Bitcoin price shoots above price of gold for the very first time

[Tech_Dreamer]

#SolidGold

 

Last night, for the first time, the value of Bitcoin was higher than gold: $1,268 (about £1036) for one Bitcoin vs $1,233 (about £1,008) for a troy ounce of gold when the markets closed.

 

Quote

The price of bitcoin rallied to all-time highs on Friday, climbing above the price of one ounce of gold for the first time. The cryptocurrency was trading at $1,294, while a troy ounce of gold stood at $1,234.

 

The volatile cryptocurrency recently made history by closing in on one of the most valuable product on the market 'Gold'  , The current high is being attributed to surging demand in China, many experts have questioned whether the crypto-currency will last but it's been pretty rough ride

 

Quote

Some experts say as bitcoin is becoming more valuable than gold it may edge out the precious metal as an alternative asset. Gold has been traditionally the safe haven for investors fleeing uncertain financial markets.

 

i dont follow much about bitcoin, but i do know it's a potentially valuable asset for trade ,  personally i dont trust bitcoins legitimity , this might be a potential bubble that could pop in the future , So feel free to discuss this topic & give your opinions down below

 

sources:

http://www.bbc.com/news/business-39149475

http://www.gizmodo.co.uk/2017/03/bitcoin-is-now-worth-more-than-gold/

[sof006]

Wow.... didn't expect to see the day a digital currency becomes more valuable than gold.

[Sir Asvald]

OKAY. BACK TO MINING WITH MY NON-EXISTING MINING RIG.

 

 

 

[Simon771]

Too bad Zcash doesn't jumps to that value  

Mining bitcoins is only profitable for those who have free electricity.

[suicidalfranco]

i remember people telling me five years ago it would have died off, and it's only a passing fad. Where are those people now?

[FratStar]

16 minutes ago, Simon771 said:

Too bad Zcash doesn't jumps to that value  

Mining bitcoins is only profitable for those who have free electricity.

Just install solar bro no big deal /s

[JPotze]

so lucky to have some bitcoin

 

i remember the time when i ordered a pizza for 7 bitcoins (they were 1 euro per coin back then).

I am so sad now. i ate a pizza worth 8820 dollars. :0 

[RagnarokDel]

Just a little bit of extra information. The market cap of Bitcoin atm stands at  $20,570,815,321 USD

[That Norwegian Guy]

Bitcoin has no mass, and thus was always more valuable than gold.

[Centurius]

3 hours ago, Tech_Dreamer said:

 

 

It won't, the currency is way too volatile to take the place of the relatively stable and historically safe gold.

3 hours ago, suicidalfranco said:

i remember people telling me five years ago it would have died off, and it's only a passing fad. Where are those people now?

Still here, bubbles can take a while to pop.

[AnonymousGuy]

I assume this is just trading algorithms progressively bidding each other up.  Never used Bitcoin, don't know anyone who mines it anymore, seems like  a fad that died out 3 year ago.

[suicidalfranco]

3 hours ago, AnonymousGuy said:

I assume this is just trading algorithms progressively bidding each other up.  Never used Bitcoin, don't know anyone who mines it anymore, seems like  a fad that died out 3 year ago.

not a fad, it's simply that mining with GPUs became unprofitable and the only way now are ASIC farms 

[Doobeedoo]

Hah that's just funny.
 

[Linus_torvalds]

On 3/3/2017 at 3:37 PM, suicidalfranco said:

i remember people telling me five years ago it would have died off, and it's only a passing fad. Where are those people now?

Probably on their mining farms. mining for 5 years now, with -1 Competitor (YOU  )

[Mooshi]

Bytes of data that isn't real vs a precious metal that's tangible. . How humanity has fallen lmao

[TopWargamer]

I don't regret getting out of the Bitcoin game... Not at all...

 

I regret everything.

 

Bitcoin rises and falls very often and very drastically. The last time Bitcoin spiked, it crashed hard. *If* the same thing happens, I'm investing, because another year or two from then it'll hopefully spike again. Plus it helps that I have more money to invest into Bitcoin now.

 

*Crosses fingers*

Please crash again Bitcoin, please.

[mach]

If I have any bitcoin I would definitely sell them right now and buy some solid gold. A precious metal is going to stay precious in the foreseeable future, but some data over the net? 

[MrDynamicMan]

On 03/03/2017 at 4:03 PM, That Norwegian Guy said:

Bitcoin has no mass, and thus was always more valuable than gold.

Yeah. Especially since comparing "1" bitcoin to a Troy ounce of gold is hilariously arbitrary. 

[KuJoe]

Some carefully placed EMPs and the value will be much lower. 

[The Benjamins]

6 hours ago, Mooshi said:

Bytes of data that isn't real vs a precious metal that's tangible. . How humanity has fallen lmao

Do you not use cash or any other form of electric payment method?

[Sir Asvald]

My friend had 10 bitcoins. He sold them. The other day. £10K 

[Sauron]

It's never going to be as safe as gold...

[Mooshi]

6 hours ago, The Benjamins said:

Do you not use cash or any other form of electric payment method?

Bitcoins are bytes of data with nothing propping it up as physical objects backed by the government. While one can argue cash is basically worthless paper, government backing is at least something. 

 

We're not even talking cash or credit, we're talking physical precious metal vs bytes of data that mean nothing. 

 

When gold is gone, it's literally gone. Cryotocoins have artifical limitations put in place. Not even in the same category. 

[VerticalDiscussions]

FFS, the real question is where you get the mining machine and how in the actual f you start mining it -.-!!

[JoseGuya]

2 hours ago, Mooshi said:

Bitcoins are bytes of data with nothing propping it up as physical objects backed by the government. While one can argue cash is basically worthless paper, government backing is at least something. 

 

We're not even talking cash or credit, we're talking physical precious metal vs bytes of data that mean nothing. 

 

When gold is gone, it's literally gone. Cryotocoins have artifical limitations put in place. Not even in the same category. 

Well, nothing really have value by itself, people give value to objects (or bites of data).