Posted: May 27, 2019 6:21 am
by Hermit
jamest are imagining a scenario of such epic proportions that all forms of money lose their value, whilst on the other imagine that factories will still exist which produce toilet paper.

Not at all. I was imagining toilet paper in terms of currency. You just imagined I had continued production in mind.

jamest wrote:I'm talking about an economic armageddon which results in the demise of the $ and a new king, Bitcoin, as the standard for universal economic trade/wealth.

Bitcoin will disappear as a currency for the same reason as all fiat currencies: It has, as you have mentioned, no intrinsic value. Rarity only becomes a factor of value in conjunction with utility. You can't even wipe your bum with bitcoin. That's something you can do with banknotes, albeit not very well.

jamest wrote:The difference between your parents and yourself or own offspring, is that instead of looking for rugs, China, silver, gold, etc., is that there's a new alternative: cryptocurrency.

You have yet to establish a valid reason why cryptocurrencies are going to be of any use when all other fiat currencies have become useless. Dream on. Cryptocurrencies are made out of nothing, just like all other monetary currencies. Come economic armageddon, all of them will be wiped out.