Is the price of gold higher than Bitcoin?

[slavaja]

I had this thought last night how the price of gold is unfairly compared to Bitcoin. I think we need to recapitalize gold to give it a fair comparison because way hold is priced is too diluted.

There is 21,000,000 units of Bitcoin and roughly 170,000 tonnes of gold ever mined. So we need to convert 170,000 tonnes into 21,000,000 units of gold which gives us roughly 8kgs per unit. Now 8kgs of gold is roughly $416,000.

 

[heartastack]

You should be looking at total market cap to compare. Depending on your sources you could make it simple and say the total value of above ground silver (investible) is about a trillion dollars worth. Thereby total crypto value currently is about 1/3 silver. The market cap of gold is obviously a lot higher. Choosing what units to trade with is kind of irrelevant to value - btc is virtually infinitely divisible to 1 satoshi.

It looks like you’ve come up with a gold/btc ratio though.. that could be useful like the GSR but quite a novel metric right now

 

[GoldenEye]

So are we saying gold is overpriced or BTC is underpriced?

 

[dozerz]

try sending gold over the internet.

 

[SilverDJ]

try sending gold over the internet.

https://www.perthmint.com/goldpass.aspx

 

[SilverDJ]

So are we saying gold is overpriced or BTC is underpriced?

What if, it's not an OR...

 

[SilverDJ]

It looks like you’ve come up with a gold/btc ratio though.. that could be useful like the GSR but quite a novel metric right now

Yes, it would be really neat if someone was tracking this.

 

[SilverDJ]

I just found this BTC to Gold ounce ratio
https://www.xe.com/currencycharts/?from=XBT&to=XAU

 

[dozerz]

https://www.perthmint.com/goldpass.aspx

quite a few circles of trust there, along with it being completely centralised.

 

[leo25]

I still think that bitcoin is underpriced, since gold is a natural resource that gradually disappears from our planet and is regenerated for a long time. Gold is used in the production of many electronic circuits, which increases its demand and price. I've been trading cryptocurrencies for six years on the ondex platform, but two years ago I decided to invest $ 1000 in gold and I didn't succeed. Selling gold is a separate branch of trading, which is very different from selling cryptocurrencies. Bitcoin, in turn, is also very important in the modern world because it stores a lot of information, and in the 21st century, information is very expensive.

Is this meant to be a bot? Feels very generic and smashed together.

 

[66rounds]

Is this meant to be a bot? Feels very generic and smashed together.

It is and I reported. Hidden hyperlink in his text.

 

[sgbuyer]

I had this thought last night how the price of gold is unfairly compared to Bitcoin. I think we need to recapitalize gold to give it a fair comparison because way hold is priced is too diluted.

There is 21,000,000 units of Bitcoin and roughly 170,000 tonnes of gold ever mined. So we need to convert 170,000 tonnes into 21,000,000 units of gold which gives us roughly 8kgs per unit. Now 8kgs of gold is roughly $416,000.

1g of gold $60. 1g of electrons worth of bitcoin? Your answer.

 

[mmm....shiney!]

Reported @JoanRees

 

[mmm....shiney!]

So are we saying gold is overpriced or BTC is underpriced?

As it's turned out, BTC was underpriced.

 

[Ipv6Ready]

Bitcoin is finite..... 21 million
Gold is unlimited with trillions of tons more to mine in space.

Maybe not in 20 years maybe 50 years who knows but definitely by 100 years, space mining will be normal

Note: just because there are trillions of tons of gold in space, it doesn't mean it is worthless. But it does mean soon at a given price and time it is practically unlimited

 

[Brendio]

1g of gold $60. 1g of electrons worth of bitcoin? Your answer.

1g of electrons is 1.09*10^27 electrons. That's a lot of electrons. How many sats is one electron worth?

 

[66rounds]

Bitcoin is finite..... 21 million
Gold is unlimited with trillions of tons more to mine in space.

Maybe not in 20 years maybe 50 years who knows but definitely by 100 years, space mining will be normal

Note: just because there are trillions of tons of gold in space, it doesn't mean it is worthless. But it does mean soon at a given price and time it is practically unlimited

How do we know there isn't a planet with avid crypto fanatics who have been mining Bitcoin for millions of years without a 21 million coin cap?

If you think this statement is preposterous but your statement about unlimited gold in space for mining isn't, then I have a couple of bridges and a nice hotel to sell you in Sydney.

From 1969 until now we haven't "returned" to the moon. We will not see industrial level space mining ever occur in the entire lifespan of humanity.

 

[Ipv6Ready]

How do we know there isn't a planet with avid crypto fanatics who have been mining Bitcoin for millions of years without a 21 million coin cap?

If you think this statement is preposterous but your statement about unlimited gold in space for mining isn't, then I have a couple of bridges and a nice hotel to sell you in Sydney.

From 1969 until now we haven't "returned" to the moon. We will not see industrial level space mining ever occur in the entire lifespan of humanity.

If there was more than 21 million btc, it would crash due to breaking the one fundamental truth about btc.

I'm sure people in 1920 never thought of going to the moon, let alone satelites

 

[66rounds]

If there was more than 21 million btc, it would crash due to breaking the one fundamental truth about btc.

I'm sure people in 1920 never thought of going to the moon, let alone satelites

And people in 1920 were probably smart enough to realise it is bullshit too

 

[Ipv6Ready]

And people in 1920 were probably smart enough to realise it is bullshit too

Bha hbhbhahbbhhaaaaaaaa really