If the global economy collapses what's the first thing you do? - page 8.

usekevin

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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...

The important thing is we need to hold some money for the future.So if the world economy had collapsed will not affect you in any way.It’s better to hold your saving in the crypto currency as compared to the other fiat.Once the market prepared for bull run,the profit percentage fro, the investment will be never expected one.The bitcoiner can balance the global economy collapse using their holding crypto currency.For others,this global economy collapse will affect the lot and they spend all their holding fiat.

goinmerry

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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...

In what situation can we consider a global economy collapse?

- during a World War as in most countries are participants?
- during a Cold War between major countries?
- during a pandemic like the one that happened a few years ago when almost all industries were down.

Bitcoin might have been the best thing we had during that time but believe me, I'd rather not have lots of BTC on hand if in return I had to experience those listed disasters. Inflation sucks but it's not that, we are facing a total nightmare dealing with only fiat.

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Quote from: ChiBitCTy on September 14, 2023, 02:42:18 PM

What do you mean exactly by "global economy collapse"? This could be interpreted in a number of ways. Let's say though the global economy crashes, or worse collapses, I'm not so sure bitcoin is the best place to have your money. Bitcoin is highly volatile, and during an economic downturn people tend to sell their assets, especially the riskier ones first...so I don't see how bitcoin will help in this situation.

As stated there can be various interpretation for the term global economy collapse. Based on my understanding bitcoin's volatility won't be the right choice, but it is better than fiat in all means. Till date the bitcoin market have appreciated in value against the fiat that keeps depreciation. All that required is the time to hold for the right moment. When we're in bad economic situation we don't have the choice to hold and nowadays bitcoin have got dependency over the world economy. This also could keep the market in similar situations, and in such situation gold seems to be the fair choice.

ChiBitCTy

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What do you mean exactly by "global economy collapse"? This could be interpreted in a number of ways. Let's say though the global economy crashes, or worse collapses, I'm not so sure bitcoin is the best place to have your money. Bitcoin is highly volatile, and during an economic downturn people tend to sell their assets, especially the riskier ones first...so I don't see how bitcoin will help in this situation.

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Quote from: viananda2525 on September 14, 2023, 10:54:45 AM

However, if the world economy is really falling apart, then I would prefer to invest in buying land. Because if the economy falls, people who have enough food will be the winners.

I thought that you were doing that because of the appreciating value of the lands/real estate but if that's your purpose then you're doing it for two purposes. For having the land and at the same time, you're going to use it for planting the herbs, vegetables, and everything that you need. I want to have that as well so that I can experience planting and I'm not asking for that much and that's why if the global economy collapses, owning one and doing that will also make me flee from the stress of it. So, I have to protect my peace and while doing that, I also have my own way of releasing the stress through planting.

stomachgrowls

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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...

We are in fact facing up these economic issues crashes or whatever things that might possibly be happening ahead but there would be no that definite point if this would be happening in our life time or not. The thing here is

that you should really be that mindful and be wise on where you would really be placing up yourself because getting prepared on whatever condition that you would encounter. Doesnt matter whether you do put your focus on Bitcoin or with some other investment which it would really be bringing out that kind of chance on sustaining on the time that shit things happen ahead. Doesnt matter on which form of investment you are really that dealing with or saving up with which as long you could be able to make yourself survive then this would really be our main priority. There's no way on knowing on what are the things that might happen in the future but basing up on the behavior and things happening then it would really be that safe to presume that shit would really be hitting on the fan soon. It would really be just that a matter of time.

justdimin

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Quote from: inthelongrun on September 14, 2023, 06:32:49 AM

Sell everything. Except maybe bitcoin and ethereum, I'll observe first before making a move. What I noticed during the middle of the pandemic is that cash is the king. Inflation may be high but it is also expected that most middle-earning investors withdraw their investments just like what happened a few years ago. Stock values plummeted so badly that it is best to sell first rather than sell it at the bottom. Many real estate, vehicles, and other properties will be sold at a discount. So for me, I'll be ready with my cash and then observe the market before starting to shop. Also, in every situation bad or good there are always opportunities but it is for us to find out.

That should be the opposite way. If the economy collapses, that means dollar is worthless, or lets say it is something smaller and dollar is less valuable and not worthless, that means that bitcoin will be worth more. So, if you sell everything during a crash in the market, you are doing the wrong thing. Remember, the worse our economy does, the better bitcoin will do, it is just simple mathematics.

