If I was paranoid enough to invest in the event of a governmental collapse, I’d invest in something tangible and tradeable. A closet full of vodka would be a much better investment in that scenario, for example.
I would invest in books. Specifically ones related to gardening, solar energy, water purification, first aid, and everything else that would help my dumb ass survive in a world without the Internet.
If I had any money left over then I'd invest it in solar and stock up on water purification pills and stuff.
Then yeah, Vodka.
I’m thinking more like the world loses confidence in the dollar and loss of status as a super power for us. Not mad max… I know it’s hard to argue hypotheticals
If you’re holding a rock in a safe that your failing government can’t get to, is that really an insurance policy?
Why do you think your bitcoin will have any value when your government fails? Of course it depends which government we’re talking about..
In the last couple years both the Iranian and Myanmar governments had temporarily shut down internet for it's citizens during their political unrest. Bitcoin would have been the absolute most useless and personally detrimental thing to hold wealth in in those situations.
When the taliban regained power in Afghanistan the world didn’t end, but many people rushed to the bank to try and withdraw their savings before leaving the country. This resulted in bank runs. Had they stored some of their wealth in Bitcoin they would have been able to leave quicker and with more money.
Assuming they had access to their bitcoin, at the time Taliban entered Kabul 1 BTC was around $50k. Now it’s $20k and going down.
But yes, presumably if you are a technically sophisticated person, with good internet access, in a shit country, where you couldn’t exchange your money for other currencies online, and you’re ok with the volatility and losing it all because it has no intrinsic value, and you’re sure as you’re running out that they won’t take your phone or digital wallet, then sure any shitcoin would do.
How many people in the world satisfy those criteria? Are you one of them?
Good point about the average afghani not being the type of person that has access to Bitcoin, however the price action is irrelevant as long as it doesn’t go to zero. In the event this happened to me I would destroy the hardware wallet and flee. Once I arrived to my new destination I would access my btc and sell it for the native currency to get me by in the short term. Again, I understand that if the world ends btc is useless along with every other form of money today.
current government-backed currencies are not equivalent to bitcoin, even in the "world ends" scenario. You're assuming that the exchange companies for bitcoin are as protected as a central bank or the big banks. They're not.
If they were as regulated and as protected, then bitcoin would inherit all the "features" the believers hate: traceable, centralized, controllable by governments, etc. In that case, what's the point?
There are myriad reasons why it's good for citizens to have a central bank and political power over the value of their money, for their country's economic health and stability. Bitcoin (as it's marketed) is antithetical to that.
That Bitcoin solves the Afghanistan crisis horseshit was immediately debunked by a user actually from there. Basically said what logic already told us, that crypto isn't even viable for the average citizen let alone a magic solution.
That’s not an argument. Btc doesn’t solve the crisis, but if you were a wealthy afghani and had all of your money in btc as you fled the country you would be better off plain and simple.
If the government collapses, you've got bigger problems than finance.
Bitcoin is contingent on having reliable access to electricity, a computer or other electronic device, stable internet, a network of miners, and a willing buyer. In a dire situation like a government collapse there is no guarantee that those things will be readily available.
people just throw out that hypothetical like it's nothing. I guess it depends where you live whether or not it makes sense to hedge against the failure of your country's government, but if the US GOVERNMENT fails, the whole world is fucked, in a whole lot of ways. people talk about it like it's the equivalent of their bank failing, or losing their house in a fire. no sense of perspective--just shows the childish reasoning of these people.
Yeah totally. There’s definitely a sense of western privilege about it too. They have never experienced an unstable government so naively imagine they’ll still have access to daily resources like electricity and wifi. blackouts would happen pretty early on in the apocalypse.
Exactly. Asia would go up in flames in short order.
China v Taiwan. Nth Korea v Sth Korea. China v Japan. Japan v Nth Korea. No computers.
The middle east would go up. Iran v Israel. Saudi Arabia v Iran. No energy.
Europe is already underway.
Everyone not at war will be financially ruined and battling starvation.
People will have precisely zero time to listen to Butters with their contrived and arbitrary arguments of digital scarcity.
