Cryptocurrency in the next financial crisis - page 2.

Kyraishi

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Quote from: Eugenar on October 17, 2019, 10:02:37 PM

Quote from: Nhor1011 on October 17, 2019, 06:26:13 PM

If internet is continues,cryptocurrency will also continue helping our financial crisis but it will happen if government will not ban it. Yes,cryptocurrency will be the help for financial crisis but i think it could not replace any fiat money because of our government monetary regulation. Remember cryptocurrency is decentralized but it is one of the answer to our economic problem.

For me, the economy will be imbalance if the government will suddenly adopt cryptocurrency or implement it in replacement of fiats. What they need to do is to convert the fiat first to crypto, because when time come, those that aren't wealthy before will suddenly becomes rich because of crypto. But I am pretty sure that when it will going to happen, government or financial institutions will take it slowly but with assurance that it will yield for the greater good.

Key word here is 'replacement'. A lot of people have that all in mindset where they expect governments and big corporations to just instantly accept crypto-currencies, which is likely not going to happen, especially when it comes to decentralized and volitale options like Bitcoin.

The attempt it looks they are taking is slowly incorporate blockchain technology into their payment systems, and the first wave of this is in the stablecoins that are getting attention since they are much safer then Bitcoin and other crypto-currencies.

After that's done, we might see Bitcoin and other crypto-currencies be implemented as a true payment system on the existing network of stablecoins and government-created crypto-currencies.

Reosta_

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Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Life is rather uncertain nowadays as anything can happen at any time and we would be caught off guard. That’s also one way to describe the current economy at this stage. With the world’s economy expanding and expanding there have been more crashes as the years go by and they are becoming more frequent and some say at any moment one could happen.

So you are left with a situation in which the money you currently own, fiat money: the dollar bills & coins, will become worthless and you cannot even buy anything you need to survive on a day to day basis. In this situation, people will have to resort to a system of bartering like in the stone ages. I guess if you have a lot of stuff with value you can trade that would be great, but a majority of people don’t have such a stash. Things can get ugly real fast.

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

There is an economic crisis that is sighted on horizon. When it comes, fiat currencies will have big difficulties. People will start a search for alternatives to fiat currencies. Then, more people will discover cryptos and especially Bitcoin. And the demand for Bitcoin will start to increase very fast.

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Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Life is rather uncertain nowadays as anything can happen at any time and we would be caught off guard. That’s also one way to describe the current economy at this stage. With the world’s economy expanding and expanding there have been more crashes as the years go by and they are becoming more frequent and some say at any moment one could happen.

So you are left with a situation in which the money you currently own, fiat money: the dollar bills & coins, will become worthless and you cannot even buy anything you need to survive on a day to day basis. In this situation, people will have to resort to a system of bartering like in the stone ages. I guess if you have a lot of stuff with value you can trade that would be great, but a majority of people don’t have such a stash. Things can get ugly real fast.

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

I think cryptocurrencies doesn't have the power to do that yet. For this to happen, at least a few large countries would have to perform effectively. But the cryptos are far from legal. it is certain that the capitalist economic system has major problems. But we cannot say that we have reached the masses who can solve this.

Harlot

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When a financial crisis comes now asset can guarantee as a safe have for our money, remember that the last financial crisis we have everyone has been liquidating their assets from stocks to real estates just to exchange it all with money they need to spend, the same scenario can happen with crypto hodlers that there would be a point in time where they would need offload their cryptocurrencies just to have the money they needed. My advice is before your assets are affected I would suggest that you convert it to cash as fast as possible and wait for these assets to fall down and bottom out, this is when the assets won't only act as a safe heaven but also a good investment once the recession ends and the economy stabilizes.

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Quote from: ILuckyGuyI on October 22, 2019, 11:29:33 AM

Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Life is rather uncertain nowadays as anything can happen at any time and we would be caught off guard. That’s also one way to describe the current economy at this stage. With the world’s economy expanding and expanding there have been more crashes as the years go by and they are becoming more frequent and some say at any moment one could happen.

So you are left with a situation in which the money you currently own, fiat money: the dollar bills & coins, will become worthless and you cannot even buy anything you need to survive on a day to day basis. In this situation, people will have to resort to a system of bartering like in the stone ages. I guess if you have a lot of stuff with value you can trade that would be great, but a majority of people don’t have such a stash. Things can get ugly real fast.

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

In a potential economic crisis in the world, cryptocurrencies will be very crucial on finding a way out of that situation. Especially gold will be a very good option too, as most people know about gold more than Bitcoin.

I find it hard to believe a recession will result to bring us back to the old age though. Its not like it had not happen before. The fiat will still have value though it may have lesser value. The countries that had been suffering for a long time will have its advantage because people there are already used to living in worse condition. But I'm hoping this will not happen because there isn't yet people migrating to a more stable countries.

