Gold versus Bitcoins

A while ago I wrote this post Fight!!!!! Silver versus bitcoins, at the time it seemed incredible that bitcoins had actually overtaken in price one ounce of fine silver.

The even more unthinkable is now becoming real as bitcoins are ready to overtake the price of an ounce of pure solid gold.

Heres a chart from TradingView of XAUUSD (Gold) against the price of bitcoins on Mt Gox.

The one at the top thats heading down and has lots of red candles, thats gold. Bitcoins is doing what it’s doing, which is unprecidented and frankly berserk.

Has bitcoins actually surpassed gold yet?

Holy bitcoins! If this charts are accurate it came within like a few dollars just now.

Is gold losing its tarnish? Its gold! Its beautiful, how can this be?

“Gold Always believe in your soul You’ve got the power to know You’re indestructible Always believe in, because you are Gold”

3 thoughts on “Gold versus Bitcoins

  1. gold is great but it is easily confiscated…. bitcoin on the other hand has similar properties but is nearly impossible to destruct/confiscate… Plus we are all able to verify the existance of bitcoin through the blockchain while gold on reserve is doubtful. There have been longstanding speculation/theory that the gold on reserve in the USA is long gone… There have been no audits to my knowledge.

    I still really like gold though šŸ™‚

  2. In my opinion we are headed in a new era of technology/commerce/remittance/accounting. Either we have started heading in this direction or we have seen a glimpse and in time will head down such a path. Gold as a physical commodity was great and is great under the current financial/banking system. It serves it’s purpose well. If there is ever going to be a transition toward something bitcoin-like then gold is not quite up to the task imo… The relics (regardless of however great they have been as the benchmark against the historic fiat) of the past need to need go and emotional attachment is only damaging….

    There now you know how I really feel šŸ˜€

  3. I’m not so sure gold is easy to confiscate, maybe from those who have no courage to stand up and defy. But most gold bugs don’t seem like that type or most have lost theirs in boating accidents

    edit; although i guess confiscating tonnes of it from entire countries might be easier than getting it from the public, eg Libya’s gold

    The unknown is the transparency I think, bitcoins is almost completely transparent (at least for now) but how long until there are all sorts of complicated financial bitcoin derivatives and we are back were we started?

    Or the fact that all transactions are public on the blockchain could become a negative point about bitcoins if NSA and GCHQ spying supercomputers are powerful enough to link them all to people. Not sure if I’m being too paranoid or not.

    I don’t think the battle between cryto currencies and precious metals has even begun yet. There is still fiat to defeat first which is being used to activley suppress precious metals. Once that suppression ends it may be a totally different ball game.

    Anyway it sure is interesting times we’re seeing.

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