Cash is king

[Don Pedro Dinero]

I don’t know what you are going to do guys, but I’ve been piling up cash for a while and I’m going to be more aggressive doing so for the next months at least.

There are many indicators pointing to a financial crisis coming in the next months or maybe in a couple of years at most.

What we have seen in the crypto market isn’t isolated. The main stock markets are down; oil price is down… It seems like the big whales are selling to have liquidity and buy when everything is really cheap.

We can expect job losses, tax raises, cutbacks, so on.

Bitcoin is far away from being a p2p cash system and until then, cash is still king.

[Thekool1s]

Bitcoin is far away from being a p2p cash system and until then, cash is still king.

Agreed.


I have been stacking up BTC and Cash for the past year or so. A financial crisis is imminent there is no doubt about that, I am anxiously waiting for one tho. I have eyes on a few properties which I would love to get my hands on. For all BTC has taught me in the past 5 years is that Patience is rewarded so I am not making any bold moves just yet... :d

[r1s2g3]

I fear jobs cut, Unless you do not have a large pile of cash you cannot survive. Better to invest/start a business that can run run good in recession like starting a discount grocery store.

[Jet Cash]

The problem with storing cash is that the government is prone to changing the design of the notes, and declaring the old ones as no longer legal tender. They may even create an alternative currency when they chuck DoucheBank under the bus.

[OgNasty]

The problem with storing cash is that the government is prone to changing the design of the notes, and declaring the old ones as no longer legal tender. They may even create an alternative currency when they chuck DoucheBank under the bus.

This is not a concern in the US. Although I do get a kick out of millennials freaking out when I hand them “small face” hundred dollar bills.

https://youtu.be/U0Cky9b6mHY?t=130

[paxmao]

The problem with storing cash is that the government is prone to changing the design of the notes, and declaring the old ones as no longer legal tender. They may even create an alternative currency when they chuck DoucheBank under the bus.

Frankly, the main problem for me is that they can print it.

[bluefirecorp_]

There's a couple type of disasters / issues.

Financial collapse doesn't mean all our services go down; just people are unable to afford most of the services. We saw this during the 2008-2009 recession. The Internet kept on functionining.

Even during the next great depression, we'll still have international connectivity and communication allowing P2P systems like BTC exist.

What I'm concerned about is America defaulting on its debt; which would make the dollar nearly worthless to everyone else.

[aplistir]

You are not worried of inflation then?

US and EU have both been printing HUGE amounts of money out of nothing. That kind of behaviour should lead to high inflation, even hyperinflation.

I would not dare to keep everything in cash. Cash can collapse.

How about dividing them to different assets: cash, gold, real-estate, land, stable stocks (eg. food industry), bitcoin etc...

[dogtana]

The problem is cash can be devalued, too. You could have a bunch of it and it could be worth very little. Maybe try gold.

[suchmoon]

I started hoarding cash back in June, perhaps even before then (getting old, can't remember shit) and at one point was thinking that I'm too paranoid because the stock market was still going up. But it worked out reasonably well and I'm left with only some untouchable stuff like retirement accounts. Now if I could time a real estate purchase at the bottom of the next crisis - I'd be very happy.

The problem is cash can be devalued, too. You could have a bunch of it and it could be worth very little. Maybe try gold.

I still have some from a few years ago when it was around $1500... not the best investment in hindsight.

[waterman]

My Grandfather used to say to me "When everyone is crying and killing themselves there are another ones that are selling the tissues and the guns" so what kind of person you want to be? .... mmm... I want to sell AK-47 papa xd just kidding. For every crisis, there is an opportunity of equal size

[zStrog]

Guys, you say that cash is king on the forum related to bitcoin. If you really think so, what are you doing here? Think about it.

I agree that now is not the best time for bitcoin, but this will change.

[meanwords]

Guys, you say that cash is king on the forum related to bitcoin. If you really think so, so what are you doing here? Think about it.

I am agree that now is not the best time for bitcoin, but this will change.

I agree with cash still being the king. You got to accept the fact of reality even though this forum is dedicated to Bitcoin.

