Planning for worldwide disaster? Bit coin, etc.?

gt94sss2

Dan03 wrote: »

In a serious international crisis what would the new currency end up being?

There would not be a new currency in the event of a financial crisis. As you yourself accept, the most important thing in those cases would be access to sufficient food and energy.

If you think filling up your cupboard with canned food could end up being just a waste of money - well buying £1000 of bitcoin is likely to be an even bigger waste - you can still eat the food after all.

If there is a financial/economic crisis, then whatever others will accept has value - in the UK, this is likely to remain GBP unless you want to hold gold and diamonds on the chance they will be accepted.

Of course, if you live in the Euro-zone I would definitely be holding other currencies/overseas assets as a hedge - I for one think its highly likely at least one country will leave the zone in the next few years..

In the event of a major nuclear war, the chances are you will be dead so no point worrying about it.

elsien

Norman_Castle wrote: »

Maybe we're already here.

You're are David Icke and I claim my £10. I'd also accept bitcoins. If I had any idea what they were.

ColdIron

Dan03 wrote: »

In a serious international crisis what would the new currency end up being?

You mean a serious crisis like the Oil crisis, Black Monday, Black Wednesday, the Asian financial crisis, the bursting of the dot-com bubble, the Global financial crisis or the European sovereign debt crisis?

The City of London Investment Trust has managed to increase its dividend every single year for 50 years and steered a course through all of the above none of which brought about a new currency

But if I have to answer the question I would go for Groats just to keep Sturgeon quiet because she gets on my wick

jimjames

Dan03 wrote: »

Anyway.... that aside... If for any reason our financial system collaplsed, why would that not make bitcoin the only major currency to survive as it is running on a completely different system? As I said, when Brexit put doubt on the pound and the euro it almost doubled in value, so what would happen if something more serious happened?

I think you're being extremely naive to think that a currency only accessible and produced online would be of any use in a financial meltdown. Maybe gold would but essentially only items that are of immediate use would have any real value if systems entirely broke down.

jimjames

ColdIron wrote: »

The City of London Investment Trust has managed to increase its dividend every single year for 50 years and steered a course through all of the above none of which brought about a new currency

That's not strictly true. With a 50 year heritage it's also been through a new currency too if you can count decimalisation as being new.

jimjames

elsien wrote: »

You're are David Icke and I claim my £10. I'd also accept bitcoins. If I had any idea what they were.

Are these bit coins?

ColdIron

jimjames wrote: »

That's not strictly true. With a 50 year heritage it's also been through a new currency too if you can count decimalisation as being new.

But I don't think decimalisation was brought about by a crisis, much like the Euro, though it seems to be causing one or two of them

Cash-Cows

In the case of total melt down you would be better investing in a bug out bag.

bitten_by_cutie

bitcoins would be just as worthless as FIAT currency.

Gold might be worth holding, but you cannot eat gold. In the war black marketeers would make a fortune selling food, but they knew the war would end eventually...if it were a reallly bad disaster along nuclear lines, forget it, nothing would be worth anything other than the immediate necessities, which is why brute force would be a good skill to have, and maybe weapons and medicines, anti-biotics and fuel/energy supply generator..

slowpoke_rodriguez

Where are you going to spend these bitcoins?
You'll be needing Gold, Silver and Diamonds, and other pretty stuff, and even they might be useless...