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Topic: I just cashed out my lot of Bitcoins for Gold. Here's why. (Read 6299 times)

sr. member
Activity: 329
Merit: 250
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 Wink

buying physical gold ounces at the corner store is for begginers

Ahh. We have a paper gold trader here.
legendary
Activity: 3976
Merit: 1421
Life, Love and Laughter...
oh one sign bitcoin is dying is the volume in trading. so far its good.
legendary
Activity: 3976
Merit: 1421
Life, Love and Laughter...
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

Quote
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."


i like the selling your btc part to lock profits.  but your gold prediction part remains to be seen. i hate predictions, especially when nobody really knows whats going on except for the insiders.

btc going to be at zero by 2020?  that's a big maybe. but until then, what will replace btc?  so far nadda. btc is here to stay for now.

donator
Activity: 2772
Merit: 1019
At time of the OP, the price of bitcoin was at $110.

and gold was $1380.

You're surely in the green, but doing only the first part would've been better.


Yeah but let us come back in a year.

Btw i hold btc gold and usd.

Sounds smarter than "wife, house and yacht". But I guess you hold at least some of that, too Wink
donator
Activity: 2772
Merit: 1019
At time of the OP, the price of bitcoin was at $110.

and gold was $1380.

You're surely in the green, but doing only the first part would've been better.
newbie
Activity: 33
Merit: 0
At time of the OP, the price of bitcoin was at $110.
donator
Activity: 2772
Merit: 1019
And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too Grin

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.

There's other options than the ears that have some practical purpose. But rarely gold is used there as far as I can tell.
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
This chart is interesting, if it is accurate, it means that the sale of government bonds in 2007 triggered the financial crisis, and after that the sentiment changed, they have to buy much more bonds to keep the system alive, and I guess they dare not to sell any government bonds in the foreseeable future
Agreed, They will likely keep them to term.
hero member
Activity: 924
Merit: 1001
Unlimited Free Crypto

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



This chart is interesting, if it is accurate, it means that the sale of government bonds in 2007 triggered the financial crisis, and after that the sentiment changed, they have to buy much more bonds to keep the system alive, and I guess they dare not to sell any government bonds in the foreseeable future

It is known that ALL the newly printed fiat that is going back to the FED is BEING used to buy more bonds. So it is not about not selling it is about not selling to foreign entities
legendary
Activity: 1988
Merit: 1012
Beyond Imagination

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



This chart is interesting, if it is accurate, it means that the sale of government bonds in 2007 triggered the financial crisis, and after that the sentiment changed, they have to buy much more bonds to keep the system alive, and I guess they dare not to sell any government bonds in the foreseeable future
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
That's why gold is crashing hard  Wink
legendary
Activity: 1764
Merit: 1002
To the OP.

That wasn't very smart.
full member
Activity: 182
Merit: 100
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..."
legendary
Activity: 1834
Merit: 1019
And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too Grin

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?
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too Grin

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.
full member
Activity: 181
Merit: 100
And it looks nice when worn.....

60% of all gold mined is used in Jewellry.

Bitcoins look nice in my wallet too Grin

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.
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer

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
hero member
Activity: 924
Merit: 1001
Unlimited Free Crypto
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"
donator
Activity: 3136
Merit: 1167
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.  
legendary
Activity: 1904
Merit: 1002
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".
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