Silver is loosing ground due to rise of cryptocurrencies

LeonardoDiCrypto

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Quote from: fiulpro on July 23, 2018, 01:14:02 AM

In many developing countries where gold and silver are so important almost every function in the house is related with it , the dieties the important utensils , earrings and other ornaments , these precious stones are always over the top.
Now the recent survey shows that silver is loosing ground due to cryptocurrencies, and these precious stones are now getting cost stabilized.
What you think is it a good or a bad news ?
Well personally I think it's a pretty good news more and more people will be able to afford it and also I think these precious metals are over valued so it's doing good that it's somehow getting their value down and establishing it's own place.

Where has this survey been done and by whom? If true it is quite shocking to learn that cryptos are already affecting the price of silver.

prinlyn

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Quote from: squog on September 25, 2018, 10:49:01 PM

Is there more information about this because I've seen prices of silver today and i don't think that it was decreasing or if it did, it's not Earth shattering. Whether or not the price of silver is increasing or decreasing, i don't think that it would matter or be even caused by crypto currency. I mean Fiat can't touch crypto what more silver.

In my community most people just prefer gold and not silver because silver has no value in the market. People also do not use silver. Demand for silver is very low although the price is also very low compare to that of gold. People will prefer gold instead of cryptocurrency but will never prefer silver in place of cryptocurrency. For me first gold and they cryptocurrency.

gezhid008

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I prefer to think of gold and silver as an ornament. And bitcoin is more suitable for investment and storage. With gold and silver prices now falling, it would be wiser to invest in bitcoin.

evforster

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Quote from: bitgogo123 on September 20, 2018, 02:52:55 AM

It will not appear in the short term. But in the long run, gold and silver will depreciate in the future. The cryptocurrency is a brand new, free coin. Will be supported by more people.

Every one certainly have their opinion but let's face it, in this case, there is no correlation at all between silver and cryptocurrencies. I am not surprised, since a lot of people certainly want to find a reason for a downtrend in any market.

If bitcoin is down, something is causing it, if gold or silver is down; cryptocurrency is the major culprit and so on. It is just a way of trying to find an excuse in their head for some occurrences. Moreover, everything about all these precious metals like Pharmacist said is all hype.

manfredmann

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Quote from: snipie on July 23, 2018, 01:43:18 AM

I would prefer if you attached an article link. In my opinion,we cannot compare silver and Bitcoin that way. Silver is something material that is used in many things as you stated. Bitcoin is a virtual money if we can describe it that way. I don't see competition between the two, maybe Gold vs Bitcoin could be more interesting to compare but definitely not a relatively less valuable material vs Bitcoin.

Yeah totally agree with this idea. The thread is not that really credible because it needs supporting documents to prove the thread its worth. Anyway, I do not agree that silver is losing because of cryptocurrency since silver is also a vast or widely known to all over the world and this does not need some documents to prove its credibility. It is known to all good men here that silver has its own market price value also and people had some demand on it due to its use such as accessories and etc.

GunsLair

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These two values aren't connected in any way, in my opinion. Silver, like gold, people perceive as a means of accumulation for many years. These are mostly people who belong to the older generation. They see these objects in silver and gold, they can touch and hold them in their hands. Not all of them are ready to change these values to bitcoin.

joyclicks

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Quote from: newcollegestar on September 25, 2018, 06:16:11 AM

Quote from: The Sceptical Chymist on September 13, 2018, 12:20:27 PM

Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

Dude...I'm not saying gold or silver is entirely useless, but if there's an EMP from, say, a nuclear airburst there's going to be more useful items than precious metals--assuming you're alive to use them.

And if we're talking about a relatively simple case of the internet crapping out, I think cash would be a lot more useful. If you're thinking of a case where fiat would be worthless, then I'd say again there are more useful things. Land, food, water, guns and those kind of things are going to be your best friends. In a real disaster, I highly doubt people are going to be resorting to precious metals bartering. I don't care what the goldbugs say. That's all hype, trying to get you to buy metals.

Absolutely right, in the cases of natural disasters, it is damn obvious that no one will ever bother themselves about some gold or silver but would rather prefer something they can at least lay their hands on and will be useful for that period of time.

You see people trying to find shelter, food to eat, clothes to wear and then you want to bring the idea of exchanging gold or silver, it won't even suffice. Like you said, it is all hype and no matter what they want people to keep believing, that does not change it from being hype.

Yeah it is right, more and more people are investing their money in cryptocurrency because silver has no or very low value in the markets and give you no profits if you hold big quantity of silver. It is much better to invest this money in cryptocurrency, hold them for some time and you will get your share from the profit. Cryptocurrency can make you rich in few years.

squog

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Is there more information about this because I've seen prices of silver today and i don't think that it was decreasing or if it did, it's not Earth shattering. Whether or not the price of silver is increasing or decreasing, i don't think that it would matter or be even caused by crypto currency. I mean Fiat can't touch crypto what more silver.

newcollegestar

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Quote from: The Sceptical Chymist on September 13, 2018, 12:20:27 PM

Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

Dude...I'm not saying gold or silver is entirely useless, but if there's an EMP from, say, a nuclear airburst there's going to be more useful items than precious metals--assuming you're alive to use them.

