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Time to buy bitcoin? Or gold? or guns/ammo/food/fuel and get ready for a bugout? How bad will it get?
Bitcoin only works with an internet and if society goes belly up, there will be no internet. Land ownership is mediated by the county. If society goes belly up, there will be no government to say who owns what. Just grab what you can defend. Same is true for almost everything. I am not sure any plans can do much as it will be chaos. As Mike Tyson said, everyone has a plan until he gets punched in the face.
"Well, even if it loses 99% of it's value it will still be accepted - and collapse would have long since happened."
Since the Federal Reserve Note (what most people call a "dollar") was invented in 1913, it has lost 96% of it's value. Do you mean 99% of it's original value, or 99% of the remaining 4% of the value it still holds?
How long will the "free money" last? I recently read something that kind of made me chuckle: asking when the USA will run out of money is sort of like asking the Catholic church when they will run out of Jesus. But chuckles aside, so long as the USD is the dominant reserve currency, we can continue printing as much of it as we want. How long will that last? Ask Saudi Arabia and the other OPEC countries that agreed to Nixon/Kissinger's request back in 1971 to only sell oil in US dollars in exchange for us protecting their oil fields and selling them weapons. So long as oil can only be purchased with USD, everybody else is going to need us to keep printing it.
And what about the countries who accept payment for oil in other than USD? Russia, Iran, Syria, Libya, Venezuela, Iraq (briefly, before we invaded). Notice a pattern?
It's not that simple. The money created out of thin air must be accounted for, and it gets added to the debt. Over the last several years 1 trillion of new debt has been added anually, and this is not sustainable - at some point adding debt won't work anymore because the government won't be able to make payments and will default. And yeah, I was talking about losing 99% of whatever the hell value it has left. The situation is long past solvable, the economy is a runaway train heading for a the side of a mountain.
One scenario of bitcoin having a very long term value is that it could become the global reserve currency. Billions might die during the transition, but enough of civilization could remain to keep the internet functional. Buying a single bitcoin is like buying a really expensive lotto ticket but with relatively really good odds. Unfortunately, the odds of you surviving through the transition to a bitcoin economy are probably much lower than the odds of it actually happening.
Last edited by winston196; 07-17-2019 at 03:25 PM..
I just look at things differently than others and see things that they don't. So that is why I am into these topics. I want to be ahead of the curve and position myself as well as I possibly can for any number of possible outcomes exactly because I enjoy life.
It's not that simple. The money created out of thin air must be accounted for, and it gets added to the debt. Over the last several years 1 trillion of new debt has been added anually, and this is not sustainable - at some point adding debt won't work anymore because the government won't be able to make payments and will default. And yeah, I was talking about losing 99% of whatever the hell value it has left. The situation is long past solvable, the economy is a runaway train heading for a the side of a mountain.
One scenario of bitcoin having a very long term value is that it could become the global reserve currency. Billions might die during the transition, but enough of civilization could remain to keep the internet functional. Buying a single bitcoin is like buying a really expensive lotto ticket but with relatively really good odds. Unfortunately, the odds of you surviving through the transition to a bitcoin economy are probably much lower than the odds of it actually happening.
Bitcoin and similar aren't backed by anything. Fiat currencies are very sound compared to so-called virtual currencies. The rest of the post is uninformed beyond redemption.
I just look at things differently than others and see things that they don't. So that is why I am into these topics. I want to be ahead of the curve and position myself as well as I possibly can for any number of possible outcomes exactly because I enjoy life.
Good for you, but I have no idea why you felt the need to reply to my comment with your sentiments.
It's not that simple. The money created out of thin air must be accounted for, and it gets added to the debt. Over the last several years 1 trillion of new debt has been added anually, and this is not sustainable - at some point adding debt won't work anymore because the government won't be able to make payments and will default. And yeah, I was talking about losing 99% of whatever the hell value it has left. The situation is long past solvable, the economy is a runaway train heading for a the side of a mountain.
Of course the government will have to default. It won't be the first time. Our lawmakers know its coming, that's why they don't even act like they are trying to lower the deficit anymore. They kicked the can down the road so far they've reached the Dead End and have no idea what lies beyond it. All they know in the mean time is tax, borrow, and spend while they can.
Mod reminder: Attack concepts, not posters. Disagree using cites and facts to back up your position. Inform the rest of us why you think or feel as you do. Don't waste your time or ours with side issues or ad hom attacks. Lively debate makes all of us smarter. P*ssing matches are boring and schoolyard flailing. Read the link in my sig to help form your posts
Of course the government will have to default. It won't be the first time. Our lawmakers know its coming, that's why they don't even act like they are trying to lower the deficit anymore. They kicked the can down the road so far they've reached the Dead End and have no idea what lies beyond it. All they know in the mean time is tax, borrow, and spend while they can.
The government is in no danger of default at this time. This government has never defaulted. Even local governmental defaults have been rare. A certain debt level is reasonable for any economy just as it is for a business or household. Farmers have traditionally carried what can be described as crushing debt loads. Individual farms fail, but the farm industry survives. This was true even during the wars fought on American soil.
For at least the third time I commend the reader to the following:
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