 to $1500 or so, an increase of about 30%.
In the past year a Swiss Franc has increased in value for 1 CHF from about $0.97 to about $1.20, an increase of about 24%.
In the past year bitcoin has increased in value for 1 BTC from about $0.005 to $14, an increase of about 280,000%.
Of course, the past is not a reliable guide for future investment, so do what you think is best.
Bitcoin's rise this year is a one-off due to it's infancy. If you honestly think it will perform like that for eternity then you are lost, my friend!
Euros are traded at far less than $13/Euro. Doesn't that mean they suck even more, by your extremely logical standards?
Absolute value of a currency doesn't mean anything. No offence, but you should do some basic reading on currencies.
@bitcolaThe parent post is just plain embarrassing. In the age of the internet, you could easily research a few things and see you are way off the mark. Lets deconstruct, shall we?
Although the bitcoin lovers claim that one of the benefits of BTC is as a safe haven for your money, recent days events have no proved that.
"Recent days events" eh? Care to provide, you know, some
elaboration to your claims? I really detest open-ended fluffery. Give what you are saying some weight, or don't post it at all.
While gold and swiss Francs have climbed, just look at BTC. Still hovering around the 13-14 mark. It's definitely not a safe haven currency yet and the lack of movement means I'm putting off using it as one e.g. hedge against the euro.
Again, priced against what? If we have to
assume from your statement that it is in US Dollars, fine - but make it clear. This will save you future heartache when people dissect your logic.
I shake my head when I see the
'lack of movement' rationale. You're saying that a currency that has some kind of plateau of stable pricing isn't good enough? Do you realize the markets you are comparing are several
orders of magnitude off from each other?
What exactly compelled you to put your foot in your mouth? I'm at a loss to even attempt explaining it.
Not sure why the insults are flying here. My post was brief and to the point. Any longer, and it may not have gotten any responses. Don't jump to conclusions or make assumptions and flying insults are no help for a good discussion.
Yes, let's assume against the USD. This was my original assumption but I did not want to complicate matters. An assumption against the world reserve currency can safely be made.
Of course I realise they are several magnitudes of order different.
But what I am trying to say is that when there is a gloomy outlook or bad news, possible "tits-up" scenario on the horizon within weeks or even days, then it is normal for there to be a flight to CHF or XAU. As one good example, the last week or so has seen such rises. Whereas BTC has not moved at all. So there is no serious, even small critical mass who believes that BTC is a safe haven. If there were even a few, the price would have budged.
Any ideas?
