Poll: With increasing use of crypto, does the idea of having gold as an alternative to currencies become obsolete?

[GWS]

Gold will be worth nothing because all the humans who value it would be dead too. Im talking about back to square one end of the world as we know it, not entirely. If you think crypto isn't backed by anything, I have some bad news for you about fiat currencies. Cash and money in your bank account can also be hacked or stolen with impunity. It's really not complicated when you set aside the concept of paper money backed only by a promise that it's value is stable because they're not going to print more....oh wait. Something is only worth what someone else will trade you for it.

So only Road Warriors will be all that's left? I think this has drifted into fantasy now, though I will point out that the people trying to rebuild civilization did win out over the Lord Humungus in the end. And once civilization resumes gold and silver will again be valuable.

I highlighted your last statement because it is true. But... My point is this: That you don't want/value gold means that and nothing more YOU don't value it. It does not mean that nobody else will want it. Using ammo as currency is equally fraught. What good is your 9mm to me if all I have is a 1911 in .45acp? You have to go find someone who wants/needs 9mm as I would have to find someone who wants my gold. Too many people who think that all they need is guns and ammo to get by. Most think they can hunt for their food etc, but some think they can be predators. For those morons who think they will just take what they want by force I always advise them to where something bright and cheery so they can look festive as they're hanging from a tree or lamp post.

As I and many others have said before, gold is a tool, one item of many to offer as trade. If some post apocalyptic guy said he'll trade you a tank of gas for 200 rounds of 9mm OR an ounce of gold, which would you trade? That ounce of gold cost $1800 when money meant something whereas 200 rounds of 9mm was $80. For myself I hand over the coin and say "Fill her up!" $1800 for a tank of gas! But if I need that fuel and that guy will take that gold coin then I call it a bargain.
It will be a seller's market in our post apocalyptic, road warrior world so it would be best to have as many options for trade as you can. After all, trade is a fundamental part of building or rebuilding a civilization.

 

[Lilhigbee]

I'm trying to imagine the fabulous set of circumstances that would have to develop in order to leave crypto-anything with value and gold without. If civilization gets to the point that gold is worthless, crypto-whatever will have gone POOF when the electricity quit flowing long before.

 

[gmerkt]

almost as well-backed as the old "Semi-truthful Larry's Used Cars" guarantee

"Folks, you are protected by our famous Fifty-Fifty guarantee."

1. If it breaks in half, you get to keep both halves.

2. Fifty seconds after sale, or fifty inches off the lot, whichever comes first.

 

[CountryGent]

"Fun" fact: In Venezuela, where Socialistic insanity destroyed their economy, some are now using gold as a medium exchange. Said yellow metal is often wrapped/transported in worthless Bolivars. (US Dollars, and to a lesser extent, Columbian Pesos are used too as a currency that still has value.)



Anyway, just one data point to consider.

 

[Xaevian]

There's no such thing as a free lunch.

Yup, just like the internet when invented was supposed to be free for all, unregulated, and neutral. How about now?

 

[NCW_Robert]

A friend of mine who buys a lot of silver and gold, ironically always says, "All the gold and silver I buy won't do me jack **** if someone won't sell me anything for it."

In other words your fancy gold coin really might be worthless in end of days. So really it's only valuable in terms of DOLLARS now because, well I'm not really sure honest. Probably history, gold used as currency for generations.

Truly speaking, world goes to $*** barter will reign supreme.

It's called a shot for a reason. One traded a shot (cartridge) for a whiskey

Truly speaking, world goes to $*** barter will reign supreme.

....

I think barter will be how much lead at 3000 fps I can trade for my life and being able to keep the stuff I got.

Simple as that. No one is going to trade anything. Lots of people with guns and some bullets are going to try and trade flying lead for my supplies.

The guy with the largest supply of food, lead and the guns to fling it will have the best chance of keeping his life and his supplies.

Noting else will matter for a vary long time.

Barter might happen eventually but who would you even trust to let get that close as that is also close enough to kill you if they have guns.

Sorry I have been watching the walking dead so I got a bad attitude about SHTF and how people will probably treat each other under those circumstances.

 

[WWShooter]

The value of anything is determined by the current needs. SHTF violence - guns, ammo, medical supplies, food, water. SHTF recovery - no internet (think EMP) - guns and ammo (sustenance hunting), food, water. I just don't see any scenario in which crypto has value without modern electronics and I don't know any real preppers who bet on the survival of modern electronics.

 

[Member 34319]

In my opinion.

Gold and any other currencies only hold value when some form of government (even if that is just a small group of people) agrees to the currency holding value. No matter what the item, it is a system. If no one agrees to its value as a currency, it is affective ly worthless. Gold is one of humanities earliest forms of currency. It is however, still a currency. Only because society sees it as valuable, does it hold value.

All that said, who knows what values will carry over from a failed society in a SHTF event.

In SHTF, I highly doubt I'd be selling food for useless coins.

"Fun" fact: In Venezuela, where Socialistic insanity destroyed their economy, some are now using gold as a medium exchange. Said yellow metal is often wrapped/transported in worthless Bolivars. (US Dollars, and to a lesser extent, Columbian Pesos are used too as a currency that still has value.)

View attachment 1061982

Anyway, just one data point to consider.

Venezuela still is part of the global economy, even if only a tiny sliver of it. It's because the world still holds golds value that they can. If the rest of the world collapsed along with their current government, those would just be shiny rocks.

