Upcoming economic crisis - crypto safe haven like gold or not? - page 2.

BitHodler

legendary

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Quote from: wxa7115 on August 12, 2018, 12:40:22 PM

In the case the US dollar fails what can you use to protect yourself from that? Gold and silver are good options but not many have them and can be easily confiscated, but cryptocurrencies can be held without no one knowing you have them and even if someone knows they cannot take them away without your keys so in that way crypto is safer to store than gold or silver.

It's true that crypto is the better option, but the main problem is that there isn't one single crypto currency able to handle mass adoption. We have seen how Bitcoin's network crippled completely due to the bull run last year.

If Bitcoin can't even handle a few hundred thousand people using it in a single day, it won't ever be able to handle one million users trying to have their transactions confirmed within one day.

We have to look at our crypto currencies without hyping them up too much. As it is right now, they are all incompetent and haven't gone through any upwards scaling improvements to even remotely allow more usage.

airdropwwani

jr. member

Activity: 364

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When the financial crisis broke out, stocks, gold and real estate all fell against the dollar. The dollar is still falling in value due to inflation until today. I think that it is better to keep living expenses for several years while exchanging it for other assets little by little. We also consider BITCOIN as part of assets,too.

Coin-1

legendary

Activity: 2548

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Quote from: wxa7115 on August 12, 2018, 12:40:22 PM

Quote from: omfg.xekcep on August 08, 2018, 06:45:03 PM

Are you kidding? Please, look at the charts of ethereum and bitcoin. There are the very strong downtrends in these assets. I am already tired to watch these downtrends. Last several days I saw quotations and market was stably in the red zone showing from -3% to -20% by assets. I think that in such a situation it is strange to talk about a safe haven because I am sure that prices will continue slashing.
It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.

You are only seeing things as they are now, we are talking about how the events may unfold in the future in the case of a crisis, and we have seen several local examples of this and one of the most notorious is Venezuela, the inflation in that country is terrible and people are looking for ways to improve their situation, some use dollars but dollars are scarce in their country and many people have began using bitcoin and other crypto to store their wealth.

In the case the US dollar fails what can you use to protect yourself from that? Gold and silver are good options but not many have them and can be easily confiscated, but cryptocurrencies can be held without no one knowing you have them and even if someone knows they cannot take them away without your keys so in that way crypto is safer to store than gold or silver.

Yes, the financial anonymity can be very important during the times of an economical crisis, so the crypto currencies can be useful for saving a wealth. But I don't see any failure of USD. In contrary, currently the US dollar is a very profitable asset in comparing to the fiat currencies of other countries. Recently some of these fiat currencies have crashed down to 20%. Who knows, maybe non-US investors sold their crypto currencies and bought the US dollars to exchange them later and gain profits. In my opinion, the investment portfolio should be diversified by crypto and fiat.

Visteryy

member

Activity: 322

Merit: 10

Quote from: kendedese on August 08, 2018, 06:57:53 PM

Economic crisis is a very serious problem, the government must be able to anticipate and prepare carefully before the economic crisis occurs. the possibility of a dollar price that will explode, because at this time the dollar continues to strengthen.

Not necessarily the dollar will rise because of recent times it is still. The economic crisis will also be very unlikely when relationships are tight. In particular, the power of digital technology has changed the entire market.

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: omfg.xekcep on August 08, 2018, 06:45:03 PM

Are you kidding? Please, look at the charts of ethereum and bitcoin. There are the very strong downtrends in these assets. I am already tired to watch these downtrends. Last several days I saw quotations and market was stably in the red zone showing from -3% to -20% by assets. I think that in such a situation it is strange to talk about a safe haven because I am sure that prices will continue slashing.
It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.

You are only seeing things as they are now, we are talking about how the events may unfold in the future in the case of a crisis, and we have seen several local examples of this and one of the most notorious is Venezuela, the inflation in that country is terrible and people are looking for ways to improve their situation, some use dollars but dollars are scarce in their country and many people have began using bitcoin and other crypto to store their wealth.

