If a 2nd Financial Crisis is looming, how are you preparing?

[BitcoinAddicts]

Only keeping cash and some bitcoin to buy up some cheap stock when it crash..

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[Yakamoto]

In the event of another big financial crisis, you might want to hold cash so that you can buy up assets and property a few years into the recession when the prices have plummeted. Holding precious metals and bitcoins is also a good bet but I still see the prices falling over the next year or so. My plan is to hold cash and buy more PMs and Bitcoins when the prices have corrected further. When the next downturn happens, I will wait for real estate prices to fall to then buy up some property at extremely discounted prices. Banks won't be lending out any money and there will very likely be increased capital controls on bank accounts and personal assets so holding hard cash is very important.

Not bad, I like how you think.

Just try to make sure that you buy BTC BEFORE the recession, as I have a VERY hard time believing the prices will drop from where they are. I'd also say the same for PM's. People could start buying up VERY quickly, and the price could skyrocket. Expect BTC and PMs to go up in a recession, don't expect them to go down. I can say with confidence that BTC will go up, since it is a secondary for of cash, and you can buy a lot of things that you can buy with fiat, often at a discounted price. You'd probably see a rise as opposed to anything.

But yes, holding cash or assets with you, such as PM's or BTC, or other alts that you think are going to survive, and hold them PHYSICALLY. Ideally, physically means on a computer or jump drive for coins, and physical gold/silver/platinum/thatothermetal for PM's, in case anyone needs clarification.

[DooMAD]

I figure I'm probably doing it wrong, but there are definitely people out there who are doing it more wrong than I am, so I won't be doing too badly at the end of it.

• Step 1:  Avoid getting into any debt where possible.  No overdrafts, no credit cards, no loans.  100% debt free.  Live within your means or live a life of servitude.
• Step 2:  Only work part time because there's no way in hell my fiat retirement fund is ever going to be worth anything, so may as well enjoy life while I'm young(ish).
• Step 3:  A small but respectable sum of bitcoin.  Hopefully more in future, finances permitting.  Only tiny amounts of alts because most of them will probably fall by the wayside.
• Step 4:  Time significant asset purchases carefully, although it's difficult to judge.  I need a house at some point, but expecting that market to undergo a correction soon.

Sadly buying a house would be in conflict with step 1, but a mortgage will be a necessary evil unless I get really lucky.  Beats renting, though.

[Harley997]

Going to suggest a year supply of non-perishable food and water as well as tools to hunt and cook wild animals/fish if you don't live in the city.

Do you seriously think you will need that? Do you live in Zimbabwe or something?

Technology is far too advanced for Western countries to fall back to primitive societies. Any financial collapse will only be brief (2-3 years at most) and not much will change.

I agree that this would be excessive to hold any significant amounts of food as the food supply would likely not be put into question. Also the government generally protects the food supply by guaranteeing loans to farmers and by buying excess food that is not sold to keep food prices from being too volatile.

[eboard10]

In the event of another big financial crisis, you might want to hold cash so that you can buy up assets and property a few years into the recession when the prices have plummeted. Holding precious metals and bitcoins is also a good bet but I still see the prices falling over the next year or so. My plan is to hold cash and buy more PMs and Bitcoins when the prices have corrected further. When the next downturn happens, I will wait for real estate prices to fall to then buy up some property at extremely discounted prices. Banks won't be lending out any money and there will very likely be increased capital controls on bank accounts and personal assets so holding hard cash is very important.

Not bad, I like how you think.

Just try to make sure that you buy BTC BEFORE the recession, as I have a VERY hard time believing the prices will drop from where they are. I'd also say the same for PM's. People could start buying up VERY quickly, and the price could skyrocket. Expect BTC and PMs to go up in a recession, don't expect them to go down. I can say with confidence that BTC will go up, since it is a secondary for of cash, and you can buy a lot of things that you can buy with fiat, often at a discounted price. You'd probably see a rise as opposed to anything.