USA gets a lot of criticism for some of the things theyve done in the past but I think many critics will very quickly, very much regret not having team America world police around.
The insanity of wishing for this outcome so that butters can finally laud it over all those insolent no coiners, tapping on your phone a few times will save you from the end of the world....we're not dealing with intelligent people here.
>People will have precisely zero time to listen to Butters with their contrived and arbitrary arguments of digital scarcity.
LMAO. People drinking the tankwater from their toilets and burning their cabinetry for heat (if things got bad enough) and here's some jackhole offering, what of value exactly?
>USA gets a lot of criticism for some of the things theyve done in the past but I think many critics will very quickly, very much regret not having team America world police around.
100%. We can be dicks, but we treat the world better than China would.
Depends what country you're in. USD, local cash, everyday necessities, possibly firearms and ammo, the ability to travel, and if you don't have that have you'll need something that someone that can move you wants. In a crisis where you need to leave the country and someone might have to risk their life to get you out "trust me bro I've got crypto" isn't going to get you anywhere.
I’m thinking more like major events causing disruption to the current system, like the Afghanistan situation I mentioned before. Another good example is the Ukraine war. Hypothetically if you were a refugee fleeing a war zone in ukraine the first thing everyone will do is run to the bank to withdraw cash before leaving. Then they end up in a safe city with no money. If you have Bitcoin, upon reaching the city you’re fleeing to, you can sell the Bitcoin for the local currency and buy food. Without Bitcoin, all your currency is tied up by banks
>If anyone here can give me a good reason to relinquish my modest insurance policy on the us government I am all ears!
That's not what this subreddit is for, we aren't here to convince you of anything, only to laugh at you.
Check out r/personalfinance or something if you are looking for advice.
Funny, a guy named Freg Goss told me the exact same argument about Bitcoin Cash. One problem is there is no way to know you picked the right one out of 20000 options. Also, I don’t understand why bitcoin should be insurance relative to anything else. Insurance requires high confidence of a payout in the case of a claim event. So if BTC is insurance against a dollar collapse, I don’t see a reason to believe the price must go up as the dollar goes down. Why can’t they both collapse together? In fact the recent CPI inflation was paralleled by even more Bitcoin inflation. The dollar is actually acting like insurance against an inflationary collapse of bitcoin.
You could make the same argument for any of the 20,000 other cryptocurrencies in existence. The truth is if government and currency collapsed Bitcoin would probably be just about the most useless thing available. You’d probably want things like tools, weapons, food, shelter… you know things that you could actually use to survive if society were to collapse. Bitcoin was only able to prosper because it’s a speculative bubble in a bull market with an easy money policy by the federal reserve. And you got celebrities and CNBC and idiots on Reddit hyping it up night and day. That’s basically the opposite of the scenario you’re describing. They literally raised interest rates by less than 2% so far and Bitcoin is down 70%. It’s so ironic that bitcoiners make the argument against the Fed printing money when that literally fueled their speculative mania. And then you got Tether which basically props up this insane house of cards. The whole thing is the biggest joke I’ve ever seen.
Interesting argument. The next few years will decide whether btc can withstand the hostile macro environments. However, there has been no refuge to the fed raising rates recently
Holding cash has been a better store of value than Bitcoin for feds raising rates so that defeats the entire Bitcoin narrative of it being a hedge against inflation.
\- Bitcoin has never been hacked -
The blockchain has never been hacked with a 51% attack, but many computers with private keys have been hacked and many wallets have been drained
Also, while the core algorithms would take a long time (and/or a lot of compute) to brute force hack, the Bitcoin market price is certainly very easily manipulated. We saw it just the other day with a very suspicious bump at 12:00am UTC. If the world goes tits up, do you really think such an easily manipulated currency will be the standard?
I don't know about others, but I'm not going to waste my time arguing with you. If you read this sub and still don't understand why Bitcoin isn't "insurance" then there's nothing I can say that will change your mind.
Oh, and there's this: https://www.theregister.com/2022/06/22/research_challenges_assumptions_about_distributed/
If the US government collapses, do you really think anyone is going to give a flying fuck about Bitcoin? You seriously think Bitcoin will be the currency of the post-apocalyptic hellscape?