In the case the US dollar fails what can you use to protect yourself from that? Gold and silver are good options but not many have them and can be easily confiscated, but cryptocurrencies can be held without no one knowing you have them and even if someone knows they cannot take them away without your keys so in that way crypto is safer to store than gold or silver.

kendedese

member

Activity: 530

Merit: 10

Economic crisis is a very serious problem, the government must be able to anticipate and prepare carefully before the economic crisis occurs. the possibility of a dollar price that will explode, because at this time the dollar continues to strengthen.

omfg.xekcep

jr. member

Activity: 798

Merit: 2

*** https://www.buying.com ***

Are you kidding? Please, look at the charts of ethereum and bitcoin. There are the very strong downtrends in these assets. I am already tired to watch these downtrends. Last several days I saw quotations and market was stably in the red zone showing from -3% to -20% by assets. I think that in such a situation it is strange to talk about a safe haven because I am sure that prices will continue slashing.
It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: Fretcy on August 04, 2018, 01:57:27 PM

In times of economic crisis this crypto currency like bitcoins will help to stabilize the economic down turn and will help in improving the economic conditions of the world, as crypto currencies helps in providing a source of income and curtail employment issues when there is an economic crisis the value of fiat currency will get down due to increase in the bad debts this bitcoins and crypto currencies will help to solve the problems as the price of bitcoins is far higher than fiat currencies and will solve the financial problems of the economy.

I think it is the opposite, bitcoin will help to make things worse, why you may ask? Because now the middle class has something they can buy to preserve their wealth, in a economic crisis like the great depression, those that were poor before the crisis do not lose much, the rich do not lose much either since most of their wealth is in real estate, gold, jewelry and in the form of businesses, the middle class is the one that suffers the hit from the crisis.

But with bitcoin there will be people that will be able to escape the confiscatory measures imposed by the governments which means that governments will get even less wealth if they try to steal from you with taxes or inflation making the crisis even worse, I am sure that at that point the masses will cry for a windfall tax and all of those that got bitcoin or gold will be subject to it but at that point civil disobedience will be high and many will not comply.

ordeath

member

Activity: 228

Merit: 10

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

If we are going to unavoidable economic crisis in 2019 I don't think that people would consider cryptocurrency as the only exit from it, it would be good and positive for us if they would consider that as one of the possible ways at least.

Jarijah

newbie

Activity: 42

Merit: 0

For the people who are wondering about the crash ahead ... just for context ... i found this video.

Economic Collapse Warning! $70 Trillion Dollar Dark Cloud Of Debt - Stock Market Crash 2018
https://www.youtube.com/watch?v=TV01S_haL0g

Orville_Brown

newbie

Activity: 21

Merit: 1

Quote from: Jarijah on August 05, 2018, 06:25:41 AM

Quote from: Orville_Brown on August 05, 2018, 01:40:46 AM

Quote from: pitiflin on August 02, 2018, 10:25:42 AM

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know.

That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.

So many points in where I agree for sure. I would love to see misery spared, but actions have consequences. America, just like China btw are living with maxed out credit cards. The problem for the US is that 1/3 of its debt is in the hands of China.

The problem is also that overspending is just not sustainable, the bill will come. Our grandparents' generation and our parents generation have accumulated a debt that our generation can't pay off. I'm wondering if country heads think that their debt will be forfeited.

As a trader, we just play the markets. If the big short on the dollar comes, you're a fool not to try to make money off of it. I think Bitcoin will stick around and I do think the value of it could go down as the dollar will crash, but when economies will recover so will the value of bitcoin. Getting in at the right price, that's what I'm banking on.

Yeah and that's what trading is about. People tend to demonize the job because they think that traders are stealing money from the poor or causing assets to be overvalued but that's not true. Traders just provided added liquidity to the process. They inject money where it is useful.

We all have feelings too and cannot wish death and destruction for our own financial gain. We can, however, position ourselves accordingly and be ready if it does in fact happen. It's inevitable at this stage because we've borrowed ourselves into a corner, and everyone knows it. They're just plugging their ears and singing "this time is different!"

aoluain

legendary

Activity: 2380

Merit: 1343

Quote from: pinkflower on August 01, 2018, 11:53:44 PM

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

There will be no "economic crisis that will be so bad" that will make the world economy suffer hyperinflation. The Keynesians have already learned that to mitigate an economic crisis is to pump as much fiat in the system and the tax the consumers more later.

It has been working and it will work for the next 1000 years until the people are so taxed
and so poor.

Is this really happening already? Is this causing the wealth divide?

On the crypto/gold safe haven, both have advantages and disadvantages.
Gold is more stable than bitcoin but is much more bulkier!
IMO its harder to buy Gold than Bitcoin and harder to store safely.

