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Crypto, A Force for Good? Or a Trap?
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Crypto, A Force for Good? Or a Trap?
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I find crypto to be just another investment. As the saying goes throw enough sh_t on the wall and eventually something sticks. I keep most of my crypto in a hard wallet and when my geeky son has the time he will transfer more to my hard wallet. I don’t trust the exchanges because to me that is how the gubment will control. Not possible if on a hard wallet. Trades can be done by hot swaps and from my understanding those do not use exchanges. I have so much to learn about crypto and have enjoyed reading everyones thoughts in this thread. I am so grateful that God blessed us with our geeky son. If I should die before I use it he knows how to access it.
Having crypto is only a small part of our investments. Paid off property, home, and trucks were done first. No credit cards or loans. I collect jewelry and have gold and silver saved from over 45 yrs collecting. Some of the gold I have cashed in to help buy preps, but most of the silver I still have, probably 50 lbs +. We also have some silver coin saved as well. Food stocking is up to over a years worth. A 18 x 32 ft outdoor screened in kitchen with multiple ways to cook. We also have a hand pump well with good water. An outside garden and a green house for growing food. We also have almost a whole house of stuff that can be bartered if need be. Not so much furniture, but canners, pots and pans, cast iron cookware, dishes, clothes, shoes, blankets, and such. Our neighbors are good and sit on their own homesteads most with more land than ours is. We are in a rural area with 15 miles to get to a city to the north and 25 miles to the south, and 13 miles to the west. To the east (4miles) we have a large lake full of fish.
We have been prepping for what seems like a lifetime, but maybe really seriously for at least 12 years. I think we are as ready as we can be. We lost our 34 year old son July 28th to brain cancer, but God spared me from throat cancer (both 2nd cancers for us, but we did get another 20 yrs). We were prepping for him for after we were gone. God had other plans. We live each day by his grace.
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Hypothetically speaking.. Everything is legal until you get caught, and everything is likely illegal somewhere, somehow, to some judge.
Or to paraphrase, the currency of my enemy is my currency.
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I like this reply
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call me old fashioned I don’t care, all it takes is one (1) intelligent teenager that controls an AI and POOF like smoke it is gone into the ether.
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Solana is a blockchain platform that aims to provide fast and scalable solutions for decentralized applications (DApps) and cryptocurrencies. It was designed to handle a large number of transactions quickly and efficiently, making it suitable for various use cases.
Now, let’s talk about Solana price analysis. When people refer to Solana price analysis, they are essentially examining the historical and current price movements of the Solana cryptocurrency. This analysis helps investors and traders make informed decisions about buying or selling Solana tokens. By studying factors such as market trends, trading volume, and other indicators, analysts try to predict potential future price movements of Solana.
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I dabbled in it for a short while, and honestly I’m no less ignorant of it, than before the dabbling. I remember people telling me that it was fool proof. That it was backed and therefore couldn’t/wouldn’t crash. That you could invest as little as a $100 and become a millionaire. Etc etc etc. Well, I’m not a millionaire. It did crash. And for a while now I’ve seen where different entities are having their accounts confiscated/shut down. Don’t know if that’s true, or but if it is…I feel like I’m glad I didn’t dabble any more than I did. .
If it works for someone who understands it. That’s awesome. But I had and have a hard time purchasing something that is “mined” from nothing/time/or wherever they claim now.
Besides, it seems too easy for whomever has control over it, to manipulate it in any given way.
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I totally get it. I am still rather skeptical. But, I like the idea of using their systems against them if possible. Hence why I only invest what I can afford to lose (which isn’t much at all). Economic warfare is really all we have.
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If the internet is “down for the count”, I’m screwed with both crypto and US dollars. Your local stores, govt, news outlets, everyone also relies on that connection to “The Cloud” to connect to all their information, payment and financial systems. If the net is down, I can’t connect to my bank, credit-card, retirement — any of it — without an internet connection. I suppose I could scamper down to my physical bank and if I do, odds are that I won’t be first panicked account holder in line for their “limited funds on hand”.
And all that is before crypto even enters the conversation…
Like it or not (and I do not!), the internet is critical infrastructure that the entire world runs on now. If it goes down for any protracted duration, the normal and expected functions of our society will likely be significantly handicapped — except for those who happen to have cash on hand. I hope the teenager at the cash register can do math and make change accurately.
Consider this, if the internet goes down and isn’t coming back soon, perhaps the market will devise [insert some workable solution here] to get by on. But without the internet, how does that information get broadcast to everyone outside of densely populated urban centers where it’s trivially easy to gather a crowd and pass the word? For the suburbs and beyond, I have no idea. Maybe “Paul Revere” style? It certainly won’t be as efficient as we are accustomed to. Eventually, someone will get word to a radio or TV station maybe.
So while I like crypto and the potential it brings, cold hard cash isn’t dead yet. I’m firmly in the camp of keeping emergency cash on hand, as much as you are comfortable with. Probably won’t help you with all of your monthly bills, but hopefully, you can still buy from food, pharmacy and retail for as long as your cash holds out.
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I think I lean more towards your thoughts on this. I have lived in third world countries where the govt would just decide to turn the internet off for extended periods of time. Electricity and internet were not always assured. It was hit or miss if you could get funds out of a bank or ATM…. sometimes for months. Putting all of my bartering ability completely outside of my access gives me pause. I realize we have many automated online payment systems set up, but I don’t want all of my eggs in one basket. Especially because I currently live in a place where quite frequently our internet is no good. Is it cloudy or windy? No internet….. I’m just not ready to depend so entirely on anything digital. I admit I haven’t looked closely into any kind of crypto currency, mainly because I have not seen a need for it or how it would work functionally in our rural area.
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Sounds like you take a multi faceted approach. I believe this is wise. I do the same.
Have some crypto, some cash, some silver, and a myriad of other consumables that I believe will be in super high demand for the first month post event.
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One thing many forget, is that if the internet goes down, so does walking into our bank to acquire our funds. Hence why I feel it is important to have cash on hand.
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With Bitcoin you can “hold” it on a separate device, offline. Sort of like a thumb drive but different. You download your coin or parts of one, then you remove it from the computer and put it somewhere safe. A little like keeping gold or silver in a safe or vault. Except it is much smaller and lighter.
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Yes, I have a Nano S. I may be oversimplifying when I think that if I have my cryptos on a hard wallet, separate from an exchange, if the internet goes down, which I think it will, maybe, possibly when it comes back up my cryptos will be recoverable. Who knows until things happen, but I am not relying on my cryptos to survive on. So, I will wait and see.
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Absolutely Spags!! Only what one can afford to lose, while also keeping in mind of our basic needs of shelter, food, clothing, family & friends, and a means to protect those resources.
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