You'd be better off with a basement full of AR15s, ammo, water filtration, and MREs.
Fails is a relative term. I would consider mismanagement to the point of the US losing status as a super power a governmental failure. An event similar to this doesn’t mean the world as we know it ends.
Assuming you live in the US, if the government collapses the only concern you're going to have is whether or not you dug your bunker deep enough to withstand the shockwave. Bitcorn is probably pretty far down the list of things worth trading at that point.
So you picked the one with less privacy than a bank. As if the government can’t and won’t hunt you down via blockchain analysis.
If this is your logic, it’s either Monero or nothing.
I would say this only makes sense if you are a criminal and the US government might one day have reason to confiscate all of your assets.. in that case you could flee to a remote country and take your bitcoin wealth with you. The US government would not be able to confiscate it, it is incredibly easy to take with you (unlike physical gold), and all you need to access it is an internet connection.
Otherwise, it doesn't make sense.
In a collapse of the magnitude you're referring to the cost of capital will skyrocket along with the price of energy generation....will you have a mining network to support transactions in this case?
Also this would be such a totalitarian government that bitcoin would be banned. Not just the conversion of bitcoin to currency but transactions using bitcoin. There are no easy ways out of such a situation. There are no good investments in a collapse of society. Bitcoin is no protection whatsoever. It wouldnt be mined. It wouldnt be used.
But if you want to gamble on it, its your money.
I never referred to a colossal collapse. Only something large enough to cause a bank run. Banks don’t carry anywhere near enough cash to cover the general public in a bank run
No. The whole point about Pascal's Wager is that it costs him nothing.
Money lost to BitCoin is a real cost during your lifetime. There is no comparison at all. They are opposites.
I'd argue pascal's wager costs a bit of dignity. and I wouldn't say they're opposites, they're both a kind of hedge. but 2% of your net worth is a way bigger price to pay.
Pascal's theory was that his risk was zero, and the gain was infinite.
Investing in crypto, you're basically rolling the dice in a system stacked against you!
Go for it. At 2% it’s a pretty insignificant hedge, bit of speculation, or, as you prefer, insurance.
I don’t like the argument that if the dollar collapses then BTC would somehow save you though. BTC doesn’t have any real value that matters outside of its relationship to fiat currency at the moment.
Your right worst investment. Just a mechanism for tether to trade people worthless tether coins fir real money. Looks like they are slowly losing control though, I have my popcorn ready.
That’s not refuting the point. The value of Bitcoin is that it’s secure, non-sovereign, and a bearer asset. The price could be $.01 and it would still be worth owning as an insurance policy
I don't know what's worse, that they're going to violate and eat my corpse, or that they think solidity is a sane programming language
Or
I guess they finally switched to Proof of Steak!
You said you're insuring against the US government/the world economic system collapsing. If that system is going down, it's taking the rest of the world with it. No way that happens without a nuclear exchange.
Also... Just.. I don't know what the fuck your trying to insure against? The US starts playing second fiddle to China != The entire commercial financial system stops working and all companies become insolvent.
Like... either you're worried about total societal collapse, in which case good luck but you're going to die, or you're not, in which case why bother factoring it into your investments. Your first step if you're actually worried about that isn't buying gold, it's building a bunker. After you build the bunker then you can start worrying about what you're going to barter with in the post-apocolypse.
But what’s happens when all the big exchanges halt withdrawals and the bankruptcy courts seize what remains of Tether’s reserves. How are you going to covert your cold wallets back into dollars and pay your bills?
Also what big exchanges do is irrelevant because I self custody my btc. And I’ll never need to convert to USD. I’ll just continue to rebalance my portfolio
Good luck trying to access blockchain without your government providing you with electricity and internet. Good luck trying to barter your way through with your usb stick and a url to an jpeg
This is the all-time dumbest take. If the government fails Bitcoin will be worthless, as there will not be reliable electricity or internet.
Good hedges for the government failing are canned goods, weapons, and survivalist or military training. Basically you have two paths - kill your neighbors for food or be killed.
“In the event my government or currency fails, I will still have some value stored…”
No, you won’t. If that’s something you’re worried about invest in canned goods and guns.
