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Author Topic: Gold has security issues too  (Read 3660 times)
Gabi
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July 07, 2011, 08:33:22 AM
 #41

I really dont see BTC being around in 5,000-10,000-25,000-2 million years.  Do you?

Gold will be laying ,or being worn, somewhere.


Aluminium was worth more than gold some centuries ago. It was a very precious metal.

Today? Do you want a coca cola?  Cheesy
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Timo Y
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July 07, 2011, 09:18:27 AM
 #42

Gold has a lousy security track record.  It's supposed to be crisis-proof but during wars and economic collapses gold usually gets looted, confiscated, burgled, extorted, lost, and left behind on a massive scale.

What matters is that people perceive gold as secure though, even though in practice it isn't.

GPG ID: FA868D77   bitcoin-otc:forever-d
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July 07, 2011, 01:35:28 PM
 #43

Bitcoin definitely has better storage and transportation features than gold. If you have to flee your country and cross borders try doing it with a wheelbarrow full of gold & silver. With bitcoin you can simply send your encrypted wallet up to the cloud and retrieve it on the other side. With that said, bitcoin is still new enough that I am hedging my bets and holding both bitcoin and precious metals.
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July 07, 2011, 01:38:16 PM
 #44

What if your computer containing your wallet gets stolen?

USB sticks are more portable than gold  Cheesy

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July 07, 2011, 01:38:52 PM
 #45

I really dont see BTC being around in 5,000-10,000-25,000-2 million years.  Do you?

Gold will be laying ,or being worn, somewhere.
Now that's long term investing Smiley



short term, long term, it doesn't matter for NO_SLAVE.  its all BAD.
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July 07, 2011, 01:39:21 PM
 #46

What if your computer containing your wallet gets stolen?

USB sticks are more portable than gold  Cheesy

so is the block chain.
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July 07, 2011, 01:40:53 PM
 #47

at one time i had a stash stored at Credit Suisse in Switzerland but got spooked about them during the banking crisis of 2008 before bringing it home.  i also considered storing it in a safety deposit box at my local bank but was advised that if the banking system went insolvent they could repossess it. 

You feared that the bank will steal your money because their business is bad? Wow, Bitcoin really is for you.

what, banks steal?  what am i thinking?
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July 07, 2011, 01:43:17 PM
 #48

Gold has a lousy security track record.  It's supposed to be crisis-proof but during wars and economic collapses gold usually gets looted, confiscated, burgled, extorted, lost, and left behind on a massive scale.

What matters is that people perceive gold as secure though, even though in practice it isn't.

and you can't HIDE it. 

lugging all those bags of silver back to the coin dealer almost broke my back.
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July 07, 2011, 02:16:58 PM
 #49

at one time i had a stash stored at Credit Suisse in Switzerland but got spooked about them during the banking crisis of 2008 before bringing it home.  i also considered storing it in a safety deposit box at my local bank but was advised that if the banking system went insolvent they could repossess it. 

You feared that the bank will steal your money because their business is bad? Wow, Bitcoin really is for you.

It's happened in the past.  What would prevent it in the future?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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July 07, 2011, 02:30:42 PM
 #50

at one time i had a stash stored at Credit Suisse in Switzerland but got spooked about them during the banking crisis of 2008 before bringing it home.  i also considered storing it in a safety deposit box at my local bank but was advised that if the banking system went insolvent they could repossess it. 

You feared that the bank will steal your money because their business is bad? Wow, Bitcoin really is for you.

It's happened in the past.  What would prevent it in the future?

i know of wealthy ppl who back in the depths of 2008 were yanking $50K out of their bank accts everyday and storing it under their pillows.

David Einhorn of Greenlight Capital has pallets of gold stored in a private vault b/c he doesn't trust anyone else to hold it.

Eric Sprott of Sprott Asset Management holds his gold and silver in a private vault.  He is close to one the largest private holders of PM's in the world.

Have you heard of Bank Holidays?  thats when you can't get your money out when you most need it.

Have you heard of hedge funds locking down their clients accts b/c it would be too disruptive to let you have your own money in times of crisis.

why did the FDIC take their individual acct limit guarantees to unlimited even tho they didn't have the money to insure all depositors back in 2008?

most gold investors DO NOT leave their gold at the banks.

