People think I'm speculating for moving my USD into crypto, but a lot of it is to have a backup in just such a situation.
This also goes for things like email, social accounts, and may even begin to encroach into common utilities like Internet access. Get your backup plan together.
What is the value of crypto based on? Who accepts crypto as legal tender? How do you use your crypto if you lack access to the internet or lack power?
Crypto is nothing but another fiat system, solely based in the non-physical realm. You can be turned off just as easy, if not easier, as Lauren has been.
I not saying you shouldn't have crypto, I do, but physical wealth is immensely more powerful than fiat/non-physical. Silver, Gold, and even to a much lesser extent, Copper. Think of how prison economies work, as an example among many, food, cigarettes, and luxury perishable items.
Point being having something in hand to trade is by far more valuable than some toilet paper or one's and zero's in a digital space.
Crypto has it's limitations, but your description of it is just not accurate. Read up some more on how they handle outages and the different means of submitting transactions off grid. There's little about crypto that is like fiat beyond the first creation of the token protocols.
I probably should have also mentioned that I hold metals and other goods. Definitely did not mean to cast shade on metals holders if you felt that was implied.
I know what you mean, I didn't feel like you were casting any shade. I wasn't trying to cast any shade either, I just am very weary of "digital" currency regardless of explicit or implicit safeguards.
All I was trying to say is that diversification of assets is the least risky path. In the event "end times", a bird in the hand is worth two in the bush.
Again not trying to cast shade. There are people reading these forums that have absolutely no idea exactly how money works, just trying to give a risk inverse perspective.
Once again, a major American business is going to take a tremendous financial hit because of their idiotic political views interfering with business decisions. Can you imagine if every conservative cancelled whatever link they have to Wells Fargo?
Any money stored in a bank is an unsecured loan from you to the bank. Yes, it is that insane. Welcome to modern fractional reserve banking! Just wait until the shtf and the bail-ins start!
This is scary if true. I dont see how a bank, corrupt scum they may be, but still how they can zero out your balance bc they want to. Theres got to be more to this story. Believe me, I agree its becoming increasingly more clear daily that bank accounts arent the safest place but I just cant imagine this--its outright theft.
Same thing happened to me about 10 years ago by BANK of AMERICA. Credit cards were paid on time, but out of the blue, they cancelled all of my accounts, no word why. One day they just were declined and would not work. I paid them off as soon as I could and would never do business with them again.
The banks are overwhelmed with cash right now. Look at how the overnight reverse repo keeps climbing. Maybe it was done with a motive, but it's also possible banks are busting at the seams and are desperate to remove liabilities from their balance sheet.
People think I'm speculating for moving my USD into crypto, but a lot of it is to have a backup in just such a situation.
This also goes for things like email, social accounts, and may even begin to encroach into common utilities like Internet access. Get your backup plan together.
What is the value of crypto based on? Who accepts crypto as legal tender? How do you use your crypto if you lack access to the internet or lack power?
Crypto is nothing but another fiat system, solely based in the non-physical realm. You can be turned off just as easy, if not easier, as Lauren has been.
I not saying you shouldn't have crypto, I do, but physical wealth is immensely more powerful than fiat/non-physical. Silver, Gold, and even to a much lesser extent, Copper. Think of how prison economies work, as an example among many, food, cigarettes, and luxury perishable items.
Point being having something in hand to trade is by far more valuable than some toilet paper or one's and zero's in a digital space.
Crypto has it's limitations, but your description of it is just not accurate. Read up some more on how they handle outages and the different means of submitting transactions off grid. There's little about crypto that is like fiat beyond the first creation of the token protocols.
I probably should have also mentioned that I hold metals and other goods. Definitely did not mean to cast shade on metals holders if you felt that was implied.
I know what you mean, I didn't feel like you were casting any shade. I wasn't trying to cast any shade either, I just am very weary of "digital" currency regardless of explicit or implicit safeguards.
All I was trying to say is that diversification of assets is the least risky path. In the event "end times", a bird in the hand is worth two in the bush.
Again not trying to cast shade. There are people reading these forums that have absolutely no idea exactly how money works, just trying to give a risk inverse perspective.
Once again, a major American business is going to take a tremendous financial hit because of their idiotic political views interfering with business decisions. Can you imagine if every conservative cancelled whatever link they have to Wells Fargo?
We need The Patriot Bank.
Wait so they just took all her money!?
The bank doesn’t own her money. What!?
Any money stored in a bank is an unsecured loan from you to the bank. Yes, it is that insane. Welcome to modern fractional reserve banking! Just wait until the shtf and the bail-ins start!
Except for the FDIC.
Bail...ins?
Commie fucks?
This is scary if true. I dont see how a bank, corrupt scum they may be, but still how they can zero out your balance bc they want to. Theres got to be more to this story. Believe me, I agree its becoming increasingly more clear daily that bank accounts arent the safest place but I just cant imagine this--its outright theft.
Doubtful there is more to it. All the major banks have pulled similar shit against outspoken conservatives for years now.
https://freedomwire.com/cancel-culture-comes-for-conservative-bank-accounts/ https://nypost.com/2019/05/25/jpmorgan-chase-accused-of-purging-accounts-of-conservative-activists/
I wonder if credit unions can do this as well. I Hope not!
Same thing happened to me about 10 years ago by BANK of AMERICA. Credit cards were paid on time, but out of the blue, they cancelled all of my accounts, no word why. One day they just were declined and would not work. I paid them off as soon as I could and would never do business with them again.
The banks are overwhelmed with cash right now. Look at how the overnight reverse repo keeps climbing. Maybe it was done with a motive, but it's also possible banks are busting at the seams and are desperate to remove liabilities from their balance sheet.