Anyone notice how outdated Gold is as a safe haven asset?

in bitcoin •  7 years ago 

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Gold has been stuck in neutral for the last two years while Bitcoin has been setting new highs and breaking out to where a safe haven asset should look like. Are gold traders finally realizing that Bitcoin is the future and gold is outdated? Why is bitcoin outperforming gold so much?

It seems to me like comparing bitcoin to gold would be like comparing the invention of the computer to the typewriter. Computers are much more efficient and can do several other tasks other then just write, while a typewriter is much more bulky and is limited to what it can do and can only perform one function and task while a computer is used for several other reasons.

Bitcoin is used as several things rather then just a safe haven asset bitcoin can be used for transferring money more effectively and efficiently for a lower cost, it can be used as currency, online purchases, purchases anywhere in the world virtually. Bitcoin serves several functions while gold really only serves one purpose and one function as a safe haven asset.

One day Bitcoin might be worth several times more then Gold it is already worth nearly double the value of gold. In 10 years what will the difference be? I predict Bitcoin could easily be worth 10x the value of gold. Gold has a lot more supply them bitcoin and is much more limited as to what it can do.

#bitcoin #cryptocurrency #money #altcoins #gold

bitcoin cryptocurrency money altcoins gold
7 years ago by

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    • [-]
      ·  7 years ago 

    Using a dollar based price to compare to items that are so different is dangerous and misplaced. Also, remember nothing goes straight up.

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    6 votes
    [-]
      ·  7 years ago 

    Well truth be told, banks have been rigging the gold/silver market for years (almost a decade). They somewhat have to rig it, not so they can just make mass profits but also provide the appearance that the dollar has actual strength. Can't let the sheeple realize that their dollars are perpetually losing value and purchasing power. Proof:
    https://www.bloomberg.com/news/articles/2016-04-13/deutsche-bank-settles-silver-price-fixing-claims-lawyers-say

    http://www.reuters.com/article/us-gold-lawsuit-decision-idUSKCN125292

    https://www.bloomberg.com/news/articles/2016-12-08/deutsche-bank-records-alleged-to-show-banks-rigged-silver-prices

    http://markets.businessinsider.com/news/stocks/r-us-appeals-court-revives-jpmorgan-silver-futures-rigging-lawsuits-2017-2-1001714231

    I love cryptos and hold them. I think bitcoin will be much, much higher than the price of gold provided it sticks to its 21M max creation.

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    [-]
      ·  7 years ago 

    I agree

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      [-]
        ·  7 years ago 

      You got it!

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        [-]
          ·  7 years ago 

        It's amazing how we appraise something that we can't touch. Gold and silver it's been used as money since the beginning of every civilization!

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        [-]
          ·  7 years ago 

        True but there is a lot more gold and silver then bitcoins so maybe that's why the difference in price.

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          1 vote
          [-]
            ·  7 years ago 

          I think there letting bitcoin go, could be wrong, but they love something like this, we will see what the banks do. How far they let it go, or not go.

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          [-]
            ·  7 years ago 

          Gold isn't even programmable, plus it's impossible to carry in large quantities.

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          [-]
            ·  7 years ago 

          I suppose when you compare a thing of imaginary value to another thing of imaginary value you will often conclude it is worth more than a thing with intrinsic value.
          If you can convince people that nothing is something, you can also convince them that its value changes from moment to moment.

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          [-]
            ·  7 years ago 

          lol, nice

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          [-]
            ·  7 years ago 

          DTS-05232017

          In response,

          @acassity

          Such a dangerous comparison that, I thought you would've stopped halfway. Both (gold and bitcoin as any numis) serve the same purpose. The comparison you made was no different than comparing, the run of gold versus silver. If you would've compared stocks to bitcoin then, it would provide some talking points, for what it's worth.

          Thank you,

          MFAS ( @sphap-steemit)

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          [-]
            ·  7 years ago 

          Thanks they are both a store of value but Bitcoin is going much higher and faster then Gold lately!

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            [-]
              ·  7 years ago 

            This assumes that gold is traded at fair market value. Also as a currency and not money (no intrinsic value) bitcoin and all crypto's for that matter could, in theory, go to zero. Gold, and all metals really can't, it is worth at the very least the labor of getting it out of the ground.

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            [-]
              ·  7 years ago 

            Gold will always be a store of value !Gold can't be suppressed by manipulated markets forever, buy when it is hated.

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            [-]
              ·  7 years ago 

            It will be but the markets just don't give it as high of a value then bitcoin the markets are acting like gold is outdated I should say.

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              [-]
                ·  7 years ago (edited)

              As long as the London fix keeps suppressing the price with paper gold it won't have any yield. Natural and man-provoked events could wipe out bitcoin market in it's entirety. Theres a reason why gold has stuck around as currency for the massive empires and civilizations that have passed. It all goes back to gold.

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              [-]
                ·  7 years ago (edited)

              People may think gold is outdated but when the electricity is cut off I think you would really wish u had some gold coin in your pocket. I'm slowly getting into crypto but at the same time I prefer to have the metal because it is time tested. I have some coins which are over 1000 years old and they still have value when I take them to the pawn shop. 😁

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              [-]
                ·  7 years ago 

              True

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                1 vote