The Largest Incentive/Case/Etc. for Bitcoin: Total US Collapse

[Jon]

http://www.youtube.com/watch?feature=player_embedded&v=p0RkWqyn1y4

Yes, Europeans, it isn't all about us Americans -- however, the world relies on the US Empire's military power (we have 99% of it) and reserve currency. The US regime keeps oil and trade restrictions in tact and has created massive dependence all throughout the world. The trade effects extend far beyond this. The US suffering will be disastrous to the world economy.  

The fact is the US is in such financial peril that eliminating almost all Federal government programs would still result in an unsustainable situation. Inevitably, we will not be able to pay our interest payments to the Federal Reserve and happily they will purchase all of the US's government bonds and other collateral at a low and collapsed price. This would create massive uncertainty and another recession.

They could also -- beforehand -- use the printing press to help "save" us from collapse but we all know what hyperinflation leads to.

The reality is with much of the Eurozone and the US about to face financial collapse, Bitcoin could be perceived as a safe haven from this mess; a haven greater than gold due to its digital liquidity and other properties. Bitcoin may see great success in the coming days of judgement.

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[Daily Anarchist]

He ends the video with "we need to honor our promises." That's fine, but considering the fact that I never made those promises I feel no compulsion to honor them. It was the government that made those promises. If they default on their promises that's they're problem. If you're somebody who believed all of the OBVIOUS lies the government told you for the last 50+ years, then that's your problem too.

[nafai]

Honoring the promises made is a lot like the genie that gives you 3 wishes and then when you wish for a car, your dad dies and you inherit a car. And other mischievous things genies do, where they give you what you asked for but not in the way you were expecting.

Our promises re: social security, medicare/medicaid, and other entitlement programs, are so large at this point that the only way to honor them, especially in the future as the lifespan increases and there will be more and more people at retirement age, in addition to the skyrocketing price of healthcare -- the only way to honor those prices will be to inflate the currency to the point where yes, you receive a monthly check for $1000 from SocSec as promised, but that only buys a loaf of bread, a carton of eggs, and a gallon of gasoline.

Far better is to accept that we're in a prisoner's dilemma type of situation where no one wants to be the bad guy but because nobody will step up we're screwing ourselves and we're all the bad guys -- and just get rid of the system entirely.  In my mind, the ideal compromise would be to fulfill the promises of people already in the system, but starting TODAY allow people to opt out of social security by forfeiting all their accumulated benefits but also no longer have money deducted from their paychecks for the purpose of SocSec.

Let us opt out today!  I would gladly give up all the SS benefits I've accrued in my life if I could simply not have to pay into the ponzi scheme of SS going forward.

[rjk]

however, the world relies on the US Empire's military power (we have 99% of it)

89% of statistics are made up on the spot emitted directly from the statistician's ass.

[foggyb]

however, the world relies on the US Empire's military power (we have 99% of it)

89% of statistics are made up on the spot emitted directly from the statistician's ass.

I think what he's trying to say is the USA holds the balance of military power. But that is also not calculable number. His use of 99% is just an exaggeration for effect.

[rjk]

however, the world relies on the US Empire's military power (we have 99% of it)

89% of statistics are made up on the spot emitted directly from the statistician's ass.

What he's trying to say is the USA holds the balance of power. But also not a number, like 99% or w/e.

Hehe, no shit. But saying the US has 99% of it is just funny.

[finway]

I can't agree more.

[kangasbros]

In the times of crisis, people have traditionally been hoarding gold, silver, whiskey, cigarettes, whatever. Now we just add bitcoin to that list.

However, there isn't any crisis yet. The newspapers and web sites are always babbling about crisis/collapse/catastrphy, but when I go outside, everything is peaceful, people are enjoying the beautuful weather and burger still costs the same as it cost 5 years ago.

[Gabi]

Dunno... Bitcoin is a high risk investment. When crysis strike, people run away from high risk things and invest in safe things... so i dunno if a collapse would help bitcoin right now.
Also bitcoin require internet and smartphones, if everyone become poor, then much less ppl will be able to use bitcoins...

[fornit]

However, there isn't any crisis yet. The newspapers and web sites are always babbling about crisis/collapse/catastrphy, but when I go outside, everything is peaceful, people are enjoying the beautuful weather and burger still costs the same as it cost 5 years ago.

prices for heating and electricity doubled over the last ten years in germany. in the us, spain and greece, more than 50% of the young adults have no job. more time to enjoy the weather i guess. that didnt change much btw... i mean flood waves arent really weather, right?
plus we get more beach each year....about 12 million hectare. most of it unfortunately without any oceans nearby. or any water at all.

[mrdavis]

Also bitcoin require internet and smartphones, if everyone become poor, then much less ppl will be able to use bitcoins...

With that kind of collapse I don't think the internet will be available to the wealthy. The global network will collapse with the global economy. In the best case pockets will stay connected, but it will still be fragmented and each fragment will fork the blockchain (if there are even any miners left)

[Gabi]

In that happens, then good luck for bitcoin. Once it get more important and used by more ppl then maybe it can survive such collapse. But right now? There are already only few ppl that use it, with a collapse you happily reduce that amount...

[tiptopgemdotcom]

Let us opt out today!  I would gladly give up all the SS benefits I've accrued in my life if I could simply not have to pay into the ponzi scheme of SS going forward.

You forget one tiny little detail.  This year's contribution that you will make is already spent.  So is next years, and the year after that and after that and...and the money in social security?  Brother, that is spent too.  It's called the national debt.  The deficit is just a single quill on the porcupine's back. 

People don't get that America is far worse than broke.  They are in debt greater than can ever be repaid and spending like a drunken sailor while the American people continue to hand over blank checks. 

At least they saved the bankers.  That was worrying me.  I see now that it was the right thing to do.  They saved us all!

[foggyb]

In that happens, then good luck for bitcoin. Once it get more important and used by more ppl then maybe it can survive such collapse. But right now? There are already only few ppl that use it, with a collapse you happily reduce that amount...

The blockchain does not get deleted from millions of hard drives when the internet goes down.

Think about this: how is bitcoin different from other commodities such as gold? What if we ran out of gas, electricity, and ultimately the internet. Does gold become worthless? After all, it can no longer be transported or traded efficiently, except locally.

Of course, if the internet is down, no can sell their bitcoins either.  

[tysat]

FYI:
intact vs in tact

Not sure if it's a typo or you just have it wrong, but they are two totally different things.