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Who said anything about the lights not being on. You will be paying $100/kwH for your electricity in your $2M/year job.

mythrwy 5y ago
Ah ok that makes more sense. In other words, what BTC will "buy" in terms of goods and services is more or less the same it buys now (maybe more is predicted?). Just the dollar will drop dramatically in value. This might happen sure. Couple of points (just my opinions). If the dollar declines that precipitously in value (in our lifetime), seems it might get slated for replacement. Particularly given what we now know digital currencies can do. Will governments throw in the towel on control of currencies? Seems unlikely, willingly, but maybe they won't have a choice. Would some kind of international monetary standard, agreed to by treaties, replace sovereign currencies with a digital currency? What kind of problems might this solve? (or claim to solve anyway). I don't know. Just don't see nation states giving up control quite yet. I suspect BTC has it's uses for national interests or seems it would have been stomped to death some time ago. If that's even possible, idk. If the dollar declines that precipitously, that rapidly, it seems like significant social upheaval would accompany the decline. Back to my point about the lights being on and networks up. Were I to chose a store of value in this scenario it would be essential physical goods, water and land. Seems you could pick up a lot of baubles with that during the tough times and have wealth when things smooth out. BTC depends on a number of underlying assumptions about social order, at least to the level of maintaining utilities and production lines so there is something to spend it on.
- randomhodler84 5y ago
  I suspect the only way to prevent the collapse of all fiat currencies will be nations holding BTC, and probably other fixed issuance coins used for shorter term trade. There will be a pegged redemption rate, for fiat currencies to the Bitcoin. Because states can keep printing more fiat, there will be some shenanigans with fake Bitcoin. Make sure you always take custody because the banks will try to inflate it! I believe this because it is the only honest money we have. It was invented to keep us honest.

Ah ok that makes more sense. In other words, what BTC will "buy" in terms of goods and services is more or less the same it buys now (maybe more is predicted?). Just the dollar will drop dramatically in value. This might happen sure. Couple of points (just my opinions). If the dollar declines that precipitously in value (in our lifetime), seems it might get slated for replacement. Particularly given what we now know digital currencies can do. Will governments throw in the towel on control of currencies? Seems unlikely, willingly, but maybe they won't have a choice. Would some kind of international monetary standard, agreed to by treaties, replace sovereign currencies with a digital currency? What kind of problems might this solve? (or claim to solve anyway). I don't know. Just don't see nation states giving up control quite yet. I suspect BTC has it's uses for national interests or seems it would have been stomped to death some time ago. If that's even possible, idk. If the dollar declines that precipitously, that rapidly, it seems like significant social upheaval would accompany the decline. Back to my point about the lights being on and networks up. Were I to chose a store of value in this scenario it would be essential physical goods, water and land. Seems you could pick up a lot of baubles with that during the tough times and have wealth when things smooth out. BTC depends on a number of underlying assumptions about social order, at least to the level of maintaining utilities and production lines so there is something to spend it on.

randomhodler84 5y ago
I suspect the only way to prevent the collapse of all fiat currencies will be nations holding BTC, and probably other fixed issuance coins used for shorter term trade. There will be a pegged redemption rate, for fiat currencies to the Bitcoin. Because states can keep printing more fiat, there will be some shenanigans with fake Bitcoin. Make sure you always take custody because the banks will try to inflate it! I believe this because it is the only honest money we have. It was invented to keep us honest.