If the global economy collapses what's the first thing you do? - page 4.

Litzki1990

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Quote from: demonica on September 19, 2023, 07:56:27 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.

khiholangkang

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Quote from: AmoreJaz on September 20, 2023, 07:57:05 PM

Quote from: khiholangkang on September 19, 2023, 09:15:47 AM

More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

not many people can wait for long time. so for me, you need to have other assets that you think can easily be liquidated come the desperate times. i think of gold such gold jewelries, which you can easily pawn if you need funds, or sell. real-estate is hard to dispose when the economy is going down. but if you have the agricultural land, you don't need to sell but tend your own garden and for sure, you will survive by what you can plant on your land.

Yes, of course everyone will transfer their assets to assets that are easy to liquidate, however many need to be saved when the economy collapses.

It's simple logic but it's a very brilliant idea, but it might apply to people who have a plot of land to cultivate.
but that's not, as long as he understands how a hydroponic plantation system works which doesn't have a lot of land for farming, I think it can still be explained by using a small amount of land, maybe that's enough to cover needs for a while.

Haunebu

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Firstly, the global economy will never collapse and we all know why. Secondly, BTC isn't going to replace FIAT just like that if such an impossible scenario were to happen since a small portion of the global population fully trust it.

It's better to practically like something rather than blindly worship it in my opinion.

savetheFORUM

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Quote from: DrBeer on September 18, 2023, 04:31:04 PM

Quote from: Latviand on September 17, 2023, 10:39:21 PM

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects

Someone with not much wealth will obviously have no choice but to just either keep the little cash that they have or buy gold and keep it somewhere very safe so that they can sell it when the crisis settles down and things start to normalize. However, one might also choose Bitcoin as a safe haven from all this because the price of Bitcoin will most probably not be much affected in case of a global economic crisis since Bitcoin isn't directly connected with anything.

But, since the values of different fiat currencies will surely take a plunge, people might face issues converting their Bitcoins into cash if they need money for basic necessities because the price of Bitcoin against their local currency will keep falling if the local currency isn't being able to sustain its original value.

Smack That Ace

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Quote from: danherbias07 on September 20, 2023, 10:29:31 AM

My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. 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.

I think what happens in a pandemic will be very different from a global economic collapse. During the pandemic, everything was stagnant but the government still printed money to support people as much as possible, many countries even distributed money and food weekly to families, daily necessities, people support each other...But that certainly won't happen if the world economy collapses. Things will get worse than now, commodity prices skyrocket, food becomes scarce, currency devalues seriously...I imagine the collapse of the world economy as if we were living in a world war, where no one helps anyone and we have to find a way to survive on our own.

AmoreJaz

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Quote from: khiholangkang on September 19, 2023, 09:15:47 AM

More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

not many people can wait for long time. so for me, you need to have other assets that you think can easily be liquidated come the desperate times. i think of gold such gold jewelries, which you can easily pawn if you need funds, or sell. real-estate is hard to dispose when the economy is going down. but if you have the agricultural land, you don't need to sell but tend your own garden and for sure, you will survive by what you can plant on your land.

sompitonov

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Quote from: danherbias07 on September 20, 2023, 10:29:31 AM

My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. 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.

You are lucky that you have BTC and deferred gold. I think that more than 90-95% of the population don't have such savings, because they live from paycheck to paycheck. I hope you don't tell this to your relatives, friends and neighbors. Because if these dark days come then they know that you have gold and BTC. Pardon me for being blunt.

If it gets really bad, which I wouldn’t want, then I will have food security for my family because I learned to grow various products on the land on my own without depending on anyone.

danherbias07

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My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. 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.

Tony116

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Quote from: nurilham on September 18, 2023, 04:57:01 PM

Quote from: Tony116 on September 17, 2023, 10:19:27 PM

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

Last year is 2022, right? If you understand the 4 years cycle of Bitcoin, you must know it is the first year of bearish season. How do you expect the Bitcoin to skyrocket during the bearish season? It is something strange, buddy. Although we have a severe economic crisis, no chance for Bitcoin to create ATH or skyrocket in the bearish season. I personally think it is all about the period of bullish or bearish season.

2018= bearish season
2019 = bearish season
2020= bullish season
2021= bullish season

2022= bearish season
2023= bearish season
2024= bullish season
2025= bullish season

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.

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.

khiholangkang

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More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

Inwestour

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Quote from: YUriy1991 on September 18, 2023, 10:58:23 AM

Yes. You're right. Recently there have been very drastic changes in development. The dynamics of the global economy and conditions like the one you describe may have already occurred and are currently running slowly and steadily and this is something you need to be especially careful about. with our current financial condition still being burdened by various things, for example the rising price of fuel oil, rising food prices and so on for our daily needs.

So what is needed is anticipatory steps, namely independent efforts to mitigate this. What is certain is that everything must be prepared from now on to face the impact of world economic turmoil and if we have savings of at least 1 BTC, it will be very beneficial in the future.