But yes, holding cash or assets with you, such as PM's or BTC, or other alts that you think are going to survive, and hold them PHYSICALLY. Ideally, physically means on a computer or jump drive for coins, and physical gold/silver/platinum/thatothermetal for PM's, in case anyone needs clarification.

Yes, I plan on buying more silver, gold and Bitcoins over the coming year before the next crisis hits the economy which I expect to happen in 1-2 years time. Only then will I use my cash reserves and possibly PMs to buy up property.

I actually still see the potential for Bitcoin to correct all the way down to $150 or lower. I know most people would find that laughable but I'm pretty confident that the corrective wave of the $2 to $1200 rise isn't complete. Time will tell.

[polynesia]

Yes, I plan on buying more silver, gold and Bitcoins over the coming year before the next crisis hits the economy which I expect to happen in 1-2 years time. Only then will I use my cash reserves and possibly PMs to buy up property.

I actually still see the potential for Bitcoin to correct all the way down to $150 or lower. I know most people would find that laughable but I'm pretty confident that the corrective wave of the $2 to $1200 rise isn't complete. Time will tell.

Converting fiat to BTC at regular intervals will help average out the volatility. So you would be fine if bitcoin corrects (temporarily) to $2 or $2,000.

[sandykho47]

It's very hard to prepare if 2nd Financial Crisis is looming

But, i think this what will i do if that happen :
- Stock up rare items (Gold / BTC)
- Prepare some food / canned food 
- Not going to spend money on useless items
- Sold all my stocks (if i have some  )
- But some very stable fiat
- But cheap stock when price down (if i have spare money to spend)
- Guard my valuable items from thief or hacker

bitcoin is here to save us from this bank atrocious mistake, investing in bitcoin is the safest thing i think, even if may look wrong for some

I think invest BTC in Financial Crisis is a bit risky for me

[BIGbangTheory]

Yes, I plan on buying more silver, gold and Bitcoins over the coming year before the next crisis hits the economy which I expect to happen in 1-2 years time. Only then will I use my cash reserves and possibly PMs to buy up property.

I actually still see the potential for Bitcoin to correct all the way down to $150 or lower. I know most people would find that laughable but I'm pretty confident that the corrective wave of the $2 to $1200 rise isn't complete. Time will tell.

Converting fiat to BTC at regular intervals will help average out the volatility. So you would be fine if bitcoin corrects (temporarily) to $2 or $2,000.

Dollar cost averaging is not good for investments that go straight up, it is only good for investments that have peaks and troughs.

[eboard10]

Yes, I plan on buying more silver, gold and Bitcoins over the coming year before the next crisis hits the economy which I expect to happen in 1-2 years time. Only then will I use my cash reserves and possibly PMs to buy up property.

I actually still see the potential for Bitcoin to correct all the way down to $150 or lower. I know most people would find that laughable but I'm pretty confident that the corrective wave of the $2 to $1200 rise isn't complete. Time will tell.

Converting fiat to BTC at regular intervals will help average out the volatility. So you would be fine if bitcoin corrects (temporarily) to $2 or $2,000.

I'd rather wait for it to drop so that I can buy 4x more BTC than I would at current prices. In the meantime I'm investing a bit in Dogecoin which has corrected over 95% against bitcoin from its ATH. I'm not investing much in it though since it's a lot riskier, but the potential ROI is huge which will allow me to stock up some more BTC and PMs when they bottom.

[polynesia]

Dollar cost averaging is not good for investments that go straight up, it is only good for investments that have peaks and troughs.

The history of bitcoin is replete with crashes, although the long term direction seems to be up.

[superresistant]

https://bitcointalk.org/index.php?topic=704518

[Possum577]

https://bitcointalk.org/index.php?topic=704518

The Buffett Indicator, nice add!

Quick summary for those that don't know, Warren Buffett uses a metric of the percentage of total stock market capitalization to quarterly US GDP as a measure of stock market valuation. I.e., Stock Market Cap / Quarterly GDP = The Buffett Indicator %

Currently the Buffett Indicator hovers at around 125%, prior to the crash in 2000 it was just above 150%.

