Bitcoins

paddyrg

Swafe wrote: »

gold can only go up?

its gone down 30% in the last year

Oh no, that'll mean the logic in the post above mine might be deeply flawed...

Satoshi

nothing goes straight up without sometimes getting ahead of itself and correcting. But the overall trend of everything is up as the fiat supply gets expanded.

gold has gone up for 12 yrs this will be the first yr it has not made anew all time high.

My prediction is bitcoin will outlast fiat but then there will be a rush from bitcoin to real tangible things like gold and silver.

The next new monetary system after fiat collapses will be gold and silver backed. Its the same monetary cycle repeating for thousands of years.

csm888

Nice_Weather_For_Ducks wrote: »

We need something like bitcoin, but simpler to understand and use.

How about a currency, call it sterling, make banks give us cash and cards to spend it with!!

Trolling, humour or stupid? Not sure.
Buy onions as an alternative to apples they are much cheaper.

BoracicLint

One of the main reasons for the reduction in the price of gold is not lack of demand, it is due to a big sell-off of Gold ETFs as many realise that their 'paper gold' can't be satisfied due to supply shortages of physical gold.

The demand for physical gold far out weighs supply and in my opinion gold is set to go very bullish as we enter into 2014 with very little sign of QE tapering by the US.

As confidence in the dollar is slipping ever further, the demand for traditional stores of wealth (i.e Gold and Silver) will increase, and the novelty value of Bitcoin will be able to ride on the back of that.

Satoshi

BoracicLint wrote: »

One of the main reasons for the reduction in the price of gold is not lack of demand, it is due to a big sell-off of Gold ETFs as many realise that their 'paper gold' can't be satisfied due to supply shortages of physical gold.

The demand for physical gold far out weighs supply and in my opinion gold is set to go very bullish as we enter into 2014 with very little sign of QE tapering by the US.

As confidence in the dollar is slipping ever further, the demand for traditional stores of wealth (i.e Gold and Silver) will increase, and the novelty value of Bitcoin will be able to ride on the back of that.

Very good post couldnt agree more.

dryhat

£60 pound overnight rise in exchange rate for those interested.

Current rate, 1BTC = £470

Satoshi

dryhat wrote: »

£60 pound overnight rise in exchange rate for those interested.

Current rate, 1BTC = £470

The only time I buy is after a very big dip. There is bound to be another big dip sometime, even if this is the lowest and it will never be lower than this I only buy big dips.

blinko

Gold is finished as an asset class in the near term just not enough uncertainty in the world for people to want to hold gold like they did 2008
.

sorry but the dollar is set to strengthen quite heavily in the near term, price target for GBP USD should be around 1.57 by the end of March 2014

BoracicLint

blinko wrote: »

Gold is finished as an asset class in the near term just not enough uncertainty in the world for people to want to hold gold like they did 2008
.

sorry but the dollar is set to strengthen quite heavily in the near term, price target for GBP USD should be around 1.57 by the end of March 2014

You may well be right about sentiment towards Gold in the west, but I dont think that's the case in the far east.

As for the strength of the dollar against the pound, GBP is almost at its strongest (i.e dollar weakest) for the last 12 months. Where do you think the increase in dollar strength will come from in the near term?

BoracicLint

Apologies for drifting off topic, I don't want this to turn into a Gold thread!