It seems to me that despite the difficult economic situation, the world economy has not yet reached its lowest point, so everyone should think about having some savings, so that they will last for a while. Inflation is growing and this process will be difficult to stop, an increase in the money supply cannot lead to a different outcome, this is the basics of economics. You need to hope for the best, but be prepared for the worst, it is quite possible that the global economic collapse will lead to many people being left without work and if you do not have any means of subsistence, then these will be very difficult times.

demonica

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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.

slapper

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Quote from: DrBeer on September 18, 2023, 04:31:04 PM

Quote from: Latviand on September 17, 2023, 10:39:21 PM

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects

Your perspective is intriguing. Gold and money do hold their value in hard times. But aren't we in a fast-changing digital age? Financial crises have caused a rush for secure investments. However, the next tragedy may be digital. Cyberattacks, computer breakdowns, and online security holes scare me. In these conditions, wouldn't a decentralized digital asset safe from centralized threats be invaluable? And about speculators: every market has them, from stocks to real estate. It's their risk and game. But stating crypto is solely for speculators? It may be time to learn more about blockchain technology and its potential. The world is changing, so maybe we should modify how we view our assets

nurilham

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Quote from: Tony116 on September 17, 2023, 10:19:27 PM

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

Last year is 2022, right? If you understand the 4 years cycle of Bitcoin, you must know it is the first year of bearish season. How do you expect the Bitcoin to skyrocket during the bearish season? It is something strange, buddy. Although we have a severe economic crisis, no chance for Bitcoin to create ATH or skyrocket in the bearish season. I personally think it is all about the period of bullish or bearish season.

2018= bearish season
2019 = bearish season
2020= bullish season
2021= bullish season

2022= bearish season
2023= bearish season
2024= bullish season
2025= bullish season

Quote from: Tony116 on September 17, 2023, 10:19:27 PM

But you're right, even if bitcoin becomes more secure and more resistant to inflation, we shouldn't rely on bitcoin alone. Diversification is necessary because it is difficult to predict what will happen in the future.

Smart investors must understand that diversification is needed. It is not a wise decision to rely on a single asset only, specifically to rely on a high risk investment. It is better if we invest in safer things like Gold, Land, or other potential assets that looks to have lower risks. Don't put all money in high risk investments although it offers higher profits.

DrBeer

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Quote from: Latviand on September 17, 2023, 10:39:21 PM

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects

bayu7adi

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

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...

This statement suggests going all in on BTC as a full-fledged investment or long-term savings strategy.

During the health crisis caused by the COVID-19 pandemic, BTC indeed demonstrated its ability to surge in value and withstand global crises. Alongside BTC, several healthcare stocks also experienced significant growth, as the healthcare sector became exceptionally lucrative and bustling with panicked individuals seeking medical solutions during the pandemic. In essence, aside from Bitcoin, healthcare stocks also serve as another alternative with potential for maximization.

Now, to prepare for future global crises, it would be highly beneficial to identify their causes and speculate on stocks that are poised to thrive during such times.

While I do appreciate holding BTC, I believe that maintaining a reasonable allocation will be more advantageous for my future. I do not wish to overly rely on a single financial instrument.

YUriy1991

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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...

Yes. You're right. Recently there have been very drastic changes in development. The dynamics of the global economy and conditions like the one you describe may have already occurred and are currently running slowly and steadily and this is something you need to be especially careful about. with our current financial condition still being burdened by various things, for example the rising price of fuel oil, rising food prices and so on for our daily needs.

So what is needed is anticipatory steps, namely independent efforts to mitigate this. What is certain is that everything must be prepared from now on to face the impact of world economic turmoil and if we have savings of at least 1 BTC, it will be very beneficial in the future.

Pingrapole

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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.

Latviand

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The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

Tony116

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Quote from: TelolettOm on September 17, 2023, 06:57:29 PM

Quote from: ichsan ardi on September 17, 2023, 12:18:41 PM

I really agree with what you say if the economy is destroyed everything will fall like a homestead only bitcoin will save us -snip-

It is true that Bitcoin is quite resistant to economic downturn. When we are in the crisis of pandemic in 2021, Bitcoin even skyrockets and it created a new ATH ($69k). There is a prediction I heard lately that if we experienced another big economic crisis next year, Bitcoin may skyrocket again because people will choose BTC to secure their wealth. However, it is juts a speculation/prediction. In reality, Bitcoin is still a high risk asset, people must be afraid to keep all their wealth in a high risk thing.

So, don't rely on Bitcoin only to deal with economic crisis. We need other things to support the Bitcoin assets.

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

But you're right, even if bitcoin becomes more secure and more resistant to inflation, we shouldn't rely on bitcoin alone. Diversification is necessary because it is difficult to predict what will happen in the future.

Topic: If the global economy collapses what's the first thing you do? - page 4. (Read 1125 times)