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RE: The collapse of fiat and rise of cryptocurrencies

in #bitcoin6 years ago

The problem using BitCoin instead of fiat in contingency environment is the volatility of the asset...couple that with limited access to the internet...and there are real problems with a crypto based economy. Further, getting around sanctions, which are often established through UN not US agreements...those things are enforced by military intervention. Simply using a crypto based currency doesn't work...there is a price to pay, and that price might be the receipt of tomahawk missiles, increased instability and the loss of access to ones wealth...and even when the wealth is accessible, the economy may not be equipped to receive it.

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Volatility of Bitcoin is better than the exponential inflation of fiat currency. These people don't really have much of a choice, take a chance by using and hodling crypto currency? or continue to have faith is a currency that is pretty much guaranteed to be worth less tomorrow than it is today.

Ya, conflict makes things tough...what works here for us...won't work for them. One day a person is banker in a wealthy family...the next there's nothing, no house, no electricity...and they're selling gas on a side road trying to eek out survival. As bullish as I am on Bitcoin et al, it's not a good conflict currency...but like you said...there's not really any good choice. Given the challenges of trading non-fiat currency in contingency environments...maybe there's a use case where there exists a hybrid of fiat/crypto currency? IDK.

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