I will be having both metals and bitcoin.

hoosen

member

Activity: 163

Merit: 10

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

Probably in the time of global economy crash that you are predicting here with come and would remain stable because it is a crypto currency which has no things to do with a real one.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

In terms of protecting one's wealth in a hyperinflation/fiat depreciation crisis with an independent asset class, I think that bitcoin is really going to be the way to go as a safe haven to store your wealth for both the short and long term.

Even though right now, people may still think that precious metals are the true safe havens, once a real collapse brought by hyperinflation strikes, people will realise that bitcoin is decentralised just as gold, but is a lot more practical in transactions than gold. That could even bring in more adopters as a result. As bitcoin's supply is under controlled inflation instead of unregulated inflation in terms of fiat (every fiat has lost tens of times of its value from just a few decades ago), its value in real terms shouldn't falter when fiat currency's does.

But in a deflationary crisis, there really isn't much to look onto in the past, but it should definitely perform better than asset classes such as property and stocks, imo, and hold its value stable. After all, bitcoin was introduced directly after the 2008 recession, and gold and silver didn't actually perform that badly at all within that recession.

Jarijah

newbie

Activity: 42

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Quote from: Orville_Brown on August 05, 2018, 01:40:46 AM

Quote from: pitiflin on August 02, 2018, 10:25:42 AM

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know.

That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.

So many points in where I agree for sure. I would love to see misery spared, but actions have consequences. America, just like China btw are living with maxed out credit cards. The problem for the US is that 1/3 of its debt is in the hands of China.

The problem is also that overspending is just not sustainable, the bill will come. Our grandparents' generation and our parents generation have accumulated a debt that our generation can't pay off. I'm wondering if country heads think that their debt will be forfeited.

As a trader, we just play the markets. If the big short on the dollar comes, you're a fool not to try to make money off of it. I think Bitcoin will stick around and I do think the value of it could go down as the dollar will crash, but when economies will recover so will the value of bitcoin. Getting in at the right price, that's what I'm banking on.

Orville_Brown

newbie

Activity: 21

Merit: 1

Quote from: pitiflin on August 02, 2018, 10:25:42 AM

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know.

That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.

ordeath

member

Activity: 228

Merit: 10

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

Cryptocurrency can become and exit from the global economy crisis, but it can be the opposite as well when people would be complaining saying that cryptocurrency is the reason why everything crashes.

Mhd-Bobbi

member

Activity: 434

Merit: 13

Quote from: Jarijah on August 01, 2018, 06:14:33 AM

There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.

Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?

When the economic crisis comes. They will choose Crypto as a substitute. Because crypto can meet their needs.
The problem is.
How to overcome those who do not understand crypto?

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: pinkflower on August 02, 2018, 11:42:02 PM

China has the power to manipulate the dollar but it wont. They are not willing to go to war with the nation that has the greatest military might in the world. Its more prosperous to cooperate in peace and through negotiations lol.

You take the trade war far too seriously. It's nothing more than a circus where countries are measuring their d... The only negative aspect of this is that it always affects the average person, and they unfortunately don't have the buffer they need to get through this governmental ego cycle.

Quote from: pinkflower on August 02, 2018, 11:42:02 PM

The trade war will be to the advantage of the Americans and we will see that in 10 years.

In 10 years no one even thinks about the trade war anymore. Roll Eyes

---

It's only a matter of time before pension funds allocate a few % of their holdings to Bitcoin in an attempt to hedge the risks the shitty world economy. I'm glad that I live in somewhat of a decent country, but there are countries that based on economical difficulties cut people's pensions with 10-25% which is pure madness. It could have been avoided easily by having a position in Bitcoin. Instead of constantly cutting people's pensions, they would be enjoying higher pensions over the long term. Pathetic.

Fretcy

full member

Activity: 395

Merit: 100

In times of economic crisis this crypto currency like bitcoins will help to stabilize the economic down turn and will help in improving the economic conditions of the world, as crypto currencies helps in providing a source of income and curtail employment issues when there is an economic crisis the value of fiat currency will get down due to increase in the bad debts this bitcoins and crypto currencies will help to solve the problems as the price of bitcoins is far higher than fiat currencies and will solve the financial problems of the economy.

Topic: Upcoming economic crisis - crypto safe haven like gold or not? - page 2. (Read 1327 times)