Virtual Currency

If an EMP goes off that takes everything out the world has MUCH bigger problems and will be complete chaos and better hope you have guns and ammo

Banks don't operate without power. They close their doors until it comes back

 

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Or, they fire up the generators!

 

If they have one, which most don't.

 

I have a CPA friend and he had this to say about the OP's question.

"After Elon Musk bought $1.5B of bitcoin, anyone in the financial arena not knowing is a moron."

I'm guessing he would not recommend letting this guy do your taxes.

Maybe this is just a trolling question.

 

I don't know if you're old enough to remember General Douglas Mac Arthur, but he would have ended the CCP during the Korean War.

 

Do you believe that when the sh__t hits the fan, you can use your paper money or for that matter any money? It's best to stock up on food, toilet paper and ammunition.

 

Probably not. Russia would have never allowed it. He could have very likely prevented North Korea though. Thats an entirely different discussion though

 

Silver and gold have been used as money for thousands of years. That won't change. Fiat currency and cryptocurrency, which are based on nothing but thin air or the "promise" of some government (tell that to the people who lived in post WW 1 Germany and other hyperinflation times) will indeed be worthless, but you can always barter with precious metals even if the economy totally tanks. I'll take my chances with using a silver coin to buy food or gasoline if that time comes.

 

It already has changed, they aren't money. They are something of value no different than anything else of value. They only have value because people say so.

I will never understand why you guys think if the world or society falls apart that people will be trading goods for metal. If that happens there will be complete and utter chaos. If the economy totally craps out great depression style people will be trading for useful things like food, medicine, vices like booze and tobacco, very few will be giving up something useful for a worthless metal when there's no assurance of your supply being replenished.

 

https://www.bloomberg.com/opinion/a...igital-dollar-would-look-nothing-like-bitcoin

 

In reality the only money is something tangible that all or most people want. We all know that the ancients were right in that regard - precious metals. All others are just empty promises that eventually become worthless.

 

I think I read in the WSJ the other day that the IRS is treating cryptocurrencies as an investment for tax purposes. I didn't really pay that much attention to the article so I might have the details wrong.

Bitcoin is not any sort of a Ponzi scheme. It was started as an alterative currency method that would use block chain technology (don't ask me to explain that, I don't know) for security and that would provide for secure person-to-person or business-to-business financial transactions without the carrying costs, delays, government intrusion, etc. of other means.

The way new Bitcoin is created is by solving highly complex mathematical algorithms that require lots and lots of server time and consumes a ton of electricity. Ironically, some of those young risk takers doing this are the kind of environmentalists screaming about climate change and economic inequity.

For those participating in Bitcoin and other cryptocurrencies, it can accomplish the original goals but the primary obstacle to acceptance as a currency is that it is basically impossible to determine any kind of reasonably stable value over time since it is basically a highly volatile investment vehicle. Musk's injection of cash and influence into the market is his attempt to move the thing into the realm of valid currency per his own statements. Who knows what ulterior motives he might have, if any.

If you are going to invest in bitcoin or any other cryptocurrency now, you'd better do so only with your gambling money. Otherwise, you'd better be willing to live on the razor's edge of risk and frankly most of us on this Forum are at an age where we cannot afford to risk our capital to that degree.

 

The Russians were afraid of the Americans until they got the atomic bomb, courtesy of Julius and Ethel Rosenberg.

 

In addition to everything else, Patton would have made mincemeat out of the Soviets.

 

I can't remember how they treat it either, but I know they've been taxing it for a few years now

 

There are some curious conspiracy theories that have circulated since he died in 1945 that he was taken out by the Soviets, by other Americans etc. He was a flamboyant character and he sure made a lot of enemies.

 

This may be of interest or have bearing on this discussion
The Great Reset Is Here - The Daily Reckoning