Topic: When do goldbugs give up? - page 5. (Read 1187 times)

It all depends on your outlook. In the last 5 years gold has been down like 15% which if you also add the loss of purchasing power, makes it even a less fruitful option to go for with Bitcoin being around.

Everyone has its own opinion of course, but we should at least acknowledge the potential of Bitcoin's growth and how it might disrupt everything the traditional system stands for today. If you don't try you don't know.

I'm not going anywhere in life by having my wealth invested in traditional options that yield you a few percent if you're lucky. I'm at a point in life where I can take a significant amount of risk, and I'm sticking to it.

As for OP, the only challenge will be the first trillion. I can see a scenario where various entities will try to prevent Bitcoin from reaching that market cap because of how psychologically important it is. After the first trillion the sky is the limit.

Why you think roach dont hold any Bitcoin?  He have probably more then all that will post in this thread combined.    Now about the Gold. Gold will have value even 100 years form now. No matter of Bitcoin.

It is still more wisely to invest in gold than Bitcoin. At least with Gold, your funds are somehow secured while with Bitcoin the volatility makes it too much risk. Don't worry they don't fuck up anything and they are still smarter than us. They proves it to us not long ago...

Is that any different to all the muppets here claiming "now is the time to buy bitcoin", "you'll never see these prices again".

There is never bad news in bitcoin, its either "to the moon" or "hell yes its just crashed buy now or you'll regret it", heard it all the way down from $19k to $6k.

The way I look at it there is a reason russia and china are buying gold and silver as quickly as possible.  They are not accumulating bitcoin, Bitcoin's real world utility is going backwards with many previous retailers accepting it now ditching it.  All that is left is a speculative monster used to enrich early adpoters at the expense of greater fools.  Money to be made in the short term, doomed in the mid to long term.


Bitcoin has only just exceeded 7 years old so tough to have a that long a bear market, you also have to take in to account currencies as we dont all use the $, the gold price spike after Brexit paid off my current house .

I think the trick with bitcoin and gold is not to get greedy, set yourself goals and targets then take profits at the correct times.  Never go all in on either and dont overstretch yourself which will force you to sell at a loss.  Sticking to this principle has got me financial security for the rest of my life given my daughter a great start (owns her own house at 10 years old with no mortgage )

I love this topic, but why not focus on the price per ounce instead of market cap?  For the average person, that's a foreign concept when it comes to the gold market but the price of an Oz is not.  I don't know what gold's market cap is, but I do think Schiff and all the other permabulls fucked up big time.  They will never publicly admit it, though, because they benefit when people buy gold.  They will ALWAYS be telling the public to buy gold & silver.

Look at this article.  Instead of being realistic and calling a bear market for what it is, they're recommending people get into metals now that they're at 2015 prices!  These kinds of people have been telling people to buy for many years now, and never to sell.  Meanwhile if you bought any metals in 2011-2014 you're still underwater and may never make a profit.  

And forget about metals being an inflation hedge.  If you bought metals in that interval, you're not hedging anything.  You lost money, period.  Your money lost purchasing power.

I would absolutely love it if people like Schiff came out and admitted they're hyping a declining asset, but they're never going to do it.  Not at ANY market cap.

I haven't read anything from him lately.  Maybe he posts in sections I have blocked, but I do recall him being very well-spoken if a little nutty.  Nothing like Schiff, however.  Schiff apparently has a very large fanbase of people who will follow anything he recommends.  That's dangerous when he tells people to buy something that's been falling for years and still can fall a lot.  Gold is just under $1200.  Don't think for a minute that it couldn't go back down to $200 or that silver couldn't fall to $5.

That's a valid question.  Here's the thing:  I don't hear a lot of people in positions of power (like Schiff, who has a platform) hyping bitcoin incessantly.  True, you do hear it a lot on bitcointalk, but that's to be expected.  Also, bitcoin hasn't been in a 7-year bear market.  There have been amazing opportunities to buy bitcoin ever since 2009.

On the other hand, people who were telling others that bitcoin was a screaming buy at $20,000 were just as deluded as any metals permabull.

I dumped all my bitcoin into gold when it was near $19k so who fucked up?

Gold always was and always will be the ultimate store of wealth, you just have to ignore short term price noise.  I still stick to my prediciton that in the next few years central banks will release their own state issued crypto and bitcoin will be banned in most developed countries as it will be seen as direct competition by those in power.

Yeah we can hit the milestone by the next halving, or even before that if it goes into rocket mode earlier. After the $trillion psychological barrier is hit, I expect a big FOMO by big players. Most likely big players will use OTC but this will translate in the market prices short after since there is always someone that knows about these huge OTC deals but they don't have access to OTC liquidity so they go to Coinbase or whatever to pick a bunch and the price rise starts.

But still, I think goldbugs are too deep in denial. 1 $trillion may not be enough. Perhaps it takes half of gold marketcap's for them to wake up, or even as long as gold has a bigger marketcap they will think BTC is just a temporal trend which will go away. I just can't wait to hit the first trillion, once we hit that the rest will happen pretty damn fast.

$1 trillion dollar market cap for Bitcoin is such an important and powerful statement, that it will definitely result in not only capital parked in Gold to shift towards Bitcoin, but pretty much all legacy assets will start bleeding to a certain degree.

After that $1 trillion dollar milestone the "slow" capital (the braver institutions, governments, hedge funds, royal families, etc) will start to massively inflate Bitcoin's price towards even greater hights. It would be a tremendous achievement when governments will finally start stocking up Bitcoin instead of just Gold.

It's actually quite 'easy' to see Bitcoin hit a market cap of $1 trillion. Bitcoin at $60,000 with a circulating supply of around 18 million coins at that point is only a matter of time. Realistically, we're just another bull run away from doing it.

I was wondering, what does it take for a hardcore goldbug like Peter Schiff, or our very own r0ach, to admit that they fucked up big time holding gold instead of Bitcoin?

Currently gold is around 7 $trillion marketcap, I haven't paid attention to gold to get the exact value but last year it was around that. Bitcoin is around 100 $billion as of today.

At what point will some traditional goldbugs publicly accept that they should have at least, diversified some of their gold into Bitcoin? I have added a poll with 5 options, the most conservative one is when BTC reaches 1 $trillion, because I don't expect any of them to admit they were wrong any time sooner than that.

The poll never expires.