>In the last week, two significant events impacted the global financial market sentiments: drone attacks on Saudi Arabia's oil production facilities and ECB's announcement of introducing a fresh rate cut and restarting quantitative easing. The events prompted downside moves in the global equity market, which, in turn, increased bids in haven assets such as gold and U.S. Treasuries. Bitcoin, on the other hand, appeared like a mum spectator
>Investors picked safe-havens, but they ignored bitcoin. Their decision to fly their capital into more traditional hedging assets benefited gold. The yellow metal surged by as much as 1.6% on the day oil registered a 20% loss. Treasuries advanced as well, with the yield on the benchmark 10-year bond coming down to 1.792%. It is still trending downwards.
>What's further worsening the case for bitcoin is its cryptocurrency community itself. Over the past 48 hours, a large portion of bitcoin capital has shifted to alternative cryptocurrencies. The outflow of some $8 billion has pushed the bitcoin market dominance down to about 67%. On Monday, it was as high as 70.3%, according to data provided by CoinMarketCap.com. They're right, you know. Cryptocurrencies are only possible in highly complex and refined societal conditions. If you believe they'll let you preserve value precisely when those conditions dissappear, you're either extremely naive or supremely retarded.
Craptocurrency means nothing to anyone who isn't connected to the internet 24/7. it's just as fake and intangible as fiat. Who gives a fuck about the block chain. If there is a societal collapse and the power is intermittent because of massive shortages, the last thing anyone wants to see is some cocksucker with a smartphone holding it up and going "I'll give you some of this digital bullshit for real world food and water." I'd shoot the fucker on principle in a situation like that.
Asher Turner
Crypto is inevitable.
Blake Anderson
>ccn.com This is like that time I bought CoreLink by accident.
Caleb Harris
They aren't wrong. Bitcoin isn't backed by anything.
Absolutely this. Crypto is like a luxurious dog breed, the result of sophistication but completely useless in the state of nature.
You're just parroting slogans. It most certainly is evitable, we've managed to live without it during 99.9% of our history as a species.
Nathan White
The doomer's folly is to assume decivilization will occur everywhere, all at the same time. To his worldview, he is already living in the apocalypse, so only bullets, beans, and bandages matter. In reality, the shit is going to hit the fan at discrete points in time and space, which means the effect will be muted or even nonexistent. There is definitely a potential outcome where half the planet is fighting over scraps of food and people living in those regions use extremely advanced magic techno money to purchase things from the half of the world where things haven't imploded.
Ethan Williams
Yes, this bored is infected with doomets and coomers but not many roomers (realists).
Adam Rodriguez
I'm gonna project and say you are just disregarding the impact the journey will have. Sure bitcoin by itself isn't anything big, but what matters is all the innovation the technology will briing/ has brought.
You know all hospitals are isolated in terms of databases? What if you have a decentralized system to be able to pull medical records from anywhere in the world?
Application and use for the technology is needed. Don't disregard it because you can't picture a future with it.Think outside the box a little bit. Its all about the journey not the destination. Stop focusing on useless parts of bitcoin/blockchain.
Josiah Parker
i am talking about fiat collapse (euro) which is definitly a scenario where ppl might consider buying corns, nobody really believes that society is going to collapse completely.
a lot of ppl have to loose a lot of money in order to reset the loan credit cycle, and bitcoin might be one way to preserve wealth.
Wyatt Thomas
do you realize how Bitcoin has performed in multiple markets in crisis? Iran, Venezuela, Argentina, Zimbabwe, Hong Kong, China even you have to be extremely low IQ and possibly blind to believe this fud
Parker Morales
No shit, the first signs were here when teh yield curve SHTF.
I bet you at one point in our history, everyone criticized sky scrapers.
WHY ARE WE GONNA BUILD UP? WAHHH WAHH
Yes, we could build more somewhere else but we were provided (people were forced to innovate*) with a bunch of new types of technologies we didn't know we could have because we never had the problem before.
Rinse repeat.
Valid. Collpse of society isn't something that farfetched. All it takes is one huge panic. One super bacteria, one EMP, and i mean shit, skynet isn't that farfetched once we develop AI's.
Samuel Watson
>I'd shoot the fucker on principle in a situation like that. Same thing with metals.