ILuckyGuyI

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Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Life is rather uncertain nowadays as anything can happen at any time and we would be caught off guard. That’s also one way to describe the current economy at this stage. With the world’s economy expanding and expanding there have been more crashes as the years go by and they are becoming more frequent and some say at any moment one could happen.

So you are left with a situation in which the money you currently own, fiat money: the dollar bills & coins, will become worthless and you cannot even buy anything you need to survive on a day to day basis. In this situation, people will have to resort to a system of bartering like in the stone ages. I guess if you have a lot of stuff with value you can trade that would be great, but a majority of people don’t have such a stash. Things can get ugly real fast.

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

In a potential economic crisis in the world, cryptocurrencies will be very crucial on finding a way out of that situation. Especially gold will be a very good option too, as most people know about gold more than Bitcoin.

s92225

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You know who will survive in the case of the financial crisis? Exchanges like OKEX, Huobi

figmentofmyass

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Quote from: South Park on October 19, 2019, 11:54:55 AM

Quote from: marky89 on October 15, 2019, 04:45:21 PM

Even if un-backed fiat currencies are replaced, government issued currencies aren't going away.

I think we'll go back to some variant of the gold standard, where legal tender is pegged to hard commodity value. Decades from now, I could even see government money being backed by BTC.

It is obvious that once the government losses control of the economy they are going to try to gain control of it again by backing their currencies with something tangible like gold but at that point in time will their citizens once again trust the government to issue a currency that it will not crash? I say this because most currencies started as being backed by gold, then the backing was withdrawn and they became fiat currencies, what will stop the government to do this again?

the market will cross that bridge when it comes to it. as long as notes are convertible to gold, silver, BTC, etc (same as the gold standard era) then the market will treat them as such.

it's just like tether. the market knows for a fact USDT isn't fully backed, yet it still trades at $1 or even sometimes above. why? because enough people can redeem USDT for dollars that arbitrage keeps the price pegged.

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Quote from: fiulpro on October 19, 2019, 02:58:39 PM

But the government unfortunately decides what stays and what goes and they usually are not at a good pace with bitcoins therefore you know I think it's hard for bitcoins and other cryptocurrencies to stay in pace when it happens , also people are always scared of the government and I think they would need some time to see the good in cryptocurrencies and get aquatinted with them, financial crisis is gonna happen really soon , and I think it would actually let everyone know how the banks are not the only think they need to trust .

Who's government do you pertain to? Not every government has to do negatively with bitcoin. There are many countries that accept bitcoin and their government made bitcoin legal on their own states. I think a financial crisis will vary on the country to be specified. Banks are centralized and most of the government wants to have the banks as their own asset so it will be natural that governments will have their back on banks.

fiulpro

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But the government unfortunately decides what stays and what goes and they usually are not at a good pace with bitcoins therefore you know I think it's hard for bitcoins and other cryptocurrencies to stay in pace when it happens , also people are always scared of the government and I think they would need some time to see the good in cryptocurrencies and get aquatinted with them, financial crisis is gonna happen really soon , and I think it would actually let everyone know how the banks are not the only think they need to trust .

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Quote from: South Park on October 19, 2019, 11:54:55 AM

Quote from: marky89 on October 15, 2019, 04:45:21 PM

Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

Even if un-backed fiat currencies are replaced, government issued currencies aren't going away.

I think we'll go back to some variant of the gold standard, where legal tender is pegged to hard commodity value. Decades from now, I could even see government money being backed by BTC.

It is obvious that once the government losses control of the economy they are going to try to gain control of it again by backing their currencies with something tangible like gold but at that point in time will their citizens once again trust the government to issue a currency that it will not crash? I say this because most currencies started as being backed by gold, then the backing was withdrawn and they became fiat currencies, what will stop the government to do this again?

we may not be able to use anything when doomsday come, all you can do is loot every store you can find and stack up for more food to survive in the coming days. guns will definitely help you more. doomsday is a scary day. i may have pictured it too harsh but if the military can still control the people in your country in doomsday it would be good. currencies will have no value when it happen not even crypto. water is perhaps the most important in that time.

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Quote from: marky89 on October 15, 2019, 04:45:21 PM

Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

Even if un-backed fiat currencies are replaced, government issued currencies aren't going away.

I think we'll go back to some variant of the gold standard, where legal tender is pegged to hard commodity value. Decades from now, I could even see government money being backed by BTC.

It is obvious that once the government losses control of the economy they are going to try to gain control of it again by backing their currencies with something tangible like gold but at that point in time will their citizens once again trust the government to issue a currency that it will not crash? I say this because most currencies started as being backed by gold, then the backing was withdrawn and they became fiat currencies, what will stop the government to do this again?

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Is it even possible for all countries to lose their currency value? Other countries have experienced that already due to hyperinflation but is it really possible for all countries at the same time? Even if it does, I dont think cryptocurrency will be their next option. One factor is the government who don't support crypto. Second are the people who are not capable of adopting crypto.
If all money loses its value, maybe they'll make "new money" to start over again.