 

[Camelfilter]

...
In SHTF, I highly doubt I'd be selling food for useless coins.
...

Same here.

However, I could see some folks with excess they couldn't reasonably store doing such.

 

[ATCclears]

Cryptocurrency prices are moving in lockstep with stocks and bonds like never before, punishing those who bought bitcoin and other digital assets in part to diversify their investment holdings.

The three-month correlation between the cryptocurrencies bitcoin and ether and the major U.S. stock indexes hit its highest level on record last week, according to Dow Jones Market Data. That level, between 0.67 and 0.78, is more than triple the average correlation between crypto and the S&P 500 from 2019 to 2021. A correlation of 1 suggests the markets are moving in lockstep, while 0 says they aren't related. The one- and two-month correlations are at record levels.

Crypto Prices Move in Tandem With Traditional Markets, Punishing Investors

The cryptocurrency declines are hitting those who bought bitcoin and other digital assets in part to diversify their portfolios.

www.wsj.com

 

[titsonritz]

Pb gonna beat 'em both.

 

[gmerkt]

New Testament, Matthew 6:19-20, goes something like: "Lay ye not up treasures of gold and silver on earth, which moths and rust can corrupt and thieves may steal. Better for you to store up treasures in Heaven."

Just to be on the safe side, maybe we should have a bit of PM here on earth, just in case of need. Just like we say our prayers before going to sleep at night.

Re. a SHTF situation that lasts indefinitely. In the last couple of hundred years, at least, this doesn't seem to hold as a trend. Civilizations get tired of chaos, they tend to want to settle into a state of order following a state of disorder.

 

[gmerkt]

The Ukraine "war premium" on gold has shrunken up quite a bit. Let's wait for the next Fed interest rate bump to see how things go. There are so many influences in play at present it's hard to figure what might happen. One thing is highly likely. About the time we figure out what's happening, it's too late to act in response.

 

[Burt Gummer]

Anything is better than fiat.

Also anything that can be taken from you via a keyboard will be taken, period, at some point.

They rest of this post is self censored. No delusions here that we have freedom of speech anymore.

 

[gmerkt]

That sadly includes Crypto

Might better be called "klepto currencies." A significant amount of it has disappeared in mysterious ways. Some has become irretrievable due to password issues.

Aside from being highly speculative media to throw money into, their main utility seems to be for covert, illegal transactions.

 

[gmerkt]

We have a Ministry of Truth

Official name, Disinformation Governance Board, which is a part of Homeland Security. Badly named, badly introduced, with duties that probably could be handled by existing agencies without the controversy.

The DGB is not charged with monitoring US citizens and has no operational authority or capability. It is advisory in nature. My guess, it won't be around long. Certainly won't exist under any future GOP administration. Although I believe the idea was conceived in the latter part of the Trump admin.

But keeping it real. We are firmly in the era of electronic information. We are finding that not all of its uses and users are legitimate. Some uses of electronic media may have national security implications. Like Russian disinformation in US elections which is well known. So there are limits which need to be considered. Just as free speech doesn't extend to yelling "Fire" in a crowded theater.

 

[teflon6string]

I currently own a total of $500 in three cryptos (BTC, SHIB and DOGE) worth $300 today. No worries there, I got them for free with the miserably unremarkable profit I recouped from dabbling in BTC a few years ago. It's merely entertainment to watch what happens and read articles about why people we don't know tell us all what to expect next.

Within that, the funny part about owning $200 worth of Shiba is that if things go crazy, and it magically shoots up to a dollar, my shares will be worth $7.5 million bucks! Hell, even a dime a share would net me $750,000 - still nothing to snarf at. So I'll ride that wispy fantasy to the end no matter what happens.

But even if it just goes to a penny a share ($75,000), I'm abjectly naive about how to spend crypto, aside from cashing it in online from whomever holds my wallet and pulling it back into the foundational debit account.

But correct me if I'm wrong, if the S really HTF, would I be able to use a laptop or cell phone to make a transaction - for anything? What if there's no electricity?

With an ounce of gold supposedly worth $1800 right this second, is a one-ounce gold coin something I want to fork over for 10 gallons of petrol, battery-pumped by the armed commandeering thugs (allegiance unspecified) in charge of the looted local ARCO, and a cup of coffee? I think not.

Perhaps several hundred (or a few thousand) one-ounce silver rounds might prove to be a more versatile, negotiable tender du jour? Just sayin'.

Or, like Mrs. Teflon suggests from more than a few discussions we've had about what this insanely radical dictatorial party is doing every day to destroy our country...
- painkillers
- antibiotics
- bullets

 

[aksu747]

Personally I don't stock up on items that are not necessities.
Firearms and ammo will always be useful to have around.
Gold might have some use but I really never see a need for it, nor has God given me direction about it being a wise investment.(also supported by scripture as posted by : gmerkt )

 

[American123]

When the reset button is hit crypto will mean nothing and gold will still physically exist.

Similarly, if a reset button is hit, those digital ones and zeros that say there is money at the bank will mean nothing, but the tangible goods in my home will still be there.

Long term shelf life food and ammunition make for a poor retirement fund, so preparing for retirement in modern society, as well as for if things reset, is a prudent in-between.

 

[Caveman Jim]

Absolutely not, when the EMP destroys the Internet you won't have squat. Gold, silver, brass and lead will be the real currency.