Bitcoin Over Gold: What Does It Mean?

03/06/201716 Comments

Cast your mind back to February 2013. It was a chaotic month for metals traders.

Indeed, as I noted at the time, the silent gold rush was continuing apace and those in the know were keeping a close eye on the precious metals markets.

But there was another story that was taking place at that very moment. A story that, in retrospect, may prove to be more important than any of those just mentioned. Bitcoin reached parity with silver.

Specifically, the price of one bitcoin equaled that of an ounce of silver for the first time on February 19, 2013.

And just this week, the price of one bitcoin equaled (and quickly surpassed) that of an ounce of gold for the first time. (Well, OK, the second time, but in retrospect Mt. Gox’s valuation didn’t count, did it?)

So what does this milestone mean?

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Comments (16)

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  1. peace.froggs says:

    Bitcoin Over Gold: What Does It Mean?

    It means Bitcoin is as rigged as the stock market, in other words its a bubble that will no doubtingly burst…I predict in about 1 year and half from now.

    Remember this?

    Furthermore, Gold has intrinsic value, Bitcoin does not.

  2. HomeRemedySupply says:

    James Corbett Quote: “There is no inherent price for any of these goods. There is only what someone is willing to pay for it.”

  3. CIAnetwork says:

    In response to Broc regarding The Requiem for the Suicided series, I concur. I hope that Kenneth Trentadue is next because I have created a playlist that I begrudgingly put others video versions (those who properly linked back to you) but Kenneth Trentadue vids have a disturbing pic.

    Against my better judgement, I hoped the info would win out, but ultimately lost a couple of subscribers. I promptly took them down and decided I might do my own. However, since you’re doing them all, I guess I’ll just wait.

    If the government were on trial, this would be the ‘Exhibit A’ I would launch a case with. Thank You both for this important work.

  4. ekawAediW says:

    This is my kind word for Broc.

  5. Hotfoot says:

    There is also the Chinook helicopter. I now see where the name comes from, as a helicopter creates a downward wind. Etymology rocks!

  6. HomeRemedySupply says:

    Thanks for the entertaining slang challenge.
    I always enjoy slang. I am going to start using “spruik”. Interesting about a “5 hole”. The next time I bang-hang myself climbing over a fence, I’ll think of making a “5 hole”.
    There is a lot of Texan slang.
    Corbett’s pronunciation of “poutine” had me raise my eyebrows, because it is sometimes used when guys are drinking too much beer and gabbing about women. Of course there are variations of pronunciations…
    Joe Bob Briggs points out a variation used by this lady…
    (15 seconds)
    The same lady talks about tying the hands of teenagers when they sleep.
    (20 seconds)

  7. Terraset says:

    I recently did a video about the bitcoin/fiat problem and posited a possible solution I call “The Favour Network”

  8. I had $36 Canadian dollars worth of Bitcoin in escrow on the Silk Road when it got shut down some years ago. It would be worth much more now.

    For a little while I got my ketamine there. Doctors and big pharma FAILED me big time. The only things that ever actually helped my chronic manic depression was ketamine, vitamin D, and ginseng. Ketamine treatment for chronic depression (watch some profound YouTube videos on it) is legal in the US, UK, Australia, but not Canada. WTF!?

    To the US government: I want my bitcoins back that you stole.

  9. HomeRemedySupply says:

    James, Thanks for the video with Eva Bartlett on SYRIA.
    I admire her.

  10. willrock says:

    I guess it may already have started, but I’m afraid the elites have been using their money printing to pump Bitcoin prices up and then pull all investors who are speculating in the cliff.

    Sorry I tend not to trust almost everything Bill Gates praises.

    Maybe it’s to late to write this. Let’s see what today’s devaluation is all about.

  11. guy says:

    It will be most interesting to see how the upcoming “BitCoin Fork” issues pan out.

    I recently put a hefty amount of hours’ research into BitCoin, after having initially dabbled with it over a year ago. Here are a few general de-geeked,observations which might be helpful to the curious but uninitiated:

    1) BitCoin was touted as a great way to conduct so-called micro-transactions around the world, across borders, slipping the chains of fiat. (i.e. an “alt” currency for notoriously hyperinflated economies such as Argentina)

    2) Not anymore. When I began, I could get a $1.00 US transaction consummated in several minutes. A so-called “miner fee” for processing the transaction was next to nothing. Or it could even be nothing and still get processed. Next to nothing = under 10 cents USD.

    3) Transactions now cost anywhere from 35 cents to $1.50 IF YOU WANT THEM TO BE PROCESSED. I recently zeroed out a CoinBase account wherein one of the transaction fees amounted to $29.00 USD for a $100 transaction. No kidding. CoinBase picked up the fee. As of this writing CoinBase is no longer picking up the fees (one reason I zeroed out).

    4) If you pay say 66 cents for a $1.00 transaction it obviously makes a mockery of so-called “micro-payments.”

    5) In one sense you might say that the “free market” is finding out just what pricing consumers will pay to process their transactions.

    6) Currently BitCoin has dropped back well below the 1 oz price of gold. (Because of unbridled fee escalation, and to somewhat oversimplify: a recent SEC ruling against BitCoin.)

    7) Bitcoin was born of innovation. We shall see if that innovation will carry it over the current hurdles.

    Good Story, James

  12. Pablo de Boer says:

    Bitcoin’s Pizzagate 😉

    May 22nd is Bitcoin Pizza Day

    May 22 is a big day in Bitcoin history. In 2010, Florida programmer and BitcoinTalk user Laszlo Hanyecz offered to pay 10,000 Bitcoins for pizza. This transaction is famously known throughout the cryptocommunity as the first real world transaction/purchase used with Bitcoin. It is now known as Bitcoin Pizza Day.

    This was his post on BitcoinTalk on that day:

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