Well there is a paper physical aspect to your bank account. You might show them your printed statement on their paper and they might give you some green paper money they have.
2 Likes
Dollar cost averaging. It’s saying that I am going to purchase X number of dollars per period of time over a longer period of time rather than buying it all at once. This works well for both purchases and sales.
It takes away the mental anguish that always comes with purchases and sales by setting up a plan and then just sticking to it. Whenever you buy something there’s going to be a dip. Oh I should’ve bought the dip. Whenever you sell something, there’s always gonna be a peak that’s higher. I should have waited. Or I should’ve sold all of it or bought more of it…
6 Likes
A solar flare would not affect networks globally, at least past ones did not. So blockchain would be secure but not accessible if you are in the affected area until networks are restored. This could take a considerable amount of time.
But in the affected area all hell would break loose. Not being able to access your bitcoin would be very low on your problem list. Credit cards, local bank inaccessible , store shelves empty in a few hours or days.
Not making light of your thinking but the answer is what Larry suggested near video end - that is don’t go “all in”. In other words diversify still rules.
BTC has its risks as does Gold, Constitutional Silver, stocks, credit cards, and your local bank.
Community is key for any money to work in a disaster. Trying to sort a community after disaster would be ‘sub-optimal’. You will soon be walking. So even if you have a grass fed beef source 20 min drive from home - that will be an all day affair to get there and back assuming his fridge works but your meat will spoil on the walk home!
8 Likes
Think in days, not months, or even weeks. Remember the youtube video of the woman at KFC(?) drive through yelling how am I going to feed my kids. Way too many people live day by day for even their food.
10 Likes
You may be right but I wouldn’t count on it. I was merely pointing out that much of our wealth is stored and accounted for digitally, not just BTC. But for some reason people believe that only BTC will be affected.
I’ve lived thru many Hurricane related power outages of shorter duration. Days or weeks. In those instances, cash was king and banks were closed. Credit cards and Debit cards didnt work. You were not buying fuel, tools, building supplies, local labor or groceries without cash.
In just a few days, those without generators, fuel, meds or AC were getting testy. Many (those that had a way, hauled ass). In a city, particularly a blue, dependent one, that wouldn’t have gone well after 24 hours.
12 Likes
Fink and ‘the street’ slowly ‘changing their minds’ (publicly at least) on Bitcoin is reason for concern alright. For me its the shady story of its origin and perfect timing immediately following the GFC which remains the biggest reason for remaining skeptical, together with the fact that they did call it with its proper name, a crypto-CURRENCY.
(Aka backed by nothing of intrinsic value).
One other point, which I raised in another BC related article some time ago, and which gets never mentioned, is the lost of available BC’s over time. You will not have 21 mil of available BC in 40 years, in fact you don’t have them already today. Over 1 million alone have never left 'Nakamoto’s account, exemplifying the fact that if you lose access to your wallet its not only you, but the entire system which loses those BC. A friction game which will not survive the test of time (digital gold???).
Last but not least, its hard to believe that a faster, more energy efficient and cheaper version won’t take BC’s place in the future (perhaps backed with something of intrinsic value), and that Central Banks will just roll over without a fight, a fight which they still haven’t initiated despite that BC is show casting a strong light on the fraud called FIAT currencies (except for China).
We’ll see if BC will withstand the true crises which is ahead, its first real test. Personally I’m all in for real money, which will exist in eternity and transcends its financial function, being the physical manifestation of the Gods (the Stars) in its origin and made apparent by its unique and rare properties which we’ll continue find new use cases for in the future.
4 Likes
“People just want to get up, go to work, and get a fair shake.”
How so very last century. So “fair deal-ish.”
Not a very good argument for sound money, not when AI is going to be the only “thing” going to work. That and a handful of PhDs. People will have nothing to live for. The only “fair shake” people will be able to rely upon is a fascist, pig faced, goonish government demanding mandatory income taxes, mandatory sales taxes, mandatory property taxes, mandatory drivers licenses, mandatory car insurance, and mandatory cell phones.
You will have a job, a house, a home, a family, a wife, social credit score, until somebody doesn’t like you – an then you will not.
1 Like
That is the point the woman from Ireland made in her speech.
4 Likes
Bitcoin is becoming “Digital Gold.”
This is dangerous thinking. These gold ETFs are a mirage. They have been hypothecated and re-hypothecated into oblivion. Just try cashing in on your gold ETF and exchanging it for real gold.
Bitcoin was built upon the failed foundation of fiat currency. From 1913 until 2008 the value of the USD had fallen 98-percent. Common knowledge. The Great Financial Crisis (GFC) and the Crash of 2008-09 saw the remaining value of the USD, that last 2-percent, fall to zero. ZERO. Since 2010 the value of the USD has been zero. That’s why so many bad things have been going on, and all at once. And it’s only going to get worse.
When I hear about “digital gold” I think about gold ETFs. I think about fiat currency.
Unless you hold physical gold in your own hands, you own nothing.
8 Likes
Missing Paul Kiker. He is just the best and i can’t wait for him to be back.
3 Likes
If all digital systems were down, how do you plan to spend your gold bars and coins at the market? It doesn’t sound easy or feasible to shave slivers off your bar to buy your dozen eggs and pack of bacon either while watching over your shoulder on the way no one jump you for the remainder of the bar.
No one has explained a good way to store gold safely either. If systems went down, how would you get gold out from storage companies like Goldcore too?
BTC is just one way to store value like gold. Both have their own advantages and disadvantages and are different enough to coexist imo.
