patrick.net

All this talk of default has me wondering.

How do you get your money out of bitcoin if the internet goes down?

Onvacation says

All this talk of default has me wondering.

How do you get your money out of bitcoin if the internet goes down?

You don't.

Onvacation says

All this talk of default has me wondering.

How do you get your money out of bitcoin if the internet goes down?

A lot would have to go down, but you don't get any money out. If there's a US outage of internet and cell coverage, good luck getting anything for bitcoin. Water, food and guns will be the biggest asset if anything hits that level. Barter from there with what you've got in other resources. Water, food and ammo would be the big 3 you could trade. Not a soul will be caring about crypto.

If the internet were to go out nationwide, that means the entire electrical grid is probably fucked. Your video game tokens are worthless. This is 1,000% true. I don't care about hardware wallets either. Without verification they're worthless.

Anyone in Louisiana right now that rode out the storm. What do they need? Certainly not bitcoin or crypto. They need food, water, sewer, gas, potentially guns and ammo if things devolve. Fortunately the updated pump and levee systems seems to have worked so I don't think the situation should degrade too much. Not one individual is thinking about crypto though in NOLA.

WookieMan says

Anyone in Louisiana right now that rode out the storm. What do they need?

Vaxinatin; at least that's what I heard.

Ammo
Food
Water (esp. Water Purifications, get a couple of spare Berkey filters to trade in addition to keep in reserve)
Batteries
Booze (boring without reliable/cheap electric)
Condoms (boring without reliable/cheap electric)
Beer making equipment (soaking grains)

WookieMan says

Water, food and guns will be the biggest asset if anything hits that level. Barter from there with what you've got in other resources. Water, food and ammo would be the big 3 you could trade.

Don't forget alcohol and tobacco!

That's why it's the ATF.

Onvacation says

All this talk of default has me wondering.

How do you get your money out of bitcoin if the internet goes down?

So you think there will be a different internet for stocks and fiat? I don't really see any difference except you might get some paper
USD until any minor bank run shuts all that down too....

Cash says

So you think there will be a different internet for stocks and fiat?

no

Cash says

So you think there will be a different internet for stocks and fiat? I don't really see any difference except you might get some paper
USD until any minor bank run shuts all that down too....

Every wealthy person I personally know has a safe full of cash. My uncle being one. He keeps $200k on hand or more of physical USD. Haven't talked to him in a year with covid and all, but it might be higher now. His buddy and my deceased dad's buddy would have about $1M in physical USD. He just passed away a month or so ago.

Regardless of a potential collapse, at the onset people will 100% take USD. Prices might be inflated super high, but people will still take it in exchange for something. Likely ammo, food, water, guns or booze. So if the internet isn't working or electric grid is down, by default BTC is worthless. Let's see how the aftermath of Ida goes down in NOLA. I don't think people are exchanging BTC to get things.

I see the "Creator of Mass Misinformation WookieMan" spews again, Blabber on as if anyone could ever stop you lmao

Cash says

I see the "Creator of Mass Misinformation WookieMan" spews again, Blabber on as if anyone could ever stop you lmao

Good counter argument. Not a knock on anyone that visits this site, but no multi-millionaire visits this site. There's a reason some of you guys play in crypto. I know it.

Dick around in it all you want. There are better and easier ways to wealth over watching a super volatile "asset" like crypto.

Not to troll, but I have very little cash since it is best kept safe in a bank account and I don’t earn any interest lending my money to the bank.

My father liked to have a couple of hundred bucks around in cash.
I think that’s about right.
I’m not in favor of crypto currency either.

Cash in large amounts is like expensive jewelry; it doesn’t appreciate and you worry about someone else trying to get it from you.

clambo says

I have very little cash

Yeah, Agree....its best to put cash to work by investing it into stocks, RE and Bitcoin.

Cash says

I see the "Creator of Mass Misinformation WookieMan" spews again, Blabber on as if anyone could ever stop you lmao

Is he wrong? Do you think people will use bitcoin in a crash?

Argue against his ideas instead of attacking him personally.

