Quote from: iamnotback on April 16, 2017, 06:09:47 PM

Quote from: manselr on April 16, 2017, 12:21:54 PM

I agree with $500,000 prediction being too high, even $100,000 is still to high. Gold is a 5000 year asset, no way Bitcoin will surpass it in 13 years from now, just not possible! Sorry, but it's nonsense.

Lol. Bitcoin and gold are roughly the same price. Gold is going to $5k max, Bitcoin to $500k.

Buying gold is an impoverishment plan.

Crypto-currency and blockchains will subsume everything.

Tinfoil hats and @dinofelis will be left behind.

Now we know why the Bible says we will throw our gold and silver into the street. Precious metals will become relatively worthless. Remember iron used to be a precious metal (it's documented in Rise of Knowledge, Decline of Finance essay). Commodities are on inexorable trend of lower value (because we can increase their supply at lower costs with new technologies for mining). And gold can't compete with Bitcoin's better attributes.

That is right and we still don't know how much gold is left to mine, which is an unknown and we know pricing a market asset based on unknown supply is also unknown and thus cannot really be a safe haven long term when there exists something else which has a hard limit. Any number you come up with in terms of gold is speculative, and doesn't factor something like an astroid which might have materials that earth does not inflating supply of materials. Commodities always return to their mean average based on industrial usage and extraction costs. The only time they have speculative value is when they are safe havens during uncertain times. Now that uncertainty seems to have subsided (for average joes) commodities fall to their real value. Uncertain times usually are only a small fraction of the total time in ones life and thus commodities in general are in bear markets but with large spikes. Bitcoin has utility and safe haven status and thus has higher potential as people start looking away from commodities and into a better asset class that won't erode when safe haven status diminishes. This was all clearly defined in Szabo's post we gave to roach which he did not read and/or understand properly.