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

[KSV]

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

+1

and who do u work for? the fed?

[conspirosphere.tk]

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...

Therefore the problem is to keep your stash where uncle Sam cannot touch it.

[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

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...

in the investing enviroment of gold, NYSE new york stock exchange with brokers where big amounts of commodities are traded is safe and have small spread.

i dont want to believe you are thinking the investors are moving tons of gold and silver from one place to another during all the day, are you?

If you want to spend some usd in gold and keep them for at least a year its ok buy phyisical gold ounces, but if you are a day trader you have to move in another level

[notme]

safe and have small spread

Right up until it isn't.

[Jozzaboy]

in the investing enviroment of gold, NYSE new york stock exchange with brokers where big amounts of commodities are traded is safe and have small spread.

i dont want to believe you are thinking the investors are moving tons of gold and silver from one place to another during all the day, are you?

If you want to spend some usd in gold and keep them for at least a year its ok buy phyisical gold ounces, but if you are a day trader you have to move in another level

Ah, well in this case... agreed. Daytrading is not realistic with physical assets of course. Then again, considering the low price of metals, I would of figured you to be in for a longer term. I have physical silver, price averaging as the market goes down as the price is very difficult to predict with the 'growing strength' of the US dollar (   )

[manfred]

Is't SHA-2 a closed source function mate by National Security Agency?

[ElectricMucus]

Is't SHA-2 a closed source function mate by National Security Agency?

That term does not apply to it.

It's not provably secure, which means it wasn't derived from a mathematical proof. What OP is basically claiming is that it would be provably insecure, which would be the equivalent of being constructed in such a way that there is one mathematically proven error in it. Not that there would be any evidence for it, it's a claim out of the blue which makes about as much sense as claiming that the NSA monitors your masturbation habits.

[BitcoinAshley]

Yeah, you forgot about the space jews.

Thanks for all the false information! The NSA has control of SHA256... media bubble has faded... etc. We have a name for that... FUD ;-)

ITT some kid buys lots of gold certs with his bitcoins and thinks he's ready for when the SHTF. Good luck with that bro! Hopefully you kept at least one bitcoin 

[molecular]

- 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.

oh shit! Thanks for telling me, I didn't know that. Thank you thank you thank you. Will sell all my coins right away.

seriously, dude. The bolder the claim the better the evidence needs to be. You have none.

[BitcoinBarrel]

If Bitcoins and the internet were to collapse then Gold would be right there right it. Gold is shiny and all, but just as much perceived value as Bitcoin/money.

[CanadianGuy]

Bitcoin is whatever we want it to be

[Elwar]

At least you are not buying dollars with your bitcoins.

My prediction is that by August the dollar will be half the value it is today. Though it may take some time for that value drop to be noticed as it spreads throughout the economy. But it will be felt.

[notme]

At least you are not buying dollars with your bitcoins.

My prediction is that by August the dollar will be half the value it is today. Though it may take some time for that value drop to be noticed as it spreads throughout the economy. But it will be felt.

How is that going to happen with a long term trend reversal forming on all major stock indices?  When stocks go down, the dollar rises.

What could possibly trigger hyperinflation at this point in time?

[ecliptic]

The value of a break on SHA-256/ECDSA far outweighs even the full market cap value of bitcoin

[NewLiberty]

The value of a break on SHA-256/ECDSA far outweighs even the full market cap value of bitcoin

+1

[Elwar]

At least you are not buying dollars with your bitcoins.

My prediction is that by August the dollar will be half the value it is today. Though it may take some time for that value drop to be noticed as it spreads throughout the economy. But it will be felt.

How is that going to happen with a long term trend reversal forming on all major stock indices?  When stocks go down, the dollar rises.

What could possibly trigger hyperinflation at this point in time?

The Federal Reserve is currently buying 73% of Treasury Notes, which are used to print money for the Federal Reserve who turns around and buys 74% of Treasury Notes which are used to print money for the Federal Reserve who turns around and buys 75% of Treasury Notes...etc...

It is estimated that at the current rate, the Federal Reserve will be buying 100% of Treasury Notes by mid July.

What this means is that no other country is willing to buy our debt. The only way our debt can be funded at that point is from printing money. Printing enough money to fund our government means the value of our currency will go down by that much on a daily basis.

It will not be pretty.

Even if the Federal Reserve stops buying our Treasury Notes...we only have 27% of the customers we used to have. In order to entice the other 73% into buying we have to sell cheap. Or jack up the interest paid on our debt.

[notme]

At least you are not buying dollars with your bitcoins.

My prediction is that by August the dollar will be half the value it is today. Though it may take some time for that value drop to be noticed as it spreads throughout the economy. But it will be felt.

How is that going to happen with a long term trend reversal forming on all major stock indices?  When stocks go down, the dollar rises.

What could possibly trigger hyperinflation at this point in time?

The Federal Reserve is currently buying 73% of Treasury Notes, which are used to print money for the Federal Reserve who turns around and buys 74% of Treasury Notes which are used to print money for the Federal Reserve who turns around and buys 75% of Treasury Notes...etc...

It is estimated that at the current rate, the Federal Reserve will be buying 100% of Treasury Notes by mid July.

What this means is that no other country is willing to buy our debt. The only way our debt can be funded at that point is from printing money. Printing enough money to fund our government means the value of our currency will go down by that much on a daily basis.

It will not be pretty.

Even if the Federal Reserve stops buying our Treasury Notes...we only have 27% of the customers we used to have. In order to entice the other 73% into buying we have to sell cheap. Or jack up the interest paid on our debt.

Can you provide a source that demonstrates your claim that interest in bonds from entities other than the Fed is falling?  I'm not saying it's incorrect, I've just not seen any evidence.

[Zaih]

Onya OP.

[lophie]

Here is your proof, I just sent a Bitcoin to 1BitcoinDiesWithSHA256As0f09062013 and will spend it in less than 24 hours. That would mean that I successfully broken up SHA256.

I will give you all 24 hours to sell all bitcoins and avoid a major loss.

- Lophie

Timer removed. End time: 2013-06-10+3:00:00UTC

[notme]

Here is your proof, I just sent a Bitcoin to 1BitcoinDiesWithSHA256As0f09062013 and will spend it in less than 24 hours. That would mean that I successfully broken up SHA256.

I will give you all 24 hours to sell all bitcoins and avoid a major loss.

- Lophie

Timer removed. End time: 2013-06-10+3:00:00UTC

Nice try, but even if that was a valid address, it is not SHA256 that secures coins.  It only is used to confirm blocks, not to sign transactions.