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

[ex-trader]

Gold has industrial uses. Bitcoin doesn't.

And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

http://www.gold.org/about_gold/story_of_gold/demand_and_supply/

[conspirosphere.tk]

...
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."

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet. Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

I will say it one last time: Bitcoin is a ticking time bomb. It is going to blow up any day now. Feel free to hold it for awhile but don't be the last guy holding it.

I find much plausible that they can easily target the users' machines and steal the wallets of a great number of them if they wish without any special tech or know-how.

[zemario]

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."

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet. Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

I will say it one last time: Bitcoin is a ticking time bomb. It is going to blow up any day now. Feel free to hold it for awhile but don't be the last guy holding it.

Please stop. It was entertaining the first time.

If you're a troll, you're a rather good one.
Besides trolling, I don't understand what your goal could be, such statements can only lead to the the single conclusion that their author is stupid. Is that what you're trying to make clear? Honest question, no sarcasm nor offense intended.

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet

This is
1.physically impossible, and therefore,
2.stupid

Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

An hash function is not a cypher.

[lophie]

An hash function is not a cypher.

So did you Start to get why I facepalmed my face to oblivion because of this OP?

[aceking]

you will regret it , you cashed out too early

[Odalv]

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."

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet. Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

I will say it one last time: Bitcoin is a ticking time bomb. It is going to blow up any day now. Feel free to hold it for awhile but don't be the last guy holding it.

Please stop. It was entertaining the first time.

If you're a troll, you're a rather good one.
Besides trolling, I don't understand what your goal could be, such statements can only lead to the the single conclusion that their author is stupid. Is that what you're trying to make clear? Honest question, no sarcasm nor offense intended.

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet

This is
1.physically impossible, and therefore,
2.stupid

Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

An hash function is not a cypher.

I do not think ECDSA/SHA-256/RIPEMD-160 can be compromised. BUT I can imagine a random number generator (private key generator) used in Bitcoin-qt client could be (not so random ... :-) I did not study source, only speculation where to look for security hole) compromised -> every wallet then become deterministic wallet (easy to compute) ... :-) I believe, there are no errors in bitcoin-qt software, but what about "alt coins"

[lophie]

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."

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet. Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

I will say it one last time: Bitcoin is a ticking time bomb. It is going to blow up any day now. Feel free to hold it for awhile but don't be the last guy holding it.

Please stop. It was entertaining the first time.

If you're a troll, you're a rather good one.
Besides trolling, I don't understand what your goal could be, such statements can only lead to the the single conclusion that their author is stupid. Is that what you're trying to make clear? Honest question, no sarcasm nor offense intended.

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet

This is
1.physically impossible, and therefore,
2.stupid

Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

An hash function is not a cypher.

I do not think ECDSA/SHA-256/RIPEMD-160 can be compromised. BUT I can imagine a random number generator (private key generator) used in Bitcoin-qt client could be (not so random ... :-) I did not study source, only speculation where to look for security hole) compromised -> every wallet then become deterministic wallet (easy to compute) ... :-) I believe, there are no errors in bitcoin-qt software, but what about "alt coins"

[bb999]

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."

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet. Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

I will say it one last time: Bitcoin is a ticking time bomb. It is going to blow up any day now. Feel free to hold it for awhile but don't be the last guy holding it.

Please stop. It was entertaining the first time.

If you're a troll, you're a rather good one.
Besides trolling, I don't understand what your goal could be, such statements can only lead to the the single conclusion that their author is stupid. Is that what you're trying to make clear? Honest question, no sarcasm nor offense intended.

Face it. Bitcoin is already compromised. The NSA has endless resources to crack the cryptography of all communications on the planet

This is
1.physically impossible, and therefore,
2.stupid

Do you really think they would just let people encrypt their communications freely by putting absolutely secure hash functions in the wild?

An hash function is not a cypher.

Trolling in bitcoin forums is pretty funny, there is no current mechanism for short selling bitcoins, so unless the poster just wants to trash BTC for the hell of it another possibility could be trying to drive it lower to buy in more for themselves.  Either way it's pretty funny to observe.

[kokojie]

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.

Gold has industrial uses. Bitcoin doesn't.

Bitcoin has universal use as currency.

[notme]

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.

The data is here:
http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/tressect.txt
From the US Treasury.

The monthly variation has a fairly high beta compared to 12 month rolling, of course.

Your data is a year old and only considers government entities, excluding private investors both in and out of the US.  I remain unconvinced, but I've got PMs, bitcoin, land, and marketable skills so I should be fine if I'm wrong.

[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.

Dude -_-!, Go along with a nice joke when you find one, I wanted Elmer FUD to have a good "I told you so" moment before we all pee on him with laughter and shrugs.

Sorry, but to me spreading false information about a topic that is already confusing for the average person is not a "nice joke".

