If the global economy collapses what's the first thing you do? - page 2.

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Quote from: kingvirtus09 on November 05, 2023, 09:05:28 AM

Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!! We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

If you believe in Bitcoin, there is no problem if you are confident in it, because there are many people who believe in it, including me. But the solution to every problem that can be faced by a country or every individual is not just one solution that God gives to every problem.

Bitcoin may be the only thing that can help us get back up again if there is a crisis in our lives. Because Bitcoin can't be our only reservation solution for something like what you're saying, what if Bitcoin also has a problem? Do you have any other alternative solution apart from Bitcoin? That is to say,

Bitcoin has a large following, and I am among those. Bitcoin is powerful, but it's not a cure-all for economic crises. I trust Bitcoin, yet it operates in a complicated economic system. In a crisis, Bitcoin may be resilient. Decentralized and limited supply make it resistant to inflationary pressures that beset fiat currencies during economic downturns. However, if Bitcoin has legislative or technical hurdles, we must have backup plans. Diversification matters. Even with Bitcoin, never put all your eggs in one basket

Therefore, what other options do I suggest? I favour a strong investing portfolio. This includes stocks, bonds, real estate, developing technology, and possibly other cryptocurrencies that complement Bitcoin's value offer. The goal is to build a steel-like safety net that can resist any disaster. This is wise and essential for financial stability

poodle63

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Quote from: Arenga pinnata on November 05, 2023, 02:28:45 AM

Basically, we have to make every effort we can to make preparations before the global economy really gets out of control again. We have to be prepared for whatever is in front of us. Start learning how to grow plants or whatever. The most important thing is that if we only have a place in the city, it would be better if we also start collecting funds to have a house in a village which is still full of natural things such as mountains and clean air. The pandemic is over but now the war has spread. This is what makes it difficult for the economy to recover.

Making preparations is sometimes easy to just reduce to planning. But putting it into practice is sometimes not easy to start.

at the end of the day it all comes down to the agricultural sector again, the key to go against the economy collapses is to preserve technology for agriculture and also keep growing the agricultural sector,
its the first thing needed to be maintained seriously I think, then after that the other resources comes after.
but its definitely not something easy to do considering the fact that nowadays, almost all of the the fields are synchronized one each other, agricultural technology can't run without oil and electricity meanwhile oil and electricity gained from mining and renewable energy but that if we are talking about macroeconomy.
meanwhile as an individual to go against economic collapse is easy, just buy some land for crops and preserve precious metal that alone already prepares you for the worst.

TimeTeller

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Quote from: Promocodeudo on November 06, 2023, 04:34:27 PM

I won't wait until the global economy collapses before I start buying more Bitcoin, for me the time is now if you must hodl, looking at the recent happenings many nations are considering diversification as the best option, if you have a source of income, and you know truly well that your income can sustain you very well, you can also save from it, use your savings to invest in bitcoin the little you can so that you wont, when doing this make sure it wont affect you, use the amount that wont affect you in any way, the way events are unfolding in the last few weeks, it seems something is cooking, let's not fold our hands and just watch without making a positive move, do your best and be optimistic.

Not all people have the financial capability to buy when they want to.
Also, some people will go into other assets and not crypto, more tangible than this market.
For me, I think, I will keep on buying gold jewelries and maybe a land.
At least, if you have small parcel of land, you can have your own garden and be self-sufficient with some of your food needs.

terrific

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Quote from: Biznesmen on November 05, 2023, 02:04:55 AM

Economic collapse is not a simple term, and in this era of globalization, the collapse of one economy can affect all countries in the world. In 1929, the Great Depression in the USA was one of the worst depressions seen, and it lasted a decade. And economic collapse is not a depression or recession; that's worse than that; we cannot imagine how it will impact our lives. Even though we panicked about a percentage increase in inflation, it lasted a few months, and the recession lasted six months. How can we stand with an economic collapse that lasts several years? Above all, the impact is not limited to economics but is also political and social.

It's a global thing and that's why we have to do what we need to do for us to survive. Those that are badly affected by it really had trouble in recovering.
Up to this time even if people say that the world has recovered a bit from the pandemic and its collapsed economy for most countries, still there are a lot of families that haven't recovered yet.

