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RE: Another Billionaire Warns of Catastrophic Depths Not Seen in 5,000 Years - and Emphasizes Gold
Gold is great, but still can't use it for hardly anything...
For us, simple non-millionaires it is still the best to invest time and money in knowledge (especially knowledge you can use in a post apocalyptic world), or tools, solar panels, bicycles or something. Things you can use, even if there's no economy, no electricity, no state, no nothing.
When the shit hits the fan, you might just have to pack up and leave civilization..
It is hard to use gold to purchase goods in a normal economy. However all you need to do is look at the world economic condition and see that things will "go south" soon. That is when gold, silver, bitcoin or other ecoins may be used to barter with. Gold and silver could be used locally, but for a buyer to make long distant payments you need a currency that is easily transferred to the seller. That may be bitcoin. I like to keep my options open as much as possible. @gamgam
I think I'm missing something with Bitcoin. I understand the basis of it but in order for bitcoin to work doesn't it require the internet? I'm thinking that in a desperate situation the internet might not be as robust as people think. Especially if there is some organization that controls the root servers. Am I missing something here?
I see cryptocurrencies as another opportunity to diversify, although as you point out @arnoldz61, Crypto is a hedge bet that the apocalypse will not be equally distributed. If it isn't, there could be vestiges of the old backbone still blinking like a hyper chipmunk on crack (blinking, as in ones & zeroes). Some other possibilities for post-crash cryptocurrency connectivity are mesh networks, radio networks and a few other hardware heavy point to point options, like microwave, if I'm not mistaken.
Admittedly, I'm not familiar with the network requirements of the blockchain, but if there is anything running and spread wide enough to support activity - that cryptocurrency could come in handy. Imagine ordering supplies from a neighboring country that is functioning at a much higher level, for instance. or even contracting a retrieval op from said functioning Iceland, I mean, country.
I don't think a radio signalling network could handle the data flow needed for a block chain to work. And why bother with any currency, unless you have more than 100K in your account. We don't need wealth, we need food and shelter, so let's take care of that. We need to be independent.