Anyone you know fall for this?

https://www.bleepingcomputer.com/news/security/bitcoinorg-hackers-steal-17-000-in-double-your-cash-scam/

"double your cash"... wtf... regardless if its cash, bitcoin, rubles, pesos, if you fall for the scam, then do we put you, in a stupid category?
I don't express about crypto that often... I know that in 2013, there was no talk of all this crap in this post.
What you don't know or understand leads to those who throw stones. If you didn't get in, in that time frame, their's not much you can say... the small guy had their chance, and those that got in, and stayed in, should be happy.
I took notice in 2013 II got a lot of shit talk, when it peaked at 1200 and did a bounce back down. I really had to turn my back on them... to the skeptics..
It's like a 50 year old working in a corp. world... when the manager saids:.."Were getting new software for our department"... and I see them storming off to the coffee room...
I have to learn something new?
I like my cash... I dont want to convert...
It's my analogy... thanks... I'll stop drinking...

Investing in Cardano (ADA) has been the most profitable of all my investments in this life. Cardano is the #3 crypto by marketcap now and just released smart contracts. I invested in it when barely anybody talked about it.

Gen 1 crypto > Bitcoin
Gen 2 crypto > Ethereum (smart contracts) and the other shitcoins
Gen 3 crypto > Cardano (ADA), proof of stake, lets you earn 5% on your holdings....invested in it when it was around 10 cents....now trading over two dollars. Lets go baby!

seesaw says

double your cash"... wtf... regardless if its cash, bitcoin, rubles, pesos, if you fall for the scam, then do we put you, in a stupid category?

How about "ignorant"?

Onvacation says

Argue against his ideas instead of attacking him personally.

I don't even care anymore. I get your point about debate. But it hasn't and won't change the pumpers. It's a blind dogma for something that will certainly fail. Public companies with assets do all the time. Crypto has no assets, or at least bitcoin.

There really isn't an argument to be had on the topic. It just turns into pumping which is the goal of the troll pumpers. I've stopped engaging the idiocy of it all. They can go ahead and claim that last piece of shit at the end of a sewer line for another five years. I'm trying to stay out of these threads as much as possible.

WookieMan says

There really isn't an argument to be had on the topic. It just turns into pumping which is the goal of the troll pumpers

Yup.

The value of bitcoin depends on HODLERS thinking they have digital gold. I always laugh when I hear things like, "The market cap of bitcoin has exceeded the GDP of Slovakia". As if trading tokens have a market cap.

Mark of the beast!

1 bitcoin = $66616.19

Just heard a crypto ad, "If you had bought $5,000 worth of Ethereum 6 months ago you would be sitting on $10,000 today!" People still be "HODLing"(spell check actually knows what that is!)

Bitcoin is down to mid 30k range.

TIME TO BUY!!!

HODL HODL HODL

“Easy come, easy go.”

So how come this crypto shit is falling in unison with stonks, spooked by inflation? Wasn't it supposed to be a hedge against exactly this kind of crap?

Onvacation says

Argue against his ideas instead of attacking him personally.

That's absolutely no fun.

FuckCCP89 says

So how come this crypto shit is falling in unison with stonks, spooked by inflation? Wasn't it supposed to be a hedge against exactly this kind of crap?

The current cryptos are entirely based on speculation, just as stocks are.

I don't know about all cryptos, but with Bitcoin in particular, it's unworkable as a way to pay for goods and services. Basically, if you were buying a car, or a house, or some other large purchase that would take around 20 minutes or more to do the transaction, it MIGHT be useful for that.

But nothing else. It's a distributed database, and it's SLOW, so when you move money from one wallet to another, it's both a lengthy, and costly process.

richwicks says

The current cryptos are entirely based on speculation, just as stocks are.

Well, stocks have a kind of natural floor to them. Stocks are in theory shares in an income-producing company. If that income is 10% or higher (a p/e ratio of 10 or lower), rational people will "stock up" on that stock to get that income, assuming they believe the returns will continue at a similar rate.

But yes, on the other side, stocks can be bid far beyond any justification based on the income they produce. That part is speculation.

No way.....Crypto is correcting and all the haters found their cheerleader gear to celebrate. Lol. It just never fails. The entire way up you hear nothing but when it corrects they are all awake :)

Most of my stocks are value stocks that pay dividends. They all got hit too recently. But I still feel good about them long-term.

What happened to the bitcoin cheerleader that was here a few months ago? Especially now that it's off 50% from its Nov 2021 high. If and when he comes back, he'll tell us he sold at the peak.
Bitcoin says

Yeah, Agree....its best to put cash to work by investing it into stocks, RE and Bitcoin.