Promocodeudo

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I won't wait until the global economy collapses before I start buying more Bitcoin, for me the time is now if you must hodl, looking at the recent happenings many nations are considering diversification as the best option, if you have a source of income, and you know truly well that your income can sustain you very well, you can also save from it, use your savings to invest in bitcoin the little you can so that you wont, when doing this make sure it wont affect you, use the amount that wont affect you in any way, the way events are unfolding in the last few weeks, it seems something is cooking, let's not fold our hands and just watch without making a positive move, do your best and be optimistic.

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Quote from: jeha2015 on November 05, 2023, 10:25:02 AM

Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!! We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

When hit by an economic crisis, we must be aware of prioritizing investment as our income so that we do not depend on the government. Because for me there is nothing better than investing when the economic crisis hits the world.

At the same time, the government will make things difficult for its citizens and we cannot sit idly by and bear all the consequences. So we need to invest and gain financial freedom. We must take advantage of investment opportunities in gold, bitcoin and property. Despite the difficult economic situation, it is still a good time to consider investing.

agreed it’s not necessary to buy huge amounts of btc right away
i saved some money first before investing and planning to continue in saving up so i can buy more at the same time im also saving up for emergencies food and housing are the most important things so i’m thinking of ways to secure that but bottomline is i’m trying to save up as much as i can right away for investment, daily expenses and emergencies

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Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!! We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

When hit by an economic crisis, we must be aware of prioritizing investment as our income so that we do not depend on the government. Because for me there is nothing better than investing when the economic crisis hits the world.

At the same time, the government will make things difficult for its citizens and we cannot sit idly by and bear all the consequences. So we need to invest and gain financial freedom. We must take advantage of investment opportunities in gold, bitcoin and property. Despite the difficult economic situation, it is still a good time to consider investing.

kingvirtus09

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Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!! We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

If you believe in Bitcoin, there is no problem if you are confident in it, because there are many people who believe in it, including me. But the solution to every problem that can be faced by a country or every individual is not just one solution that God gives to every problem.

Bitcoin may be the only thing that can help us get back up again if there is a crisis in our lives. Because Bitcoin can't be our only reservation solution for something like what you're saying, what if Bitcoin also has a problem? Do you have any other alternative solution apart from Bitcoin? That is to say,

CageMabok

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Quote from: NewRanger on November 05, 2023, 04:44:42 AM

Measuring investor sentiment when it comes to cryptocurrencies is very complicated especially now that people have a tendency to say one thing but act the opposite regarding investments, especially when prices fall especially if the global economy crashes and it's even sadder. If we see to,many financial professionals often compare Bitcoin to precious metals such as gold, silver, and platinum if Bitcoin has disappeared. But I don't think that will happen and it's very tempting to book profits.

There will always be comparisons between Bitcoin and other precious metal assets among many people, especially since they are already familiar with precious metals than Bitcoin. But Bitcoin is able to surpass any precious metal in the not too distant future, both in terms of price and in terms of popularity, so that now it is very difficult for Bitcoin to disappear in the minds of many people and some even think it will always be there forever. So there is no need to think about complicated sentiments because the purpose of getting to know Bitcoin is for financial freedom through profits that can be achieved by investors or everyone who believes in Bitcoin.

NewRanger

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Measuring investor sentiment when it comes to cryptocurrencies is very complicated especially now that people have a tendency to say one thing but act the opposite regarding investments, especially when prices fall especially if the global economy crashes and it's even sadder. If we see to,many financial professionals often compare Bitcoin to precious metals such as gold, silver, and platinum if Bitcoin has disappeared. But I don't think that will happen and it's very tempting to book profits.

bayu7adi

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Yes, I do have BTC, and maybe if the global economy completely crashes, I'll hold onto my BTC and also keep an eye on some stocks that can secure my money when the economy recovers. The most important thing when the economy crashes is food supply and home security. After all, we don't want to go hungry, right? So, I'd immediately look for something that can serve as a long-term food supply. This is to avoid the possibility of a food crisis that could happen at any time.

And for security, we definitely don't want civil unrest or chaos. Aside from the threat to safety, economic hardship can lead to riots, and that poses a risk to our lives and property. Instead of relying on luck, it's better to find a safe place, like moving to a secure relative's house. Or beefing up home security in case there's unrest in the area around where we live.

