Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
You should buy whatever you believe in. The most popular are bitcoin and gold.. If you need cash then only hold in the major 4.. if you want to invest you can get t bills for a solid return as long as the government doesn’t fail. Believe it’s like 4-5%. That’s why the banks are gonna be failing because people are taking their money out and getting these t-bills. Personally my game plan is to buy bitcoin with any excess cash, I think that will make me sleep the best
What if the power network goes down for appreciable lengths of time?
Bitcoin requires a functioning internet.
If power goes out for lengths of time nothing happens. what are you talking about?
Not sure if you're being deliberately obtuse, but how would you trade Bitcoins if there was no power?
If there was no power, trading Bitcoin through traditional online channels such as cryptocurrency exchanges or trading platforms would not be possible as they require electricity and internet connectivity. However, there are a few other ways to trade Bitcoin without power:
In-person trading: Bitcoin can be traded in-person through a process known as over-the-counter (OTC) trading. In an OTC trade, two parties meet in person and exchange Bitcoin for cash or other assets. This method requires no power or internet connection.
Paper wallets: Bitcoin can be stored offline in a "paper wallet," which is essentially a printout of your private key and public key. This method allows you to hold Bitcoin without an internet connection, and you can use the paper wallet to send or receive Bitcoin when power is restored.
Mobile hotspots: If you have a mobile hotspot or a satellite internet connection, you may be able to trade Bitcoin using a mobile device or laptop. This method requires some level of electricity, but it can be powered by a portable generator or other off-grid power source.
Overall, trading Bitcoin without power would be challenging, but it is not impossible. The best option would depend on your circumstances and the availability of resources in your apocalyptic scenario.
He means if power is gone long term. As in months or longer. Which of course obviously means two things:
If the power is restored then you can access it again but is there a guarantee that the society afterwards will acknowledge it as usable? I don't know.
The obvious answer to all this is if you have faith that the power will hold then BTC could be useful. If you really believe that the world will actually not be capable of producing electricity for its citizens for a significant length of time then you should get out of ALL associations with it. Monetary and otherwise. Because there is an anecdote that goes "All it will take for society to collapse is three days without power" and it is for the most part accurate.
This does not mean a single city or even a full state without power. Because places have weathered outages longer than that. It means globally. If for some reason no one could access electricity for three days or longer, society would start to collapse into chaos.
Honestly...why would we not be able to get power anywhere in the world for weeks on end? I don't know. A widespread EMP caused by a solar storm would only affect the daytime side of the planet. That would be a catastrophic event that would require 4-10 years of rebuilding if it affected the USA. But there would be power in the world elsewhere. And there is no telling which part of the earth would be affected at that moment. The odds of this are obviously extremely small. EMPs caused by nuclear warheads are real. But honestly if there is an EMP caused by a nuclear attack then the lack of electricity is going to be lower on your list of priorities anyway. You'd be better off eating a bullet at that point because living past that will be worse than if you had been vaporized.
You have to cut your level of confidence off somewhere and work from that point outward.