America is about to hit the toilet and probably with most of the world.

[Anonymous]

http://theeconomiccollapseblog.com/archives/48-percent-of-americans-believe-another-great-depression-is-likely-in-the-next-12-months-19-reasons-why-they-are-not-completely-crazy

So, assuming we're going to be in the next Great Depression in 12 months or so, will Bitcoin remain true as a safe haven for our wealth and labor?

[1714002995]

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[Bunghole]

Well, increasingly desperate govts will probably be unable to confiscate them.

[TraderTimm]

Well, there's one argument for higher dollar valuation for BTC as prices inflate. We'll know we're on the right track when BTC exceeds precious metal peaks.

[lemonginger]

don't put all eggs in one basket

don't eat only eggs

[Elokane]

Too young.

[NO_SLAVE]

we're already in the depression, it will just worsen.  The consumer is toast and
Housing is being given away to squatters.  The happy time news doesnt convey the reality.
People in the industries know whats up and it aint pretty.

On top of this gold and silver are in break down patterns.  So that wealth preservation is eroding, mostly due to the comex cartel.
Physical is being priced much differently however.

Will BTC be a wealth preserver?  Id say not much better than silver, if even that good. BTC is a speculative vehicle for the moment, anything is possible until it actually gets some real meaning.  

[Hawker]

A far more interesting question is whether or not the dollar will be allowed to fall in value and thus reduce America's debts.  If it does, then Bitcoin, commodities and the Swiss Franc are a one way bet for people with significant dollar exposure.

[evoorhees]

As the US sinks in economic importance relative to Asian countries, it becomes increasingly likely that the USD will lose its status as the world reserve currency. And when THAT happens (whether slowly or all at once), the foreign-held dollars that are used for reserve will be sold off relative to other assets. The dollar will plummet in value, because the demand for it as a reserve will be lost - and this demand is currently massive.

So the dollar will decline severely, and people around the world will be looking for substitutes and alternatives. Bitcoin is one such alternative, so yes as the US falls apart BTC will almost necessarily gain in value relative to the USD, and probably other fiat currencies as well.

[flug]

Forty-eight percent say that another Great Depression is likely to occur in the next year.

This is staggeringly alarming!

A lot of us on this forum have probably been assuming a massive collapse since 2008, but for the reality to hit the collective consciousness like this means we're probably hitting the knee of the curve then onwards full speed to SHTF time?

I would spread wealth around all commodities, including Bitcoin, and not forgetting food/water.

[finnthecelt]

we're already in the depression, it will just worsen.  The consumer is toast and
Housing is being given away to squatters.  The happy time news doesnt convey the reality.
People in the industries know whats up and it aint pretty.

On top of this gold and silver are in break down patterns.  So that wealth preservation is eroding, mostly due to the comex cartel.
Physical is being priced much differently however.

Will BTC be a wealth preserver?  Id say not much better than silver, if even that good. BTC is a speculative vehicle for the moment, anything is possible until it actually gets some real meaning.  

Break down patterns? What in the world are you talking about? They're in consolidation patterns right now, likely to start moving up sharply in the next few weeks.

Break down pattern? Nonsense. If you are talking about the comex paper trading yes that's true but that was never a wealth preservation mechanism. It was a trading mechanism.

I agree with you that BTC is entirely speculative at the moment so to predict it's price action would be futile. A wealth preserver? I would say that yes, BTC will have value on the other side of the coming devaluation. Will it be the best wealth preserver? That's the question. I personally do not think so. I think the tried and true will be turned to first: silver and gold.

BTC will survive though and may even thrive shortly thereafter. The world I see post USD will be mostly digital silver and gold anyway so this will lend credibility to BTC. People will see it as all digital so what's the damn difference? "What's easier for me to get?"

Am I buying BTC with this knowledge? Yes. Why? Because I already own silver and getting BTC isn't any easier. And besides, you never know!!!   

[finnthecelt]

Forty-eight percent say that another Great Depression is likely to occur in the next year.

