Bit coin is an abstract mathematical code residing on machines....

Bit coin is an abstract mathematical code residing on machines.

This makes it vulnerable.

You can have all the encryption you like, but eventually it will fail. Once this occurs the whole concept of money will change. Those who control this encryption will control the money.

Quantum computing will be the disrupter. Encryption will fall very quickly.

Whoever has the fastest machines will control it.

Who will control the machinery in a financial world heavily disrupted? Those who are willing to do what it takes. Governments are predisposed to this action, the ultimate sovereign risk.

Gold cannot be controlled like this. It is matter and cannot be destroyed. It can be finely dispersed to make it unusable, it can also be rendered radioactive making it unusable, but it is very very difficult to rid off and control.

Bitcoin and other crypto currencies will ultimately fail IMO.