The only problem I have with this chart is that over the very long term the trend is up...higher highs and higher lows. Put another way, in 1996 the Buffett Indicator surpassed the previous high mark (in 1966). This would indicate a looming crash, however the crash didn't come for another 4 years. Buffett is a smart guy however it's still hard to base future results on past performance, the market isn't that predictive (as much as people try to do so over and over again.)

This is a great reason to keep an eye on the economy and the markets though...

[98problems]

Dollar cost averaging is not good for investments that go straight up, it is only good for investments that have peaks and troughs.

The history of bitcoin is replete with crashes, although the long term direction seems to be up.

This is also true for other investments however many investments have also fared far better by simply buying a lot and holding for some period instead of buying a little bit at a time.

[Ibian]

Going to suggest a year supply of non-perishable food and water as well as tools to hunt and cook wild animals/fish if you don't live in the city.

Do you seriously think you will need that? Do you live in Zimbabwe or something?

Technology is far too advanced for Western countries to fall back to primitive societies. Any financial collapse will only be brief (2-3 years at most) and not much will change.

Lucius Septimus chews his twice-cooked bread at the entrance of his hide tent, having cleaned his iron weaponry and his armour. Out there, in the rain, the grey choppy sea that beats against the northern limit of Gaul is an uninviting sight. The wild Britons of the lands to the north have been a thorough nuisance, giving constant aid to rebellious Gauls and holding up the establishment of Roman civilization in these northern lands.
Also, it is said that there is great mineral wealth to be had there. Stories abound of wealthy metal merchants making their fortunes by plying these dangerous waters.
Certainly the military victory achieved there by the late Julius Caesar was small; but the talk is that other invasions are planned. He certainly hopes not. He would rather be serving in newly-annexed Aegyptus at the other end of the empire.
Only the generals and the officers in the big tent at the end of the row know what the long-term plans of the new emperor Augustus are. Lucius merely goes where he is told, and fights where he is told. He feels lucky to be a part of the great nation of Rome: a nation that controls practically the whole world and will do so for ever.

[nothing2seeHere]

Yes, I plan on buying more silver, gold and Bitcoins over the coming year before the next crisis hits the economy which I expect to happen in 1-2 years time. Only then will I use my cash reserves and possibly PMs to buy up property.

I actually still see the potential for Bitcoin to correct all the way down to $150 or lower. I know most people would find that laughable but I'm pretty confident that the corrective wave of the $2 to $1200 rise isn't complete. Time will tell.

Converting fiat to BTC at regular intervals will help average out the volatility. So you would be fine if bitcoin corrects (temporarily) to $2 or $2,000.

I'd rather wait for it to drop so that I can buy 4x more BTC than I would at current prices. In the meantime I'm investing a bit in Dogecoin which has corrected over 95% against bitcoin from its ATH. I'm not investing much in it though since it's a lot riskier, but the potential ROI is huge which will allow me to stock up some more BTC and PMs when they bottom.

IMO investing in dogecoin is basically the same as "investing" in lottery tickets.

[arbitrage001]

Going to suggest a year supply of non-perishable food and water as well as tools to hunt and cook wild animals/fish if you don't live in the city.

Do you seriously think you will need that? Do you live in Zimbabwe or something?

Technology is far too advanced for Western countries to fall back to primitive societies. Any financial collapse will only be brief (2-3 years at most) and not much will change.

I agree that this would be excessive to hold any significant amounts of food as the food supply would likely not be put into question. Also the government generally protects the food supply by guaranteeing loans to farmers and by buying excess food that is not sold to keep food prices from being too volatile.

Research what happen during Katrina, Argentina defaulting and after Zimbabwe currency collapsed and after Israel neighbors invasion.


It is always better to be prepared than be sorry even if worst case scenario do not come true.