Bitcoin & Other Crypto Currencies

You do realize the banks have only 10% of actual money they have recorded. Bitcoin is as real as greenback just much more volatile !

 

so did OP off himself or something?



My only recommendation to wealth management is diversify diversify diversify

 

But put up to $250,000 in a bank and you're covered by FDIC insurance ($500,000 in a joint account)

 

You would hope, but what happens when everyone needs covered and reimbursed. Does the government ask the Fed to just print the money everyone lost. The Bitcoin is just as true as our govt. backed currency. It can also be stolen right from your hard drive.
If anyone wants to invest in something somewhat secure and reliable precious metals never fails !

 

wut?

Yes, FDIC insurance covers insured bank accounts up to the dollar limit. Your bank pays the insurance premiums. The risk of the FDIC defaulting and not paying would be the same as the federal govt defaulting on a payment, which hasn't happened.

The Fed does not print currency, that is the role of the Dept of Treasury

No idea what a "true" currency is, but the US currency is printed by the US Govt and value is monitored and controlled thru a combination of monetary and fiscal policy. Bitcoin's value is based upon what again?

If you're holding gold today you acquired since 2011, your position is likely in the red or breakeven (negative if you factor inflation). If you want to invest in something, invest in yourself and in your own education/skillset. Never put all your eggs in a single basket... cast a wide net and diversify

 

That's kinda what I was saying , just not as understandable

 

The Federal reserve does print our currency. The fact that you put "true" in quotations means to me you understand what I mean by that.

 

The Fed is a private organization which prints our greenbacks as dictated by the government. Very unconstitutional to say the least !

 

Bitcoins value is based on the same as the greenback... NOTHING.

There is a finite amount of Bitcoin as opposed to the dollar that the Fed seems to produce at will which in turn devalues the dollar.

 

Yet...

There will be a time, and only a matter of time when the dollar will exponentially loose its value and other countries will give up their stake in it. At which point everybody will run to the banks to try to liquidate their account balance, which the banks will fail to do. The SHTF scenario will then be upon us. When that happens, THAT is when having other types of investments, not backed by the USD, that will be transferable to other global currencies will be needed.

 

If we ever get to this point, your investments will be pretty much worthless unless you have them in hand.

 

Please look up the term "mining". Now at some point, the creation of coins will reach it's theoretical end at 21 million. Once that happens, coins will be divided (sort of like a stock split). So finite is a bit of a relative term here.

 

Correct. Everybody's 401k, IRA, pension plan, SS, bank account balance, etc, will all be worthless.

PM like gold will need to be bought in its physical bullion form, not just investing in its paper form (ie market index).

 

Bingo.

Government-backed currency may not be "solid", but compared to "cyber currency", which is really little more than a commodity, it's the best thing going.

Valueless commodities were the cause of the dot-com bubble.
The internet opened up the ability of investors speculators to buy and sell stocks from their accounts at will without the intervention and advice of a broker.
Stocks began to be traded as if they were commodities, and we had companies with sales measured in the tens of thousands having an on-paper value in the billions.

Bitcoin is no different... and precious metals are NOT always a sure thing.
As with any investment, long term is going to be gain or bust, and of course, precious metals will be highly unlikely to bust (though at one point Amethyst was considered precious until large deposits were found in Brazil, it is now a penny stone).
Short term? Gold is currently just below where it was at the end of 2010.
From July 2011 until a year ago, it remained at or above $1600, peaking at over $1800 in 9/2011, but tapping $1800 in 11/11, 2/12, and 10/12.
Sucks to be the guy who believed that gold is always a sure thing when it was $1800, when it hasn't been above $1400 since last June.

Silver tracked much the same way.... peaked at $45, struggled to hold above $30-$35 for a year, and now it's struggling to remain above $20.

Rhodium? It's at $1000 now, a steady decline from $3000 in early 2010... it peaked at $10,000 in June 2008, and was on a steady increase from 2004 to reach that peak.

Yup... precious metals never fail

And you honestly believe that when SHTF, there will be any other global currency that is worth a shit?

Look at what is happening in Europe, Asia, and Africa.
Outside of MAYBE China (no real way to gauge that, they could be in worse shape than the USSR in 1986), there aren't many financially stable places to go.

 

I will say this and that is when SHTF, you will be a lot better off if you have things like tools and skill to match. Those are commodities in very short supply and in a money crunch, they are far more valuable.

 

Bingo.

Skills, tools to use those skills, and materials for barter are going to get the job done.
Short term, booze and pr0n are excellent barter materials.
If you reload and cast your own boolits, ammo is another.

 

I agree that having skills and knowing how to use them will be very usefull when SHTF. The barter system will definately come in to play.

And yes, I do believe when the USD becomes worthless, there will be other international currencies that are still alive. They may not be 'thriving', but the entire world is not going to collapse at the same time.

Having investments such as PM, can and will be used in other countries currencies. Using gold as an example, has been around and used as currency through the history of the rise and collapse of other great civilizations.

While the dollar is still worth a damn, it is a good time to stockpile certain things (survival items, ammo, water, food, something that can be transferable to these other currencies sush as PM).

Oh, and when the dollar crashes, the value of PMs will go through the roof, so if you have any before the crash, you will be in relatively good shape.

 

if shit really hit the fan WTF is a bar of gold of silver good for? yep...nothing.

everyone can speculate on this or that, but if it really hits the fan the only barter items worth a dam will be things that can be used and gold is useless in a end of days situation.

i'd much rather have a bottle of 100 proof vodka so I could drink it and use it for medicinal purposes....

 

What will PM be good for? It will be able to be used as currency, and it will allow you to move out of this country and into one that hasn't collapsed.

What will a bottle of vodka do for you in the long run, nothing.

 

I'm being serious here. Are you mentally challenged?

If you have no clue what 100 proof vodka could be used for in a collapsed society type scenario I fear you will be one of the first droves of people to die off.

Laundry
Poison Ivy
Cleans glass and many other items from corrosion and hard stains
Repels insects
Sooth's Jellyfish stings
Kills mold
Toothaches
lamp fuel
antiseptic
fire starter
kills odors
lower fevers
slows preterm labor
fuel for engines
gun cleaner
herbal tinctures
helps ugly people get laid (repopulate)
oral antidote for antifreeze poisoning
molotov cocktails
barter and trade
clean electronics
sleep aid
disinfects water
dry wet clothing
mouthwash
numbing agent
weed killer
bottle is a weapon