So GLD value has been going up on Cryptsy of late. I was curious if this was because GoldCoin is gaining ground or rather if it was just because of the beating BTC has been taking in the value department. I'm not super savvy on this stuff so I'd like to hear the thoughts of others.
Great question.
There are many factors in play. I think as consumers become more and more aware of alternative currencies, they will begin asking questions like, "if Bitcoin and Goldcoin are basically technological equals (it could be argued GLD is superior but that's another discussion), why is bitcoin $500 and the coin with a better name only a penny?"
Here's a great video I just happened to be watching when I saw your post. It offers some excellent insight into this topic as well.
The recent IRS ruling could be another reason Goldcoin (GLD) is showing strength lately. That's because the ruling favors the commodity side of cryptocurrencies, something for which Goldcoin is ideally suited.
http://altcoinpress.com/2014/03/irs-ruling-supports-digital-gold-argument/Over time, I think we'll see the disconnect between the $500 Bitcoin, and the $0.01 Goldcoin, begin to close. Some of this recent market activity could indeed be the early stages of that gap closure.
In the long run, it will be the consumer that decides the value of altcoins, whereas until recently, it has been mostly miners and the close-knit crypto community that have determined valuation. People tend to like things that are Gold and I think we've got a great shot of taking Goldcoin all the way.
The key to our success is learning to work together as a community as Goldcoin evolves and matures.
