ron paul makes a good point why bitcoin would not be a good replacement for the failing 'in god we trust' to print and manipulate dollar, he says: "On reason Greece has been forced to seek bailouts from its EU partners is that Greece ceded control over its currency when it joined the European Union."
http://ronpaulinstitute.org/archives/featured-articles/2015/july/12/greece-today-america-tomorrow/bitcoin would be just like the euro.. it would not work. only a metals backed currency will work as a replacement for the broken dollar 'interest to infinity' debt slavery system.
here is a scenario that bitcoiners could possibly face.. as the dollar is about to be replace during the "big block of cheese day" when all the cheese is turned into cheesecakes the cheesecakes will be worth less in the new currency. it will be the same for bitcoin because bitcoins will be priced in dollars but dollars will be worth less in the new currency. therefore bitcoins will receive the same haircut as those people who have their cheese turned into cheesecakes.
i still own a lot of bitcoins and i do not believe it will just die... but i no longer believe bitcoins is going to suddenly become some worldwide reserve currency and we are all suddenly going to be buying boats.. the state of Texas is building a gold depository, and not a bitcoin depository... they are demanding their gold from the fed. we will be able to trade metals for bitcoin and vice versa i am sure, but it will be metals that have the huge value more than bitcoin.
Things will not go suddenly.
We are already having an 8 year journey (publicizing of the whitepaper)
But I wish you good luck sending gold through a wire
like i said, we will be able to trade our metals for cryptos... and i believe we will trade our metals for A LOT of cryptos ... we can trade our metals for the new metals backed currency at a depository and buy cryptos from an exchange just like we do today. by using a metals backed currency we are not limited by an unconstitutional cashless society.
But what benefit would (monetary) metal have compared to crypto? I only see downsides and own both.
metals will ALWAYS FOREVER be worth something.. while paper (bonds, stocks, etc) and computer digits can go to zero....
"Paper gold" market is rigged. There is far more gold on paper than there are real gold bars/coins etc.
Gold coins being traded 'on the street' will get inpurities/weighed down with time, we've tried that before.
Good luck with metals.
yes.. for now. because the central banks are buying and hoarding metals atm.. the point here is you guys think bitcoin is going to be the replacement currency for the failing usd and suddenly we will all be buying boats... in my scenario: when the usd finally fails there will be a bank holiday and capital controls, a new currency will be rolled out that will be metals backed. the old fiat usd will be exchanged for the new currency and our bitcoins will be revalued in the new metals backed currency. .. we wont be buying boats by holding bitcoins .. instead we will take another huge loss like many of us have during the big pump and dump .
we wont be trading 'gold coins' on the street. we will trade our metals into a depository for the new metals backed currency. and we will trade our bitcoins for a lot less of the new currency than what they are worth in fiat dollars today. we're going to take a haircut just like holders of fiat usd. you are betting that bitcoins will replace the fiat "in god we trust" for the fed to print and manipulate dollar and it's not going to .
The metal-backed currency requires trust. Something banks/politicians have squandered the last millennia.
If people learn about an asset that doesn't require trust, and is available worldwide (bitcoin) they will flock to it.
Not saying it will replace every day money immediately, but it might at the end. Why would you start trusting anything else?
About the haircuts, anything of value will get haircuts, that's how the government rolls, be it fiat, crypto, metals, real estate etc.
