Bitcoin Nears Parity With Gold

Tyler Durden's picture

Bitcoin just topped $1100 for the first time since Dec 2013, bringing it closest to gold ever...

The last time bitcoin approached parity with gold, it marked the top in the virtual currency...

 

But the current price of gold in bitcoin is now at a record low...

 

Brings a whole new meaning to the phrase "as good as gold."

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Draybin Deffercon III's picture

Yes smash it!

Bitcoin will leave gold a sorry note in teh history books!

The Saint's picture

Because the Chinese people can't fit gold into their computer hard drive.

 

Manthong's picture

Any doubts I held that this is a bubble are now dispelled.

Irrational suppression of gold and irrational bids on BC.

Draybin Deffercon III's picture

Bitcoin is not "in a bubble". That's like saying gasoline engines are "in a bubble" in terms of steam power. No, steam power is just dead and gone.

38BWD22's picture

 

 

It's an "Up & Down Bubble".

Mostly up though.   

:)


Draybin Deffercon III's picture

Like totally man, Bitcoin is "too volatile" man... I can't stand owning something that's up a few thousand percentile. Prefer something more stable.

38BWD22's picture

 

 

preev.com and ounce.me both show BTC over $1100.

 

Perimetr's picture

The banksters will allow bitcoin to inflate because it is a form of digital currency 

which is also what they want for all us deplorables when they eliminate cash.

They can create, control, and eliminate digital currencies at will (like bitcoin)

but they cannot do so with precious metals, the historical form of money, which has intrinsic value and is tied to the physical world.

Which is why China and Russia have been stockpiling gold

while the West "rehypothecates" 

Soon our fiat toilet paper digital dollars will not be accepted in exchange for imported manufactured goods.

 

Draybin Deffercon III's picture

They can't control Bitcoin. Do you have any new material we haven't been over 1000 times and easily dismissed?

LawsofPhysics's picture

I know two very smart guys at JPM who have been working on cryptocurrencies since the internet first became available.  How do you purchase bitcoins?  With FIAT!!!

Guess who has been creating all the fiat they want since 1971?

again, LMFAO!!!!!

Draybin Deffercon III's picture

You're a retard, deserve a ZH "badge of honour". How do you purchase Bitcoins? Gee, um... maybe with labour, silver, gold, rice, beans, ammunition, other cryptocurrencies, anything you can get your hands on, etc, etc, etc...

SILVERGEDDON's picture

Funny how the biggest exchange for Bitcoin, Coinbase.com, has been crashing out all day making access to ones digital clown bux all but impossible......................................................

UndergroundPost's picture

In March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman (approx $75K in today's dollar). Bubbles are called bubbles not just because they eventually MUST pop, but also because when you're in one, you can't see the outside world of reality clearly.

Draybin Deffercon III's picture

The "dollar" (currency for retards) and UST are in a bubble. Not Bitcoin.

UndergroundPost's picture

Bitcoin...can be hacked, erased, controlled by smart government programmers, stolen and duplicated. Nothing to hold, no physical possession possible, no historic track record of stability and will eventually corrupt (yes, the 2nd Law of Thermodynamics even applies to bitcoin.) You'd have to be as stupid as a Central Banker to put even a gram of faith in crypto-currency. Gold is the exact opposite.

Draybin Deffercon III's picture

Bitcoin cannot be hacked. Bitcoin cannot be erased. Bitcoin cannot be controlled. Bitcoin can be duplicated (but spent only once).

Do you have any other idiocy I can help you with?

ZorroHedge's picture

What a bunch of nonsense. First educate yourself before you give an opinion about Bitcoin. You clearly have 0 clue about how it works because else you wouldn't be making such a fool of yourself.

manofthenorth's picture

To make comparisons between bitcoins and gold and silver are futile and misguided.

Bitcoin is a currency, nothing more.

Gold and silver are collateral of the highest order for a variety of reasons.

