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Global CRASH -this September Take your money and run or what ???

theHand
Aug 16 2015 at 21:20
365 posts
Sigh. Oh how short our memories are indeed.

Gold is of no use to you either.

You can't buy paper gold because of backwardation.

Then there is Executive Order 6102: https://en.wikipedia.org/wiki/Executive_Order_6102

Historically gold gets confiscated when the poop really hits the fan. So if you buy physical you have to bury it in your back garden, considering the modern surveillance state they will know you bought it and come looking for it, and if you can't produce it, it's jail time. 10 Years last time.

Load up on the Vodka, people will do anything for booze, and various crypto's, plant some food.

And crashes are a bit like the second coming of Jesus. Will only happen when no one is expecting it. If it's in the media not going to happen.

Safest is probably cash actually, at home, not in a bank (bail-in's are now legal in the entire western hemisphere). For a short period of time anyway. Long enough to buy some equities sitting at 20% of real value after the dust has settled and the raiding of bank accounts are over.
theHand
Aug 16 2015 at 21:59
365 posts
And quite frankly a stock market crash is not that big a deal. We have them every 10 years or so. It wasn't a stock market crash that made the great depression, errr...great.

It was this event: https://www.bloomberg.com/bw/magazine/content/11_18/b4226012481756.htm

Which was in due course followed by a world war as we all know. Watch for the bank failures, not market crashes.
kayz (kayz08)
Aug 17 2015 at 06:24
32 posts
So is it safe to say if we short many currencies, stocks and other financial instruments we could basically make a lot of money :) ?
That's if the brokers can even afford to pay up?
I don't owe you pip, You don't owe me pip. Lets help each other.
theHand
Aug 17 2015 at 07:18
365 posts
I wouldn't bet against the fed mate. This charade can last much longer than your trading account can.

Quite a few billionares have now publicly said they don't really know what to do either. There isn't really a place to hide. I'm hoping that FX will be ok, but when the banks go there might be no FX either. Thing is there is always a system, no matter how tough it gets.

So, as I said, garage fulll of booze, some crypto's and a garden full off edible plants. The one thing that isn't going anywhere is the internet. So I suspect this might be the moment the Crypto's get their break.
kayz (kayz08)
Aug 18 2015 at 06:18
32 posts
The days crypto's come to power is the day I give up on my goals to make money. Rather we go back to bartering.
I don't owe you pip, You don't owe me pip. Lets help each other.
theHand
Aug 18 2015 at 06:58
365 posts
That's because you haven't really thought about it.

So the Greeks start bartering, what's the first thing they do ? Set up a website and unit of measure to swap (TEM's): https://www.bbc.co.uk/news/world-europe-17680904

That unit is tradable, you can transfer it (mail or message) to someone else. The record is kept on the internet. It's a peer-to-peer system where peers decide the value of the unit.

Looks just like a crypto to me without the ledger system for now. But it won't last long till someone incorporates that.

I get this often actually. ' I want real money, not something living in the internet, what happens when the electricity goes off? ' Then I can't get to my Bitcoins...

Indeed what does happen when the electricity goes off ? ATM doesn't work either. Banks can't issue money since they can't track it. Government can't print any either. Heck, sounds a lot like a crypto doesn't it ? Like it or not, all money now days is just data in a system. The only difference is who owns that system.

I don't know about you, but I am getting really tired of people punching buttons and then suddenly they own my whole life. If all of us can decide at once to tell them to go stuff their useless money and transacted peer-to-peer only all our problems would disappear almost instantly. No one would have to sell their time for less than the next guy and no one is going to donate money to war.

Crypto's are here to stay and they're going to transform our society in ways we can't even begin to imagine.

It's in it's simplest form programmable money, or put another way, a programmable contract. Something long overdue.
Ari Goldman (arigoldman)
Aug 18 2015 at 08:25
909 posts
Gooooooooooood info! U.S. crisis is imminent, it's a question of 'when', not of 'if'.
kayz (kayz08)
Aug 18 2015 at 13:56
32 posts
My dislike for crypto's and especially bitcoins is that when they came out, barely anyone cared (allowing the pioneers to mine more easily). Then when everyone started to get in on the action, bitcoins increased heavily in price and pioneers got really rich(not because of hard work and intelligence). Don't worry I know this is economics 101.
When everyone one starts buying. PRICE INCREASES.

But I'm ok if that happens to shares and other financial derivatives, just not currency which everyone has to use. It wouldn't be fair to others who might be a bit slower to adopt the crypto's.

So basically, I'm a bit jealous I wasn't one of the first bitcoin people ;)
I don't owe you pip, You don't owe me pip. Lets help each other.
theHand
Aug 18 2015 at 21:00
365 posts
That's like saying I don't like dollars because I wasn't there when they started printing them. Makes no sense at all.

Bitcoin is just the first attempt at crypto and it does have some well documented problems. That said the whole thing is in its infancy. It will take years for the idea to settle in and be developed to its full potential. Fortunes will be made along the way. Bitcoin might not even survive, who knows, but the cat is out of the bag so to speak. There will be plenty of future opportunities as people come to grip with the idea of a bank-less society. Hopefully it will lead to decentralised governance as well. And of course along the way all the crypto's will slug it out just the way Fx does today.