Cooper Robinson
95% of fiat is digital
Adam Ramirez
Bitcoin is being traded at a 15% plus in crisis countries like Venezuela or Argentina
Chase Lee
crypto is backed by provable holds o x coins which represent an economic distribution
Luke Gray
Aaaand there's no coming back from this one. Retards irrevocably btfo.
Christian Thompson
Why the fuck would poor counties use BTC? Fees are way too high where pennies matter.
Wyatt Lopez
Brainlet. If BTC is a better store of value than the local currency its much more superior. i n f l a t i o n
>SHOCKER: OP is a newfag! Check what really happened in '13 to BTC, come back when you figure it out newfag.
Adam Ramirez
>imagine having a currency so fucked up, that BTC looks a valid alternative
Socialism, not even once.
Justin Howard
It might be okay for a well off shitholer who can stash money away. Everyone else needs to be liquid for daily expenses.
Jose Brown
Bitcoin miners are not evenly spaced out. You have the big farms and the small guys, not every single household running a miner. Satoshi was all about one cpu one vote. Then the gpu and asic mining began to take over. The difficulty is too high for a working class family to mine. Mining is centralized to the biggest players now. Using Bitcoin as cash works if someone offers a product such as vegetables from their garden. Going through Coinbase for Bitcoin is the same as going through a bank for fiat.
Connor Johnson
Countries deflate their currencies in crisis to pump the economy as taxes collapses , also they tend to put capital controls to avoid usage of foreign currency reserves.
Bitcoin avoid those two which is why crisis countries are the ones with the biggest demand in usd.
I just checked argentina btc price and it's 11750 usd each in exchanges.
Cheapest offer in localbitcoin is 11349 usd each btc.
Isaiah Young
I never said shitholers wouldn't demand BTC. I'm saying your average shitholer can't use it as money. It's savings at best. A few transactions is a day's pay. On bad days a single transaction can be a week or a months pay.
Nathaniel Mitchell
it does not matter...anyone smart enough to collect hash, will not shoot themselves in the foot.
also this happened before in 2013 14 a pool looked like it was going to get a majority and hash left.
Jackson Walker
Neither is gold retard
Tyler Jones
Wait until people actually need to trade and use alternate currencies. Boomer rocks will dump in value and crypto will skyrocket.
Justin Gomez
Crypto is a highly sophisticated decentralized Ponzi scheme
Nathaniel Young
imagine being this retarded
Cooper Lopez
>What is 1 sat fee
Camden Edwards
no crypto shines when a government inflates away the money or denies financial services to his people. not in a speculative market event or a recession. greece cyprus venezuela maybe italy next
Parker Morris
and that's a good thing all backed assets are fractional reserve scams
Ryder Powell
Wrong. Even in an apocalypse, the ledgers will be maintained. The biggest issue is simply that transactions are slow.
Wyatt Reed
BTC doesn't have 0-conf. You're already going to be hard pressed to find local merchants who are willing to wait 10 mins on a good day, let alone ones who are willing to wait hours or longer. The fact of the matter is BTC is a mess.
Justin Martin
I’d kms if I were as delusional as you.
Thomas Lee
You don't get the use of btc then , btc is being used for international payments , digital gold and avoiding capital controls.
The digital cash failed and most of the btc community agrees a forking would be bad , it's better to let it be a global p2p bank with massive hashrate than risk opening the pandoras box with forkings that unleashed things like the bsv pajeets.
Make no mistake btc already won and will be the reserve currency of this new p2p financial system, now the battle is who is going to take the place as digital cash and private payments.
Tyler Edwards
Also sorry to any jannie in charge for the shitpost i did , i thanks for your warning and won't happen again this week.
So what was the point of bringing up 1 sat fees then in response to me saying it can't be used as money?
Parker Gonzalez
Yes. Choo choo!
Owen Baker
> cnn.com Fuck you warren buffett
Zachary Bell
this is why i sold my 2011 btc for RSR. RSR is backed by real assets
Levi Cruz
Why "roomer"?