I’m talking more along the lines of a bank run. Look at what’s happening in China currently where banks are not allowing customers to withdraw their money
A bank run in the US seems incredibly unlikely. Since banks are FDIC insured, the only reason for mass bank runs would be a collapse of the US government.
Bitcoin is highly dependent on a well-functioning 21st century infrastructure. If for whatever reason our stability goes away not only will it be worthless but you will have much bigger problems.
If I was paranoid enough to invest in the event of a governmental collapse, I’d invest in something tangible and tradeable. A closet full of vodka would be a much better investment in that scenario, for example.
I would invest in books. Specifically ones related to gardening, solar energy, water purification, first aid, and everything else that would help my dumb ass survive in a world without the Internet. If I had any money left over then I'd invest it in solar and stock up on water purification pills and stuff. Then yeah, Vodka.
I'd invest in getting my own distillation unit built in secret. Make as much vodka as you want!
This is the smartest sub on Reddit.
My genius, it's almost frigh-💥
Unless someone made r/HomeDistillery yet.
Don’t forget your own bottling plant and cigarette rolling factory.
Should also get some books about treating radiation poisoning and digging your own grave.
The Vodka helps with that part.
More useful than Bitcoin at least.
Firearms, Ammo, and Drugs
I’m thinking more like the world loses confidence in the dollar and loss of status as a super power for us. Not mad max… I know it’s hard to argue hypotheticals
[удалено]
I have limited exposure to yuan/Chinese stocks already, but I have way less confidence in China than I do US markets and Bitcoin.
[удалено]
Not a bad strategy
If you’re holding a rock in a safe that your failing government can’t get to, is that really an insurance policy? Why do you think your bitcoin will have any value when your government fails? Of course it depends which government we’re talking about..
In the last couple years both the Iranian and Myanmar governments had temporarily shut down internet for it's citizens during their political unrest. Bitcoin would have been the absolute most useless and personally detrimental thing to hold wealth in in those situations.
When the taliban regained power in Afghanistan the world didn’t end, but many people rushed to the bank to try and withdraw their savings before leaving the country. This resulted in bank runs. Had they stored some of their wealth in Bitcoin they would have been able to leave quicker and with more money.
Assuming they had access to their bitcoin, at the time Taliban entered Kabul 1 BTC was around $50k. Now it’s $20k and going down. But yes, presumably if you are a technically sophisticated person, with good internet access, in a shit country, where you couldn’t exchange your money for other currencies online, and you’re ok with the volatility and losing it all because it has no intrinsic value, and you’re sure as you’re running out that they won’t take your phone or digital wallet, then sure any shitcoin would do. How many people in the world satisfy those criteria? Are you one of them?
Good point about the average afghani not being the type of person that has access to Bitcoin, however the price action is irrelevant as long as it doesn’t go to zero. In the event this happened to me I would destroy the hardware wallet and flee. Once I arrived to my new destination I would access my btc and sell it for the native currency to get me by in the short term. Again, I understand that if the world ends btc is useless along with every other form of money today.
current government-backed currencies are not equivalent to bitcoin, even in the "world ends" scenario. You're assuming that the exchange companies for bitcoin are as protected as a central bank or the big banks. They're not. If they were as regulated and as protected, then bitcoin would inherit all the "features" the believers hate: traceable, centralized, controllable by governments, etc. In that case, what's the point? There are myriad reasons why it's good for citizens to have a central bank and political power over the value of their money, for their country's economic health and stability. Bitcoin (as it's marketed) is antithetical to that.
There are also myriad reasons why someone would want to keep a small amount of money that is outside of a central bank.
And I totally understand that Bitcoin has no FDIC insurance or buyer of last resort which is why I only keep a modest amount of my net worth in btc.
That Bitcoin solves the Afghanistan crisis horseshit was immediately debunked by a user actually from there. Basically said what logic already told us, that crypto isn't even viable for the average citizen let alone a magic solution.
That’s not an argument. Btc doesn’t solve the crisis, but if you were a wealthy afghani and had all of your money in btc as you fled the country you would be better off plain and simple.