Silver being something of an industrial miracle metal as well as a precious metal, is really in a class of it's own.

Consider this when estimating the "value" of them respectively;

How many bitcoins can be used without the high trinity of noble metals, gold , silver and copper ?

Answer......... ZERO !!!!

No noble metals= bitcoins stuck in cyberspace.

Noble metals will still have "value" long after bitcoin has been relegated to the dustbin of history.

 

Herd Redirection Committee's picture

I still haven't seen anyone list the industrial uses of Bitcoin...

And I am pretty sure women like gold rings and necklaces more than BTC rings and necklaces.

kochevnik's picture

Your claim is baseless

Tulips:Unlimited supply thus easily debased

BTC: Fixed supply thus not debaseable

Silver Glock's picture

The tulip analogy does not work because you can flood the market with more and more tulips and then the price collapses. You can grow more and more tulips until you run out of farmland. There can be only 21M Bitcoins. Limited supply... growing demand. You do the math

tmosley's picture

No-one can create, control, or eliminate bitcoin. Not without replacing, hacking, or destroying every single copy of the public ledger including offline copies all at once.

Easier by orders of magnitude to steal all of the gold in the world. Still impossibly difficult, but orders of magnitude easier than changing the blockchain without a true majority decision of stakeholders.

asierguti's picture

It's called hash collition, 2 different copies of something having the same hash. No cryptographic algorithm is safe, end of the story. You don't have to believe me, go to the maths, cause it's mathematically proofed.

 

No on can control bitcoin. So when the protocol gets obsolete, who is going to decide a new one? Nobody? Who is telling the developers what features they should implement? That guy calles Satoshi, who we don't know who he is?

Draybin Deffercon III's picture

2^160 addresses. Are you really concerned about collisions? I'm more concerned about Godzilla.

asierguti's picture

And if they are 2^40, for example? That would be fairly easy to crack, don't you think so?

Draybin Deffercon III's picture

First of all, it is not 2^40. That's what is called an objective fact. And 2^40 is still a gigantic number. And you need to consider the algo too, cracking something like Bcrypt is obviously going to take way longer than SHA1. And SHA256 is pretty damn solid.

asierguti's picture

Hash collisions occur when the possible amount of keys is signiticantly reduced. 2^128 is the theoretical number, but the reality is different.

 

All hashing algorithms contain some weakness. It may take years to discover it, but all of them have it, so don't count on 2^128. It would be quite naive to think that an intelligence agency would release a hashing algorithm without having a backdoor to it.

 

This regarding the algorithm itself. You should take into account implementation of that algorithm, which may contain bugs. Remember the heartbleed bug, for example. And don't forget possible hardware bugs like exploits of branch predictions, lockside buffers, row hammering and PRNG.

 

Can bitcoin go up? Sure, it can. Is it secure and unbreakable? Not a chance.

Draybin Deffercon III's picture

You people still spreading your FUD on what the agencies "allow" to be released? Guess what, things happen in the real world and not because someone "allows" them to happen. I will count on 2^128 and I will *definitely* count on 2^160, SHA-256. Which, if any weaknesses are found in... will be super-ceded and updated within the Bitcoin network via a fork.

Herd Redirection Committee's picture

Satoshi is actually a group of individuals

Satoshi is one guy

Prisoners_dilemna's picture

Wise men speak because they have something to say; fools because they have to say something. - Plato

It's what you learn after you know it all that counts. - John Wooden

I'd rather live with a good question than a bad answer.- Aryeh Frimer

 

You have failed to snatch the stone from the masters hand.

kochevnik's picture

Hash collusion is by design.  About as worrisome as the risk of crossing the street one time.  All the air in your room can also collect in a corner then explode outward spontaneously with enough force to kill you, mathematically.  But losing sleep over it is not clever

CorporateCongress's picture

For instance, a proper nuclear war will trigger EMP's around the globe. Gold will be there. What about your virtual coins?