Jace Ross
I think I've seen this post on Jow Forums at least 50 times since I've been here. Retards like you think you are so smart for stating this without being aware that you're just drones that were brainwashed by someone else. Here's the logical fallacy that you dipshits keep falling into: >"muh societal collapse" Pro tip, retard: society won't collapse all at once and people aren't buying crypto to gamble on this 1 or 0 event. When your shithole government turns on you and you get Venezuelaed, while the rest of the world is ok, then you realize it would be nice to have some BTC stored in your brain wallet and cross the border with all your wealth. Even if you can't cross the border, you can easily transfer it to a family member that managed to leave the shithole. But no, it's always "muh complete societal" collapse with morons like you. It's all or nothing, completely disregarding the fact that every year there's some shithole out there that pulls a Venezuela on its citizens and each time said citizens go into crypto to avoid getting BTFO while the ones that don't, regret not having at least 10% of their networth in crypto when they see their currency inflated 1 million times and their gold confiscated by the government.
If you're living in a 1st world country with 0% chance of turning to shit, crypto is still a good option just for the simple fact that there are place in this world that need crypto and this pushes the demand up. But go ahead, keep believing in your Mad Max bullshit scenario where all that matters is guns, food and medicine.
In that case fiat, crypto and metals will be utterly useless. The new currencies will be guns/ammo, food/water, medical supplies and toilett paper.
Jordan Jackson
>the yellow metal surged by as much as 1.6% >surged >1.6% the absolute fucking state.
Brandon Cruz
>Checking singles Lurk moar
Elijah Ortiz
based and cryptopilled
Tyler Cox
>If there is a societal collapse Haha he said the meme
Parker Davis
cryptocurrencies have already achieved their true use case, which is being a speculative vehicle to extract money from fomo idiots who drank the techno decentralization anti-bank libertarian kool aid.
Make your mountain of fiat and roll it onto the next scam.
Jacob Rodriguez
You where saying it can't be used for poor people , that's simply not true , all a venezuelan has to do is use 1 sat fee and wait , it will be faster than any other system and without risk of having accounts closed like paypal do or weird stuff like that.
And with lower costs in the end any fee lost in the transaction is then recovered massively as the local demand for btc in places with capital controls is massive.
>t. Keynsian
You should be scared Mr Keynes , very very scared.
>BTC doesn't have 0-conf you make it sound like a feature instead of retardation but actually rbf is an optional flag if you don't use it the merchant could gamble to accept your payment without confirmation.
Dylan Morgan
>cryptocurrencies have already achieved their true use case, which is being a speculative vehicle to extract money from fomo idiots who drank the techno decentralization anti-bank libertarian kool aid. >Make your mountain of fiat and roll it onto the next scam. redpilled
this bullshit idea of digital gold is dead. it can only work as long as there's a bunch of suckers pouring they paychecks in this energy wasting hellhole. once the pool of idiots dries out, bitcoin can only slowly bleed to 0 from this point.
Isaiah Miller
You have it backwards, you'll be begging to buy food and water, but I'll shove my shotgun up your ass. "You don't have anything of value, yet you dare ask me for provisions"? I retract the shotgun a few inches and tease the trigger a little as you grimace, then I forcefully shove it back in hilt deep. "I think I've been more than generous with the others, multiple cryptos accepted, and selling for a more than fair rate" I continue to thrust in out and, slowing increasing the speed and force behind each thrust. "You knew the value of blockchain, far longer than other did, yet you have nothing"? I retract the shotgun and force it into your mouth now. "Tcch, I guess that's just... how the cookie crumbles *bang!* a rubber cock extends from the barrel of the shotgun and goes down your throat. You gag, tears welling up in your eyes before I finally retract. Before your eyes you see the little flag unfurl from the dildo bearing the message: *bang!* I honk my nose and the crowd descends upon you, beating you to death with rubber chickens. "A fitting end for a dimwitted fool..." Then I go back to fucking your sister while she laughs at your retarded ass. P.S she swallows and does anal.
Adrian Hill
this guy knows whats up if you wanna make it if society collapses you better spend that money on food, water, guns, ammo and first aid kits why the fuck would you wanna keep shit like gold or fiat or crypto when that shit isn't gonna keep you alive for months or years
Aaron Reyes
>Op-ed internet news article headline >Op-ed >Opinion discarded >Name is Yosha Gola >nigger lookin for a buck
Isaac Adams
yeah, that guy is really smart.