And if we're talking about a relatively simple case of the internet crapping out, I think cash would be a lot more useful. If you're thinking of a case where fiat would be worthless, then I'd say again there are more useful things. Land, food, water, guns and those kind of things are going to be your best friends. In a real disaster, I highly doubt people are going to be resorting to precious metals bartering. I don't care what the goldbugs say. That's all hype, trying to get you to buy metals.

Absolutely right, in the cases of natural disasters, it is damn obvious that no one will ever bother themselves about some gold or silver but would rather prefer something they can at least lay their hands on and will be useful for that period of time.

You see people trying to find shelter, food to eat, clothes to wear and then you want to bring the idea of exchanging gold or silver, it won't even suffice. Like you said, it is all hype and no matter what they want people to keep believing, that does not change it from being hype.

glowing10

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Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

One should always have a balanced investing plan and not just invest in crypto itself. It could be dangerous as that year be not for crypto and gold and silver could do better so if you stay invested in that too atleast you can make some money their.

spongegar

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I don't know, is there data supporting thing or is it an oversimplification of a fact? I mean crypto currency doesn't have any correlation with precious metals. I mean if there is, both would increase because i see ICOs with precious gems and metals as a backing for their coins. I would say silver will increase it's value mainly because it has been the norm.

1NV3ST0NM3

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Quote from: fiulpro on July 23, 2018, 01:14:02 AM

In many developing countries where gold and silver are so important almost every function in the house is related with it , the dieties the important utensils , earrings and other ornaments , these precious stones are always over the top.
Now the recent survey shows that silver is loosing ground due to cryptocurrencies, and these precious stones are now getting cost stabilized.
What you think is it a good or a bad news ?
Well personally I think it's a pretty good news more and more people will be able to afford it and also I think these precious metals are over valued so it's doing good that it's somehow getting their value down and establishing it's own place.

How can you compare silver with Bitcoin? I mean one is a metal and other is a digital currency. You would have made some sense if you had compared the investment side of silver with Bitcoin, but you yourself stated so many other uses of silver. How can Bitcoin be used as an important utensil, earrings or ornaments, etc? So I don’t think Bitcoin can affect the silver’s consumption in any way.

lingwistiko

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╔►[FILIPINO Translator]◄╝

Cryptocurrencies in the like of bitcoin is already considered as the new gold of this era but in digital form. It can even be mind digitally too and people are investing on it like they sold their precious ductile metal and invest it in either making their mining rigs or investing directly into bitcoin. There is also a possibility that other people who invested in silver also moved their asset into cryptocurrencies.

cintamoni

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Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

Better to posts source if you want people to believe you.Anyways let me clear for you sliver is physically thing where cryptocurrency isn't.

bitgogo123

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It will not appear in the short term. But in the long run, gold and silver will depreciate in the future. The cryptocurrency is a brand new, free coin. Will be supported by more people.

Rejevunator

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Quote from: The Sceptical Chymist on September 13, 2018, 12:20:27 PM

Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

Dude...I'm not saying gold or silver is entirely useless, but if there's an EMP from, say, a nuclear airburst there's going to be more useful items than precious metals--assuming you're alive to use them.

And if we're talking about a relatively simple case of the internet crapping out, I think cash would be a lot more useful. If you're thinking of a case where fiat would be worthless, then I'd say again there are more useful things. Land, food, water, guns and those kind of things are going to be your best friends. In a real disaster, I highly doubt people are going to be resorting to precious metals bartering. I don't care what the goldbugs say. That's all hype, trying to get you to buy metals.

Both have different feature, cryptocurrency can not be access without internet where silver haven't any connection with internet plus not everyone know about cryptocurrency.

gonzadz77

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Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

How you can say such thing about silver and cryptocurrency ?. Since when cryptocurrency are now start comparing with silver?. Both have different features with different rate.

Ng93

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Silver is a metal that has a certain value since ancient times. For example, now it costs$ 15 per ounce and maybe in 50 years silver will cost$ 25 is an asset to save your money, but not for speculation.
If you want to make money on speculation, you in cryptocurrency. And maybe bitcoin will help you. It is desirable to consider investments for a year. And to compare and say that money flows from one asset to another makes no sense

The Sceptical Chymist

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Quote from: lightcar on September 13, 2018, 12:10:59 PM

I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

Dude...I'm not saying gold or silver is entirely useless, but if there's an EMP from, say, a nuclear airburst there's going to be more useful items than precious metals--assuming you're alive to use them.

And if we're talking about a relatively simple case of the internet crapping out, I think cash would be a lot more useful. If you're thinking of a case where fiat would be worthless, then I'd say again there are more useful things. Land, food, water, guns and those kind of things are going to be your best friends. In a real disaster, I highly doubt people are going to be resorting to precious metals bartering. I don't care what the goldbugs say. That's all hype, trying to get you to buy metals.

lightcar

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I still think its a good backup plan to keep some gold/silver in your house incase of an EMP or some other big natural disaster that leaves us without internet.

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