That BTC/Crypto is not a relative currency to usd? If us credit crashes crypto will be worth more in usd... it is bound to the global Economy based on the fact that its only worth what people will pay for it and supply. Trading all assets for crypto is likely a better option than cash. Someone please give me a good arguement against it? Like really if i dont find a good reason not to soon i am.
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power goes out for long enough for food to become scarce
physical assets 1, crypto 0
I understand that but at that point its no longer about cash, the use of cash will cease to exist. There would be no need as cash has 0 intrinsic value. It's paper/cloth no one would need. We would revert to trade...
Edit: would also be laughed at for trying to trade that cash in another country assuming we would be allowed/able to leave the us.
I would imagine that he is referring to things like gold, silver, platinum, etc. Also things like food and tools. Benefit of food and tools over gold is that they have a practical use if you were to lose your job or have any bad life event, doesn't have to be the apocalypse for them to be handy.
When you spend your money or your time on something, ask your self if it is increasing your freedom. Buying tools to maintain your life is increasing your freedom. Paying someone to maintain your life is not buying freedom. Watching sitcoms is not increasing freedom. Taking action on guides or tutorials is increasing your freedom.
I do agree with physical assets, im mainly arguing cash vs crypto, 30% of my income already goes to physical assets, im saying im considering putting my revolving income in crypto.
Don't do what your told....and ctrl/alt/delete, you're now poor.
I do agree at anypoint a crypto can just back out of the "market" and all your assets are gone. That does scare me.
It should scare you. It should scare everyone. Everything, short of nuclear missile launch, is online. Your medical files, your banking info, your phone number, your employer, your social security number, everything. We go total digital currency, and you step out of line, with the click of a button, you don't exist.
No military is going to defend crypto.
What happens when the military starts having to defend extrinsic value? The military is officially not funded at that point therefore there is no military. As much as we like to believe our military would defend with no pay... they wouldn't.
Crypto is air in a bubble.
Arguably yeah. But the same argument can be made about us currency it's literally backed by the debt other countries have to us... if something happens to the us eg. Loss of a war, grid drop, net drop, ect. The USD is valueless.
All those events would impact the value of the dollar. Other countries buy our debt because it is safe. Every asset is valued today based upon its propensity to generate future cash flow. That projection is discounted back to today based on an expected rate of return adjusted for risk.
So, there are thousands of variables in that sentence, but essentially when the government taxes us at such a rate that there is no incentive to work or invest, the economy collapses, there are no more taxes, government collapses.
I don't know about all crypto but the problem that I see with bitcoin is that if any one entity controls 51% of the blockchain then they control everything. As the chain becomes larger and larger the number of entities with the resources to run it becomes smaller.
Ive seen that argument, however where we stand now thats not even a worry, I believe I read the largest single entity on the btc blockchain is .89%. But then again that was 2 years or so ago and who knows who to trust...