Jason Rivera
Even those have their limitations. I'm a good ole boy so I have a little bit of land and plenty of what you mentioned, but they aren't going to be what saves my ass if the impossible were to happen. The mind is the only thing of value here, skills. It sounds ridiculous but there are people who don't even know how to start a fire. Let alone such basic shit as setting a broken bone or cleaning game. Some fat fucker in his basement with granpa's deer rifle and a couple hundred gallons of water won't have much power if he can't do anything useful. Just another mouth to feed(assuming he even has any one else with him), and the alternative, killing him off and taking his possessions, quickly becomes the favorable alternative to trading with him. Useful skills, close allies, these things come first. Material goods and value are nice to have, but they can more easily be acquired than people or skills. Priorities priorities priorities.
Camden Jones
There won't be a total collapse scenario where survival is life and death like a Hollywood movie preppers jack themselves off to in the evening before bedtime surrounded by plastic buckets of cheap macaroni and cheese.
>we've managed to live without it during 99.9% of our history as a species.
We've also never had so many people on the planet as we do now. Never had economic conditions and demands that we have now. Never had the relationship with data and information that we have now. By your logic we should all still be using carrier pigeons to send messages to each other. Technology changes in order to adapt to the demands of society as a whole and we are already beginning to see the major security shortcomings of centralised systems. Blockchain is INEVITABLE
Kayden Jackson
the energy that went into the proof of work is prettymuch physical and dependent on energy prices and means of production like gold. if gold was easy to aquire (or „mine“), it would not be worth as much
human history moves on fear if the collapse of the society comes , a server building of any "craptocurrency" will be more valuable than your entire shithole city's human population's worth
Christopher Brown
>decentralized Ponzi scheme user, I....
Luke Harris
I said it can't be used as money and you said it could, then backpedaled and now are moving the goal posts. Again. Congrats on this seriously.
>rbf is an optional Jfc, you people.
Josiah Mitchell
>by (((Yashu Gola)))
lmao
Tyler Cooper
>people are actually mad that I own crypto
the state of you
Nathan Williams
>random clickbait article thread >op is a faggot as usual >88 / 13 / 1 I hate you smoothbrains so much
If recorded history is anything to go by, it teaches us that a period of lawlessness, ie. the period where you're begging for existential needs and need to protect yourself and your resources from your fellow man, tends to last a short while, around a month. After a while some basic hierarchical order springs up and all violators of basic societal norms are punished.
Christian Sullivan
Speaking as someone who is actually really ready for the SHTF. I will be trading in metals, lead, silver, gold. Also in women and combat service.
Chase Green
COPE HARDER
Kayden Kelly
>look user the economy is in dire straits so we will need you to give up all your gold to the government so we can start a new round of monetary expansion to stimulate the economy, don't make us go and take it
Austin Myers
Madmax posters are funny
Daniel Allen
Crypto is a hedge against increasing government failing but a functional infrastructure. A recession isn't going to delete the Internet.
Gold, silver, guns, bullets, food, and water are your hedges for when some real shit goes down and society crumbles
I will shoot your wife and keep you as my sex slave faggot
Jack White
Countries with capital controls also forcibly convert your dollars to the local currency when you send a remittance, using the "official" rate which is always much lower than what it would cost you to buy dollars in the black market.
So for example, with today rates, if you send 1 dollar to Venezuela through a bank or WU, they will deposit you 45 bolivars in your account, which is the "official" rate, but if you went to the black market, the only place where you can actually buy dollars, 1 dollar will cost you 20,000 bolivars. You can overcome this by sending bitcoin and then selling the bitcoin in the black market, at the moment the "bitcoin dollar" goes for 18,500 bolivars.
Lucas Ortiz
I'm from the future, only this user correctly predicts what SHTF looks like.
Bentley Mitchell
I am very aware of it as i am from Argentina , by using legal means to get my freelancing income i end up losing 15% to fees and 15% to conversion.
By using bitcoin i end up gaining 15% by selling them locally where the demand is growing non stop. This morning btc was being sold at 11780k usd here.
Brandon Baker
>CNN Well, this is pretty clearly bullshit as fuck.