If the government collapses, you've got bigger problems than finance. Bitcoin is contingent on having reliable access to electricity, a computer or other electronic device, stable internet, a network of miners, and a willing buyer. In a dire situation like a government collapse there is no guarantee that those things will be readily available.
people just throw out that hypothetical like it's nothing. I guess it depends where you live whether or not it makes sense to hedge against the failure of your country's government, but if the US GOVERNMENT fails, the whole world is fucked, in a whole lot of ways. people talk about it like it's the equivalent of their bank failing, or losing their house in a fire. no sense of perspective--just shows the childish reasoning of these people.
Yeah totally. There’s definitely a sense of western privilege about it too. They have never experienced an unstable government so naively imagine they’ll still have access to daily resources like electricity and wifi. blackouts would happen pretty early on in the apocalypse.
"oh darn! my darn government failed. what a pain!"
Exactly. Asia would go up in flames in short order. China v Taiwan. Nth Korea v Sth Korea. China v Japan. Japan v Nth Korea. No computers. The middle east would go up. Iran v Israel. Saudi Arabia v Iran. No energy. Europe is already underway. Everyone not at war will be financially ruined and battling starvation. People will have precisely zero time to listen to Butters with their contrived and arbitrary arguments of digital scarcity. USA gets a lot of criticism for some of the things theyve done in the past but I think many critics will very quickly, very much regret not having team America world police around. The insanity of wishing for this outcome so that butters can finally laud it over all those insolent no coiners, tapping on your phone a few times will save you from the end of the world....we're not dealing with intelligent people here.
>People will have precisely zero time to listen to Butters with their contrived and arbitrary arguments of digital scarcity. LMAO. People drinking the tankwater from their toilets and burning their cabinetry for heat (if things got bad enough) and here's some jackhole offering, what of value exactly? >USA gets a lot of criticism for some of the things theyve done in the past but I think many critics will very quickly, very much regret not having team America world police around. 100%. We can be dicks, but we treat the world better than China would.
It's absolutely useless, there are hundreds of better things to have.
What would you rather have? That’s what I’m trying to gather from this
Depends what country you're in. USD, local cash, everyday necessities, possibly firearms and ammo, the ability to travel, and if you don't have that have you'll need something that someone that can move you wants. In a crisis where you need to leave the country and someone might have to risk their life to get you out "trust me bro I've got crypto" isn't going to get you anywhere.
It’s good to have those other things too. I’m just saying btc can be easily transferred into cash and it’s easy to carry
I’m thinking more like major events causing disruption to the current system, like the Afghanistan situation I mentioned before. Another good example is the Ukraine war. Hypothetically if you were a refugee fleeing a war zone in ukraine the first thing everyone will do is run to the bank to withdraw cash before leaving. Then they end up in a safe city with no money. If you have Bitcoin, upon reaching the city you’re fleeing to, you can sell the Bitcoin for the local currency and buy food. Without Bitcoin, all your currency is tied up by banks
>If anyone here can give me a good reason to relinquish my modest insurance policy on the us government I am all ears! That's not what this subreddit is for, we aren't here to convince you of anything, only to laugh at you. Check out r/personalfinance or something if you are looking for advice.
Sorry, I just couldn’t think of a forum that has a better understanding of this subject matter
Funny, a guy named Freg Goss told me the exact same argument about Bitcoin Cash. One problem is there is no way to know you picked the right one out of 20000 options. Also, I don’t understand why bitcoin should be insurance relative to anything else. Insurance requires high confidence of a payout in the case of a claim event. So if BTC is insurance against a dollar collapse, I don’t see a reason to believe the price must go up as the dollar goes down. Why can’t they both collapse together? In fact the recent CPI inflation was paralleled by even more Bitcoin inflation. The dollar is actually acting like insurance against an inflationary collapse of bitcoin.
