Do not trust fiat centralized system with your money

[_act_]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

[Cookdata]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

Not just buying and holding, keeping quiet like you have nothing is another way of protecting your assets but I guess wealthy elites prefer status over privacy. If you have Bitcoin and you are under a wicked government, your Bitcoin can be seized regardless. If a government find you uninterested, they can seize your Bitcoin and take it from you and there is nothing you can do unless you are ready to go toe to toe with them by sharing nothing, that's if they handle your case as a civil matter.

War isn't good, there is always a loser, people that are doing well fall back to the wrong side of history. Imagine been wealthy with money only to become nothing, that's the worst thing that can happen to anyone. I'm sure even at is, half Vietnamese or more will prefer to have all of their money on banks as if they never witnessed the worst side of civil war but since this coming from Strategy CEO means a lot of lessons were learnt.

[Marvelockg]

It's part of the limitations that's associated with the centralised banking system because anyday,  government policy can just change and within a twinkle of an eye, your asset can be confiscated and there would be absolutely nothing you can do about it. There are instances when the government cease houses leaving  the owners clueless just because of matters that's not all too serious.  Such can be easily avoided if the asset is in bitcoin form.

To an extent, we can't completely do without relating with the fiat and centralised banking system but at the same time, bitcoin is still the safest alternative to the banking system that can be used to store your values with an high level of certainty that government policies won't have effect on.

[hero_the_bossman]

Bitcoin is the ultimate way of storing your value.

You can use many methods, but BTC is the method of the future.

[aylabadia05]

this is exactly why we say not your keys not your coins, the story of south vietnam is a brutal reminder that a centralized bank balance is just a number that the government can delete whenever they want, if your wealth is just an entry in a database owned by a regime that fails then you effectively have zero wealth, holding bitcoin on a hardware wallet means you can carry your entire net worth across a border in your head if you have to, it is the ultimate insurance policy against the kind of systemic collapse op is talking about, fiat is built on trust and when that trust breaks the paper is just kind of useless for anything but starting a fire

Think about when your home is flooded, causing your house to be swept away and destroyed by the floodwaters. Where would you keep the seed phrase that holds enough Bitcoin to rebuild everything that was destroyed by the flood?
What I want to convey is that wherever you store your keys, make sure you can access them when circumstances destroy everything else. When it comes to fiat currency, we already have our own answers, from the level of difficulty when we need it to its value.

[fikrett]

Think about when your home is flooded, causing your house to be swept away and destroyed by the floodwaters. Where would you keep the seed phrase that holds enough Bitcoin to rebuild everything that was destroyed by the flood?
What I want to convey is that wherever you store your keys, make sure you can access them when circumstances destroy everything else. When it comes to fiat currency, we already have our own answers, from the level of difficulty when we need it to its value.

It must be water proof somewhere where it won't be swept away by the waters.

Either close to you all the time (which makes other risks arise, but still), or somewhere where the flood won't get it. Metal plates, for example..

[Hatchy]

To an extent, we can't completely do without relating with the fiat and centralised banking system but at the same time, bitcoin is still the safest alternative to the banking system that can be used to store your values with an high level of certainty that government policies won't have effect on.

It's not completely possible but if you have a community or network of people who understands and are willing to stick to using strictly bitcoin for their everyday transactions then it will be.. the centralized system has always been a mess, starting from day one when gold was no longer used to relate the amount of money government owned and printed. they can decide to cheat any system in their favour.. I still quite remember a time in my country when the paper note suddenly vanish due to a poorly planed change of notes.. people could barly trade, pay for transport and other thing.. during that period the only alternative was mobile banking and gradually we shifted from being used to paper cash to mobile banking.. similar things like this should be a reason for people to adopt bitcoin and avoid the fiat system completely...

[hero_the_bossman]

To an extent, we can't completely do without relating with the fiat and centralised banking system but at the same time, bitcoin is still the safest alternative to the banking system that can be used to store your values with an high level of certainty that government policies won't have effect on.