This is staggeringly alarming!

A lot of us on this forum have probably been assuming a massive collapse since 2008, but for the reality to hit the collective consciousness like this means we're probably hitting the knee of the curve then onwards full speed to SHTF time?

I would spread wealth around all commodities, including Bitcoin, and not forgetting food/water.

Most people who think a Great Depression is coming think their prospects for a job are reduced. Maybe less frappacinos. Most are still unaware of the currency dangers out there.

[finnthecelt]

A far more interesting question is whether or not the dollar will be allowed to fall in value and thus reduce America's debts.  If it does, then Bitcoin, commodities and the Swiss Franc are a one way bet for people with significant dollar exposure.

No offense friend but that is not an interesting question to a student of monetary history. It's money 101. In any fiat currency system the most common method to cover your debts is to devalue your currency. Better to have an ill equipped irate citizenry than to default on soverign debt and pay the price for SCORES of years. TPTB devalue the currency, create an enemy then go to war satiating the blood lust of the citizens who are PISSED that they have no money.

You are correct, the CHF and BTC and shoe strings will gain value relative to the USD.

[bitcoin0918]

Prozac and Zoloft sales are through the roof! We're already in a global depression.

[qualia8]

I think a depression is a big negative for bitcoin.  

First of all, it's deflationary, so BTC loses that advantage over USD.  (Of course, if we react with hyperinflation, that's another matter, but such episodes are rarely the preferred way out of a deflationary debt spiral.  Usually, it's a combination of default and austerity.)

Second, and relatedly, when people are strapped, they do not have as much money for speculation, but will cash out their BTC for dollars to make everyday purchases.  This is why gold actually dropped during the last crash.

Third, if a depression hits very soon, we won't have the startup funds and energy to really get a genuine bitcoin economy up and running.

Fourth, bitcoin can be a scapegoat in depression and governments get bolder about taking financial control when they feel the anger of desperate banks / constituents.

For bitcoin's sake, I hope we have mild economic weather ahead, at least in the short term.

[cloud9]

The only reason that the dollar hasn't failed spectacular to date, is probably due to its current use in international trade and due to the fact of it being held as sovereign debt by other nations.  It would not be in US$ debt holder's interest to see their asset being trashed.  So they will hold on to the paper and not dump it - even if the paper does not have the face value any more.  In the process the inflated reduced value can be exported to foreign holders of US$ debt.  Domestically alone there is no way that the dollar can retain its value with interest rates this low and domestic inflation that can only be higher than current low domestic interest rates.  If you as a US$ holder want to protect your holdings by collecting interest to protect yourself against inflationary erosion or money supply expansion - you would need an interest rate higher than the sum of inflationary erosion or money supply expansion.

[NO_SLAVE]

Break down patterns? What in the world are you talking about? They're in consolidation patterns right now, likely to start moving up sharply in the next few weeks.

Settle yourself there hoss.
Youll be educated.
34.50 WAS long term support.
If 32 breaks....were looking at significant decline.

[DrYe5]

http://theeconomiccollapseblog.com/archives/48-percent-of-americans-believe-another-great-depression-is-likely-in-the-next-12-months-19-reasons-why-they-are-not-completely-crazy

So, assuming we're going to be in the next Great Depression in 12 months or so, will Bitcoin remain true as a safe haven for our wealth and labor?

False Assumption. Biased source.

Bitcoin will be supported by illicit trade until the US government has something to gain by seizing the exchange servers. Until then, party hats!

[Tasty Champa]

This stuff has a failure rate of 100%.

[Piper67]

48 percent of Americans say another great depression is likely? Hmmm... 48 percent of Americans also don't believe in evolution... Jus sayin'

[Shinobi]

Atlas - I agree that we have difficult times ahead, but don't you realize that reading all the doomsday shit only makes you more paranoid? Do you really feel like you are one of the few that sees things as they are and everyone else is asleep. You are Neo?