Quote: (09-30-2016 12:46 PM)Isaac Jordan Wrote:
Quote: (09-30-2016 12:16 PM)The Beast1 Wrote:
Quote: (09-30-2016 11:59 AM)NewMeta Wrote:
Ive dumped a good fraction of my savings into Bitcoin in anticipation of oncoming Deutsche Bank Crisis, I have no idea how it will play out in reality. But I'm looking hopeful at the scenario where people look to cryptocurrency so as to avoid any measures the banks put up to start covering their asses.
One of the things that has been talked about for awhile is negative interest rates on savings, so obviously dumping your savings into physical assets (gold/silver) or cryptocurrency would be a good way to avoid this.
The reason why I think bitcoin will take preference in this cycle is because you can actually use it to buy things, gold is useless when it comes to physical purchase power, you would be a moron to trade a gold coin for a couple of cans of food. Increased demand on bitcoin will raise its value, also if the dollar takes a hit, natrually bitcoins value will also rise comparatively (i think), so it could also be a good pay off long term. So that is generally my train of thought.
You'd be better off opening a US bank account and keeping your money in USD.
You don't have to worry about governments deciding to kill all exchanges and making the convertibility of your coins disappear.
This is terrible advice.
First of all, you don't have to keep your coins stored in an exchange or with a third party. There are all sorts of bitcoin wallets available, including cold/offline wallets for secure long-term storage.
And second, do you have any reason or evidence to back up your claim regarding government shutting down bitcoin/crypto markets?
While I'm certainly not one to put my trust in the government (one of the reasons I own bitcoin, after all), giving out financial advice based solely on fear-mongering is no way to go.
At a time when people are once again anticipating massive bank runs and global financial crises caused almost entirely by the nonstop printing of fiat currencies, saying that you're better off trusting Big Banking to protect said rapidly-inflating fiat currency instead of investing in an anonymous, decentralized, inflation-proof currency (essentially a digital gold) that has more than doubled in value since this time last year, solely because your tinfoil hat started tingling, is simply ludicrous.
I don't need any evidence, it's clear as day.
Bitcoin offers private citizens an easy means to shuffle cash around capital controls and outside traditional financial channels. This is a problem for central planners.
We're enjoying easy convertibility right now , but it isn't far fetched to believe that world governments will restrict or severely limit the convertibility of coins into currency in the near future.
They've already done it in mainland Europe with precious metals dealers (albeit with poor results)
http://www.thenewamerican.com/world-news...-in-europe
It isn't far off to assume cryptocurrencies are being looked at too.
What good will your coins be if you can't convert them into currency to buy food or worse pay taxes if it's impossible to easily convert them?
If you want to protect your wealth do what the real wealthy do: buy precious metals, land, buy things of value that you can hold in your hands. At least you can barter these away and even under the table if need be.
You can't barter electronic bits. You also can't use bitcoins if a government decides you can't convert them to cash.
Edit: Here's a list of countries that have banned bitcoin (obviously with varying levels of success).
https://www.cryptocoinsnews.com/top-10-c...in-banned/
When things start getting worse (which they will) you can bet that they will be actively chasing down people who use these markets. China in particular I can see putting a clamp down on exchanges of all kinds if their economy starts acting up.