Is the price of gold higher than Bitcoin?

Discussion in 'Digital Currencies' started by slavaja, Feb 22, 2020.

  1. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
    tech stocks in decline on downgraded earnings. google/msft/fb/amzn all tanking but btc remains relatively stable, could be the big decoupling for crypto, driven by the bird app new payment and ico platform.
     
  2. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    Or could be a relief/suckers rally coming up e.g. 25k followed by some major legs down as predicted by other analysts. Bird app and ico platform LOL. Wanna make some bets?
     
  3. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
  4. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    I'll put up a 10oz if you think BTC higher than 20k in 6 months
     
  5. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
    done, 1 june 2023 btc will be above 20k usd, will give you a 10oz if its under.
     
    TreasureHunter and heartastack like this.
  6. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    That's 8 months so will go with a 5oz as I'm more sketchy on that timeframe.
     
    mmm....shiney! likes this.
  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,606
    Likes Received:
    4,392
    Trophy Points:
    113
    I'm not convinced that crypto and the NASDAQ for instance are coupled, to me it's just risk-on risk-off. No one seems to talk about a correlation between tech and gold and the XAU chart looks more like the NDX. And gold used be considered a risk-off asset lol.

    Macro conditions haven't changed, IMO any price movement from innovation in the crytpo sector is likely to be short lived. See what happened with the merge. Risk on assets are not the place to be until we see a change in the macro climate, in the meantime the USD does what the USD does best - it's function as the world's reserve currency.

    BTC

    BTCUSD_2022-11-03_10-59-21.png

    NASDAQ 100

    NDX_2022-11-03_11-07-42.png

    Gold

    GOLD_2022-11-03_11-00-00.png

    DXY

    DXY_2022-11-03_10-59-43.png



    Everyone is looking to front run The Fed, for obvious reasons. ;)

    Maybe labour market figures and future inflation expectations are the things to keep an eye on, though Powell is 100% all over the difference between lagging and leading indicators.
     
    Real $ likes this.
  8. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    Tumble today because?
     
  9. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    4,499
    Likes Received:
    1,182
    Trophy Points:
    113
    Location:
    Treasure Island
    We'll remembA that. For now it seems it can barely hold 18 k.

    Goin' down ta 10 k?
     
  10. Polar.bear.Stacker

    Polar.bear.Stacker Well-Known Member

    Joined:
    Sep 30, 2020
    Messages:
    594
    Likes Received:
    573
    Trophy Points:
    93
    FTX has to be bailed out by binance
     
    heartastack likes this.
  11. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,553
    Likes Received:
    3,397
    Trophy Points:
    113
    Location:
    Colorado USA
    Might be under 10k by June 2023.
     
    TreasureHunter likes this.
  12. TreasureHunter

    TreasureHunter Well-Known Member

    Joined:
    Oct 29, 2012
    Messages:
    4,499
    Likes Received:
    1,182
    Trophy Points:
    113
    Location:
    Treasure Island
    Got any concrete info on that? I mean, WHY exactly you think that?

    Because I think it might slow down/bounce at around 14 k. Then it's all the way down to 11-10 k. If it sinks even below... prolly 3-5 k will be the interval where it'll play.

    Notice: Michael Saylor sailed away on his yacht. But not to Treasure Island. Probably just chilling in the dark caves where permabulls like Peter Schiff take refuge.
    I think this is the time when they might both meet each other in that cave! :D
     
    heartastack likes this.
  13. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,553
    Likes Received:
    3,397
    Trophy Points:
    113
    Location:
    Colorado USA
    No nothing concrete just resistance lines and the ongoing downtrend. 10 to 12k will make some ripples then $3500 next stop wouldnt surprise me.

    Could take years but then again its all really just starting! Theres no hurry haha.
     
  14. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    Going to call you out on this one, since you constantly make wild predictions (often wrong) without anything concrete behind them, which you also just did in that post btw.. bar some really tacky youtube vids...
     
  15. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    What does 21 million coins mean after proof of work, btw?
    Would it be better to consider the satoshi units after PoW is completed? Doesn't seem as scarce in that context. Would the fee structure then put kind of a cap on minimum tradable units?
    I need to hear a solid argument (sorry, I mean reasoning as it's likely something factual that I only have superficial knowledge on) about this perceived scarcity because I'm not totally convinced 21 million 'coins' is the way to think about BTC in the long term given each coin can be split a hundred million times.
     
    Last edited: Nov 9, 2022
  16. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,553
    Likes Received:
    3,397
    Trophy Points:
    113
    Location:
    Colorado USA
    You could cash out all the Bitcoin mined to date and it wouldnt pay for anything on Bidens wishlist haha.
     
  17. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,606
    Likes Received:
    4,392
    Trophy Points:
    113
    In a world of 6 billion people there's only enough BTC currently for everyone to have 225 409 SATS each*. That's about USD35.70 per person. Which means for most people in the world, owning any meaningful amount of BTC is unlikely. And there's less than 2 miilion left to be issued. That's how scarce it is.

    *SOURCE
     
    heartastack likes this.
  18. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    Right, so it's analogous to 'not enough precious metals for everyone'. But is influenced by competing currency, governments and merchant acceptance. What I'm getting at is that if satoshi's are continually drip fed into the market at smaller and smaller quantities then there will be immense downward pressure when demand can't soak it up. This is less likely with gold as it just gets uneconomical to trade it at certain quantities (say anything under 1g becomes a headache). BUT because I'm unfamiliar with the fee structure maybe there is a similar limit to practicality of trading BTC at the smallest unit scales which would mediate it..
     
  19. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,606
    Likes Received:
    4,392
    Trophy Points:
    113
    You've lost me at the "when demand can't soak it up" bit. Can you rephrase that?
     
  20. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    It's like a junior ASX stock having a billion shares on issue - usually bad for the share value unless in a ripper market. You need buy support at all times otherwise the price can be supressed extremely cheaply and easily. This changes the psychology of the market. It's why I'm interested to see how major cryptos handle recession and tight monetary policy.
     

Share This Page