Bitcoin hits record high, worth more than ounce of gold for first time


#1

Originally published at: http://boingboing.net/2017/03/03/bitcoin-hits-record-high-wort.html


#2

I’m confused …the currency I use online isn’t already digital currency?


#3

Bitcoin, a primer:

Q: What is Bitcoin?

A: Bitcoin is a decentralized virtual currency that relies on cryptography and peer-to-peer transactions rather than government backing. Essentially, money made out of math.

Q: And I can use it to buy products and services just like real money?

A: Oh heavens no.


#4

Off to build a Bitcoin mining rig!!!


#5

So, money-laundering DOES pay off.


#6

So now I’ll have to get a toilet in Bitcoin leaf?


#7

.[quote=“TheGreatParis, post:6, topic:96329, full:true”]
So now I’ll have to get a toilet in Bitcoin leaf?
[/quote]

No. At least I won’t be the one to pressure you


#8


#9

Well gold is nice, but how many Dutch tulip bulbs will it buy?


#10

I’m doing the conversion math, but I think this article forgot to mention how many ounces of matter there are in a Bitcoin? It seems like that would be a very important factor in drawing a viable value comparison.


#11

I still can’t afford to invest neither in gold nor in Bitcoin. But I would take donations. Since I don’t know shit about how to receive Bitcoin, please send gold.


#12

Why does it matter? The gold standard isn’t a thing any more.


#13

It’s nowhere near a pound of gold though.


#14

Apparently the approx. $0.50 I had years ago as a tip from some Reddit account (apparently it was a thing at one point) is now worth about $28.50 as of today.

I’m taking my girl out to White Castle tonight!

Errr…as soon as I can figure out how to sell it.


#15

How does a gallon of bitcoin compare to a gallon of milk?


#16

At several points in the past I thought about speculating in Bitcoins. You know, buy one or two or three just to see what happens. I never did, though, and I can tell you that I don’t regret it at all. Currency that you have to keep in an offline solid state drive inside a Faraday cage seems impractical.


#17

I get your point (and even your snark), but the comparison here is largely symbolic.


#18

I did speculate, and I’m happy I did. I’m in it for the long haul.

You don’t actually “keep” Bitcoin, though. You keep a cryptographic key. A good offline medium for a cryptographic key is printed as a QR code on a piece of paper. If you’re feeling fancy, you can even put that piece of paper in a safe deposit box.


#19

Or, you know, you could just keep actual money in a bank, which is guaranteed by governments against robbery or bank failure. But that’s making life too easy, I know.


#20

Do you recall how the tip was sent? Your post reminded me that someone also sent me a small tip 3-5 years ago but I can’t recall the app I had to install to get it and searches in my email for the original invite are turning up nothing.