[Otoh]

https://blockchain.info/address/1BitcoinDiesWithSHA256As0f09062013

invalid address as already stated & no bitcoin sent obviously, so troll challenge:

BTC price atm $105/BTC & gold price $1,385/Oz atm, so say you sold $1M worth of BTC @ $105 (ignoring spread etc) = 9,525 BTC you get approx 722 Oz of gold, lets see in 1 year, 2 year, 4 year, 10 year, etc how much 9,525 BTC & 722 Oz of gold is worth in USD, atm it's $1M each.  

[lophie]

https://blockchain.info/address/1BitcoinDiesWithSHA256As0f09062013

invalid address as already stated & no bitcoin sent obviously, so troll challenge:

BTC price atm $105/BTC & gold price $1,385/Oz atm, so say you sold $1M worth of BTC @ $105 (ignoring spread etc) = 9,525 BTC you get approx 722 Oz of gold, lets see in 1 year, 2 year, 4 year, 10 year, etc how much 9,525 BTC & 722 Oz of gold is worth in USD, atm it's $1M each.  

Copied for the historical purpose of creating a thread called "I told you so"

[NewLiberty]

Your data is a year old and only considers government entities, excluding private investors both in and out of the US.  I remain unconvinced, but I've got PMs, bitcoin, land, and marketable skills so I should be fine if I'm wrong.

That was the data requested, foreign purchases.  It includes all foreign..
It is from the treasury report.  The latest data is there, in the link provided, but maybe you are in our future.
They also have domestic data, but you can look it up yourself, now that you know that it is there.  Make the graph that suits you best.

NET PURCHASES OF U.S. TREASURY BONDS & NOTES BY MAJOR FOREIGN SECTOR:
              FOREIGN OFFICIAL INSTITUTIONS, OTHER FOREIGNERS, AND
                     INTERNATIONAL & REGIONAL ORGANIZATIONS
                                        
                            (IN MILLIONS OF DOLLARS)


      (NEGATIVE FIGURES INDICATE NET SALES BY FOREIGNERS TO U.S. RESIDENTS
              OR A NET OUTFLOW OF CAPITAL FROM THE UNITED STATES)

                    TOTAL                                    INTERNATIONAL
                     NET          FOREIGN                         AND
                   FOREIGN        OFFICIAL       OTHER         REGIONAL
     MONTH        PURCHASES     INSTITUTIONS   FOREIGNERS    ORGANIZATIONS
     -------   ---------------  ------------  ------------  ---------------

     2013-03             5,289       -16,816        25,750           -3,645
     2013-02             2,614        -6,697         8,315              996
     2013-01            32,302        53,128       -23,075            2,249
     2012-12            29,893         8,366        19,974            1,553
     2012-11            28,085        -1,697        30,401             -619
     2012-10            12,043         7,841         3,834              368
     2012-09           -17,492           919       -22,127            3,716

[MonadTran]

And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too

I suspect gold is used in jewelry primarily because it is expensive, not even because of its chemical properties. Chemical properties are important too, especially for earrings, but for many other items, I see no particular reason why women would prefer gold & diamonds to plastic & glass. I'm not even sure where this idea that a woman with holes in her ears, and pieces of metal in them, somehow looks 'nicer', is coming from.

[NewLiberty]

And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too

I suspect gold is used in jewelry primarily because it is expensive, not even because of its chemical properties. Chemical properties are important too, especially for earrings, but for many other items, I see no particular reason why women would prefer gold & diamonds to plastic & glass. I'm not even sure where this idea that a woman with holes in her ears, and pieces of metal in them, somehow looks 'nicer', is coming from.

Yet, it is surprising how many agree with this idea, no?

The unique chemical properties of gold are pretty special.
You can't really burn it up.  It doesn't oxidize.  It pretty much is forever.
Diamonds are similar.
The notion of something lasting forever has a romantic quality to it.
To some of us, really cool math, elliptic curve cryptography, and an elegant philosophical proof are also highly rewarding and weirdly romantic as well.
You can do the math and see which of those are more likely to appeal to your lady friends.

[vokain]

And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too

I suspect gold is used in jewelry primarily because it is expensive, not even because of its chemical properties. Chemical properties are important too, especially for earrings, but for many other items, I see no particular reason why women would prefer gold & diamonds to plastic & glass. I'm not even sure where this idea that a woman with holes in her ears, and pieces of metal in them, somehow looks 'nicer', is coming from.

Yet, it is surprising how many agree with this idea, no?

The unique chemical properties of gold are pretty special.
You can't really burn it up.  It doesn't oxidize.  It pretty much is forever.
Diamonds are similar.
The notion of something lasting forever has a romantic quality to it.
To some of us, really cool math, elliptic curve cryptography, and an elegant philosophical proof are also highly rewarding and weirdly romantic as well.
You can do the math and see which of those are more likely to appeal to your lady friends.

are you talking about the white paper or am I missing something?

[HappyBitCoinUser]

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

Basically been trying to explain this already but most people respond with laughter or stick their fingers in their ears and say "la la la..."

[cypherdoc]

To the OP.

That wasn't very smart.

[johnyj]

That's why gold is crashing hard