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Quote from: dothebeats on September 23, 2023, 08:32:10 AM

Quote from: Arenga pinnata on September 23, 2023, 07:42:58 AM

Quote from: Razmirraz on September 22, 2023, 12:23:39 PM

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I think that's a pretty good idea. Because at least even though the economy is experiencing a serious crisis. Then at least we will still have food security for ourselves. So we don't need to worry about the rate of inflation which causes food prices to increase. Planting in rural areas might indeed be a good alternative. But that means we have to buy land in the countryside. And actually I also want to own land in the countryside and manage it while enjoying financial freedom one day. Because living in cities, sometimes when the rate of inflation occurs very quickly, we will be directly affected. And it's not easy at all. Invest in bitcoin and in farmland in the countryside. And living there while growing various kinds of vegetables and food seems like it would be fun. And it will save us a little from global economic chaos.

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

Basically, we have to make every effort we can to make preparations before the global economy really gets out of control again. We have to be prepared for whatever is in front of us. Start learning how to grow plants or whatever. The most important thing is that if we only have a place in the city, it would be better if we also start collecting funds to have a house in a village which is still full of natural things such as mountains and clean air. The pandemic is over but now the war has spread. This is what makes it difficult for the economy to recover.

Making preparations is sometimes easy to just reduce to planning. But putting it into practice is sometimes not easy to start.

Biznesmen

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Economic collapse is not a simple term, and in this era of globalization, the collapse of one economy can affect all countries in the world. In 1929, the Great Depression in the USA was one of the worst depressions seen, and it lasted a decade. And economic collapse is not a depression or recession; that's worse than that; we cannot imagine how it will impact our lives. Even though we panicked about a percentage increase in inflation, it lasted a few months, and the recession lasted six months. How can we stand with an economic collapse that lasts several years? Above all, the impact is not limited to economics but is also political and social.

Flexystar

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I am just making sure that my investment stays as it is and I only use funds from my emergency savings. This is also from whole family since we love to have budget with shared responsibility. This does not burden one individual and also makes everyone aware of the emergencies.

This way it helps a lot to keep personal savings untouched and more than that investments like bitcoin and other coins remain untouched as well. As we are aware economic recession usually eat out people from top to bottom by exhausting everything they have. So I have learnt to segregate everything safely. It helps.

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Quote from: Pingrapole on September 18, 2023, 10:19:57 AM

I will accumulate assets which will help me in any emergency and these will fund me later if the current system fails.You are definitely right in my opinion.If the world economy collapses, this saying is not applicable now in fact it has already collapsed, now only the effect remains to be seen.We cannot do anything unless we improve our Bitcoin system at the same rate other institutions or industries are improving their systems.One should look now at how to modernize our system in keeping with the times.Apart from this we should look at the productive sectors because it may be impossible to carry forward the system as we have proceeded, but it can be done better if proper measures are taken.Experience given an opinion on this matter. Everyone's opinion reasonable. I think I agree.

This is very true, when there is a collapse, that means it's a chance for people to get richer, and I mean a lot richer, when the economy recovers. Look at 2008, people who invested a ton of money during that time ended up with a profit when the recovery happened, because they knew that if they invested when it was that low, it meant they would get richer when the price started to go back up.

It is going to be hard to do it because it's scary to invest into something that goes down, it's like trying to hold a falling knife as they say, but if you do not hold it then it will fall to your feet, so it's better to try to grab it at least. I personally do it all the time whenever bitcoin price goes down.

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Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!! We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

Should eventually we head to the verge of a global economic collapse or Tsunami, To be sincere I wouldn't want to run for safety only into one particular asset like Bitcoin, I will spread my funds across these three assets for safety, Bitcoin, Gold, and land property, Should there be a catastrophic event that may cause these assets to tank in price and value so I won't get hugely affected as the rate of negative impact on those assets will vary or be differ.

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Quote from: tread93 on September 13, 2023, 10:49:17 PM

Honestly if you have BTC congrats !!!