In the meantime in Greece: https://www.zerohedge.com/news/2015-08-18/seeking-alternatives-1000-bitcoin-atms-are-coming-greece
kayz (kayz08)
Aug 19 2015 at 06:27
32 posts
Well the dollah (plus other currencies) was introduced by the government and many laws were made for the use of the dollah. So basically you would have to have been living under a rock if you didn't know the dollah existed. Don't forget the governments that print money. They have the power to increase or decrease prices.
Bitcoin is a wild unpredictable beast which can benefit those in the know-how (with IT skills like you) than general population.

All I'm saying is if cryptos come to power. I'll be the first to create a company that teaches people how the damn system works.
That market would be big business.
I don't owe you pip, You don't owe me pip. Lets help each other.
RainFall
Rainfall0204
Aug 19 2015 at 06:30
28 posts
yea we all gonna crash and burn tomorrow and after tomorrow we'll just go and do the same thing market fluctuation will always go back and forth ohh and btw BitCoin is not the only crypto and its getting harder and harder to mine for cryptos, electricity that my mining rig uses vs bit coins I mine is horrible and basically not worth it and then the blocks of data to be mined runs out by 2040 or whatever then we will be stuck mining for coins using millions of Gigahash resources on recycled blocks of data with new algorithms added the faith in bitcoin tumbled after the 1200$ a coin long while ago now is like 250$ a coin and takes a long while to FIND and then SOLVE the block and using at least 1000watt in hour power source 24 hours a day makes a very good heater out of ant miner but barely makes enough money to pay for the electricity it uses... so make your own conclusions and if anyone one wants a 950 gigahash mining rig let me know 400$ and its yours ill pay the shipping
kayz (kayz08)
Aug 19 2015 at 10:00
32 posts
RainFall

These recycled blocks of data you speak of, is it like adding more bitcoins into the system?

Oh and by the way, after your top notch sales pitch, don't think many would be interested in buying any mining rig.😄
I don't owe you pip, You don't owe me pip. Lets help each other.
theHand
Aug 19 2015 at 21:03
365 posts
@kayz08

The issuing of FIAT paper is a recent invention. Governments for most of humanities history didn't have any control over money and certainly not over supply. You used to have to do something to get make money, like dig out some gold. And as we can see the fact that they do have control is an ongoing disaster.

Sure a government can make rules, they can have a police and army to enforce those, but when the masses turn their back its tickets. Many, many examples of that in history.

Yeah Bitcoin is not perfect, nothing is, but at least a corrupt government can't mess with the supply. Get that wrong and well, just ask Robert Mugabe what happened to the Zim dollar. US is just as bankrupt as Zimbabwe or Greece for that matter. Hyper inflationary depression is very likely just around the corner. Can only manipulate market forces for so long....

Bitcoin is unpredictable for now, but the crypto's will settle in over time. It's better than the alternative, which is FIAT, that's for sure. Ask any Cyprian or Greek, and watch as this rolls though the entire western hemisphere now...
DrVodka
Aug 19 2015 at 22:03
297 posts
. Look at the price Of a BTC it lost 60 $ in 2 days , next week it could be worth nothing .. I'm not convinced
theHand
Aug 20 2015 at 05:45
365 posts
@DrVodka

It's not about Bitcoin, FFS.

It's about the concept, the trustless ledger system. Bitcion is just the first attempt. Doesn't matter if it disappears. It does have problems, we know that. First car was also shit, so was the first plane. But they did prove the concept and today a person can climb into a Bently or RR or a A380 and waft around in supreme comfort.

Takes time man...

By the way, how much of it's value did CHF lose in 1 tick ? So Bitcoin is in good company.

And look where it is heading, the internet might be based on it in the near future:

https://maidsafe.net/overview
https://www.ethereum.org/
kayz (kayz08)
Aug 20 2015 at 06:24
32 posts
I definitely agree with you there, maybe its the mass government brainwashing(I blame the fluorine) that causes me to have more faith in fiat currencies. I'm just afraid that cryptos will be more volatile and unpredictable and really hope the Greek don't suffer because of that. Would prefer for them to do what Zimbabwe did which is adapt other countries' currencies but then again, they don't have enough money to I guess.
I don't owe you pip, You don't owe me pip. Lets help each other.
RainFall
Rainfall0204
Aug 20 2015 at 06:25
28 posts
kayz08 posted:
RainFall

These recycled blocks of data you speak of, is it like adding more bitcoins into the system?

Oh and by the way, after your top notch sales pitch, don't think many would be interested in buying any mining rig.😄


lol well the point here is that it could go either way if bit coins become rare and people still want them then price will go up so if you mine right now and in a year or what ever it may be later bitcoins will worth more then you make money but if they worth less you loose all the money you paid for the electricity and the rig itself and the recycled blocks of data I am talking about is the information, when old info is decoded 'solved' the new string of info is formed repacked and delivered and so on and on the more complex the algorithm the harder it becomes for your system to solve it 5 years ago you could mine with your gpus now days even the most expensive processors and GPUs cant handle that you have to buy a dedicated mining system now if you pay 1 cent per kilowatt you can make money with a bitcoin being only 250$ but if you pay 35 cents per kilowatt then its not really worth it
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