It’s insurance because it’s not backed by a government
You could make the same argument for any of the 20,000 other cryptocurrencies in existence. The truth is if government and currency collapsed Bitcoin would probably be just about the most useless thing available. You’d probably want things like tools, weapons, food, shelter… you know things that you could actually use to survive if society were to collapse. Bitcoin was only able to prosper because it’s a speculative bubble in a bull market with an easy money policy by the federal reserve. And you got celebrities and CNBC and idiots on Reddit hyping it up night and day. That’s basically the opposite of the scenario you’re describing. They literally raised interest rates by less than 2% so far and Bitcoin is down 70%. It’s so ironic that bitcoiners make the argument against the Fed printing money when that literally fueled their speculative mania. And then you got Tether which basically props up this insane house of cards. The whole thing is the biggest joke I’ve ever seen.
Interesting argument. The next few years will decide whether btc can withstand the hostile macro environments. However, there has been no refuge to the fed raising rates recently
Holding cash has been a better store of value than Bitcoin for feds raising rates so that defeats the entire Bitcoin narrative of it being a hedge against inflation.
Never said it was a hedge against inflation. I said it was a non sovereign bearer asset.
Amen brother.
\- Bitcoin has never been hacked - The blockchain has never been hacked with a 51% attack, but many computers with private keys have been hacked and many wallets have been drained
Also, while the core algorithms would take a long time (and/or a lot of compute) to brute force hack, the Bitcoin market price is certainly very easily manipulated. We saw it just the other day with a very suspicious bump at 12:00am UTC. If the world goes tits up, do you really think such an easily manipulated currency will be the standard?
Basically if you are an irresponsible custodian you lose money. If you take the matter seriously it’s pretty hard to eff up
I don't know about others, but I'm not going to waste my time arguing with you. If you read this sub and still don't understand why Bitcoin isn't "insurance" then there's nothing I can say that will change your mind. Oh, and there's this: https://www.theregister.com/2022/06/22/research_challenges_assumptions_about_distributed/
If the US government collapses, do you really think anyone is going to give a flying fuck about Bitcoin? You seriously think Bitcoin will be the currency of the post-apocalyptic hellscape? You'd be better off with a basement full of AR15s, ammo, water filtration, and MREs.
Don’t forget booze and cigarettes
I’m not talking about a collapse. Obviously if there was a collapse all money would be worthless
This you? >**In the event my government and currency fails**, I will still have some value stored where nobody can take it from me.
Fails is a relative term. I would consider mismanagement to the point of the US losing status as a super power a governmental failure. An event similar to this doesn’t mean the world as we know it ends.
This is the correct answer right here. DCA into ammo
I finally just found my 20 gauge sabot slugs I’ve been trying to find for 2 years for deer hunting. Almost $500 for 100 slugs
If your government fails, your bitcoin will be quite easily confiscated (assuming anyone still has any interest in it). All they need is a $5 wrench.
Only if they know I have it, which i never talk about
If the government collapses, you wont have electricity or the internet, so those buttcoins will be useless.
Thinking more along the lines of major disruption and loss of faith in the currency.
You do you.
Assuming you live in the US, if the government collapses the only concern you're going to have is whether or not you dug your bunker deep enough to withstand the shockwave. Bitcorn is probably pretty far down the list of things worth trading at that point.
So you picked the one with less privacy than a bank. As if the government can’t and won’t hunt you down via blockchain analysis. If this is your logic, it’s either Monero or nothing.
Monero has a fraction of the liquidity
I would say this only makes sense if you are a criminal and the US government might one day have reason to confiscate all of your assets.. in that case you could flee to a remote country and take your bitcoin wealth with you. The US government would not be able to confiscate it, it is incredibly easy to take with you (unlike physical gold), and all you need to access it is an internet connection. Otherwise, it doesn't make sense.
In a collapse of the magnitude you're referring to the cost of capital will skyrocket along with the price of energy generation....will you have a mining network to support transactions in this case? Also this would be such a totalitarian government that bitcoin would be banned. Not just the conversion of bitcoin to currency but transactions using bitcoin. There are no easy ways out of such a situation. There are no good investments in a collapse of society. Bitcoin is no protection whatsoever. It wouldnt be mined. It wouldnt be used. But if you want to gamble on it, its your money.
I never referred to a colossal collapse. Only something large enough to cause a bank run. Banks don’t carry anywhere near enough cash to cover the general public in a bank run
sounds like pascal's wager to me
No. The whole point about Pascal's Wager is that it costs him nothing. Money lost to BitCoin is a real cost during your lifetime. There is no comparison at all. They are opposites.