7 Likes
“Sound Money” is not a rollercoaster ride. Riding Bitcoin from $50 to $106 is not sound money. The Sam Bankman-Frieds of the world should be put down, with extreme prejudice. “No” means “NO!”
1 Like
I enjoyed Larry and Chris’ presentation. I miss Paul as well, but he’s probably out fishin’. Paul put out an email regarding today- Independence Day. It reflects on his integrity and values. Happy Independence Day all!
8 Likes
Man, I get so tired of these seemingly unproductive (although possibly very productive) BTC discussions. Lions and tigers and snakes, Oh my! FUD: EMP! ETF! Lost coins! What if…? Why would any reasonable investor/prepper not consider at least a small portion of their disposable/investable wealth in BTC? Diversify- because no one can know the future! As mentioned elsewhere, the BTC detractors seem focused on emotional issues, the hodlers more pragmatic/rational. The vibe I get from some on these posts is if BTC went to zero and others investments remained valuable, there would be laughing and finger pointing and “I told you so!”. As a minor hodler, if the reverse happened, I’m thinking how I might apply my BTC holdings to help out my family and loved ones who just couldn’t quite grasp the Bitcoin way- though I think some of them are coming around…
I would second the suggestion that Chris interview one or more of the aforementioned BTC proponents. I think that would be a fantastic exchange and benefit us all.
10 Likes
We would be happy to take gold and silver for protein and veggies, of which we’ve a plenty.
….and pecans chestnuts walnuts apples haskap persimmon figs…the list is adnauseum.
Our neighbors have plenty as well.
Thankfully, our family farm neighbors are the children and grandchildren of depression and ww2 era families. We lost 4 ww2 veterans in the last 10 yrs average age 92.
I will correct any miss givings about my post this eve. It’s hot and we nap during the hot times. We’ve no air conditioning.
11 Likes
Robie, you are one lucky man, as I’m sure you are aware. I’d be happy to exchange some junk silver from my diversified portfolio for your veggies and protein. Do you ship to Hawaii? 
3 Likes
For those in BTC-doubt, try this: Before setting up your BTC DCA account, purchase a couple tulips to put on your shelf. That should balance things out for you, relatively and emotionally…
3 Likes
The plan i have heard is that you would have and trade with junk silver. I have heard stories of people who have talked to local farmers about trading silver dimes or quarters for food and they are agreeable.
5 Likes
I like btc and gold and silver. As far as I’m concerned a balanced portfolio includes all hedges. I have GME as well. I try to keep very little cash because it loses value but i keep some just for the week following shtf. We don’t know the future but i bet big against the system in it’s current form continuing. I do have a retirement account that does have some protections if the system limps along (mostly because it can’t be taken out of the system).
I think we are all trying to protect each other from the risks of various hedges. Or maybe it’s about fear or ego. Just my 2 cents. Maranatha.
3 Likes
I’m sitting here watching the movie “margin call“ and that may not be the best context for me to formulate opinion for this thread but here goes…
I believe bitcoin is digital air.
I heard about bitcoin in 2009 when it was three dollars…$3/token…
Of course, in retrospect, I wish I had taken a speculative $100 position…
However, think about this… Do you really think that the powers that be would allow something to compete with uncle Buck and not capture it themselves…?
The amount of currency and the numbers of people that will participate in this financial tsunami are much much more significant than a 1980 the last time the precious metals made their highs.
I understand… The dollar has been the worlds “safe Haven“ for the past 70 or 80 years… However… As everyone knows… The integrity and confidence and the concept of the dollar is wearing very thin…
Those that are in positions of power are not honorable… And they are not Ignorant either …
I believe that DARPA came up with THE CONCEPT OF A DIGITAL CURRENCY…
THE REASON THAT THEY HAVE LET BITCOIN RUN HOT… is to attract the attention and the desire of the every man.
Since there will be so much more value chasing a safe Haven “this time“… If all of that were to go into precious metals… The price of precious metals would be exceedingly high.
understand that the intent of the powers that be is total control.
If I were to hand you a dollar bill… That is essentially a private transaction from my hand to your hand.
Unless you hand me a paper token… For me to transfer value to you through a crypto… Requires a third-party.
in other words: no privacy.
In other words: a control mechanism…
I think at the end of the day… Bitcoin and all crypto will be seen as a Trojan horse…
If you were a fish looking at a worm …the question is:
Where is the hook …?
I believe the dollar will be a unit of account… But it will lose its status as a medium of exchange.
Who the hell wants fiat anyway…???
Honor ? Integrity…? These mean something…even if current parlance is focused elsewhere…
I do believe when push comes to shove… That ounces will be the operative imperative…
As ugly as all of the stuff is… I do think it’s important that we discuss it on this site…
I hope to see all of you at the conference in September…
In the meantime… Keep stacking…
And a good word from Mother Teresa:
DO IT ANYWAY
People are often unreasonable, irrational, and self-centered. Forgive them anyway.
If you are kind, people may accuse you of selfish, ulterior motives. Be kind anyway.
If you are successful, you will win some unfaithful friends and some genuine enemies. Succeed anyway.
If you are honest and sincere people may deceive you. Be honest and sincere anyway.
What you spend years creating, others could destroy overnight. Create anyway.
If you find serenity and happiness, some may be jealous. Be happy anyway.
The good you do today, will often be forgotten. Do good anyway.
Give the best you have, and it will never be enough.
Give your best anyway.
In the final analysis, it is between you and God. It was never. between you and them anyway.
*This poem was found written on the wall in Mother Teresa’s home for children in Calcutta
18 Likes