capital flight in Italy today (Wild!)

[Large Sarge]

http://www.zerohedge.com/news/2013-04-04/ton-gold-bricks-what-capital-flight-looks-italy

[Hitch]

The car was owned by an Italian family who lived in Switzerland. This quick article mentions no crime as to why this car was searched, and why this gold was seized. What gives the Italian police the right to steal this gold? My heart goes out to this family who appears to have been stolen of their life savings.

[ximmy]

The general public must be led to believe that only criminals own gold.

[madfranks]

The car was owned by an Italian family who lived in Switzerland. This quick article mentions no crime as to why this car was searched, and why this gold was seized. What gives the Italian police the right to steal this gold? My heart goes out to this family who appears to have been stolen of their life savings.

I know you guys are sick of this, so I'll say it just once more and then stop. If these people had converted their gold into bitcoins, they would be on the other side of that border right now turning their bitcoins back into gold. But I forgot, bitcoins are a scam, they're good for nothing, a ponzi scheme, a pyramid scheme, a rip off, etc. etc. Holding physical metals is all you need to protect your wealth.

[ximmy]

I know you guys are sick of this, so I'll say it just once more and then stop. If these people had converted their gold into bitcoins, they would be on the other side of that border right now turning their bitcoins back into gold. But I forgot, bitcoins are a scam, they're good for nothing, a ponzi scheme, a pyramid scheme, a rip off, etc. etc. Holding physical metals is all you need to protect your wealth.

I've said this once and I'll say it again, I've owned bitcoins and they are gone, stolen in the cyberspace world, where tangible means very little.

[Hitch]

I know you guys are sick of this, so I'll say it just once more and then stop. If these people had converted their gold into bitcoins, they would be on the other side of that border right now turning their bitcoins back into gold. But I forgot, bitcoins are a scam, they're good for nothing, a ponzi scheme, a pyramid scheme, a rip off, etc. etc. Holding physical metals is all you need to protect your wealth.

Madfranks, I agree with you 100%. I just think bitcoin is more like a penny stock, if you do your homework and follow it, you are OK. If you are lazy like me and just stack a few ounces of metal and forget about it, you are better off with the metals.

Bitcoin, I see, could be a great tool to move wealth around. Shame these folks didn't use it.

[Large Sarge]

bitcoin was hacked

http://www.businessinsider.com/instawallet-suspended-2013-4

[Jewboo]

bitcoin was hacked

http://www.businessinsider.com/instawallet-suspended-2013-4



This post needs its own stickied thread. I imagine it will eventually grow very long as more occurrences happen.

:)

[ximmy]

This post needs its own stickied thread. I imagine it will eventually grow very long as more occurrences happen.

:)

It's happened several times over the last two years. No worries though, I've reported my losses to the cyber police. They are right on it!

http://www.weakstream.us/wordpress/wp-content/uploads/2010/07/cyber-police-228x300.jpg

4669

http://www.netanimations.net/Animated-police-cherries-lit-up-flashing-lights.gif

[Ares]

bitcoin was hacked

http://www.businessinsider.com/instawallet-suspended-2013-4

Correction, a bitcoin SERVICE was hacked. The bitcoin protocol itself was not compromised.

[JohnQPublic]

It appears that all means of holding wealth have risks. I guess that is why diversification is the only strategy.

[Uncle Salty]

I know you guys are sick of this, so I'll say it just once more and then stop. If these people had converted their gold into bitcoins, they would be on the other side of that border right now turning their bitcoins back into gold. But I forgot, bitcoins are a scam, they're good for nothing, a ponzi scheme, a pyramid scheme, a rip off, etc. etc. Holding physical metals is all you need to protect your wealth.

Do you know what happens when someone tries to sell a hundred thousands dollars worth of bitcoins for cash? Try buying six million dollars worth of bitcoins and then try unloading those same bitcoins for cash. You run up the price on the buy side and then it crashes when you try and unload them. It's not as simple as you think. There simply isn't enough cash volume for bitcoins to do what you suggest.

[Uncle Salty]

Madfranks, I agree with you 100%. I just think bitcoin is more like a penny stock, if you do your homework and follow it, you are OK. If you are lazy like me and just stack a few ounces of metal and forget about it, you are better off with the metals.

Bitcoin, I see, could be a great tool to move wealth around. Shame these folks didn't use it.

I still haven't seen or heard anyone actually using bitcoin to move millions of dollars around. If someone bought $5 million in bitcoins, the price would skyrocket. Then it would plummet on the sell side. It is still to much of a buy and hold market with little liquidity. How could anyone with any real wealth in them millions ever buy in and cash out without taking a huge haircut on the buy/sell spread and the effects of a quick pump and dump?

It sounds good but it seems to me bitcoins are just a buy and hold right now. A little selling here and there but no real cash supply for large sell orders.

Someone show me where I am wrong on this.