Topic: Gold collapsing. Bitcoin UP. - page 1267. (Read 2032274 times)

I wish there were a safe have from which to watch this whole mess unfold.

Considering that almost every nation with access to the internet has some sort of Bitcoin user base, it is unlikely that the whole world wide Bitcoin network will go down all at once. Bitcoin "blackouts" will be isolated (whether planned or otherwise) and so it makes for a good "long term" store of wealth.

But as that story suggests, it's not going to do you any good if you need essential supplies in the moment.

Food/Medicine>ammo?>Precious Metals>Crypto

I do not believe so.

It's a simple and mechanical 'longest chain' issue at the end of the day.  If geo regions are separated, one is going to win out when they re-join.  As long as the TPS remains low (aka, block size remains reasonable), people will be able to figure out how to join regions fairly quickly, and a sub-set of them will have the balls to do so.

Further, as long as one does not sign transactions there is no danger of one's coins being spent on any chain.  If spends are attempted, I suppose that there may be some danger of a re-play attack but I am not familiar enough with the time-stamping and such to speak to that.  In any event, a prudent and technically savvy person will defer any block chain activity at all until things settle down if they have any choice in the matter.  Which is why having some other options is not a bad idea.


I don't think that what central banks do or don't do will amount to a hill of beans.  In a bad scenario all I will be caring about is whether I can get a wiener pig from the guy down the road or some replacement buckshot for my shotgun.  I can almost guarantee that a few junk silver quarters will be more effective than some BTC if/when the shit actually hits the fan in a real way.

BTW, I had a friend once who was a child in the Philippines when the Japanese were occupying the place.  She told me about her grandmother having a bamboo tube full of American coins (which were, of course, all 90% silver at the time.)  The family hauled ass out of the city and rode out the event in the country.  That chunk of bamboo got the whole family safely through the occupation in relative comfort.  It was an interesting story which I remember fondly.

That depends on if(a big if) the whole network shuts down gracefully, if you somehow have isolated regional networks running independently after the global connections stop functioning, you will have a big mess(potentially intractable) after things get back to normal.

The reason why I find PMs as a hedge unattractive, is that central banks have stockpiled much more of them then everyone else combined, now guess what would they do with their PM reserves if its price were to skyrocket as a consequence of people dumping fiats.

Romania make plans to open some gold mines. With an estimative of 300tons of gold with 250 tons minable. In 2014 maybe 2015. They say it will bring around 15 tons per year. Maybe that will influence the price.

that's a good one.

just about sums it up. 

or down in this case.

I disagree.  Any positive balance entry in the blockchain will remain there until the crypto is broken (probably never) or until someone with the private key moves it.  There will be a large amount of confidence that the system will re-start if it ever halts completely at all.  It is exceedingly unlikely that any event will bring us back to the stone age...at least world-wide and indefinitely.  So, a representation in the blockchain is not 'useless' when it comes to long-term wealth preservation.

Now I would agree that things could get so bad that free access to the global internet without significant controls could easily occur, and probably almost anywhere.  And they could last for some time.  For that reason I think it prudent to have a more stone-age answer to the question of where the next meal might come from.  PM's seem to me to fit the bill.

The way I see it, when the USD finally implodes, it will ripple across every fiat currency on the globe. Any fiat that isn't back by something other than hot air is going to become worthless.

This is probably why China and Russia are stockpiling gold, and why Germany is trying to repatriate their reserves.

And when Joe Plumber finally sees the scheme for what it is, there will be a mad rush for supplies, and somewhere to shelter their remaining wealth from the infinite inflation, but by this time there will be no gold OR silver at any of the corner store bullion traders.

Bitcoin could fill this void very conveniently, on the condition that everyone has an internet connection.

Without an online connection, bitcoins are useless, and this is the only reason I'd suggest precious metals as a hedge.

If you count daily highs (we haven't closed today at this level yet), seven days: April 7th-11th, April 24th, April 25th.

only 4 days in BTC history where the price closed higher than now.

Gold down.  Bitcoin UP.

in the words of Chamath Palihapitiya, "this thing is gonna rip!"

that's almost as good as some of my memes  

http://www.youtube.com/watch?v=0nUB1LfUzLI

I think the default is inevitable because people think it cannot happen.  This is going to be interesting.