Very interesting aricle regarding Bitcoin and Gold

Comments

  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    Well, gee, if they are the same price I'd rather have gold.
  • GoldmattersGoldmatters Posts: 4,068 Admin
    edited March 2017
    @RocketDog they arent actually the same price. As the aricle suggests 1 oz or 1 bitcoin is a completely arbitrary measurement. The article has a lot of value because it explains much about bitcoin and gold and relative market cap :)
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    @GoldMatters Any insight on how "bitcoin mining" works?
  • GoldmattersGoldmatters Posts: 4,068 Admin
    @ike11ike Specifically how to mine for bitcoins? Thats a long and complex technical subject. You would need special equipment and expertise. I prefer to look at bitcoin from an investing\speculating perspective.

    I dont have any particular insight on bitcoin mining :)
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited March 2017
    bitcoin mining just requires a computer running an algorithm that mimics the time, energy used and scarcity of gold mining. At this point, the coins are being created less and less as they are capped at 20M coins I believe. People tend to use powerful computers that run 24/7 to get the bitcoins. The scarcity is cheapened by the fact that anyone can make a new cryptocurrency (litecoin, dogecoin etc). I'll take the real stuff B)
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    What is worth more, a $1500 pair of shoes or a $1235 ounce of gold. "Worth" is all in the eye of the beholder and what they are willing to pay for it.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭

    What is worth more, a $1500 pair of shoes or a $1235 ounce of gold.

    Definitely the shoes :wink:


    Good point @GoldIsCurrency
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    edited March 2017
    Those shoes are gold so now you leave me in a conundrum.... okay I still prefer the ounce of Gold but those shoes do look fast. ;)
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    another deposit for me and the wife please :) gold is cheaper today AKA on discount :)
  • tomartotomarto Posts: 112 Copper ✭✭
    GMONEY1
    GMONEY1 said:

    People at work today were literally saying "Bitcoin is worth more than gold now; I gotta get some bitcoins" ... I was like oh boy, smacked my head, logged onto Goldmoney, and bought more gold.

    Mike Maloney Thinks that "BITCOIN MEETS THE GOLD PRICE " this is great ,i have to disagree ,i think hes lost the plot.

  • tomartotomarto Posts: 112 Copper ✭✭
    Well at least Peter Schiff agrees with me > Better Bet: Gold or Bitcoin ?CNBC 2/27/2017 ..debate



  • tomartotomarto Posts: 112 Copper ✭✭
    However outstandingly Bitcoin has been in its short life, it has big limitations with respect to utility ,also its store of value

  • goody1goody1 Posts: 4 Tin ✭
    Price discovery is like apples and oranges. The futures exchange where gold price is discovered is overwhelmed with endless paper derivative gold which is why Bullion Banks like JP Morgan or Scotia Bank create gold contracts sometimes reach ridiculous levels hundreds of times mining production supply. Take December 2016 over a 3 day period of Comex gold paper trading 2 and 1/2 years of production was traded in that period and gold price was driven down. These Bullion Banks in many cases work for Central Banks to protect the paper dollars we spend and they control. The day before Americans could purchase gold again in the US in 1975 the Comex gold futures trade was created which has little to do with actual physical demand on a daily basis. Most commodity futures trade 10 or 15 times production but gold and silver are hammered many times that and the CFTC the regulating agency turns away from this nefarious activity to protect the Federal Reserve note issued by a private corporation. It is like gold and silver vs the monetary system sold to us by a bunch of private banker types yet over time gold gains against these odds. Bitcoin has much less restraints I think.

    Bitcoin is bid for without intervention only by those that own them and those that want the actual Bitcoin, not some derivative that can be created massively out of thin air. The block chain technology is good I think but of course you can't hold a bitcoin in your hand so that is a con for me.
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