In the end there is only 1 real currency of account and that is energy denominated in joule. It's the basic measure of anything and everything. Yes storage is an issue. But it represents an amount of work/effort that can be put to real use. Unlike bc which represent an amount of energy spent/wasted that cannot be put to use. Gold is similar in that respect however is real and has real applications that give it intrinsic value (besides storing it as a proxy of energy).

kochevnik's picture

>For instance, a proper nuclear war will trigger EMP's around the globe. Gold will be there. What about your virtual coins?

Gold will be there.  Your store of BTC will also be distributed safely around the globe.  But without an economy you have much larger problems.  All your bars of gold will be spent in a week, as there will be no market and mo market liquidity.  You will pay an ounce of gold for some bread.  Better investment is lead, for bullets

Zoomorph's picture

It is trivial to create a clone of Bitcoin. Computers of the future will make it completely out of date. There are already some problems with the protocol that threaten it. Governments will prefer to create their own digital currencies than to use one that favors a bunch of hackers.

kochevnik's picture

Also trivial to make soup. But somehow Campbell soup prospers for a century

Golden Phoenix's picture

Well, golly, since the smart government made savings bonds I guess there's no need to consider anything else.

Draybin Deffercon III's picture

Bitcoin smashed the dollar price of Silver over 3 years ago and now its going to smash Gold too! I used to like Gold & Silver a lot, got into "stacking" around 2007. I remember thinking at that time, that people trying to protect their wealth must be pretty smart. But over the past few years I've actually come to learn that their brains rival gold for atomic density. These people believe that all technology comes from blue-state "libtards" and Ron Paul is going to lead the charge back into the 1800s. The entire Internet and e-commerce revolution was "a scam". Anything they don't understand (basically everything) is "a ponzi scheme". Stackers can smoke our tailpipes and stay in the dustbin of history. By their own admission, they seem to like it there.

SILVERGEDDON's picture

Dragbin - stating a narrative does not make it true - are you trying to get a PR job with the Democratic Party ?

You are a Canadian Android, Dreaming of Electric Sheep.

Go find some muppets to shear.

Fonestar would kick you so hard in the nuts for some of your shit that you could be a Ballchinnian sci fi movie extra for the rest of your life.  

Draybin Deffercon III's picture

Your comments contain a lot of nothing and are ignored.

ZorroHedge's picture

Oh wait ... you are right. Bankers can't control gold ... HAHAHAHA

tmosley's picture

It hurts to buy somehting that is up a few thousand percentile that is also volatile.

I sold my BTC for gold and silver when I thought the latter couldn't go any lower and BTC seemed stable. Always wrong, it seems. Actually, doubly wrong, because the BTC I had was proceeds from a sale of Dash, which I see is up way more than BTC today.

Draybin Deffercon III's picture

The people here who have said "sell your BTC and take profits in gold & silver" have continued to lose. Those who have held their Bitcoins instead have seen massive profits instead.

Golden Phoenix's picture

No one is psychic - booking a profit is never wrong.

SILVERGEDDON's picture

Dragbin - take your meds, and you will stable out right quick.

Bay of Pigs's picture

Huh? Did you miss that chart on the 80%+ drop on BTC a couple years ago?

I guess facts don't matter to the Fonestar Brigade.

Draybin Deffercon III's picture

So how many people bought Bitcoin at $1000 and sold around $250? Oh I get it, you are trying to find data points to back up the point you didn't have?

Bay of Pigs's picture

All you BTC lovers went into hiding after the last crash. The chart doesn't lie but you certainly do.

Draybin Deffercon III's picture

I never went into hiding anywhere. I was still pumping Bitcoins here on Zerohedge, Youtube, Silver Doctors, SGTReport, CNBC, on CBC and lots of other places too.

Zoomorph's picture

If you're smart you're not only pumping but dumping as well.

kochevnik's picture

Actually monthly indicators for BTC remained bullish.  We were simply hibernating during the regression, which is trading 101