Posted: May 26, 2019 6:09 am
by Hermit
jamest wrote:
Hermit wrote:
jamest wrote:I'm only here to try and help you muppets survive the oncoming economic armageddon.

When economic armageddon arrives cryptocurrencies will be worth no more than the paper they are printed on. I mentioned this before, most recently here, but you insist on ignoring inconvenient facts.

When fiat collapses, holders of it seek alternative stores of value. In the past that was things like the precious metals and diamonds, etc.. Next time it happens, crypto will be the main beneficiary.

I'm not here to proclaim that crypto is God's own currency, or anything like that. Indeed, there is no intrinsic value in any thing, is my philosophy.

I don't think that you understand my motive/purpose here.

Wild guess now: You are convinced you have found the means that will protect yourself from the dire effects of an impending economic armageddon of such severity that it destroys all fiat currencies. The means are cryptocurrencies. Your motive/purpose here is to convince us that this is so.

Good luck to you, but you don't have me convinced. What applies to fiat currencies applies to cryptocurrencies, and for the same reason: None of them are of any intrinsic value. The finite number of Bitcoins does not create value either. When the shit hits the fan we will be reduced to bartering things of utility. A roll of toilet paper will be more valuable than 20 Bitcoins. Even 100 dollar notes will be more valuable. At least you can wipe your bum with them, or use them to start a fire.

My parents to be were in their very early twenties when WWII ended. They lived in Germany. Reichmarks were used as a source of heat. Currency consisted of eggs, bread, salamis, ham and such. Farmers became very wealthy very quickly. They could get a 100 year old Persian rug for half a dozen eggs, golden wedding rings for a chicken, the finest silver cutlery and China crockery set for a side of ham and so forth. I doubt they'd swap any of their goods for Bitcoins today.