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<p>[QUOTE="InfleXion, post: 2662568, member: 29012"]I said it can function as currency, not that it is functioning as currency right now. Context matters. It has been currency before, and that is where the similarity with BitCoin ends which was my point, that they are not the same thing at all. People seem to think BitCoin and precious metals are two peas in a pod. They are currency alternatives, and that is all they share and why they are over-correllated.</p><p><br /></p><p><br /></p><p>We're not talking about one anomalitic high. We're talking more like 10 times BitCoin has lost half of its value since it was a few bucks. And many of those drops were in a matter of days or weeks. If once is an anomaly, twice is a coincidence, three times is a pattern, what do you call ten times? BitCoin apparently. No doubt fortunes were made, that's the dump part of a pump and dump. Just because they can't use HFT algos doesn't mean the concept doesn't apply. I'm not even sure why I need to defend this. It's an unregulated market with a few key bottlenecks.</p><p><br /></p><p><br /></p><p>It's not false that the high price of gold is not due to industrial demand. Otherwise it would be 10 times cheaper than silver then wouldn't it? So my point stands that industrial demand is small enough that it doesn't matter for the price of gold. It is a bellweather for (inflation or deflation) plus or minus (faith in fiat currency).[/QUOTE]</p><p><br /></p>
[QUOTE="InfleXion, post: 2662568, member: 29012"]I said it can function as currency, not that it is functioning as currency right now. Context matters. It has been currency before, and that is where the similarity with BitCoin ends which was my point, that they are not the same thing at all. People seem to think BitCoin and precious metals are two peas in a pod. They are currency alternatives, and that is all they share and why they are over-correllated. We're not talking about one anomalitic high. We're talking more like 10 times BitCoin has lost half of its value since it was a few bucks. And many of those drops were in a matter of days or weeks. If once is an anomaly, twice is a coincidence, three times is a pattern, what do you call ten times? BitCoin apparently. No doubt fortunes were made, that's the dump part of a pump and dump. Just because they can't use HFT algos doesn't mean the concept doesn't apply. I'm not even sure why I need to defend this. It's an unregulated market with a few key bottlenecks. It's not false that the high price of gold is not due to industrial demand. Otherwise it would be 10 times cheaper than silver then wouldn't it? So my point stands that industrial demand is small enough that it doesn't matter for the price of gold. It is a bellweather for (inflation or deflation) plus or minus (faith in fiat currency).[/QUOTE]
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