If there is no money, and that is why nobody is buying bitcoin, that would be different case, that is not crash, that is recession and that is fine, we can handle that, it is not a collapse. 2008 for example was a similar thing, markets went down and nobody had money, and what did government do? Print more, and make dollar less valuable, which would have been great for bitcoin.

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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...

Other than just holding BTC, one should try to diversify their portfolio too, so that we can make some extra money too. There are a lot of altcoins that might lose some of their value due to the current MTGOX refund system. And in that dip, we might want to accumulate some of those ALTs. Because after the halving, there will be a bull run, and all those alts will gain some value, and we could make some extra money too. Because BTC is not that volatile that we could make huge returns on our small investments, if we have to make some good money with our low investment, then we have to diversify it in different alts.

Despite all that, in times of economic hardship, most BTC holders face issues when they are not prepared for such emergency situations; therefore, every BTC accumulator or holder must save extra money for such emergencies. Many people will have to sell their funds in bad economic situations if they do not save any funds in the emergency section. So, it is better to not be late and accept the point that emergency funds are as necessary as the DCA in the accumulation of BTC.

DrBeer

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I have a slightly different suggestion - start doing something BEFORE there is a problem ! When something has already happened, it becomes very difficult to make GOOD moves. All decisions will be weighed down by the current difficult situation.
Therefore - start to form additional passive income, invest in promising areas, agriculture, for example - in case of crisis there will be demand not for 27 iPhones, but for bread, potatoes, rice,.... Form a "financial cushion" of highly liquid assets. if there are problems ahead, it is necessary not to discuss them, but to start doing something.

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I used to believe that we were heading into a major economic crisis, and I thought so since 2019 till the end of 2022, waiting for it to happen. But right now, it really seems like the global economy is recovering from everything. It's recovering from the pandemic, it's recovering from the energy crisis and from limiting economic relations with Russia. Some countries are struggling, some are prospering, but overall I think we've avoided a global economic crisis and even a recession this time.
If it happens (and it's bound to happen eventually), my first actions will be to spend fiat while there's something meaningful to buy with it and to convert more savings into Bitcoin if I have any. Bitcoin may suffer, but it's also likely to recover, and there's also a chance it will actually go up during a crisis because of lots of people putting their wealth into it.

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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...

I am already doing the obvious thing that you have mentioned, and many other BTC enthusiasts are already doing it and have been doing it for many years now, To them, topics like these are repetitive topics because they have gone through such times and they know how it feels to think about the future's conditions, and how will be the environment in future. In all types of fields, whether it's in food, finance, etc.

The point is, other than making money, to back your future up in bad economic situations in future, one should also work for the aspects related to his/her life. For example, the relation, health, food, lifestyle, etc. As we are on BTT and the topic is created in the economic section, we are most probably talking about money only. So we all know that inflation is increasing day by day and the best thing is to store our own money in some form where it will not lose its value and the only option available is BTC. As it is a hedge against inflation.

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What is are the signs of the economic meltdwon? And where do you think is the good side to run to when the economy is bad? In my country we are already facing the economic hardship so there is no future preparation. Economic hardship that we facing right now is even stronger than the one to come. As bitcoiner even at the hard time of the economy, we are still doing the same way we are doing now, the only time that bitcoin hard for it users is the time when the transaction fee is high then it affect the common users of the technology even at that it would not affect the whales.

Op do really understand what you are saying? It is not possible to hodle or accumulate bitcoin when the world economy has collapsed. At that time everyone will be looking for a way to survive and not thinking of hodling.

Kasabus

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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...

You are right. Lucky are those bitcoin owners because they have prepared for the worst economy and that while others are struggling on their finances, they will reap the fruits of their investment and live life to the fullest. Probably that was my biggest regret for not knowing and not buying bitcoin earlier. Now that our economy is almost collapsing, then it’s the best time to focus more on bitcoin and prepare ourselves to take risk by investing in bitcoin. If that’s the only way to survive, then I will never stop from accumulating bitcoin. Furthermore, knowing other businesses that have also high potentials to succeed is also one of my goals. If we can take advantage from our economy, then at least we should learn how and where to diversify aside from our bitcoin investment.

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Quote from: coinerer on September 14, 2023, 11:00:28 AM

If the global economy collapses then putting the money on bitcoin will be a best choice Because bitcoin is not same like fiat money. Since Bitcoin cannot be controlled by any country's government and its supply is limited, if there is a global economic problem, many people will jump on Bitcoin and because of this, the price of Bitcoin will increase even more. so then it would be a good idea to choose Bitcoin. It's not just bad times in the global economy that people are slowly becoming more attracted to Bitcoin.

