Ninjastic
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Board Economics
Re: Bitcoin has defeated gold
by
aeternus
on 19/09/2017, 04:32:37 UTC
Quote from: Tubig on September 16, 2017, 12:04:20 AM
Quote from: botany on March 02, 2017, 04:18:21 PM
Quote from: soul-impact on March 02, 2017, 04:13:27 PM
Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Just compare the total value of all gold in circulation and the total value of all bitcoins in circulation.
You will have your answer.  Smiley
But if gold has scarcity how will it affect its price? We know that gold is in nature, on earths surface, but what if we are out of gold mines?
Gold may be rare on earth and is rare in the universe by being a heavy element compared to the most common elements in nature like hydrogen and helium but the universe is filled with gold, so if humans were able to conquer space travel gold will no longer be rare, we will need to create our own scarcity, something that bitcoin does already.