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The question would be, are the people willing to accept cryptocurrency? If they do then definitely it will help a lot in time of crises such as stated by OP. If not then people will go back to the old ways of bartering goods for another goods. And I believe the one that can be of more used would be the cryptocurrency issued by the government since people whether we like it or not trust the government issued coins that the one issued by an unknown developer.

xiboothrezi

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Compared to Fiat, we all know that cryptocurrency has a multi-function, as a means of payment, commodity trading, and investment tool. Of the many functions, we can use it according to our individual needs and passion. I always say that learn your potential, then maximize it with the opportunities that already exist.

Quote from: doomistake on October 16, 2019, 12:55:37 AM

Internet can not be erased in our technology these days, most of our daily works are dependent on the internet and this is a digital era in which internet plays a big role in the society, even if there is a big war that is coming, internet will remain and it could only be erased if the Government will literally destroyed all of the physical source of the Internet like the Satellites in the space.
Without internet is like without Electricity, the whole world would be blackout and everything will be slow and will disorderly misfunctions.

That is one important aspect. So I always say, there is no substitute between fiat and cryptocurrency, but complementary. That's all to help increase the ease for humans in living life and achieving economic targets.

nasipadang

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Quote from: CryptoDoomslayer_69 on October 15, 2019, 12:36:54 PM

Life is rather uncertain nowadays as anything can happen at any time and we would be caught off guard. That’s also one way to describe the current economy at this stage. With the world’s economy expanding and expanding there have been more crashes as the years go by and they are becoming more frequent and some say at any moment one could happen.

So you are left with a situation in which the money you currently own, fiat money: the dollar bills & coins, will become worthless and you cannot even buy anything you need to survive on a day to day basis. In this situation, people will have to resort to a system of bartering like in the stone ages. I guess if you have a lot of stuff with value you can trade that would be great, but a majority of people don’t have such a stash. Things can get ugly real fast.

Therefore, in such a doomsday situation you have to come up with a situation in which you can trade with people in order to survive. There are two solutions I can come up with, either using precious metals such as Gold & Silver or using Cryptocurrency. Considering that fiat currency is useless, Cryptocurrency might raise in value so that it can be useful as a means of trade as long as the Internet still exists which will most likely be the case.

With the destruction of the value of FIAT, I think I have to support this. For some countries that cannot meet economic needs and will destroy the value of their currencies, the concept of barter can be an alternative, but for digital currency it seems that it is not. I seen the state of the economy of a country now depends on the technology and resources they have. If they can't maintain the technology, then how can they trust cryptocurrency as an alternative payment?

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Quote from: Nhor1011 on October 17, 2019, 06:26:13 PM

If internet is continues,cryptocurrency will also continue helping our financial crisis but it will happen if government will not ban it. Yes,cryptocurrency will be the help for financial crisis but i think it could not replace any fiat money because of our government monetary regulation. Remember cryptocurrency is decentralized but it is one of the answer to our economic problem.

For me, the economy will be imbalance if the government will suddenly adopt cryptocurrency or implement it in replacement of fiats. What they need to do is to convert the fiat first to crypto, because when time come, those that aren't wealthy before will suddenly becomes rich because of crypto. But I am pretty sure that when it will going to happen, government or financial institutions will take it slowly but with assurance that it will yield for the greater good.

Nhor1011

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If internet is continues,cryptocurrency will also continue helping our financial crisis but it will happen if government will not ban it. Yes,cryptocurrency will be the help for financial crisis but i think it could not replace any fiat money because of our government monetary regulation. Remember cryptocurrency is decentralized but it is one of the answer to our economic problem.

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Quote from: crossabdd on October 16, 2019, 12:01:41 AM

yeep, you are right guys .. we are heading to a situation like you said every day the price of an item is increasing, while the value of fiat currency is getting destroyed. when that happens, we won't be able to survive. except currency transfers in precious metals or cryptocurrencies. it will save us.

Cryptocurrency is still the safe haven for us when financial crisis happens again, simply because its value continues to rise even if we are still on a bear market. If you have more fiat money when crisis happens its kinda useless because of its value is low while the commodities are too expensive.

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Quote from: airdnasxela on October 16, 2019, 10:28:11 AM

We're not going back to the stone age era. Even if we experience financial crisis, we ain't going back to that era because that's very different from today. The government may find something that'll solve the problem and crypto can be an option to that. If a certain country experienced that situation, its allies would help them right??

But let's look at the situation in Venezuela where they're having a crisis, they aren't really adopting crypto that much...

of course every country has a good future, it is not possible if we go back to the stone age where the goods we have are used to buy and sell. although in the future we will experience a financial crisis, each government must have its own way to overcome it. and I think for cryptocurrency holders there is no need to worry if that will happen, because in reality cryptocurrency can help overcome the economy for its holders

Topic: Cryptocurrency in the next financial crisis - page 2. (Read 836 times)