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Thread: Cryptocurrencies

  1. #1

    Default Cryptocurrencies

    has anyone looked into Cryptocurrencies as a way of storing a small amount of funds to be used in a financial collapse?

    We all remember what happened to the citizens of Cypres, in 2012. In case you don't, Cyprus was having financial difficulties when their bonds were downgraded to junk status. This meant they could no longer borrow money from other countries by issuing bonds (a loan) without having to pay out very high interest rates to entice investors. They approached the EU for a bailout. The EU imposed several conditions on a 12B eur loan. They imposed a one-time levy on all uninsured deposits there, around 48% of uninsured deposits from the Bank of Cyprus which was the island's largest commerical bank. No insured deposit of 100,000 Eur or less would be affected.

    We all (I hope ) learned from that, and started to invest in precious metals - gold, silver, platinum, copper, brass, lead, ...

    Being a computer type and a techno-geek with advanced degrees in Computer Science and Mathematics, I have been buying and using Bitcoin and a few others since Bitcoin was available for $0.27 a coin. I even mined them for a while, until you needed super computers to unlock new blocks. There are a number of stores that take bitcoin in exchange for goods and services, just like USD. The difference being that BTC cannot be controlled, seized, tracked, stopped or any number of things, by central banking systems and with certain precautions can be completely annonymous.

    This could be another arrow in our prep quiver.
    We learn from history that we do not learn from history. Georg Wilhelm F. Hegel

  2. #2
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    I freely admit to knowing next to nothing about Cryptocurrencies. That said, don't you need a third-party to use them along with an internet connection? If yes then it would very easy for any government to stop their use.
    Just like PM's which a government can ban or seize when/if times get bad. PM's though could still be viable on the black market where crytos not so much..

  3. #3

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    All you need is someone who will work with Cryptos and an internet connection. The government is completely out of the picture. That is why they drive governments and banks crazy. They can't control them or debase them at will.
    We learn from history that we do not learn from history. Georg Wilhelm F. Hegel

  4. #4
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    What about all the stolen and " lost " cryptos , seems to me it is just as dangerous as our worthless paper money.

  5. #5
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    Quote Originally Posted by GR82BPREPD View Post
    All you need is someone who will work with Cryptos and an internet connection. The government is completely out of the picture. That is why they drive governments and banks crazy. They can't control them or debase them at will.
    In bad times in some countries the first thing the government does is shut down the internet. Just sayin'

  6. #6
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    I regret not buying some back when they were cheap, but have a hard time justifying them now. As has been said, I don't entirely understand them. OTOH, many good long term investments started off like that. I do PM's and cash
    Once on safari in deepest darkest Afganistan we ran out of Gin, and were compelled to survive on food and water for several days.


    I typically carry a flask of vodka for snakebites. I also carry a small snake.- W. C. Fields

  7. #7
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    Quote Originally Posted by GR82BPREPD View Post
    All you need is someone who will work with Cryptos and an internet connection. The government is completely out of the picture. That is why they drive governments and banks crazy. They can't control them or debase them at will.
    Well, not quite. I'm no expert on Crypto stuff, but I heard some rumblings about how companies are scrambling to get a piece of the crypto-currency "pie"....yes, even Amazon is trying to figger out how to do it.

    https://www.marketwatch.com/story/th...her-2018-02-16

    Bank of America is the current leader with 45 patent applications, MasterCard with 21 patent applications. Apparently, the key to all this is a mechanism known as "block-chain" (link).

    If your head isn't spinning yet, this article (link) explains the concept behind "block-chain" in simpler terms.

    So, it seems the whole world of finance is keenly interested in crypto-currency and the means to manage it. A cashless society may not be too far away......sadly. On a brighter note, bullion is still the shizzle in my book. When the whole "block-chain" thing gets hacked by the Chi-Coms I'll still have something to barter that doesn't require in Internet connection.

    Just my $0.02 - your mileage may vary.

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    I really can't say anything good or bad about them because I don't know enough.

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    I can't bury it........It's no good!
    Don't bring skittles to a gun fight.

  10. #10
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    Bit coins or other such currencies are dependent on the internet are they not...this is electronic monies ...yes...???


    I was interested to note this statement by Hiwall....very interesting to me..


    Just like PM's which a government can ban or seize when/if times get bad. PM's though could still be viable on the black market where crytos not so much..

    The interesting word to me here is black market....not PM's..or precious metals.


    As survivors or preppers here is the thing to know and or remember about history......

    In a marketplace when the actual price of a commodity is not to far out of line with what the marketplace will bear.....the black market stands little chance of working out big time.

    IN such an marketplace black market works mostly on illegal purchases... not on legal purchases.


    Whenever in history the marketplace becomes so rigged or skewed ...the money loses it's ability to purchase goods and services for example...the black market automatically arises...it cannot be stopped.

    What happens in most marketplaces when this rigging or skewing runs amok...the government must force people by law to accept a worthless money. Most people will stop accepting it because they will take a loss if they do not. This is why another money will eventually take the rigged money's place. This is black market...going to work in an economy when other moneys or systems will not work.

    This is the dirty little secret that all governments try to hide through public education deception.

    Crypto currencies are someone's attempt to get around a known rigged system...but it is dependent on the internet or such an digital system to work. It is a type of black marketplace...for which many are coming to recognize ...giving it a sense of legitimacy.

    But I would not count on it if the SHTF seriously happens world wide...even nation wide.

    But that is your business how you choose to invest. I do no recommend you invest with commodities you cannot afford to lose...like any kind of trading.


    In basic form ...I agree with the OP who posted....... gold, silver, platinum, copper, brass, lead, ... Amen on that.


    Governments tend to outlaw any form of method of exchange for which they cannot control or regulate. Yet governments historically are the biggest liars, counterfeiters, and deceivers about the status of the money...or medium of exchange in a given nation. Ironic to me. Their investment is in an ignorant people...dumbing them down..about so much going on out there and in particular money itself.


    My non Ishmaelite .02

    Orangetom

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