I just cashed out my lot of Bitcoins for Gold. Here's why.

[Revelation 22:13]

Short-term:

- Things are crashing hard this Summer. The media bubble has faded. We might see ourselves at $80 again. Even $30.

Long-term:

- Gold is going to recover. Hidden economic trouble is brewing. 'nuff said.

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

It was fun but Bitcoin is going to need a judgement day before cryptocurrency can become mainstream.

Here's my prediction: Bitcoin is going to be blown apart. The price will go to zero by 2020.

To those looking at this from the future: I told you so.


http://www.guardian.co.uk/world/2013/jun/09/nsa-whistleblower-edward-snowden-why

Q: Why did you decide to become a whistleblower?

A: "The NSA has built an infrastructure that allows it to intercept almost everything. With this capability, the vast majority of human communications are automatically ingested without targeting. If I wanted to see your emails or your wife's phone, all I have to do is use intercepts. I can get your emails, passwords, phone records, credit cards.

"I don't want to live in a society that does these sort of things … I do not want to live in a world where everything I do and say is recorded. That is not something I am willing to support or live under."

Q: Is it possible to put security in place to protect against state surveillance?

A: "You are not even aware of what is possible. The extent of their capabilities is horrifying. We can plant bugs in machines. Once you go on the network, I can identify your machine. You will never be safe whatever protections you put in place."

[ElectricMucus]

That's a bold prediction. Do you really need it to rationalize your decision?

[Barnacle_Ed]

OP should change his name to "Elmer FUD" and continue making these predictions. It would be even more amusing!

[michaelGedi]

that's quite a revelation, thanks for that

[Moebius327]

thanks for warning us, OP.

[NewLiberty]

Historically the gold/silver ratio has been averaging 1/16 (this goes back to ancient history).
Currently gold is over this ration, so I would expect silver to do better than gold in the near term.
As to what both will do against bitcoin, that would be pure speculation but all are alternatives to inflating currencies.
No one knows when inflation is coming, but when it does, it typically comes quicker than folks expect.

[zemario]

You predictions (except the quoted one) are fair enough, your tone is laughable at best.

But this is just hilarious:

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

Seriously,
why do people that that have nearly zero knowledge on information theory think they sound badass when they talk about it?

[oda.krell]

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

You forgot a few points:

- The Space Jews control the president of the United States with brain wave rayguns, installed in geostationary satellites launched and maintained by South-American drug cartels.

- Fluids! Always protect and preserve your precious bodily fluids!

[ElectricMucus]

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

You forgot a few points:

- The Space Jews control the president of the United States with brain wave rayguns, installed in geostationary satellites launched and maintained by South-American drug cartels.

- Fluids! Always protect and preserve your precious bodily fluids!

That's right, never use sanitary installations connected to the grid.

You predictions (except the quoted one) are fair enough, your tone is laughable at best.

But this is just hilarious:

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

Seriously,
why do people that that have nearly zero knowledge on information theory think they sound badass when they talk about it?

Tell us how do you make that distinction and how is information theory relevant for making such a statement?

[anu]

Through a hole in your browser I have full control to your computer. I feel sorry that the single Bitcoin you bought the same day as you registered here at June 4 has lost 10% since. But I feel I need to tell you that you won't get a 1/10 ounce Maple Leaf for a Bitcoin.

[Revelation 22:13]

Through a hole in your browser I have full control to your computer. I feel sorry that the single Bitcoin you bought the same day as you registered here at June 4 has lost 10% since. But I feel I need to tell you that you won't get a 1/10 ounce Maple Leaf for a Bitcoin.

Nice guess but you're far off. Feel free to decimate this computer. It's not mine.

[Matthew N. Wright]

To those looking at this from the futureBåｃ߀ԉ ìｐsüϻ Ꮷ߀ɭｏｒ sïｔ åｍëｔ ϻ߀ｌｌｉｔ ｃɦüｃｋ ｓɦáԉｋｌë hãϻƅｕｒｇéｒ åлᏧｏùｉɭɭê, ｕɭɭɑｍｃò ｂｒｅｓâｏɭɑ ｃｕｌｐå ϻèａｔƃɑｌｌ ƃｒïｓｋｅｔ ûｔ ìｄ ϳëｒƙｙ ɋùí. Cｉɭｌüｍ ìｎｃïｄｉdûԉｔ ｔ-ƃｏｎé dｅｓéｒúｎｔ, ｓａｌɑϻｉ ｃɦìｃƙëｎ éú ｑúí ρãлｃëｔｔâ ｔùｒｄüｃｋèｎ. Bàｃｏԉ ｐïｇ ｃｏϻｍòd߀ ｂｒｉsｋｅｔ, ｃｈùｃƙ ｖéлìsｏԉ ｃｏｎｓｅｑüàｔ sｕｎｔ ｆíｌéｔ ｍíɢｎ߀л ɑᏧìρïｓïｃｉԉɢ sｗìԉｅ ɦãϻƅｕｒɢëｒ ｉd. Bɑｌｌ ｔｉρ ϻêàｔɭòäｆ íл ｂｒësáｏｌä ѵｅɭíｔ ｄｏ èxｃéρｔèüｒ sèᏧ hàϻƃüｒǥèｒ

I'm looking at this from the future, but I don't understand what you wrote because it seems to have been corrupted in the last forum move.

[conspirosphere.tk]

- Fluids! Always protect and preserve your precious bodily fluids!

Too late. The bitches sucked me dry already.

[vokain]

what's the cost to sell a gold coin? I know the dealer spread is disgusting

[ElectricMucus]

what's the cost to sell a gold coin? I know the dealer spread is disgusting

Where I am I can do that at any bank. That's pretty much the only reason to own gold for me. Spreads are around 10%, 6 for full ounces I think.

[Jakewell]

The price is going down

http://bitcoin.clarkmoody.com/


Huge sell walls and no buying power... at mt gox orders

[Jakewell]

what's the cost to sell a gold coin? I know the dealer spread is disgusting

Where I am I can do that at any bank. That's pretty much the only reason to own gold for me. Spreads are around 10%, 6 for full ounces I think.

i have an online broker who trades gold with a spread of 1.5 usd

buying physical gold ounces at the corner store is for begginers

[ineededausername]

OP: registered june 3
Says he sold everything on june 8

Wow, that was fast!

[Jozzaboy]

what's the cost to sell a gold coin? I know the dealer spread is disgusting

Where I am I can do that at any bank. That's pretty much the only reason to own gold for me. Spreads are around 10%, 6 for full ounces I think.

i have an online broker who trades gold with a spread of 1.5 usd

buying physical gold ounces at the corner store is for begginers

Buying precious metal where you can't physically touch it means you do not really own it. It's like the US government has never taken gold away from the population during unstable economic conditions...

[conspirosphere.tk]

- The NSA has full control of Bitcoin through holes in SHA-256 and DSA that the mass of the public has yet to find. The whole blockchain might find itself worthless within the decade.

On a second thought, with all this PRISM, Barak-doors and NSA-inside our puters, I guess that they could do quite some damage to bitcoin if they really want to.
So maybe for the moment they are not so interested or they found some utility for them in it (everybody likes underground transactions).