All posts made by Blind Legs Parker in Bitcointalk.org's Wall Observer thread



1. Post 15176876 (copy this link) (by Blind Legs Parker) (scraped on 2020-04-04_Sat_14.52h):

Quote from: Meuh6879 on June 12, 2016, 12:30:20 AM


http://www.xe.com/currencycharts/?from=XBT&to=XAU&view=1D

Bitcoin value is ... 1/2 of GOLD value.


Wrong. Bitcoin's value is 0.13% of gold's value.

The value of 1 bitcoin is equal to half of this of 1 ounce of gold, now, that's true, but a comparison based on random units not linked with each other like that is just wrong. You're using the same logic as this of the people who say that bitcoin is "expensive" because $600 is a lot of money. That's not how you do it. If the total amount of bitcoins to be created was 2.1 million instead of 21 million, each one of them would now be worth $6460. Would you then say that bitcoin's value is 6 times higher than gold's Roll Eyes ?
Look at the market caps. That's what will really tell you how much bitcoin is worth compared to gold, and it's 0.13%. Bitcoin still has a looooooong way to go before it's worth half as much as gold is. And frankly I like that: it means that there's still profit to be made investing in bitcoin.