Here's Bitcoin Priced In Gold

Markets More: BitcoinGold

Here's Bitcoin Priced In Gold


Sam Ro


Dec. 24, 2013, 4:56 PM5,3422

Some people believe gold is nonsense. Some people think Bitcoin is nonsense.
For those of you who believe both things, this chart is either totally worthless or it completely makes your case.

It's Bitcoin priced in mg of gold courtesy of our friend Charles Vollum at PricedInGold.com.
"Because it is a young currency, bitcoin has had various "teething" problems, and some of these have caused wild swings in value," writes Vollum. "As the software is refined, as more vendors start accepting bitcoin, and more users choose it for their transactions, these wild swings should damp out."

"On the other hand, it is entirely possible that some flaw in the system may come to light, rendering bitcoins completely worthless," he added. "In any event, it is wonderful to see new forms of free market money offering choices for saving and facilitating trade."


PricedInGold.com


Read more: http://www.businessinsider.com/bitcoin-priced-in-gold-2013-12#ixzz2oWkG2S3p

Nice, if you can find someone to exchange your bitcoin for gold anyway. Any object has value only as long as there are people willing to trade for it. This is true for bitcoins, gold, silver, or USD. Value only exists as long as people assign value to it. If they stop valuing it for any reason, it has no value.

Some items like gold, and silver can be said to have some intrinsic value by virtue of it's having been considered valuable for along time. Others, like the USD have value because of it's historical stability as a vehicle facilitating trade. The bitcoin has neither. It's value is strictly speculative at this point, as is IMO the current high value of Gold.

I would bet my bottom dollar that they used the current price of Gold in USD and the current value of Bit coins in USD to compile their table.

True that Kevin! When I was in real estate we used to say that a house is only worth as much as someone is willing to pay for it!