My friend Jerry told me that everytime he puts his cash to work, it gets fired.

richwicks says

But nothing else. It's a distributed database, and it's SLOW, so when you move money from one wallet to another, it's both a lengthy, and costly process

And that is all it is, a distributed database. Some HODL'ers think it will one day be THE currency and the early adopters will be filthy rich.

richwicks says

I don't know about all cryptos, but with Bitcoin in particular, it's unworkable as a way to pay for goods and services.

This shows me you don't know anything about ALL cryptos including bitcorn.

clambo says

If stocks are speculative, why am I swimming in dividends?

Don’t buy stocks by all means, they’re just a scam.

The megabucks I made with AAPL is just an illusion and they are going out of business soon.

I should quickly take my profits and wisely invest in BTC.

There's no connection to price and earnings.

And with regard to Apple and their customers - you're basically depending on a segment of society to spend over $1000 and a $100 phone, and spend $200 on a $25 head piece.

I'm an engineer, and I go between "these poor people just don't know what they are doing" to "these stupid assholes deserve to be ripped off".

Tesla has a market cap that is higher than ALL the car manufactures of the United States. It has lower range, it's impossible to work on by a general mechanic, it's untested in the long term, and it doesn't in ANY WAY reduce usage of fossil fuels.

My worst problem is that I 1) will recognize a scam very early on and 2) have been programmed by my fucking parents not to engage in scams. It's immoral.

Tesla is a scam, Apple is a scam on its consumers, Elizabeth Holmes was a scam (obvious one with her fake deep voice), Bitcoin is a scam because it's untradeable, global warming is a scam, Solyndra was a scam, Facebook is a scam, Rumble is a new scam - but a scam. It's not to say you can't make money on these things, I'm saying that the only way you make money is a Ponzi scheme, get a greater fool into it, that's it.

I'd be better off if I was more of a fool. I over-estimate the intelligence and discernment of people pretty consistently. Either people are stupid, or they are unethical and I don't want to be part of either group.

richwicks says

Bitcoin is a scam because it's untradeable

FJB says

richwicks says

I don't know about all cryptos, but with Bitcoin in particular, it's unworkable as a way to pay for goods and services.

This shows me you don't know anything about ALL cryptos including bitcorn.

https://lightning.network/lightning-network-paper.pdf

@richwicks in essence what you said would be equivalent to saying TCP/IP has no real value. It just moves packets around, you can't make money off of it, it's a scam - back in the day.

FJB says

richwicks says

I don't know about all cryptos, but with Bitcoin in particular, it's unworkable as a way to pay for goods and services.

This shows me you don't know anything about ALL cryptos including bitcorn.

Oh my fucking god.

You have NEVER moved a bitcoin from one wallet to another or attempted to have you?

It takes minutes sometimes hours, sometimes DAYS.

Buy groceries with that.

I have a few bitcoins somewhere in the mound of HDDs I have. It's not even worth my time to find them. Even if I had them at my immediate disposal, I know it's a scam, I'm just taking advantage of some poor dope buying into it. This will NEVER be a workable currency.

When a system comes out that allows you to move the token (and it's a token) from one wallet to another within < 1 second, wake me up. THAT is a solution. That's a workable currency.

All Bitcoin is, is a massively distributed database, and it's very fucking slow. The hope of all this bullshit is that eventually, a massively distributed database can be made to work in real time. Now if you can DO THAT - that's worth some fucking money. Not just passing around tokens, but passing around anything. That's a billion dollar solution, and the idea has been around for at least 2 decades, and there may be no solution.

richwicks says

You have NEVER moved a bitcoin from one wallet to another or attempted to have you?

Of course I have.

FJB says

@richwicks in essence what you said would be equivalent to saying TCP/IP has no real value. It just moves packets around, you can't make money off of it, it's a scam - back in the day.

richwicks says

The hope of all this bullshit is that eventually, a massively distributed database can be made to work in real time. Now if you can DO THAT - that's worth some fucking money

Again, read the fucking paper I linked above. Clearly you haven't heard of the lightning network or can't fathom the idea that LAYERS are being added to this tech, just like Amazon and Google are layers on TCP/IP. People can poo poo most of the alt coins all they want and I'll be right there in agreement with them but people who spout ignorant nonsense about bitcorn don't know shit about shit.