If the global economy collapses what's the first thing you do? - page 3.

dothebeats

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Quote from: Arenga pinnata on September 23, 2023, 06:42:58 AM

Quote from: Razmirraz on September 22, 2023, 11:23:39 AM

Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

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.

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Quote from: Razmirraz on September 22, 2023, 11:23:39 AM

Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

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.

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Quote from: tread93 on September 13, 2023, 09:49:17 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...

That's true, but the fact is that we cannot be separated from our daily needs, which in the midst of any economic crisis, what needs to be prioritized most is long-term supply. Everyone needs conditions to stabilize the situation, investment is ideal as a suggestion to store value. However, this can only be realized in middle to upper financial conditions. Honestly, we cannot be selfish and only look for solutions for those who already know how to get out of economic pressure.

If you have reached the point where your needs can be fulfilled with just a snap of your fingers, I congratulate you, but if instead you only think about idealism without matching it with actual conditions then you have to wake up from your long sleep and look around to see that in reality we exist in neglected communities.

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Quote from: $anounimus$ on September 22, 2023, 10:43:51 AM

Quote from: Texac on September 22, 2023, 07:24:06 AM

Quote from: bayu7adi on September 22, 2023, 06:00:04 AM

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However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens. like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation. it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold. no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold. we should be realistic to protect ourselves, not too delusional.

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

I understand what you mean, it is true that bitcoin is emerging as an anti-inflation solution that is not inferior to gold if you compare the characteristics that bitcoin possesses. but if you look at what's actually going on, it's clear that bitcoin is still no better choice than gold and can replace it as a hedge against inflation. bitcoin is very volatile and is listed as a high-risk asset, so people will be ready to dump it if there is economic turmoil, like what happened during the 2021 crisis. Maybe in the future things will change as bitcoin adoption becomes more widespread and people use bitcoin more, making it more prominent. but currently, we cannot deny the fact that it cannot surpass gold. I prefer bitcoin to gold but what I'm seeing is that demand for gold is still very strong and outperformed bitcoin during the last crisis.

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Quote from: Tony116 on September 20, 2023, 09:10:14 AM

I don't forget that coincidence, but can you explain to me, why every time the Fed announces rising inflation and every time they raise interest rates causes bitcoin to correct? Is it another coincidence or is the real impact of the crisis weighing on bitcoin? I still remember every time the government announced that inflation continued to increase and the Fed continued to raise interest rates, the entire financial market was in the red, not just bitcoin. So, I'm pretty sure that without the bear season, bitcoin wouldn't be able to avoid the negative effects of the crisis, let alone assume it would increase in price to help us get through the crisis.

You must understand the impact of news, it really impacts on Bitcoin price. Logically, it influences the demand of investors, they will adjust their investment style whenever there is bad news from FED, SEC, or the like.

Whenever the government made a statement about the bad situation of the economy, surely it will lead to the red market. Investors will prefer to put their money on more secure things. They will have no interest to buy high risks investment like Bitcoin at the moment. Investors also will prioritize to fulfill the urgent needs first than thinking about investment. So, when the demand on the market is decreasing, the price of crypto coins are decreasing too, including the price of Bitcoin.

Quote from: Tony116 on September 20, 2023, 09:10:14 AM

Until now, bitcoin is still considered a potentially risky speculative asset, not a safe haven. We should accept this reality because we are only at the beginning of the bitcoin revolution.

Yes, Bitcoin is categorized as a high risk investment, it is a speculative asset. I think it is not because we are at the beginning of the revolution, but it is because the nature of Bitcoin and crypto market. We know that Bitcoin has a high volatility and the crypto market is difficult to predict. These are the main reasons why Bitcoin is called as a speculative asset.

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Quote from: tread93 on September 13, 2023, 09:49:17 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...

Do you really think that they will let bitcoin take the place of the Petrodollar? Bitcoin has become as valuable as gold, but you have to understand that mining companies don't run the world. The world leader won't let control go away that easily. If there is an economic shift, this won't happen overnight. It will be a slow and lengthy process, and no one knows what will happen after that.

If bitcoin stays as a store of value like gold, it will survive as an asset class. But if bitcoin needs to take the place of the petrodollar, then there will be no bitcoin for common people. The government will seize it for themselves by any means because of its scarcity.

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Quote from: pixie85 on September 22, 2023, 02:29:37 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.

pixie85

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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.

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Should we actually depends on the global economy for our survival, we have to work on our own and make things happen for us the way we expect, if we are considering the inflation rate and the way the economy isn't stable in many ways, there are other things we could do that will make us self sustainable, we also have to develope our interest in learning self dependent skills, anything that could renders us independent is what we should be fighting for and we can also go into agriculture which is a natural means as long as we can work it.

Razmirraz

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Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

Shishir99

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Quote from: danherbias07 on September 20, 2023, 09:29:31 AM

I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

To be honest, we don't know how bad it can be. We don't know the depth of the economic crash. Just imagine we have money but there is no food to buy. Or Imagine everyone has money in their pocket but money lost its value a hundred times and your $100 can buy a cake only. There will be nothing to eat. Of course, this is only imagination and I don't think the economic crash will be much worse than I imagined.

My point is don't think you have enough experience before you face it. Always try to be ready to face such situations. If you are living on a rural side, consider planting vegetables and fruit trees.

