how many Bitcoin do you need to live comfy in event of hyperinflation? - page 2.

exstasie

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Quote from: philipma1957 on October 28, 2020, 09:56:47 PM

Okay I am 63. Lets pretend I live 30 years at my current standards.

I need about 2 million usd. pretending zero inflation.

so 150:coins should do it.

Planning to sell everything in the $13,000s? Talk about setting your sights low!

Assuming people have the patience to wait several years, I think they'll need only a very small fraction of those 150 coins. Maybe just one coin, or 3.

Million dollar coins are coming, sooner than most people think. Wink

Saisher

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Quote from: StonksStonksStonks on October 22, 2020, 02:10:40 PM

how many Bitcoin do you need to live comfy in the event of hyperinflation? is 1 BTC enough?

hyperinflation for nocoiners
hyperdeflation for bitcoiners

Witht the current market price I am ok with 3 Bitcoin , but money will flow out if you do not how to set up a good business or if you do not have a stable job, even if you have 10 Btcoin if you do not know how to take care of business of you are living a high standard of living that Bitcoin you are holding will be gone in a year time.

justdimin

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If you could have 32 eth for staking that comes down to enough income even in an hyperinflation situation as well depending on where you live. 32 eth will be the number of eth you are required at minimum to be able to stake it, and it comes down to around $12.3k or so right now, if you take that and calculate 5% at the very worst (I believe it will be closer to 7) that makes it 860 bucks per year, and 71 dollars per month.

Now I understand that you do not think 70 dollars per month is anything, it is definitely not enough to survive in almost any country and not right now. However consider if you were a person from Venezuela or Zimbabwe that had 70 bucks per month? You could have totally "survived", maybe not have a great life but at least would have help you survive hyperinflation at the very least.

Janation

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I guess with a lot of Bitcoin you could survive.

Though I don't know how much you actually need, it could be more or enough. that ranges from 10 to 100 bitcoins. If that ever happens, I guess we could use bitcoin. Bitcoin might be unaffected by that and people might turn to decentralized cryptocurrencies since it is not that affected by these things like we had in this pandemic.

carter34

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I think no matter how much bitcoin you have during hyperinflation, it will still be affected by the current situation if inflation. Inflation makes the price of goods and services to increase and a bitcoin hodlers will also have to buy those things with the bitcoin at a high inflated price. Also bitcoin price is not stable like fiat, so at the hyperinflation time, it can reduce in price.

Wulan_maniez

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I guess if there is hyperinflation holding 1 BTC will not be enough. Especially if inflation reaches 600%. And it’s happened in one of those countries.
Having 1 BTC won’t make life comfortable. Especially if inflation occurs very long to many years. Hyperinflation occurs if a country experiences economic depression. Hyperinflation can occur in almost all countries, especially if it has not yet found a vaccine for COVID, there may be economic depression.

KennyR

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Quote from: philipma1957 on October 28, 2020, 09:56:47 PM

Okay I am 63. Lets pretend I live 30 years at my current standards.

I need about 2 million usd. pretending zero inflation.

so 150:coins should do it.

That looks to be a much sophisticated living. Possibly you're from first world country. With third world country a man ends his life peacefully without facing any financial difficulties if ha had such an amount. As per my living standard I need about 1-2 bitcoin per year with the present market value.

philipma1957

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Okay I am 63. Lets pretend I live 30 years at my current standards.

I need about 2 million usd. pretending zero inflation.

so 150:coins should do it.

hatshepsut93

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You can never live comfy when there's a hyperinflation in your country, things like crime and other negative effects will be through the roof. Many businesses will close, so you'll have hard time getting all the goods you used to get, and with the same quality. This is the reason why tourists rarely go to countries like Venezuela or Zimbabwe.

What you could ask is how many bitcoins do you need to survive in a country with hyperinflation, but this would depend on the starting economic situation and how long the crisis would last.

darewaller

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Nations are different from each other, I am sure if you had 1 bitcoin there are tons of places in the world where you could live through a huge hyperinflation without any problem, but there are also places where you can't live with 1 bitcoin alone. For example in USA $13k is good enough for few months at best, unless you are some college kid you will run that money out very quickly, but look at places like Nigeria, there $13k dollars would help you live a year or maybe even more and closer to 2 years.

So, having a set amount of money will never be enough, doesn't matter how much unless it is too much that we wouldn't even be talking here, no matter how much money you have, you should also focus on income, without income the money you have will run out eventually.

wheelz1200

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Quote from: StonksStonksStonks on October 22, 2020, 02:10:40 PM

how many Bitcoin do you need to live comfy in the event of hyperinflation? is 1 BTC enough?

hyperinflation for nocoiners
hyperdeflation for bitcoiners

Depends on what you consider comfy. Although I do think bitcoin will be worth a nice sum at one point it depends on country, lifestyle etc. What I do know is you only want enough of anything that you are comfortable with. I do believe you might need a little more than 1 bitcoin to live a "comfy" life though.

wxa7115

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Quote from: notblox1 on October 24, 2020, 09:11:11 AM

Let's look how people are living now in Venezuela with their hyperinflation, and how other countries in South America and Europe coped with that.
It would be good to have few bitcoins for sure, but problem would be to exchange them for food, gas and bills.
Having your land, garden and vegetables with other store of values and bitcoins would be the best.

In the case of hyperinflation the best defence is not be as dependent on the system as the rest, so first of all you should avoid debt as much as you can since the interest rates during hyperinflation will be crazy just for banks to try to keep up with the inflation, second have a place to live that is completely paid, third if possible have a source of food on your own as the price of food will go up significantly.