Congratulations on what? Are you sure that bitcoin will allow you to escape from global economy collapses? If this happens, it will definitely affect bitcoin too, but it’s not clear how. I think that the capabilities of btc are overrated and I am not sure that bitcoin will withstand the blow of the global economy collapses.

Quote from: tread93 on September 13, 2023, 10:49:17 PM

We are heading into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

It's too late to do anything now if global economy collapses happens anytime soon. It was necessary to prepare for this event much earlier.

The question is what exactly to accumulate? If bitcoin collapses greatly during the crisis, then what is the use of saving it? I suppose diversification can't be avoided. You need to stock up on cash so that in the event of a collapse of btc, you can buy it on the cheap. In theory, in any crisis, any form of money and securities collapses, therefore, you need to stock up on material assets, such as ~~canned meat and matches~~ basic necessities.

This will be in demand at all times, just like food. Maybe, in order to diversify, invest in food production? For example, in pharmaceutical companies during the pandemic, whose shares have risen in price very much.

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Quote from: superman184 on September 23, 2023, 11:23:52 AM

Quote from: dothebeats on September 23, 2023, 08:32:10 AM

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

If we have the desire to produce food in our own homes in order to survive due to the prolonged crisis conditions, I think people in urban areas also do not need to change their residence or move away from urban areas. Because this kind of thing can also be done in the yard or behind our own house, even though the land area is not very large, but as long as it can still be used for farming and the results can be consumed by ourselves. I think that kind of thing is also very good to do without having to move away from the city.

First of all, we need to solve the problem of nutrition, which is our most basic need. Many people in the world will try to stockpile food, causing food shortages. That's why we need to find a way to produce our own food.

In such a situation, those who will have the most difficulty will be those living in big cities. When logistics stops, big cities are left helpless. Since any production area will be less than other rural areas, migration from the city to the countryside will begin.

These are the things that come to my mind for now, but if the global economy collapses, more problems will arise.

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Quote from: dothebeats on September 23, 2023, 08:32:10 AM

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

If we have the desire to produce food in our own homes in order to survive due to the prolonged crisis conditions, I think people in urban areas also do not need to change their residence or move away from urban areas. Because this kind of thing can also be done in the yard or behind our own house, even though the land area is not very large, but as long as it can still be used for farming and the results can be consumed by ourselves. I think that kind of thing is also very good to do without having to move away from the city.

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Quote from: Oilacris on September 22, 2023, 03:46:20 PM

Quote from: pixie85 on September 22, 2023, 03:29:37 PM

The first things I'd worry about in such situation would be my fiat money and my job. I wouldn't do anything with my bitcoin.

It's important to mention that a collapse would not happen in a day. It would be months and you'd be able to see it first in weak economies and then finally in the strongest ones like EU and US.
I'd probably take aot all my money from banks, liquidate all my savings accounts and make sure I'm all in hard assets like real estate, gold, cash and bitcoin.

Then I'd watch it unfold and keep my cars full of gas and all my documents and passports up to date so I can leave and take all my belongings with me. If I lose my job and the bank goes bankrupt there's no reason for me to stay here. I could as well travel.

Good initiative but only into those people who do have that sufficient funds and money which you could really be able to prepare all of that and considering on travelling into those places on which does have that better economy but we know that when it comes or in talks about global then i do really say that there's no way for you to run but rather it would really be that just pointless on going into those places on which you do really know that it would really be that still the same since that crash or collapse is really that on global scale on which means that no matter where you go then you are still that affected. Whether we do hate it or not, fiat would really be still that relevant and people would really be securing out their cash as much as they could. If ever you do hold up bitcoins then pretty sure you would really be that skeptical on making use of it or would really be that be your last resort of things becomes even more messier later on.

If a real collapse happens fiat currencies will be the first that get affected. You must have seen what happens to currencies when a country goes into war. Ukraine currency went down by 50% when they had the Euromaidan Uprising in 2013 and then again 20% when Russia invaded. Money is the representation of the State.

My opinion is that holding fiat while your economy is in ruins is one of the worst ideas, similar to holding government bonds.

As for holding bitcoin and using it as a last resort money, it depends on how much you own. Someone with 100 bitcoin is not going to count every satoshi.

Topic: If the global economy collapses what's the first thing you do? - page 2. (Read 1125 times)