If bitcoin really is an alternative currency. why isn't it booming today like gold and silver?

Can you bitcoin-tards explain it?

You're assuming that gold/silver/bitcoin drive the price of the USD.

Rule #1:
When USD goes down, Gold goes UP.

It's not really the value of gold/silver/btc that's going up and down.

It's really the value of the USD Fiat dollar that is going up and down and buying more or less product.

Agreed.

So, why wouldn't bitcoin follow gold and silver?

Don't bother them, they are getting ready to cash out and buy yachts.

It will, over the medium-term, it won't be exactly correllated in lock-step every hour.

Alt Currencies and precious medals split the demand for investments that move counter to the market and the value of the dollar. So they won't go up in lock-step. But they will trend the same.

With bitcoins huge volatility and 24/7 markets, you would think that it would follow the real currencies(gold and silver) perfectly.

You mean metals.

During shtf, bitcoin will be useless, you can still use metals for trading..

it boomed when the stock market fell 1000 points. where were you on that?

here dummie

Thread: the best 'what is bitcoin/crypto' video I've seen. WATCH THIS TO UNDERSTAND BITCOIN

I can tell you why to some degree.

A big surge of Wall Street guys are now in the Bitcoin scene.
When there is a dump on stocks it seems that there are some WS guys selling out to buy the stock dip. Then when stocks climb and Bitcoin drops from the selling they buy back in. Rinse and repeat, not to mention they have the ability to short with futures trading bitcoin all the while doing it. They are beginning to see that shorting is becoming more difficult as many BTC whales are also cash heavy from the last dump.

Chart wise the 6hour chart on Bitcoin is showing symmetry. Wide swings up in down are in for the short term, but should surge up to 13k to test resistance within 24-48 hours.

btc went from 9k on July 27th to 12k on Aug 7th for a total $3k rise in ten days. this btc bull run started at mid $3k in march.

Because it BIGLY backed by China
and China currency is in the toilet right now

I don't consider cryptos as passing all the tests for a sound currency. That being said, if you like casinos, you could hit the jackpot..or lose everything (especially when people hack the exchanges). An EMP would certainly do quick work to the billions locked up in wallets.

It is worthless....just another fiat currency

Bitcoin has gone up more than gold in the past 7 months

Bitcoin is a safe haven, much like gold - Bitcoins pattern is much different than gold as the next halving is approaching

You nocoiners really suck at making any argument against Bitcoin

cryptos backed by technology (same as internet in the 90's), while pms are backed by thin air.

Fiat is backed by belief

EXACTLY! That is speculation, NOT currency.

Gold and silver hardly moved at all during that time.

Now that the dollar and Treasury Bond Yields are dropping, gold and silver are rising.

Bitcoin is obviously not a real currency.

Gold and silver is backed by the cost of removing them from the earth and their usage for certain technology

...One could argue that it's also backed by our DNA as we were made to mine gold, but that can't be proven

right.. because gold and silver backed by thin air.

No argument to make.

Such a tard thing to say, seriously.

Gold and Silver are backed by Fiat, just like everything. Don't kid yourself. The only thing gold has is Pseudo-Scarcity. I say Pseudo because it can be made or mined from Asteroids and other planets. In reality its quite infinite, just difficult to reach and has a cost related to finding/creating.

The cost to produce is much the same as Bitcoin. There is cost to produce. The cost of the machines to mine, the cost of electricity to mine, the cost to maintain the machines and facilities to continue to mine.

The thing that sets Bitcoin apart? It's Finite! 21million and never another will be minted. True scarcity! Digital, secure, easy to liquidate, easy to trade, 10 minutes to move over seas.

Everything will be digital 100% within 10 years. All currencies will be a form of crypto-currency. All of you paper Gold holders will be holding Crypto Gold Tokens. But Bitcoin will remain the real winner in scarcity, security and value.

No medals, you can eat metals, you can eat medals.

USD backed by mountains of debt.

I'm listening...make you argument for bitcoin value and where it comes from, but as far as I know it is backed by fiat currency...is it not>