You're right, Bitcoin is for me!
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July 07, 2011, 03:48:12 PM
 #51

at one time i had a stash stored at Credit Suisse in Switzerland but got spooked about them during the banking crisis of 2008 before bringing it home.  i also considered storing it in a safety deposit box at my local bank but was advised that if the banking system went insolvent they could repossess it. 

You feared that the bank will steal your money because their business is bad? Wow, Bitcoin really is for you.

It's happened in the past.  What would prevent it in the future?

i know of wealthy ppl who back in the depths of 2008 were yanking $50K out of their bank accts everyday and storing it under their pillows.

David Einhorn of Greenlight Capital has pallets of gold stored in a private vault b/c he doesn't trust anyone else to hold it.

Eric Sprott of Sprott Asset Management holds his gold and silver in a private vault.  He is close to one the largest private holders of PM's in the world.

Have you heard of Bank Holidays?  thats when you can't get your money out when you most need it.

Have you heard of hedge funds locking down their clients accts b/c it would be too disruptive to let you have your own money in times of crisis.

why did the FDIC take their individual acct limit guarantees to unlimited even tho they didn't have the money to insure all depositors back in 2008?

most gold investors DO NOT leave their gold at the banks.

You're right, Bitcoin is for me!

+1
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July 07, 2011, 03:58:44 PM
 #52

Ah, the worry of storing physical gold in the house when going on cross country vacations, a problem I know all too well.  Viva La Bitcoin.

Get a bunch of cans of paint.  Empty one.  Put gold in can.  Put in garage.  No one is going to think your gold is in there.

Or do something similar.  Using a safe is overrated.
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July 07, 2011, 04:04:00 PM
 #53

I want your address.
pennytrader
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July 07, 2011, 04:09:50 PM
 #54

Thanks for selling gold and buying BTC. that's exactly the opposite I want to do.

I'm continue selling BTCs while mining them. Sometime next month or so I'll have my rig investment paid off (hopefully). Then I'll continue to sell the additional earned BTCs I mine to buy gold Smiley

please donate to 1P3m2resGCP2o2sFX324DP1mfqHgGPA8BL
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July 07, 2011, 04:37:38 PM
 #55

Thanks for selling gold and buying BTC. that's exactly the opposite I want to do.

I'm continue selling BTCs while mining them. Sometime next month or so I'll have my rig investment paid off (hopefully). Then I'll continue to sell the additional earned BTCs I mine to buy gold Smiley

would you like to trade BTC for gold with me?  i have a few ounces left.  where do you live?  seriously....

PM me.
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July 07, 2011, 05:21:06 PM
 #56

Thanks for selling gold and buying BTC. that's exactly the opposite I want to do.

I'm continue selling BTCs while mining them. Sometime next month or so I'll have my rig investment paid off (hopefully). Then I'll continue to sell the additional earned BTCs I mine to buy gold Smiley

would you like to trade BTC for gold with me?  i have a few ounces left.  where do you live?  seriously....

PM me.

And if you clean out cypherhdoc's inventory and need more I have plenty here:
http://www.GoldStarBullion.com

TraderSteve
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I can predict the future! Bitcoin will success!!!!


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July 08, 2011, 05:28:25 AM
 #57

Agreeing. Things like gold are unsafe, easy to steal. But bitcoins cannot be stolen, they use cryptology (impossible to crack!), and you can't steal over the internet. If you say "bullion is good", then I reply with "that's a load of bull"

GOOOOOOOOOOO BITCOINS!!!!!!!!!!!!!!!
Edit: Oops. Just fixed a typo. It should be GO (like GO TEAM!) and not GOOB
Edit2: Just checked the dictionary and goob is not a word
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I can predict the future! Bitcoin will success!!!!


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July 08, 2011, 05:35:15 AM
 #58

Bitcoin cannot be stolen because it cannot be stolen and it cannot be stolen. It uses cryptology and burglers can't steal over the internet. Impossible. If someone breaks into your house, you lost your gold, guarenteed. There's no safe place to hide it. Impossible. It's shiny and catches the burgler's eye no matter where it is. But you're bitcoins are safe in your internet cyber-wallet because burglers cant touch it. Impossible.

GOOOOOOOOOOO BITCOINS!!!!!!!!!!!!!!!
Edit: Oops. Just fixed a typo. It should be GO (like GO TEAM!) and not GOOB
Edit2: Just checked the dictionary and goob is not a word
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