It's not completely possible but if you have a community or network of people who understands and are willing to stick to using strictly bitcoin for their everyday transactions then it will be.. the centralized system has always been a mess, starting from day one when gold was no longer used to relate the amount of money government owned and printed. they can decide to cheat any system in their favour.. I still quite remember a time in my country when the paper note suddenly vanish due to a poorly planed change of notes.. people could barly trade, pay for transport and other thing.. during that period the only alternative was mobile banking and gradually we shifted from being used to paper cash to mobile banking.. similar things like this should be a reason for people to adopt bitcoin and avoid the fiat system completely...

Living only the fiat system is always having more risks than you should.

With the system that doesn't think about you more than about itself.

I agree with why people want to stick by BTC and ways of avoiding interaction with institutions in different situations.

[snowpega]

Anything can happen, protect your wealth.

One of the easiest way to do so is by holding bitcoin which is a store of value.

This Phong Le’s family fled Vietnam after their wealth was confiscated and their currency reset. This was when North Vietnam took over South Vietnam, any fiat in South Vietnam bank become zero value. Any cash that South Vietnamese have, even if it is $1 million or more, they use it to collect $10 worth of North Vietnamese fiat.

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

https://x.com/i/status/2003818205337571382

No doubt, we should keep investing our spare money in strong assets, like, it can be land, bitcoin or it can be gold. But holding spare money in a centralised (banking system) is a very bad thing in my opinion. Keeping investing our spare money in these assets will help us to fight with inflation as well. Because over time, money is getting devalued, so that's a great idea to keep investing the spare money in great assets.

The harsh reality is that banking systems are getting richer day by day, and those who are holding their money in these banks are getting no return. And in return, due to the increased rate of inflation, the money that we or anyone is holding in bank accounts is getting devalued. Well, this is the main reason bitcoin is being liked the most by smart people around the world because this currency is decentralized, which tells us that our money is in our custody. And the story you shared is a great example of what I am saying.

[Hispo]

That is rather an interesting historical example of what happens when one has the bulk of one's value in a single basket and that basket completely colapses.
It kind of reminds me the people who nowadays keep thousands or dozens of thousands of dollars stored in wallets like Paypal, where it is not secured and one is at the mercy of the moderation and the team of Paypal. I have seen many stories on the internet about people getting all their money frozen for no actual reason, because of experiences like that shared on the internet I decided to give Bitcoin and a chance and I do not regret doing it.

Also, since we are talking about war time... it is pretty obvious that during war it is advisable to keep one's value in assets which are difficult to seize, stole or depreciate artificially. Gold is a good option but it can be easily stolen or seized, Bitcoin solves that.

[Y3shot]

Normally, fiat currency is not something one should rely on, especially when you don’t have anything to do with money. Investing in Bitcoin is one way to give money value. The reason for having fiat should be for immediate use in buying and utilizing services, but simply having plenty of it in the bank doesn't make sense because it will just lose its value over time.

Apart from fiat losing its value, anything can happen. I have experienced changes in currency by the government, and the old one loses value. Those who had a significant amount lost a huge sum of money because there was nothing that could be done.

[Cryptomultiplier]

If not that it may be a tedious process to always convert fiat to Bitcoin for keeps and back to fiat when there's the need to sort some bills and rent, I wouldn't have any dealings with the centralized fiat system as of now.
The system is simply failing and we don't see any interest rise or reasonable investment that promises real returns without having to negotiate a commission to a third party who does nothing but control one's funds.

I prefer holding Bitcoin for long term use and only consider fiat when my rent is almost due, have sudden emergency bills or need to assist someone who really needs it. Otherwise, it's Bitcoin savings all the way.

[Faisal2202]

Gold was also not legalized Vietnam at the time. But there might be still be hope for some people but as the fiat become almost useless, rich men that have his money in South Vietnamese Dong may become poor.

So what was the people doing all this time of South Vietnam? Anyway here two parts of the country were fighting like south korea and north korea etc. By the way this is how one country took over the other.

I don't know about the behavior of Northen to the Southerns but this is a good example that we should diversify and bitcoin is another option on the list and in this digital world that history can't repeat because people have ways to move money around easily and with the emergence of the decentralized and non custodial wallets, we have more control now.

