Bitcoin

93Devil · Dec 15, 2014

93Devil said:

The Big Ragu said:

Dick Whitman said:

The Big Ragu said:

Justin_Rice said:

Dick Whitman said:

As is Bitcoin's, right? I'm not sure why Ragu thinks that gold has utility but bitcoin does not. Pedigree?
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Gold has universal acceptance as currency; bitcoin doesn't.
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Basically. I don't love gold just for the sake of loving it. Two things could get me to trade it in for some other form of money.

1) If you can find me a fiat currency that is NOT being intentionally devalued -- which makes it a shitty way to store your wealth.

2) People lose their faith in gold as a store of wealth. I see no signs of that at all.

It's a currency that offers me the best store of wealth I can find.

I have no confidence that a year from now or 10 years from now that anyone is going to value a bitcoin. To me, it might as well be a cabbage patch doll.

My question to you would be, let's say I offered you $1,000,000 today and told you you can have it in 35 years. Until then, it sits buried in a hole in the ground.

Which would you feel most confidently is going to protect the value of that wealth? 1 million freshly printed one dollar bills. ... 1 million dollars worth of gold bars at today's value in dollars. ... or say, 1 million dollars in Apple stock.

Don't think speculatively. Think purely in terms of trying to preserve your wealth. Which would you choose?
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Not this, probably:

http://www.nasdaq.com/markets/gold.aspx?timeframe=1y
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I think you are really missing the point. I'm not talking about trying to time a market that doesn't always correctly value things.

I am talking about currency patterns over long enough periods of time to understand the value of those currencies. I can't find the same chart into today, but the dollar continues to lose value, even as gold has taken a breather -- and we are talking about a small breather after a huge run up, in which it increased in value every year for 12 years relative to the dollar and basically went from $200 an ounce to where it is now in the last 13 years or so.

Even if you conclude that gold has lost a lot of value in dollar terms in the last 12 months, you'd want to compare it to how much purchasing dollar itself has lost in the last 12 months. Gold looks really good in comparison. Especially if you do things like hedge the gold you own, for example, by buying it in yen instead of dollars.
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Interesting you would leave 2013 off that chart since gold has dropped 33 percent in the past year. I'm not reading all this back and forth bullshit, but leaving off the past year just screams click the link.
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Using your link then cutting and pasting the url when I right click the picture.

http://www.nasdaq.com/markets/gold.aspx?timeframe=1y

And .33 times 1,800 is 594. When you subtract 594 from 1800 it's 1206. I call that a 33% drop.

http://www.bloomberg.com/news/2013-10-30/gold-holds-decline-before-fed-concludes-meeting-as-silver-drops.html

http://www.marketwatch.com/story/gold-prices-wobble-as-dollar-gathers-strength-2013-08-13

http://www.fastmarkets.com/bullion-desk-news/66084-0-en

The Big Ragu · Dec 2, 2013

November 30, 2012 (a year to the day you posted), spot gold closed at 1715.20.
November 29, 2013 (you posted on Saturday; so price at the close on Friday), spot gold closed at 1252.10.

And it still has zero to do with a thing I posted -- as usual.

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Bitcoin

93Devil Well-Known Member

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