3 Easy Steps to Prepare for .. Whatever is Coming .. [ Ugh .. this post sucks! :-) ]

in #bitcoin8 years ago (edited)

1 - Buy, mine or steal at least 10 Bitcoin - add to this over time, but lock in 10 at the current price.

2 - Store these Bitcoins in a wallet that you control, entirely - not on a centralized exchange. Check out Bitshares / OpenLedger for alternatives.

3 - Forget you own these coins for 5 - 10 years, or until the collapse of the current financial system, whichever comes first.

Why do you need them? Simple, because nothing else will have any value if the shit-hits-the-fan (layman's terms) - well, nothing else will have value 'and' be available/usable to purchase anything - you certainly won't be carrying around a sack o gold. According to most estimates (by BTC evangelists), 1 BTC will be worth between $5k - $30k in 5-10 years, if that conversion still has any meaning by then - might come in handy when you're a broken-down old fart, with no social safety net.

Short of total collapse, consider increasingly questioned government services and outlays - with growing loss of faith in government will come taxation resistance in the form of crypto-currency-fueled underground economy; this will result in lost services and fewer cheques being cut by government - if you are banking on old-age security continuing to exist for 1 or 2 decades hence, that is a big mistake.

To close, here is a few thoughts from Tim Draper, just to dial down the scary .. this friendly motherf* bought up 30 000 Silk Road Bitcoin at government auction, and estimates one Bitcoin will be worth $ 10 000 by 2018 - I for one would not bet against.

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