US economy expected to crash, time to buy bitcoin

[redwhite037]

Check out this article:

http://signup.moneymorning.com/X304Q318

Washington is engaged in a massive "campaign" to make Americans believe the economy is in recovery.  But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.

That's according to Peter Schiff, the best-selling author and CEO of Euro Pacific Capital, who delivered his frightening warning to investors in a recent interview on CCTV.

"The problem with politicians is they don't want to level with the voters and tell them how bad the economy really is and what the cure for the disease is," Schiff said.

The "disease" Schiff refers to is a toxic combination of our massive $16.4 trillion debt and the Fed's continued devaluing of the dollar through its controversial 7-year long "easing" program.

...

[Dalmar]

Bitcoin is a speculative investment, and most speculative investments get dumped during major economic crashes. Since bitcoin is so young and hasn't been around any major financial crash (09-13 was a global bull market) it has given some the delusion that it is economic crash resistant, but it likely isn't.

[serenitys]

Unless they *agree* to continue using it, which is where its value comes from, which is the point of its existence - to protect from the other currency being devalued to the point of a crash...

We already *agree* that one piece of paper with a 1 on it is worth a dollar and a 20 on it is worth 20. Our agreement to use it at all is the only reason it's exchangeable for goods and services.

The thing you're leaving out is that people dumping investments in a crash is because they only have one option. Nobody can spend foreign currency here (or elsewhere) outside the exchange. I can't take a peso to the laundromat.

The next crash of the dollar will be catastrophic for this country and others still clinging to it as a reserve *because* there is no other option, they don't have a choice and when the Titanic sinks, so do they.

Bitcoin is the alternative...and because it's established itself as a currency with value (i.e. all the people who agree to trade it for goods and services), it's a strong secure buffer to put their money into. Even if fiat decreases value, they'd be more inclined to exchange it for the currency with holding value and rising value...the equivalent of the lifeboat the comes along and saves the ones willing to make the jump off the sinking ship.

Nobody had a choice in 2007-2008 when the US treasury was robbed by the FED and banking cartel and wall street criminals.

A year later, someone provided a choice and 5 more years later, here we are, growing businesses and investors *agreeing* that bitcoin value is worth a ton more than fiat value.


I can easily see a time when bitcoin becomes the world's reserve currency and that would bring back real competition and industry in the world.

[GTO911]

Not so soon, the governments are there for a reason

[serenitys]

Governments are also there by consent of the people. If they fuck up and crash the economy while people have a choice of currency, the consent will be withdrawn. There's a revolution taking place...each little hub of society is revolting in some form or another...they're not using guns and war, they're using technology and social networking on a global scale and gradually removing their consent to be governed.

It's gonna be a very, very different world 6-10 years from now...

[chesthing]

Economic collapse worse than the great depression as many predict. Sure, the most valuable assets will be food, fuel, ammo, and crypto. 

[BoogieMan82]

If there is a true economic collapse Bitcoins will mean nothing...

People will switch to the barter/trading system for goods/services.

Food, Shelter, Medicine and Self Protection will be valued the most.

[jamesc760]

Keep santa safe.

[cosmofly]

Economic collapse worse than the great depression as many predict. Sure, the most valuable assets will be food, fuel, ammo, and crypto.  

not crypto

ammo yes, lots of ammo

if u don't have guns ur in trouble

[gentlemand]

Nah, in the dark years to come where we're eating our own faeces and being terrorised by gangs of bodybuilders wearing antlers, the perfect way to relax will be to use up some precious diesel or force grandma to pedal to generator so we can send electronic units of account to each other.

[slapper]

Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.

[av123]

Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.

Says the person who registered two weeks ago...

[chessnut]

You guys think ammo will help you when war breaks out? running shoes would serve you better.

Crypto currencies may be useful. we cant know for now. there will be demand for a globally backed currency in such a situation. If the internet survives, bitcoin will survive.

[chesthing]

In that situation I know I'd trade fuel and fuel for crypto. Who can resist what amounts to a number in your virtual wallet? Hell I'd jack off all over the computer screen in glee. What riches.
You can take your running shoes I'll take the ammo.

[billyjoeallen]

Peter Schiff is a goldbug who's been singing that same song for decades. He may eventually be right about the economy, but his timing is off. He is trying to sell gold. He's a Jew gold salesman. I generally like him and agree with much of what he says, but he's a freakin salesman.

[nuff]

Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.

Some of us 'newbies' are not in for the speculation. It is only if you do not truly understand what Bitcoin is, that you might tempted to think it's nothing but a game, a scam or a ponzi whatever however you want to call it. Bitcoin CAN be used to speculate, to scam or for a ponzi scheme, just like paper fiat money. You don't warn people not to get into the 'hype' that is fiat do you?

[jamesc760]

Just because someone is an author and a CEO does NOT mean he knows what he is talking about. They have been expecting inflation to go through the roof ever since QE started. The US inflation is around 2.5% annual and shows no sign of going up any time soon. Peter Schiff may be a smart guy but he is clearly wrong. Yes, the US economy will hit a rough patch here and there. Economy goes through  cycles, up and down, repeat, rinse and cycle again. So, I guess he will be right half the time, like anyone else.

[slapper]

Newbies reading threads like this, please do not get sucked into the hype. This is currently a very expensive game and you will have the chips stacked against you. Do your due diligence, so you don't look silly starting threads like this in the future which you will be forced to do once you get sucked in. The $ is the ultimate end goal for all these salesmen. Be VERY VERY careful.

Some of us 'newbies' are not in for the speculation. It is only if you do not truly understand what Bitcoin is, that you might tempted to think it's nothing but a game, a scam or a ponzi whatever however you want to call it. Bitcoin CAN be used to speculate, to scam or for a ponzi scheme, just like paper fiat money. You don't warn people not to get into the 'hype' that is fiat do you?

This is going to be fun. OK help me TRULY understand Bitcoin. Sell it to me.

By the way how much did you pay for it(just curious), but you don't have to divulge this part. I understand.

[anu]

Governments are also there by consent of the people.

Sure these usurpers are there by consent of some people. Sure as hell not my consent. They are where they are mostly because people don't care enough to send usurpers where they belong. How do you express dissent in a so called "modern democracy"?

[anu]

Bitcoin is a speculative investment, and most speculative investments get dumped during major economic crashes. Since bitcoin is so young and hasn't been around any major financial crash (09-13 was a global bull market) it has given some the delusion that it is economic crash resistant, but it likely isn't.

So you think when the dollar loses it's status as reserve currency and nations everywhere are dumping them, this will be a signal for everyone holding Bitcoin to flee into USD?