how many Bitcoin do you need to live comfy in event of hyperinflation? - page 4.

Febo

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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 event of hyperinflation?

You dont need any. All that you need to fight hyperinflation is access to Bitcoin any moment. As soon as you get hyper inflating currency you change it to Bitcoin. You dont work to be paid in few months time. You want pay immediately. You try to take a loan and buy Bitcoin so you will pay that loan back in hyper inflating currency and will cost you nothing. Hyper inflation is also an opportunity. Just like anything else in life.

ShowOff

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As the market continues to fluctuate, we don't know how many bitcoin we will need if a hyperinflationary situation occurs. If bitcoin price is $10,000 then I think 1 bitcoin is enough, but if bitcoin price $1,000 I think we should have more bitcoin to live comfortably. Simple enough.

Quote from: Ayiranorea on October 24, 2020, 01:23:20 PM

So, it all depends on the market fluctuation.

Agree with you.

DoublerHunter

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Quote from: Ayiranorea on October 24, 2020, 01:23:20 PM

The market varies with time. We can't have a precise calculation on the number of bitcoin required for a comfy living. Maybe in today's calculation one bitcoin is enough, but we don't know how the market is gonna change tomorrow. So, it all depends on the market fluctuation.

^ Definitely right, because the price of bitcoin was determined by the demand and supply which the bitcoin price based.
There is no exact amount but if you will keep even a small fraction of bitcoin weekly or monthly, there is a possibility that the bitcoin will pump up again fast and I don't if you call this hyperinflation. Nevertheless, let see and wait for what will happen next, but at least, we're good enough.

Ayiranorea

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The market varies with time. We can't have a precise calculation on the number of bitcoin required for a comfy living. Maybe in today's calculation one bitcoin is enough, but we don't know how the market is gonna change tomorrow. So, it all depends on the market fluctuation.

adaseb

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Even though inflation is bad in the US and in 5-10 years time we might pay double for bread, it's not considered hyperinflation. Generally that happens in very corrupt countries. If hyperinflation happened to the US dollar then the entire finance globally would be messed up since many countries hold US dollars in reserve.

The inflation figures we are given by statistics aren't correct. Remember 10 years ago when you went shopping? You spent about $100 for food for 2 people. And now it's closer to $200 for the same amount of food pretty much. The only thing just as cheap in my opinion is fuel. I remember gas prices haven't changed much in the last decade. Good thing for gas guzzlers.

bitbunnny

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That can't be calculated for sure. Bitcoin is volatile and the price changes all the time so depending also on periods of hyperinflation you might need a little bit more or less.
It's good to have something saved in Bitcoins but having in mind risk and volatility it's always good to have some fiat currency, gold or some other asset of value that might help you in difficult financial times.

notblox1

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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.

Fundamentals Of

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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'm afraid this is not a valid question until Bitcoin's price is tied up with fiat.

What you can afford to buy with your Bitcoin is pretty much based on how much Bitcoin is in fiat. In the first place, is there any store all over the world selling whatever kind of goods and services which puts up a fixed price in Bitcoin, oblivious to its rise and fall as far as the US dollar is concerned?

I'm afraid there is none so I guess the question is at best premature. We cannot find any valid basis for its answer.

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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?

The question is what kind of hyperinflation are you talking about, because there have been really drastic cases in history. The example of hyperinflation in Zimbabwe (2007/08) was so great that prices doubled every 25 hours, and the most drastic example is Hungary (1945) when prices doubled every 15 hours.

In such or similar circumstances, I think that just 1 BTC would not be enough for you no matter where you live, but far from it that would not be helpful for you to overcome the crisis more easily.

Oasisman

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Let's be realistic. In times of hyperinflation it is not Bitcoin that we really need. Besides, theres no guarantee that Btc's value will level or go beyond the costs of living during that scenario.
The most important lesson that the pandemic taught us today is to have something that could sustain and make you food (agriculture is the best example).
Pandemic, hyperinflation, you name all of the crisis that comes to humanity, but nothing much to worry If you can produce your own food.

GreatArkansas

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Quote from: Poker Player on October 22, 2020, 10:04:59 PM

That abstract question doesn't make much sense unless you specify. If there's a hyperinflation, the price of bitcoin will usually go through the roof.
(....)

Why is that possible that we can guarantee that bitcoin will really do a massive pump if there will be hyperinflation?

For me, it does not matter how much your Bitcoin will hold, even how much is that there are really a lot of possibilities it will slowly be used as for your expenses as you live. The one you should think is, HOW will you make more Bitcoins or increase your funds to sustain your family or self to live, even there is already hyperinflation.

batang_bitcoin

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How much would be the consumables if there's an hyperinflation? Bitcoin's price is pegged with dollar and just like in Venezuela, people are surviving if they receive remittance or sell bitcoin in dollar's price. Very situational and hard to tell how much would be enough to survive if we're going to face a crisis just like hyperinflation and not just to survive but to live comfortably in that situation.

Quote from: jackg on October 22, 2020, 02:39:54 PM

If fearing hyperinflation you're beter off with land and an apple tree or something... With btc you could save at least the value of that...

Fruits and vegetable plantation is what I'm thinking too. It will literally save a lot of money and will help to survive in such hard situations.

btc_angela

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Yeah I agree, we can't really know why number of bitcoin could someone live comfortably in an event of hyper inflation. It's up to where you are living, you can live with 1 BTC and yet this is not enough if you are staying to let's say a first world country. But in any case, in order to survived, you can start with at least 1 BTC, or be a member of 1 in a 21 club.

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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

There is no way to know until after the fact, basically when it comes to hyperinflation you never know how high it will be as governments for the most part once they realize they have destroyed the economy to that point for the most part hide that information, depending on what kind of living standards you want to have, the number of people that depend on you or how much you want to take advantage of the situation the amount of bitcoin you need will vary wildly.

Just to give an example while it is known that during the US Great Depression many people lost their jobs and were desperate, a very little known fact is that more millionaires were created during this time than at any other moment before during the history of the US, why? Because the few that had gold and other hard assets used them to buy stuff for cheap from the ones that were desperate for money and when things went back to some sort of normality they now had a huge number of assets.

Poker Player

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That abstract question doesn't make much sense unless you specify. If there's a hyperinflation, the price of bitcoin will usually go through the roof. And it's not the same going to $100,000 or $1,000,000. Likewise, we need to take into account how much basic consumption articles would be in that hipothetical scenario, for example, if a loaf of bread cost $10 or $100.

So it all depends.

jackg

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https://bit.ly/387FXHi lightning theory

Bitcoins aren't food though...

If fearing hyperinflation you're beter off with land and an apple tree or something... With btc you could save at least the value of that...

StonksStonksStonks

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

hyperinflation for nocoiners
hyperdeflation for bitcoiners

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