Author: Tom Gauld
this post was submitted on 10 Oct 2024
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I definitely like having some money that doesn’t rely on the stability of the government
Oh yes, stability, the Bitcoin's siamesse twin.... :D
When things are unstable you diversify. Most currency is pegged to the US dollar’s value and, as we’ve seen with recent US recessions, its value impacts the value of state currencies worldwide.
Does your power grid rely on the government?
single governments collapse all the time, and even ones that don’t occasionally invalidate their currency for other reasons. My particular government does not seem the most stable right now.
If the US government fails, everyone is going down. That's a singularity event. By which I mean we can't usefully prepare for whatever happens next. At best, we can do some prepper shit, but hiding in a prepper hole isn't something that works in the long run, and sure as hell isn't a desirable life.
Cryptocurrency means nothing in this scenario.
Personally I don’t think a successful coup or similar in the US would destroy other major powers, though it would certainly cause another global financial crisis.
It would. In some ways, the 2008 financial crisis hurt the EU more than it hurt the US, even though all the problems originated in the US. By 2010, the US was looking like the best place to put your money.
Indeed, that’s why I said it would probably cause another global financial crisis. I don’t think their governments would collapse just because the US’s did though. Brettin Woods would be dead and would need to be replaced, plus a lot of IMF loans would need to be reformulated
Oh, yes it would. The global economy flows entirely through the US dollar as a reserve currency. If it goes, everything goes. China can't sell anything to Europe, Europe can't buy oil from the Middle East, and the Middle East becomes a power vacuum. Given time, these could be worked out, but not before their governments collapse.
That's why BRICs have been looking to disentangle themselves from the USD, even to the point of floating the idea of their own currency union. That's a terrible idea for other reasons (it'd let China put a noose around the other three), but there's a reason behind it.
Thats true but you didn't answer my question.
Of course I’m not off the grid? Weird question. I do know how to wire a car battery though
The point is that crypto is reliant on you having access to a power source, internet infrastructure, things which will more than likely brown out or collapse if your government collapses.
Can't even attempt to buy or sell things with crypto if the infrastructure goes down.
At least with physical currency of some kind, you can try.
Crypto, stops working when your unstable government's infrastructure goes down.
Yes in global collapse it would be useless—more useless than coins or paper which you can melt and burn. I imagine a political collapse limited to the US where I am to be a bit slower to where phone, internet, electricity, water etc. wouldn’t go off immediately, but even if they did I hope I could make it to the border of canada or mexico who will likely have internet. From there I’d be a refugee, but potentially one with a bit of bartering power.