Crypto versus Precious Metal

In bitcoin I wouldn’t say the previous all time high has been smashed yet, but it has been beaten on every major exchange as far as I know. With bitcoin at about $1230 as I write, it hasn’t yet beaten the MtGox high point which was $1242 I think. But I guess it is a new all time high in US dollars now. Another target I’m looking for is bitcoin to be worth more than £1000 (British pounds).

More exciting for me though is that bitcoin looks poised to overtake the spot price of 1 ounce of gold. Here’s a pretty looking chart of Bitstamp, not on log scale for a change.

Gold has kept a lid on bitcoin up until now but it looks very likely that the time is coming for 1 bitcoin to be more valuable than 1 ounce of gold.

Compared to 2013 when bitcoin spiked up to these heady heights above $1000 this time it feels like its only getting started, to me at least. But I am more often than not bullish.

Now to Dash – My other favourite crypto. What can I say, Dash is doing a moonshot. I posted recently how it overtook 1 ounce of silver in price, now it has doubled silver! Heres a chart of that amazing rise.

For many the rise of Dash is a complete shock, for me I’m surprised its taken this long. But it is now up to 3rd biggest marketcap in crypto after overtaking Etherium Classic, Monero, Litecoin and Ripple. Now only Etherium and Bitcoin are above it.

With a steep rise like this I’d be very cautious trading Dash at the moment for obvious reasons.

Advertisements

3 thoughts on “Crypto versus Precious Metal

  1. Thanks for the update.

    I had a look at your previous posts about Dash and there were some red flags at that time : instamine, closed source features, …is that all “resolved” now that it’s getting so much traction ?

    Still wondering if at some point bitcoin could not reuse the same features, making Dash obsolete.

    1. Its true Dash did have an instamine, a huge instamine in fact, many people were put off by it and some are still very vocal about it in forums trying to use that as a reason to put people off (especially fans of rival token Monero). I think this might be a big part of why Dash has been ignored for so long.

      For me, I won’t go into details here, however I concluded that Dash needed that kind of initial distribution to achieve the success it has had and is having.

      Way back in the beginning when I first bought some Darkcoin (my first ‘alt’) I didn’t like that DarkSend was closed source, that is true. After some time they made it Open Source and as far as I know all Dash code is open source now.

      The reason I stuck with Dash was on a hunch that the two tier network (masternodes) might add up to something significant. I could see that it was an original concept. In time when they introduced instant send, budget system and governance I was more convinced. For a long time now the only crypto I hold is bitcoin and Dash. In hindsight I should have got more Dash 😉

    2. You raise another interesting point, about if bitcoin could reuse some Dash features. I think it probably could technically, but politically I think almost impossible. In bitcoin you can see the block size debate still rages on unresolved as an example of the difficulties incorporating change into bitcoin.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s