Bitcoin will provide an alternative to gold as an insurance policy against the inevitable decline of fiat.
Gold has been getting hammered this year but there is far too much global debt that can never be repaid in present-value fiat, only by:
1. Inflation.
2. In part, through defaults/restructuring ala Cyprus.
3. Fiat devaluation.
There is 10's if not 100's of trillions (in usd) of central bank, public and private debt that cannot possibly be repaid by the global economy, there simply isn't enough income being generated to service the debt. There is also 100's of trillions of future pension and other entitlement obligations of the various governments.
I'm not a gold bug but I think it's sure to rise in the longer term; however for me, I'm more comfortable with bitcoin as it also has other properties in addition to being a store of value.
Long BTC. Just sayin.
If our debts which are denominated in Fiat money are so large and unplayable, why on earth would we try to pay thouse debts in a highly supply inelastic commodity that is already in the hands of the creditors of most of our debts? It is beyond belief that governments would slit their own monetary throats by making gold once again money, to do so would make their debt situation worse not better. Sure gold might rise in value as an inflation hedge, but it is not going to become legal tender ever again. And if your holding out fantasies of government collapse the metal you should be hoarding is lead not gold, every government collapse in the 20th century has brought mobs, gangs, vigilantes or anyone else with force-of-arms to the forefront of power but not once has gold been made money.
I see your point, but many other examples.
The end of WW II left Central Europe in ruins = Total Government Collapse.
Millions of people were forced to live and survive in Refugee Camps...
The Financial System in this ecosystem became Gold >> USD >> Food/Shelter.
What was your experience is post-Pol Pot Cambodia? It may have differed.
