5 ms·
If the USG (or Europe, or China) still have a strong military, or a lot of influence over the financial sector at that point, you may have a tough time finding
by jljljl 6y ago
If the USG (or Europe, or China) still have a strong military, or a lot of influence over the financial sector at that point, you may have a tough time finding a bank to convert your crypto into Fiat. At that point, you’d have to find a country that accepts Bitcoin directly as a payment method or whose financial system can shrug off regulations.
That might be harder to find than you think, or might require a significant haircut on the conversion.
- randomopining 6y agoCan you not just go p2p/otc with the crypto and buy a hard asset plus some paper fiat? It’s like cash but even more effective for this purpose.
- nickysielicki 6y agoIf cryptocurrency exchanges don't exist in good public standing, the price of bitcoin will collapse. This is a risk that does not exist with precious metals. The real problem with bitcoin is you cannot physically transfer it. I can sell you a USB drive with a wallet on it, but you shouldn't buy it because you can't know if I have a copy of that USB drive in my other pocket. The only way to transfer bitcoin for-real is to submit it to the network and to make sure it's confirmed. My take is that the censorship-resistant qualities of bitcoin are highly overstated.
- jljljl 6y agoThe problem is that if you can’t easily convert it, the OTC price is going to plummet. Since the ledger is public, if the government knows which wallet is linked to you (easy if you’ve done KYC in order to use an exchange), they could also sanction any wallets that transact with your wallet, severely limiting who will be willing to do P2P/otc with you