[MULTIK888]

No matter what people say, the dollar has always been the most reliable payment system in the recent global crisis.
With the fall of markets, funds, furious inflation in the countries of the 2nd and 3rd world-the dollar is out of competition.
Today, the situation with cryptocurrencies also shows that those who came out in the USDT (the same dollar) remain in good positions.
Yes, dollars, too, are not 100% guarantee that your funds will remain with you because they can arrest your accounts, your Bank will close, you will be robbed, but this is the most optimal storage of money in troubled times.
That's when troubled times end you should be able to find the entry point to the desired asset(bitcoin, altcoins, stocks, shares) and you're back on the horse. 

In the meantime, bitcoin will not be widely used around the world as a payment system, it will be just a tool to multiply your money and not technology!

[cabalism13]

We're already experiencing such financial crisis and already for a long time. Philippines sucks in so many things that's why you are quite right. Piling up cash is really a good help when time of crisis. And also Bitcoin is still far away from becoming a major payment system for all transactions in the world even though its quite popular this days.

 

Guys, you say that cash is king on the forum related to bitcoin. If you really think so, what are you doing here? Think about it.

I agree that now is not the best time for bitcoin, but this will change.

Well, there's no need to be an asshole. That kind of thinking is just for dickheads. Everybody knows that fact. Even the existence of Credit Cards shows up on the past still cash is still needed. And so as Bitcoin. Bitcoin needed the fiats to work or it will be useless

[khalidxpert]

Well cash is not recommended you can be robbed easily so crypto is best or otherwise use bank

[NavI_027]

The problem with storing cash is that the government is prone to changing the design of the notes, and declaring the old ones as no longer legal tender.

IMO, I don't see any problem with this one because a national bank will not suddenly declare their countrymen that the old money they have is now valueless. The removal of the old bank notes in the circulation will definitely takes time, they ought to give their countrymen an allotted time to use their old notes for it to exit the circulation and newer notes can finally enter. And I think national bank of a country also allows the people to go directly to them and exchange their old notes for the newer ones (especially when the deadline is near).

So there is no chance for an individual to lose the worth of his money because there's lot of time before the implementation happens and besides it will surely have a public advsiory so it's impossible for him to be unware of, unless he really intended to store his money just to have a memorabilia.

[cabalism13]

Well cash is not recommended you can be robbed easily so crypto is best or otherwise use bank

Try to get a hold of Crypto and don't use any cash even credit cards. Crypto can be hacked as well as you says Banks can be robbed. There are no safeplace for people whose life is crime. Whenever they can think on getting what they want they will surely risk their lives just to get it.

Cash may be not safe and so crypto is but the fact that its usage is still on top, even Bitcoins will not be able to beat the value of a certain fiat.

[MoonCrypt]

I don’t know what you are going to do guys, but I’ve been piling up cash for a while and I’m going to be more aggressive doing so for the next months at least.

There are many indicators pointing to a financial crisis coming in the next months or maybe in a couple of years at most.

What we have seen in the crypto market isn’t isolated. The main stock markets are down; oil price is down… It seems like the big whales are selling to have liquidity and buy when everything is really cheap.

We can expect job losses, tax raises, cutbacks, so on.

Bitcoin is far away from being a p2p cash system and until then, cash is still king.

Cash is truly king no argument! but we have to look for new ways to make those cash more user-friendly!
Bitcoin is too me a way to add to the pile and one has to always have a strategy not to fall short of it

[zStrog]

Well, there's no need to be an asshole. That kind of thinking is just for dickheads. Everybody knows that fact. Even the existence of Credit Cards shows up on the past still cash is still needed. And so as Bitcoin. Bitcoin needed the fiats to work or it will be useless

You’re so funny. No one says that cash is not needed. However with full digitalization of the world in the future bitcoin as a cryptocurrency can supplant fiat from the world economy.

All I meant was, talk about that cash is a king on the bitcoin forum is like to go to the motor show and scream that you like a bicycle. If you want to buy a bicycle, you go to the bicycle shop.