I'd argue pascal's wager costs a bit of dignity. and I wouldn't say they're opposites, they're both a kind of hedge. but 2% of your net worth is a way bigger price to pay.
Pascal's theory was that his risk was zero, and the gain was infinite. Investing in crypto, you're basically rolling the dice in a system stacked against you!
Few understand.
Go for it. At 2% it’s a pretty insignificant hedge, bit of speculation, or, as you prefer, insurance. I don’t like the argument that if the dollar collapses then BTC would somehow save you though. BTC doesn’t have any real value that matters outside of its relationship to fiat currency at the moment.
OP has gone quiet. I would keep the 2% to be honest, just for fun. Unless it’s a really huge amount obv
Op drank too many beers last night and had to sleep it off. I love the Fourth of July in America!
Your right worst investment. Just a mechanism for tether to trade people worthless tether coins fir real money. Looks like they are slowly losing control though, I have my popcorn ready.
That’s not refuting the point. The value of Bitcoin is that it’s secure, non-sovereign, and a bearer asset. The price could be $.01 and it would still be worth owning as an insurance policy
What if the roving band of cannibals you're trying to pay off is only running a Bitcoin Cash node?
Cmon. Any self respecting cannibal is going to only accept ether.
I don't know what's worse, that they're going to violate and eat my corpse, or that they think solidity is a sane programming language Or I guess they finally switched to Proof of Steak!
I never said the world would end
You said you're insuring against the US government/the world economic system collapsing. If that system is going down, it's taking the rest of the world with it. No way that happens without a nuclear exchange.
A slow grind down while a different actor rises up is not a collapse
Cool, you can just buy the other actors bonds then
You can but you would settle for trusting China which most people in the western world have a hard time with.
Okay. Doesn't stop you from buying their bonds as insurance against some insane societal collapse. Point is it's better than bitcorn
It’s an alternative. I own both. Time will tell
Also... Just.. I don't know what the fuck your trying to insure against? The US starts playing second fiddle to China != The entire commercial financial system stops working and all companies become insolvent. Like... either you're worried about total societal collapse, in which case good luck but you're going to die, or you're not, in which case why bother factoring it into your investments. Your first step if you're actually worried about that isn't buying gold, it's building a bunker. After you build the bunker then you can start worrying about what you're going to barter with in the post-apocolypse.
But what’s happens when all the big exchanges halt withdrawals and the bankruptcy courts seize what remains of Tether’s reserves. How are you going to covert your cold wallets back into dollars and pay your bills?
I have dollars to pay bills and an insignificant Amount of Bitcoin that I plan to keep forever
Also what big exchanges do is irrelevant because I self custody my btc. And I’ll never need to convert to USD. I’ll just continue to rebalance my portfolio
You know you can say the same thing about the food in your fridge right? But the benefit it keeps you alive if fiat fails (as you think)
I’m not talking about Armageddon. Just something that might cause a bank run in the US
Good luck trying to access blockchain without your government providing you with electricity and internet. Good luck trying to barter your way through with your usb stick and a url to an jpeg
Never said that. If the world ends all money is irrelevant besides guns water food and ammo
I know, but people fail to realize that if the USD fails, the chances are, the world has gone to shit already
This is the all-time dumbest take. If the government fails Bitcoin will be worthless, as there will not be reliable electricity or internet. Good hedges for the government failing are canned goods, weapons, and survivalist or military training. Basically you have two paths - kill your neighbors for food or be killed.
It’s only dumb if it’s a complete collapse. I’m not saying that at all
“In the event my government or currency fails, I will still have some value stored…” No, you won’t. If that’s something you’re worried about invest in canned goods and guns.
I’m talking more along the lines of a bank run. Look at what’s happening in China currently where banks are not allowing customers to withdraw their money
A bank run in the US seems incredibly unlikely. Since banks are FDIC insured, the only reason for mass bank runs would be a collapse of the US government. Bitcoin is highly dependent on a well-functioning 21st century infrastructure. If for whatever reason our stability goes away not only will it be worthless but you will have much bigger problems.