Quote from: RealBitcoin on August 13, 2015, 06:04:54 PM

Quote from: markj113 on August 13, 2015, 05:46:27 PM

@ RealBitcoin, wrong again -

Quote from: RealBitcoin on August 13, 2015, 05:28:24 PM

Ah c`mon thats a tiny percentage, it's like saying that bitcoin faucets drive the bitcoin economy (when its obvious that the venture capitalists & startups do). Cheesy

They put a few miligrams of gold in each chip which is tiny tiny and insignificant.

7% of gold market cap is far from tiny an makes bitcoin's total cap look insignifanct

Gold has only 1 major use, jewelry, which will stay for long term, but that factor is severely overhyped. Gold could be much much lower if CB weren't hoarding it, because jewelry users dont really care about gold price, they care about appearance.

51% of gold market cap with demand spread over the globe

They dont care if gold is 1$ or 1000$, just like if you put a string around your neck with some emblem on it, it maybe cost you 5$ for that amulet, but its only for appearance, not for investing purposes.

Apart from CB hoarding and a few gold bugs, not many other guys are interested in investing. So thats like <1% of the population (not a good trend guys!)

suggest you check the above chart - wrong again.

And if you think in the % of the population interested in gold is insignificant what is the % interested in Bitcoin, 0.000000000001% ?

What people spend on gold teeth is worth more than the total market cap of bitcoin lol

Alright then I was a bit wrong, so that gives intrinsic value to gold, splendid.

Gold has many unique properties, it never rusts, never tarnishes, resistant to acid, its the most malleable metal, good conductor of heat and electricity, good at reflecting I/R radiation, created during a super nova explosion. All the gold ever mined would fit inside an average 4 bedroom house.

However I still disagree with the gold price. If that is all what gives value to gold, then perhaps gold should be = to silver.

Sustainable gold price for mining -

Why? Because silver fulfills the exact same demands as gold, yet silver has a considerably lower price.

There are 10 billion ounces of gold and 66 billion ounces of silver, so following your logic GOLD should be: SILVER PRICE * 6.6 = 15.38* 6.6 =101.58 $ / troy ounce (and that is only if the silver price is not overspeculated as well, which it is)

Silver is thought to be 17.6 X as abundant as gold in the earths crust

And its 1100$ due to cental bank hoarding, so it seems to me as if, only the hoarding and speculative bubble gives this extra boost to gold.

So roughly, the speculators in both commodities have drove the price really up, and they don't really make any sense.

Quote

However I still disagree with the gold price. If that is all what gives value to gold, then perhaps gold should be = to silver.
Why? Because silver fulfills the exact same demands as gold, yet silver has a considerably lower price.

Why is bitcoin better than any other alt coin eg. litecoin?

they perform the same function at a considerably lower price - just because the people say so? Is because people are hoarding