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.
Money will be the last of your worries if power is out for any length of time. Bitcoin has been broadcast through ham radio and the blockchain is broadcast from satellite as we speak. Bitcoin is not the save your ass thing you need when things are desperate, however it is the currency by which ALL other things will be valued . That is inevitable.
I was with you until this point. The vast majority of the world are not educated in Bitcoin, yet the vast majority understand gold/silver.
A baseline commodity for valuing currency will likely revert to form - and after a banking collapse, who would trust digital anything?
Like I said, I have no idea to whether this will occur in our lifetimes or not, but it is inevitable that Bitcoin, being the world's first and only medium of exchange which cannot be gamed, owned or controlled by a permissioned select few, will become the central piller of what 'value' is, like the gold standard , it will be the bitcoin standard.