Crypto is great, until the power goes out. It's a toy that people bid on.
The internet is great until the power goes out. Therefore the internet has no value
You make a good point, as society declines blackout are going to be much more frequent as we descend to third world quality of life. People should learn to rely on the internet or anything electronic less and less. Meatspace FTW!
If you think blackouts will be common, invest heavily in ammunition. If you think that some social structure will remain, cryptocurrency. If you aren't sure, both.
Maybe but maybe not. I've been thinking the same thing. Crypto is worthless if power goes out or internet goes out etc.
But I also think we underestimate how important the internet is. Take away the internet and people will be in big trouble I don't know if you can do it without creating a revolt.
This is just fucking stupid, if the power goes out enough to where you can't use crypto you got bigger problems than the soundness of your money.
At that point you just need bottlecaps. ;)
bottlecaps and brass
So crypto is just a toy then, not some great shtf hedge like people pretend. Which is my point.
In your logic the only hedge is physical metals. Fiat is every bit as fake as crypto. This is not in dispute.
Beat me to it. Should've scrolled down before I replied.
Not the point . The point is they can turn it off or remove your access any time they want. But yeah we're gonna have bigger problems when the power goes out. Possibly in the next 10 years... watch the sun and the earths magnetic fields for more info.its all over the academic papers right now if you know where to look.
Cash will be just as worthless when the power goes out.
That’s why I keep stuff I can barter.
Power went out the other week, wallet was still there, store accepted money, bought stuff. Now if I had btc on the other hand...
You know exactly what I mean. If there is widespread, unending power outages both will be worthless. BTC would have still worked just fine on your cell connection.
I'm going back to tulips.
I want to but I can never justify it the hugh entry cost.
Crypto is great, until the power goes out.
If things get so bad electricity and comms become a thing of the past, you'll have much bigger problems than deciding on a currency.
This exactly. Any scenario where there is no electricity anywhere also means that fiat doesn't work and gold and silver also would not work. Brass and lead are the most precious metals as currency in that scenario.
In theory gold and silver will become valuable again quickly as soon as things settle down, but good luck holding on to them until that happens.
Also, the power going out only means that you can't exchange it. That true of credit cards.. yet people use those. If you have a mix of bitcoin in your own wallet and stored on exchanges, the exchanges haven't changed their legal relationship with you and you still have money.
It's like saying a bank is useful until the power goes out. I'm pretty sure a physical bank can't check your balance on their system without electricity. I guess I'm stupid to have a bank account now.
I guess I'm stupid to have a bank account now.
Well yes, but not for that reason :P
Speaking of which, I saw an interesting hardware wallet design the other day. It's a USB key with the public key to the wallet available whenever you plug it in. In order to access the private key you have to break the seal by snapping off part of the circuitboard. In theory you could exchange those without power, although some trust would still be involved.
I also assume bitcoin backed credit notes are going to get popular eventually.
McDonalds also has arguably produced an inflation proof currency: They hand out tokens worth one big mac.
That can literally be said about everything when the power goes out.
Except copper stills, you can run those shits in the middle of the woods and make high quality alcohol that works as a fuel, as a disinfectant, as a currency, hell you can even drink it!
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