matt71
Member
interesting info at 10 min mark concerning Litecoin volume in China
http://www.youtube.com/watch?v=TBDW0PIFsXA#t=618
http://www.youtube.com/watch?v=TBDW0PIFsXA#t=618
litecoin
- Thread starter matt71
- Start date
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Emanance
Guest
Is that brotherjohnf's voice? I haven't watch his vids in ages. He sounds a hell of a lot more relaxed since he started hedging his silver with crypto.
matt71
Member
Dabloodymess
Active Member
Phiber said:
It is a valid concern. Hopefully I dont get called a 'doomer' but you do realise that plenty of places around the world have less than reliable electricity right? Not everywhere has a secure power source and all that seperates us from them is money. When the fiat starts to run dry services that you may consider essential now start to become sporadic.
I have been in places with rolling blackouts due to trade disputes with neighbouring countries causing electricity shortages.... we are talking 2hours a day per suburb on a rolling schedule... so you might get your two hour allocation at midnight. Right now I am in Yangon and the footpaths are clogged with generators in the commercial district. If you cant afford a generator you can expect to spend large parts of the day without electricity.
You scoff at the possibility of not being able to flick a light on at will, but if you broadened your perspective you may come to realise that it can happen and is happening to people right now. To think it could never happen in Aus is foolish. Of course it isnt likely, but it sure as hell isnt impossible.
/rant
Dabloodymess said:
Yeah sure this is a valid concern just like access to food or drinkable water.
Does this mean you should invest in all the prep gear? Maybe, but I won't.
Point is if that was indeed to happen here, you would have much greater problems than accessing your bitcoins!
For starters all the bank accounts and payment systems would be down. Not to mention a while range of other issues obviously.
You are correct to state this happens in parts of the world, but does it mean this is a valid reason not to be holding bitcoins?
What about shares? Should you not be holding these too because if the electricity goes down you won't be able to access them?
We are talking about investing here, not prepping for a disaster. If you are prepping for some sort of major disaster, then the rules of the game are different. Does not mean either is right or wrong, simply different. If the power really goes down, you would probably be better off with food and water and all the gadgets that goes with this sort of stuff rather than some lump of metals - but this is another debate altogether.
Just because some people might "prefer" PM over crypto doesn't mean they are a 'doomer', just a preference of type of investment. I think if you can time your entry and exit properly, you can make money from either.
But for Charles Lee to say crypto currency is better than gold and silver is a big statement and seem to be a bias one.... As an creator, surely he wouldn't be downramping his litecoins lol.
But for Charles Lee to say crypto currency is better than gold and silver is a big statement and seem to be a bias one.... As an creator, surely he wouldn't be downramping his litecoins lol.
Charles89 said:
Indeed it doesn't, but bringing the "when the power goes out" argument as a reason PMs are superior to other assets put this in prep/doomer territory - especially since it was the only argument brought forward, and not presented as an added bonus - rather than purely an investment discussion.
We are all metal stackers here initially, so to that extend we are all on the same boat.
Charles89 said:
Well, so are all the promoters of one asset class over another.
Are you trying to tell me that Malooney's or Shift's views on PMs are unbiased?!
Phiber said:
I only used the "when the power goes out" argument because he reckons crypto is BETTER than gold and silver, but IMO, as an investment, they could be EQUALLY as good at certain times, and will make you lots of money
But as for power going out, I could also say, I know which one I'd prefer to carry around with me haha
E
Emanance
Guest
Charles89 said:Phiber said:
I only used the "when the power goes out" argument because he reckons crypto is BETTER than gold and silver, but IMO, as an investment, they could be EQUALLY as good at certain times, and will make you lots of money
But as for power going out, I could also say, I know which one I'd prefer to carry around with me haha
I know what one I'd rather be carrying with me if I've ever gotta get out of dodge, and some TSA officer with rubber gloves is blocking the way
.Dabloodymess
Active Member
Sorry not to quote you phiber (I am mobile right now)
You mentioned the word investment many times.... here I was under the impression bitcoin is meant to be the currency of the future. So is it currency or investment?
You mentioned shares and of course it would be difficult to trade them in a power outage. But unless you are a day trader, you probably dont need to be regularly trading. Afterall they are an investment, not designed to be a liquid instrument used as a daily medium of exchange. IF bitcoin were to become a widely accepted medium of exchange isnt the reliance on electricity (to access internet and blockchain to verify transactions) its single biggest weakness? It doesnt even need to be a doomsday situation for the lights to go off every now and then. For all its faults, you dont lose the ability to spend the fiat in your wallet when the power goes down.
This is an honest question here, I am not trying to be inflammatory.
PS - The power went out in the restaurant I was eating in briefly while I wrote this post...
You mentioned the word investment many times.... here I was under the impression bitcoin is meant to be the currency of the future. So is it currency or investment?
You mentioned shares and of course it would be difficult to trade them in a power outage. But unless you are a day trader, you probably dont need to be regularly trading. Afterall they are an investment, not designed to be a liquid instrument used as a daily medium of exchange. IF bitcoin were to become a widely accepted medium of exchange isnt the reliance on electricity (to access internet and blockchain to verify transactions) its single biggest weakness? It doesnt even need to be a doomsday situation for the lights to go off every now and then. For all its faults, you dont lose the ability to spend the fiat in your wallet when the power goes down.
This is an honest question here, I am not trying to be inflammatory.
PS - The power went out in the restaurant I was eating in briefly while I wrote this post...
E
Emanance
Guest
As someone who works in the retail sector, I can assure you most, if not all businesses that receive money over a counter from their customers for the goods & services they sell, would find themselves well & truly short of their daily budgets if it ever came about for them to be relying on cash carrying customers alone. Cash sales across most retail businesses would make up 1 in 20 transactions conducted. Credit card payments followed by debit card payments easily make up the majority of payment types at the moment. I'll admit, if Australia ever found itself in a scenario with rolling black outs, most businesses would have massive problems accepting any other payment type other than cash; But this would pale into insignificance against the fact that nearly every aspect of a modern business relies on a device that plugs into a power point. I doubt any Australian business could operate profitably without power, or an active communications network anymore. They simply would run out of stock to sell in the short term.
I'm of the mind that the 2 party nature of crypto currency transactions will become the perfect & preferred payment method for many businesses that conduct trade online. At the moment with 3 party transaction systems like credit card & debit card, a customer can easily reverse a transaction, with little or no interaction with the recipient of the payment. Crypto on the other hand is as good as cash over a counter, with no risk of any recourse.
I'm of the mind that the 2 party nature of crypto currency transactions will become the perfect & preferred payment method for many businesses that conduct trade online. At the moment with 3 party transaction systems like credit card & debit card, a customer can easily reverse a transaction, with little or no interaction with the recipient of the payment. Crypto on the other hand is as good as cash over a counter, with no risk of any recourse.
matt71
Member
Emanance said:
I live in a small part of OZ which is predominantly tourist ind. reliant..Last yr the cards weren't working due to the third party goind down for 24 hrs.. I had to laugh at the 'panic' when all these people in their lycra riding get up couldn't even buy a drink and the shop owners went into meltdown..Nice to see how fragile we reallly are and for the masses to get a dose of reality..BUT a week later all was forgotten and things were back to normal..I bet NO ONE has put anything into place for such future events..simply complain about the service and continue as per usual..
I'm not concerned about 'IF' the power grid goes down..More concerned about the zombies that will not be able to function without their 'devices'
