Page 1 of 1

Will Bitcoins start replacing gold?

PostPosted:Mon Jul 10, 2017 7:14 am
by Hakik
Bitcoin's value has gone through the roof, and more investors are turning to Bitcoins as a commodity investment. Some are starting to use it as an alternative to gold.
Lee predicts investors will look to bitcoin as a gold substitute, and the fact that the amount of available bitcoin is reaching its limit makes this supply/demand story even more compelling for those looking to turn profits in the crypto market.

“Bitcoin supply will grow even slower than gold,” Lee said. “Hence, the scarcity of bitcoin is becoming increasingly attractive relative to gold.”

Another driver could come from central banks, which he expects will consider buying bitcoin if the total market cap hits $500 billion.
http://www.marketwatch.com/story/bitcoi ... 2017-07-09

This could be great news for Bitcoin owners, and bad news for gold investors. Gold prices have been sagging with the recent jobs report, and the resilient stock market.

On the other hand, there's still a lot of skepticism about Bitcoins, and even talks of a bubble and potential crash. Which makes sense when you see how insanely fast the price of Bitcoins went from $484 to $3,041 at its peek within just the last 12 months. Is the Bitcoin enthusiasm justified, or has it become just an over-hyped buzzword?

Image

What will you bet your money on, Bitcoins or gold?

Re: Will Bitcoins start replacing gold?

PostPosted:Mon Jul 10, 2017 8:19 am
by Kumacho
It's gone up so rapidly because of ransomware explosion. It is a bubble, in that it is artificially inflated by the actions of the authors of the ransomware. It could burst; but I don't see hackers using any other means of collecting their booty.

The other thing that could happen is ransomware could become less utilized and/or international legal crackdowns on ransomware.
Image

Re: Will Bitcoins start replacing gold?

PostPosted:Mon Jul 10, 2017 3:43 pm
by kocher
No. Since cryptocurrencies like Bitcoin and Ethereum are intangible they can be co-opted by franchises. Banks can begin to devise their own blockchain algorithms to invalidate them and monopolize the market.

Gold and Bitcoin are being used similarly as a store of value, but gold has what cryptocurrencies don't - longevity and reliability. Gold has weathered wars, collapses, and to this minute are inching upwards. The price of Bitcoin can fluctuate in a heartbeat.

I dumped about 4.2K into Bitcoin in Mid-2013 where there wasn't much to lose. I'm considering switching over to a gold-backed cryptocurrency pretty soon.

Re: Will Bitcoins start replacing gold?

PostPosted:Mon Jul 10, 2017 4:24 pm
by Kumacho
kocher wrote:
Mon Jul 10, 2017 3:43 pm
No. Since cryptocurrencies like Bitcoin and Ethereum are intangible they can be co-opted by franchises. Banks can begin to devise their own blockchain algorithms to invalidate them and monopolize the market.

Gold and Bitcoin are being used similarly as a store of value, but gold has what cryptocurrencies don't - longevity and reliability. Gold has weathered wars, collapses, and to this minute are inching upwards. The price of Bitcoin can fluctuate in a heartbeat.

I dumped about 4.2K into Bitcoin in Mid-2013 where there wasn't much to lose. I'm considering switching over to a gold-backed cryptocurrency pretty soon.
Yes, they are very open to manipulation.

You know, like propagating viruses to increase the value? Bitcoin executives are the perpetrators of the world's biggest financial scam. Build the virus, demand bitcoin and profit.

Re: Will Bitcoins start replacing gold?

PostPosted:Mon Jul 10, 2017 5:00 pm
by kocher
Kumacho wrote:
Mon Jul 10, 2017 4:24 pm
kocher wrote:
Mon Jul 10, 2017 3:43 pm
No. Since cryptocurrencies like Bitcoin and Ethereum are intangible they can be co-opted by franchises. Banks can begin to devise their own blockchain algorithms to invalidate them and monopolize the market.

Gold and Bitcoin are being used similarly as a store of value, but gold has what cryptocurrencies don't - longevity and reliability. Gold has weathered wars, collapses, and to this minute are inching upwards. The price of Bitcoin can fluctuate in a heartbeat.

I dumped about 4.2K into Bitcoin in Mid-2013 where there wasn't much to lose. I'm considering switching over to a gold-backed cryptocurrency pretty soon.
Yes, they are very open to manipulation.

You know, like propagating viruses to increase the value? Bitcoin executives are the perpetrators of the world's biggest financial scam. Build the virus, demand bitcoin and profit.
You think Bitcoin execs are behind Ransomware attacks, specifically WannaCry? Sounds like a conspiracy theory, got a source? Cryptographic digital currency is usually untraceable, using hardcoded Bitcoin addresses to collect payments. The wallets are publicly accessible while the owners remain unknown, making Bitcoin the popular option for Ransomware extortion.

Bitcoin value fell after WannaCry, as evidenced by your graph, which occurred on May 12th.

Re: Will Bitcoins start replacing gold?

PostPosted:Tue Jul 11, 2017 9:43 am
by Kumacho
kocher wrote:
Mon Jul 10, 2017 5:00 pm
Kumacho wrote:
Mon Jul 10, 2017 4:24 pm
kocher wrote:
Mon Jul 10, 2017 3:43 pm
No. Since cryptocurrencies like Bitcoin and Ethereum are intangible they can be co-opted by franchises. Banks can begin to devise their own blockchain algorithms to invalidate them and monopolize the market.

Gold and Bitcoin are being used similarly as a store of value, but gold has what cryptocurrencies don't - longevity and reliability. Gold has weathered wars, collapses, and to this minute are inching upwards. The price of Bitcoin can fluctuate in a heartbeat.

I dumped about 4.2K into Bitcoin in Mid-2013 where there wasn't much to lose. I'm considering switching over to a gold-backed cryptocurrency pretty soon.
Yes, they are very open to manipulation.

You know, like propagating viruses to increase the value? Bitcoin executives are the perpetrators of the world's biggest financial scam. Build the virus, demand bitcoin and profit.
You think Bitcoin execs are behind Ransomware attacks, specifically WannaCry? Sounds like a conspiracy theory, got a source? Cryptographic digital currency is usually untraceable, using hardcoded Bitcoin addresses to collect payments. The wallets are publicly accessible while the owners remain unknown, making Bitcoin the popular option for Ransomware extortion.

Bitcoin value fell after WannaCry, as evidenced by your graph, which occurred on May 12th.
I don't need no source! This is eBaum's! Did the truthers have any valid sources when they inundated the forums? No! Did the FEMA camp crowd have valid sources?! Nay!

Besides, WannaCry was actually (on the money making end) very ineffective. It only made around $131,324.76. Yeah, that would drive down the value. You see, you're proving my CT!

Re: Will Bitcoins start replacing gold?

PostPosted:Tue Jul 11, 2017 1:33 pm
by kocher
K .