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Wait...aren't crypto currencies supposed to be the favored monetary instrument during times of crises?
by vidanay 7y ago
Wait...aren't crypto currencies supposed to be the favored monetary instrument during times of crises?
- simonswords82 7y agoNot as much as cold hard cash.
- wiredfool 7y agoI think Toilet Paper is the preferred currency now.
- LargeWu 7y agoI know your comment is, at least somewhat, in jest, but it's kind of true. My wife's boss has been spending a good bit of his workdays lately tracking and buying gold. But not buying physical gold. Just buying a promise from some agent that he owns some gold. Of course, that's not going to do him any good in a crisis; you can't eat gold, you can't drink it, pretty sure you can't wipe your ass with it. You can only trade it. And when resources become scarce, utility becomes far more important than value. And gold certificates, or whatever, will become even less desirable.
- wiredfool 7y agoYeah, that was only half a joke. At some point, the only things that are worth anything are things that have utility. Money isn't intrinsically useful, it's only useful in what others will trade for it. The Postman, while it was resoundingly mocked as a movie, was a really chilling book that dealt with what happens when you get to that point.
- vlan0 7y agoUnless you're a bidet user.
- AstralStorm 7y agoOr have a working shower.
- mythrwy 7y agoThat is the real answer. Toilet seat bidets are available for like $25 from amazon.
- krapp 7y agoOnly to anarcho-capitalists and speculators. Most people don't mistrust regulated banking enough that a volatile, unregulated black market economy looks attractive, even in a crisis.
- zzzcpan 7y agoNot until they are widespread among general population and can be easily and anonymously transferred between people, like cash.
- darawk 7y agoIt depends on the nature of the crisis. In a monetary crisis, yes, probably. But this is a bit different than that.
- ppf 7y agoIf there is any correlation between current events and bitcoin price, then we have both a monetary and an existential crisis happening. What other crises would bitcoin be useful in?
- darawk 7y agoPurely as an asset Bitcoin is probably a good hedge against inflation of the dollar. If you expect high inflation, owning Bitcoin is probably a reasonable way to protect against that.
- knorker 7y agoAre you being sarcastic? ... You should be.
- vidanay 7y agoYes
- rsynnott 7y agoSupposed by whom? Mad people, I suppose, but besides them.
- OGWhales 7y agoWell the market pointed to that, with the majority of liquidation today being on leveraged longs. So it’s more likely the market is corrupt and the exchanges just spent their vast wealth pushing the price down to make a killing off leverage… pair that with panic and today makes sense even though it originally seemed most people believed what you did. Turns out humans are selfish and emotional, who would have thought?