The Thing About a Collapsing Civilization ..
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.. People Do Not Become Aware Until it is Well-Underway
What Lord Rothschild said today should send chills. A day after Japan announces it will "experiment" with negative interest rates, the patriarch of the Worldwide Central Banking System .. nevermind System, "Super-Governmental Authority" is a better term, says the following ...
https://www.rt.com/business/356148-rothschild-experiment-world-economy/
“The six months under review have seen central bankers continuing what is surely the greatest experiment in monetary policy in the history of the world. We are therefore in uncharted waters and it is impossible to predict the unintended consequences of very low-interest rates, with some 30 percent of global government debt at negative yields, combined with quantitative easing on a massive scale, .... growth remains anemic, with weak demand and deflation in many parts of the developed world... "
This "greatest experiment in history" Lord Rothschild speaks of is the brainchild of his family, but now even he is beginning to see the logical conclusion .. IMPLOSION! "RIT Capital Partners", an investment fund of which he is the chair, is reducing stock positions and loading up on gold .. this is a classic hedge against calamity.
But the thing is, the rapidly approaching calamity is not just part of a cycle, which we will recover from, as always .. "experiments" are not part of a natural cycle - when this experiment ends, when it fails, you can not reset the world economies and start again.
I will briefly refer to one my preceding post, which was properly ignored because it lacked the above context.
What Do We Do to Prepare!?
Buy, mine or steal at least 10 Bitcoin - add to this over time, but lock in 10 at the current price.
Store these Bitcoins in a wallet that you control, entirely - not on a centralized exchange. Check out Bitshares / OpenLedger for alternatives.
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, 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.
If we still have Internet as infrastructure, Bitcoin will spend, even if the US green-back becomes only valuable as firestarter. If however Internet is lost in the fall then we're entirely screwed - brush up on your survival skills.
As long as we have solar power, radio waves and computer chips, Bitcoin will have value...
Amen brother!
Sounds like a great argument, except Bitcoin itself is highly volatile. So if your argument is to adopt bitcoin for stability, it is flawed. Speculation in the currency causes huge jumps. Cyber attacks cause huge crashes. Let's be reasonable and discuss all the relevant facts.
Put up a chart of the US dollar valuation and Bitcoin, showing % changes over the same 7 year time period. Let's see if you will hold to your original premise of stability.
My premise is based on the collapse of the world economy, so stability of the US dollar during the last 7 years is irrelevant - I don't think I used the word "stability" in the original post at all in fact. :) Beyond that, it is completely irrelevant, because the US dollar ..has no 'real' value, only what people perceive it to have (and yes, Bitcoin as well .. although the major difference is that there is real scarcity with Bitcoin, in the same way there is with Gold .. the US dollar continues to roll off the printing press whenever the Fed feels like it). If people knew that the economy floats upon an ocean of debt and understood the mechanism of supply, they would see their currency in a whole new light ... shit man, there are people out there that still believe the US dollar to be backed by Gold, that this is what gives it "value", and sadly many still are unaware that there is a viable alternative. The fact that Bitcoin's "price" has become stable over the past many months, even after the awards halving, to me is a signal.
Don't be proud of your dollah dollah bill friend, it is a symbol of your enslavement.
The US dollar is a fiat currency, but don't confuse that with not having value. It does. Bitcoin is also a fiat currency. Scarcity also exists with the US dollar, but it is controlled by a set of governing authorities.
It ignorance of people, including those which believe we are still on the gold standard, does not change the facts that the dollar has value. It is quantifiable. It is relatively stable, because people want it to be. So even if the government collapses, the value of the dollar would remain. If the government were to double the amount of dollars, then yes the value would approximately half. The dollar bill is simply a token of the value which it represents. Same as a bitcoin. If you choose to partake in an economy, then by your definition, would be a slave. I disagree. Since the time when economics came into being, mankind has flourished because of the transition and trade of resources. Look at history.
Any future where we did not have an easy way to transfer goods/services would be bleak.
Between the late 1700s and early 1900s the dollar was a truly stable store of value ..since 1913 the dollar has lost purchasing power by approx 2000%, due to artificially expanded and expanding, supply. The dollar's problem today is not ignorance, just the opposite ..people are beginning to realize it is beyond worthless.
You say Bitcoin "is also fiat" ..dude the definition of fiat is currency issued and controlled by governments. But I agree, Bitcoin must be more widely used to directly purchase goods n services, and the businesses that receive it must do the same, without cashing them in for dollars first ...only then will it be made a truly viable replacement.
Let me address both of your points:
The loss of purchasing power is also a factor of inflation, which occurs naturally as an economy grows. People were paid much less. There are many charts and papers on the 'buying power' over time. Take a look at the GNP from the late 1700's as compared to today. So the loss of purchasing power as a straight percentage is greatly misleading. People today in the U.S. have more wealth, access to goods, and lifestyle choices than back in the 1700's.
You are incorrect. The definition of a 'fiat' currency is not anywhere required with oversight/control by a government. There are 3 types of currency Commodity, Representative, and Fiat. I will let you Google the differences. Bitcoin is a 'fiat' currency.
And where is that stability graph we talked about? Show me the % change for the U.S. Dollar and Bitcoin for the last 7 years. Go ahead, I dare you to and then try to explain how Bitcoin is more stable. :)
I think we all need to brush up on survival skills...if not just to connect with the earth.
No doubt a good thing to do, in any case.
Cheers
Good post, I only use Hard wallets, Trezor and Ledger which is even cheaper.
Looked at Trezor, but will check out Ledger - thanks for the tip!