much like physical gold, if all other money goes away, then gold, and (I will say "supposedly") bitcoin as non inflationary (gold) and deflationary (BTC) currency will at worst keep their value compared to anything else.
When all fiat (non gold backed) money goes away (I saw an interesting pic of Venezuelan currency laying in the streets like trash recently) becomes worthless, the idea that Gold is not easy to just pick up any more, and that BTC is limited in supply by its algorithm, maintain scarcety.
Now, if everyone decides that GOLD and/or BTC are no longer valuable either, that they prefer bananas as currency? then I gotta shrug.
But if all other money goes away, that would indicate a major crash, right? A crash that size would affect more than currency, it would affect the whole internet grid. How does crypto still work, without internet?
I would also like an answer to this. No internet, no way to collect on your e-bucks.
if that happens, we will be trading with bottle caps. :joy:
- I do agree with you though. however for real life scenario, look at Venezuela again. they ARE using crypto instead of fiat, because it works for them.
Oh, and when I say BTC/Bitcoin, I mean any self sustaining crypto currency.
I do not have all the answers to all the questions, but like any investment, or hedging (for want of a better term) against future catastrophe, many eggs, many baskets.
if I were advising my child? I would say get some gold, get some land, get some crypto, get a gun, grow food, meat, self sufficiency and good security at the house that does not require power to run.
Do I follow this? no, it is hard.
Best thing would be to make a community of people that can do all of this now, and localize your economy. then there is no real reliance on external fiat or otherwise.
I do it now, where I need feed for my animals? local fodder store provides it free, while I provide him with services I provide.
But Venezuela still has access to the internet right?
I agree, not a bad idea to diversify your portfolio, and crypto is a good way to do that. But its still gambling that the system doesnt collapse.
Becoming self sufficient is definitely the way to go...I just wonder how long our new communist government will allow it.
how you gonna trade your electronic coins with no electricity.
'oh ill pay you later on... im a bitcoin millionaire!'
'nigger youve been telling me that for years, the power went off a decade ago, what you got thats valueable?'
'ive got this laptop, its got *aaaaaaaaaaaaaaaall of my bitcoin on it'
'.... are you retarded?'
'.... block.... chain?'
lol yep, but there will still be some dumbasses willing to trade images of BTC.
Just like with any gamble...gotta know when to get out.
No one is going to use something that rots away as a currency though. I can understand the argument that bitcoin has properties superior to gold as money, namely that a crypto wallet is more difficult to steal by force and wealth can travel internationally with lower friction but it doesn't have the history of money use that gold does. Bitcoin is a brand with no inherent properties that can't be replicated in a different coin other than the momentum of sentiment
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