Your advice to accumulate Bitcoin if the global economy collapses is a good idea, however it is important to recognize that the central banks all over the world have taken numerous proactive measures to avert any future economic meltdown like the one happened in 2008. As a result like-hood of similar crisis occurring again appears to be significantly reduced, although it can not be completely ruled out. In case such a scenario plays out, it can trigger extensive selling across all risky assets including Bitcoin. In such a situation, there would be an opportunity to accumulate Bitcoin to effectively lower average cost of our investment in Bitcoin, and make significant gains when market conditions eventually improve.

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Yeah, you've read it right, if we talk about a global total collapse it would be stupid to try to live on the shit that comes next.
We've never had a total collapse, we had a crisis, a complete failure never happened even in ww2, what are you going to prepare for?

I'm genuinely laughing at the people saying they will buy necessities, and what happens when they run out? Or that they will keep some BTC and other altcoins, what the f* are you going to trade those on in total collapse where nobody will care but for food and medicine?
Some of you don't understand how that thing would look, it will mean bye-bye banks, bye-bye infrastructure, bye-bye employment, and you imagine you will still have a way to trade 24/7 and people will still be able to wire money and such? And if it's a total collapse and everyone is out of a job, what will you get for those bitcoins and why would anyone buy them from you?

Some of you have no idea what a total collapse means, you still think of it like some 2009 crisis, but that's nothing close to a collapse!

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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...

Well honestly if the possible economic shift hit me hard, I don't think I had the chance to defend myself with precious metal nor Bitcoin because I have none of them. 😅 As a broke guy I think I have to find good ways to just survive or make history as we can see during pandemic some people made millions. And as a person living in the province I don't think that has a critical impact to us since food here is free.

coinerer

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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 the global economy collapses then putting the money on bitcoin will be a best choice Because bitcoin is not same like fiat money. Since Bitcoin cannot be controlled by any country's government and its supply is limited, if there is a global economic problem, many people will jump on Bitcoin and because of this, the price of Bitcoin will increase even more. so then it would be a good idea to choose Bitcoin. It's not just bad times in the global economy that people are slowly becoming more attracted to Bitcoin.

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Quote from: bayu7adi on September 14, 2023, 04:18:40 AM

The collapse of the economy is not a jokes, and it shouldn't serve as a compelling reason to lure someone into buying BTC. Economic collapse sets off a domino effect, causing multiple sectors, and even entire countries, to crumble. This leaves everyone grappling with day-to-day challenges.

Inflation and food shortages become significant concerns. Frustration runs high, and people may start acting recklessly. At the point of chaos, it's not just your wealth that's at risk; your safety may also be on the line.

In my opinion, enticing people to buy BTC and capitalizing on a poor economic climate isn't entirely sound. While it's true that its price might surge during an economic collapse, you could be facing other threats to your health and security.

Hold Bitcoin only as needed for now. Don't be greedy.

Your opinion makes perfect sense. If the economy collapses then there is very little for anyone to think clearly. Capital owners will be very hard hit by the development of their business and may also find it difficult to secure their assets. The development of crypto investment has indeed been looked at by several entrepreneurs and currently, when the economy starts to look volatile, they have entered the market to invest, but still within a certain calculation.

However, if the world economy is really falling apart, then I would prefer to invest in buying land. Because if the economy falls, people who have enough food will be the winners.

Zigabel

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Holding Bitcoin is still one best option to explore as Fiat will definitely be on the fall during this period, other alt coin too can be stocked as most of which usually gets a ripple effect from whatever happens to Bitcoin both in the long term and the Short term. Other investments outside Bitcoin which yield would be of great use at that time can be explored aswell so as not to get stuck amidst the economic crisis.

But in case of global economic collapse it is most appropriate to first secure basic amenities enough to last you through the period of the collapse. If you had good measures in place as preparations before the hit of the economic collapse, I think you have a good opportunity for wealth creation, expansion and further diversification as more opportunities than usual will arise for you to cease and make wealth. These opportunities can be in various forms which could include providing solutions to needs and problems that accompany the economic collapse both locally and internationally, as well make your solutions sustainable to gain long-term relevance

AicecreaME

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I wouldn't worry that so much I think since I live in a province, we can easily forage anything in the forest or even in the seashore, so money won't be a problem. Investment in long term like holding bitcoin is also a good thing, since fiat would be a pain in the ass because of hyperinflation.

The only pitiful people would be those in the urban areas yet doesn't have any privileged to earn enough money even when there is no economical problem yet. But I hope there's still a solution for what's happening in the world right now.

Topic: If the global economy collapses what's the first thing you do? - page 8. (Read 1125 times)