A person doing that will suffer from what happens in his country but he will still have his basic necessities covered and if you add some savings in gold or bitcoin that person will be set and prepared for anything his country goes through.

deisik

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Quote from: thecodebear on October 27, 2020, 07:54:09 AM

There is of course no way to even guess at how many bitcoin you would need during hyperinflation to live comfortably

The truth is, you don't even need a single bitcoin of your own

If you can successfully pit Bitcoin's volatility (or volatility of any other cryptocurrency, for that matter) against fiat currency depreciation, you can borrow bitcoins with depreciating dollars and then turn the inflation tax to your advantage. As long as an asset's volatility exceeds the inflation rate, you can live off it, essentially making inflation an asset in its own right, not a liability as it always wants to be

ethereumhunter

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Quote from: StonksStonksStonks on October 22, 2020, 02:10:40 PM

how many Bitcoin do you need to live comfy in the event of hyperinflation? is 1 BTC enough?

hyperinflation for nocoiners
hyperdeflation for bitcoiners

I don't think that 1 btc is enough because if someone can collect 1 bitcoin, he will say that he wants more, and he will try to get more bitcoin. Everybody will have their own perception about how many bitcoin he will need to live comfortably, and maybe they will say that they want to have many bitcoin, maybe more than 10 btc. I will try to make more bitcoin because there is no limit on how many we can earn bitcoin in many ways. It depends on how we can get that bitcoin and convert it into fiat.

LUCKMCFLY

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For countries with hyperinflation I am an inhabitant of a country of that magnitude, with 1Bitcoin you can live well for 1 year knowing how to manage those expenses. The trick for everything is to always put the Bitcoin in Hodl mode and extract the minimum for the obligatory expenses, since the local currency is always falling, it is usable, there will always be the way that the dollar will always rise with respect to the local currency and If bitcoin falls in price it does not suffer inflation, since it remains or, failing that, increases.

Ridwan Fauzi

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Quote from: StonksStonksStonks on October 22, 2020, 02:10:40 PM

how many Bitcoin do you need to live comfy in the event of hyperinflation? is 1 BTC enough?

hyperinflation for nocoiners
hyperdeflation for bitcoiners

For what?

Depend on your condition, how money do you have and how much money that you can afford to loss? It is up to you to have 1 or more bitcoin as long as you are comfortable when you having it. Bitcoin can be considered as an investment place, you may know all investment place will have a risk moreover with bitcoin that have a high risk you could loss a huge money with just several times and yeah you have to ready with that.

thecodebear

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Quote from: CODE200 on October 26, 2020, 01:15:47 PM

Quote from: thecodebear on October 25, 2020, 02:27:03 PM

26.53 BTC. No more, no less.

Basis? It would be indeed a huge amount but hyperinflation is not a short term problem. Also, there is a tendency for hyperinflation to affect the market price of crypto since it has to be converted to fiat in order to be used on purchasing goods. But to as how I understand hyperinflation, it alters the value of a currency ;worst is that a currency could be worthless, pushing you to move to other currency. But the problem would be exchanger. Who will exchange a currency to another currency having no value at all? for an instance. That is when problems would arise. Bitcoin can be converted to fiat of other countries but to how will you exchnge it during hyperinflation and benefit from it? It is not only devaluing of a currency but the situation itself wherein it will be hard to live a life despite of the huge amount you are having in ligh with a tough situation.

haha no i just said that cuz that's how much i have. Tongue

There is of course no way to even guess at how many bitcoin you would need during hyperinflation to live comfortably.

STT

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If its not already obvious, nobody is really benefitting from hyperinflation except maybe the horribly indebted and even then its likely to wipe out a society and its ability to trade and do business properly. These scenarios even if you are hard into crypto or whatever hedge you think might work, its not going to be a positive overall. If a currency collapses the country generally will be poorer which mostly drags everyone down as all workers receive less. The exception is international income, so export industries and global trade is key as you receive external currency and income.
The BTC is less important then productive capability, the idea it would produce income by itself is a tenuous hope. Theres pressure likely on most industries if dollar goes down for example as its tied to so many economies, eventually some one gains from the transition to a better system but not the upset itself is my guess. Im thinking entertainment and gambling is not helped by extreme scenarios, hyper is like 30% value lost every month btw so alot.

buwaytress

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Quote from: deisik on October 25, 2020, 01:14:38 PM

You may want to read this article (don't worry it's mine and makes an easy reading)

In essence, if there are good cryptocurrency payment cards freely and easily available across the world, the major cryptocurrencies, i.e. the ones used for payment, will stop being intrinsically valued in the US dollar and become means of payment of their own (we discussed that before). So the case of complete doom and gloom for the dollar may be a silver lining for cryptocurrencies. In fact, that may be their prime time and the best opportunity ever to take over fiat for real

Worth a merit at least! Thank you.

I actually agree with this view and it's a nice thing to have, eventually, yes, and for us who've adopted it, yes. But it's not yet in enough people's hands I think. I have crypto, and hopefully enough for those I care for, but a great many people who don't have it will be in real trouble in that collapse... and judging from just how many wealthy shillers own crypto vs honest people who don't, I don't really see a good outcome if this reality comes true soon.

Maybe I'm simple but for me, a "nicer version" of this future is when we see moneychangers start listing fiat in terms of Bitcoin. Imagine, USD/BTC, EUR/BTC, CHF/BTC pairs. And Bitcoin being the only currency in all these pairs!

DeathAngel

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I don’t think anything under 20BTC will allow most people in first world countries to retire & live a great life. Certainly not selling during this bull run any way. Let’s assume person X lives in the US & is 40 years old, if bitcoin reaches $100,000 per coin he’s going to need 20BTC at least to live until he dies of old age. He’s going to need even more than 20BTC if he wants to keep some for future bull runs.

Plus fiat is becoming useless so nobody wants to sell all of their bitcoin any time soon.

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