[aylabadia05]

Think about when your home is flooded, causing your house to be swept away and destroyed by the floodwaters. Where would you keep the seed phrase that holds enough Bitcoin to rebuild everything that was destroyed by the flood?
What I want to convey is that wherever you store your keys, make sure you can access them when circumstances destroy everything else. When it comes to fiat currency, we already have our own answers, from the level of difficulty when we need it to its value.

It must be water proof somewhere where it won't be swept away by the waters.

Either close to you all the time (which makes other risks arise, but still), or somewhere where the flood won't get it. Metal plates, for example..

Metal plates will not be carried away, okay, I agree. Don't ignore it if metal plates are embedded in mud up to the roof of the house and even the house is carried away by the strong current.
If you are still interacting with the internet, you can search by entering the search keywords “banjir sumatera” on YouTube or social media platforms that specialize in video content. You can see the conditions for yourself. What I want to say is, what ideas will emerge to save the storage we are referring to (seed phrases and so on).
Ideas and solutions will emerge so that they can be useful for everyone in terms of how to take steps to ensure our assets are safe.

[Mrbluntzy]

In this 21 century, anyone that is still trusting the fiat centralized system by holding all their wealth in it are not doing their more harm than good, even if they person does not trust Bitcoin, there are other assets like some foreign stocks, gold, and many others assets that they can put their money into, holding all wealth in fait means the person is just completely showing his entire wealth to the government, not just that but if the government decides to close or restricts the person's account, they will be left hanging until things are rectified. Among other store of value, I will chose Bitcoin over others because Bitcoin is very liquid and it also give its users the Freedom they deserve.

[yhiaali3]

Something similar happened here in my country. Just 15 years ago, the local currency collapsed against the dollar, losing more than 220 times its value compared to 15 years ago. Back then, $1 was worth 50 local currency, while today $1 is worth 11,000. Can you imagine that figure in just 15 years?

The reason, like in Vietnam, is the civil war, economic collapse, and inflation. Many people did not expect this rapid collapse, so those who did not convert their assets into gold or real estate and kept paper currency lost the value of their assets insanely.

[BIT-BENDER]

Bitcoin is the ultimate way of storing your value.

You can use many methods, but BTC is the method of the future.

This is the problem the OP is talking about, yes there are many method to use Bitcoin but that does not mean that all methods are safe, many may be practical and could work for how ever long it can but could still be very unsafe.
You have to use the safest option that ensures your safety and also the safety of your Bitcoin.

[hmbdofficial]

Not just buying and holding, keeping quiet like you have nothing is another way of protecting your assets but I guess wealthy elites prefer status over privacy. If you have Bitcoin and you are under a wicked government, your Bitcoin can be seized regardless. If a government find you uninterested, they can seize your Bitcoin and take it from you and there is nothing you can do unless you are ready to go toe to toe with them by sharing nothing, that's if they handle your case as a civil matter.

Yes I agree with you that if you are not on the same page with the government of your country, it’s possible that the government may want to seize your asset. but when the asset is in bitcoin they may not even want to go ahead with the process, because it’s not a straightforward process like they do with fiat currencies due to its decentralised nature they Will  have to get your private key first which is not easy to go about.

[joniboini]

but when the asset is in bitcoin they may not even want to go ahead with the process, because it’s not a straightforward process like they do with fiat currencies due to its decentralised nature they Will  have to get your private key first which is not easy to go about.

It will take years before it's possible for them to trace back ownership "easily". For example, they can make everything require KYC, block access to tools like coinjoin, and so on. Then use past history to trace possibly related addresses based on our transaction behaviour. Then again, this assumes that everyone won't change their habit and no new service comes up that aims to tackle this issue. Hopefully most of us will learn how to deal with it by then.

[cr1776]

Look at Cyprus in 2013 for what happened with the EU "haircut" aka confiscation.  Ditto in pretty much every country all over the world over the last 200 years.  Look at what the Democrat FDR did in the US when he stole, I mean seized, all the gold in the 1930s and didn't allow ownership until Republican president Ford allowed it again, albeit everyone lost a ton of wealth and the country lost credibility and growth by not allowing it.