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Quote from: $anounimus$ on September 22, 2023, 10:43:51 AM

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Some people at this time have even made Gold the second asset of choice after Bitcoin, because placing Bitcoin in first place as an asset full of value is also not a problem in conditions like now. Moreover, if they also don't leave gold as an asset which is still good enough to have in every condition, because people who like to own Bitcoin and store it well will not really care about price fluctuations that occur in the market because they can still wait for the price to change. it's better when they care about the price of Bitcoin.

Quote

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

It is indeed time to pay more attention to several commodity assets and also to Bitcoin which has developed over a very long period of time so it is appropriate to consider and pay attention to its further developments. Because Gold will not have much more development other than on the price side which is more likely to remain stable in the long term.

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Quote from: Texac on September 22, 2023, 07:24:06 AM

Quote from: bayu7adi on September 22, 2023, 06:00:04 AM

...
However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens. like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation. it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold. no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold. we should be realistic to protect ourselves, not too delusional.

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

Texac

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Quote from: bayu7adi on September 22, 2023, 06:00:04 AM

...
However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens. like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation. it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold. no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold. we should be realistic to protect ourselves, not too delusional.

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Quote from: gunhell16 on September 21, 2023, 08:29:05 AM

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Perhaps what's truly unfolding is a significant inflation scenario, where the USD and other currencies might plummet in value, making goods progressively more expensive. Those holding BTC could indeed witness a substantial increase in their asset's value in the BTC/USD pairing, and this would be entirely reasonable. BTC, after all, primarily aims to preserve value, whereas if you were to exchange it for USD, you might not observe a significant difference when using it for direct purchases.

BTC's role as a store of value during moments like these proves to be highly beneficial. However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

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Quote from: Majestic-milf on September 16, 2023, 07:31:36 AM

It's true that the world economy is going bollocks!! World currencies going bust and inflation invading most of the world like a swarming hoard of locusts and some will be left to wonder if the dollar would hold much value in the coming years? Well that's where most bitcoiners who are hodling will be glad they got on the moving train and didn't let FUD deprive them of the freedom Bitcoin gives.
Well, if the global economy goes bust, what will I do? I'd take advantage of the situation and purchase more Bitcoin and hold in readiness of the halving period.

The global economy is obviously heading to its downturn. So if you are wise enough, you will use that situation to increase more of your bitcoin hodlings through maximizing your purchase and do DCA as much as there are spare money left. Also, bitcoin is not the only one profitable investment but we also have some real estate and stocks, or gold investment that usually appreciates its price as years go by.

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Quote from: dothebeats on September 21, 2023, 08:46:34 AM

Quote from: gunhell16 on September 21, 2023, 08:29:05 AM

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

Of course, it is different from the period of the previous pandemic. During the COVID-19 pandemic lockdown, the government still printed money and there are even a lot of drives that they did to ensure that they are able to support the people, especially those who were unfortunate and lost their jobs. In the case of a global economy collapsing, however, that will be unlikely as the government will have to deal with fewer supplies with the demand for help at an all-time high. As for Bitcoin being the saving grace once this catastrophe does happen, I'm not 100% sure. What I do know, however, is that it is always bet to keep hold of our assets as much as we can, especially gold. This reminds me of how my grandparents are keeping some of their golds still within their property to ensure that they wouldn't be in an all time low if even such thing do happen in the future.

The volatility of bitcoin is too high and the level of bitcoin adoption is not yet large enough, these two things make bitcoin still not a safe haven. So I agree with you that we cannot guarantee that bitcoin can save us if the global economy collapses. And you are right again, gold will always be people's first choice and priority, whether we want to believe it or not but people will certainly look for gold. Although many people will not like this fact, as an asset that has been recognized for thousands of years, bitcoin cannot be compared in terms of safety to gold.

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Quote from: gunhell16 on September 21, 2023, 08:29:05 AM

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

Of course, it is different from the period of the previous pandemic. During the COVID-19 pandemic lockdown, the government still printed money and there are even a lot of drives that they did to ensure that they are able to support the people, especially those who were unfortunate and lost their jobs. In the case of a global economy collapsing, however, that will be unlikely as the government will have to deal with fewer supplies with the demand for help at an all-time high. As for Bitcoin being the saving grace once this catastrophe does happen, I'm not 100% sure. What I do know, however, is that it is always bet to keep hold of our assets as much as we can, especially gold. This reminds me of how my grandparents are keeping some of their golds still within their property to ensure that they wouldn't be in an all time low if even such thing do happen in the future.

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Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

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Quote from: demonica on September 19, 2023, 06:56:27 AM

Collapsing of the global economy won't just suddenly happen out of nowhere at a single day. Of course, we'll see and experience negative impact one by one before the global economy really collapses. So before that thing happen, I'd start preparing for the worse. Holding Bitcoin is one thing that could help us but we can't really say that just because we have enough Bitcoin, we're safe from the economic crisis.
But definitely with the Bitcoin I have given that situation, I will prioritize necessities.

Considering the times that are going on now, don't you ever think that a global economic crisis may be in the future? Right now you must have felt how much the price of every item has increased. I have left out the price of fuel oil essentials or everything else I am just sharing a general point, when the market was normal then surely the price of soft drinks was very normal but if you compare then market and now market then you can clearly understand the difference. Now the amount of money that has to be spent to buy a particular soft drink, when the market is normal, we could buy the same amount of three soft drinks with this amount of money. We have to be alert and prepare now.

Topic: If the global economy collapses what's the first thing you do? - page 3. (Read 1187 times)