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Would cryptos be safer than banks ?

  • 12-04-2020 12:23pm
    #1
    Registered Users Posts: 1,069 Hoffmans


    With the amount of credit being printed at the moment are banks in danger of going to the wall when it all needs to be accounted for, where on the other hand 1 crypto will still be worth 1 crypto.


Comments

  • Registered Users Posts: 23,320 ✭✭✭✭ lawred2


    Hoffmans wrote: »
    With the amount of credit being printed at the moment are banks in danger of going to the wall when it all needs to be accounted for, where on the other hand 1 crypto will still be worth 1 crypto.

    1 crypto might still be worth 1 crypto

    but 1 crypto might be worth sweet f**k all


  • Registered Users Posts: 591 ✭✭✭ one world order


    Physical gold and silver is the safest. A crypto platform can always be hacked, like Cryptopia and client funds vanish.


  • Registered Users Posts: 1,069 Hoffmans


    Physical gold and silver is the safest. A crypto platform can always be hacked, like Cryptopia and client funds vanish.

    True but your wallets security is in your own hands


  • Registered Users Posts: 1,069 Hoffmans


    OSI wrote: »
    How do you plan to realise the value of that crypto if there’s no banks to translate that value to cash?
    Cash is becoming worthless there's more and more solutions coming online like crypto credit
    Cards.
    The worth of the say dollar has fallen since 2009
    600`000% on average taking in the peaks and troughs it will never regain these losses


  • Registered Users Posts: 23,320 ✭✭✭✭ lawred2


    600000%?


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  • Registered Users Posts: 373 ✭✭ JMMCapital


    No don’t mind that garbage.


  • Moderators, Business & Finance Moderators Posts: 7,836 Mod ✭✭✭✭ Jim2007


    Hoffmans wrote: »
    Cash is becoming worthless there's more and more solutions coming online like crypto credit
    Cards.
    The worth of the say dollar has fallen since 2009
    600`000% on average taking in the peaks and troughs it will never regain these losses

    Need another roll of tinfoil or what???? Go learn a bit about economics and in particular the function of money...


  • Moderators, Business & Finance Moderators Posts: 7,836 Mod ✭✭✭✭ Jim2007


    Physical gold and silver is the safest.

    There is not safe option, gold/silver has no intrinsic value and consequently you are betting on something who's value is based on fear and greed. The inability to actual trade it when necessary means it's value could evaporate in a matter of hours.


  • Closed Accounts Posts: 9,586 ✭✭✭ Everleigh Yummy Slacker


    Jim2007 wrote: »
    There is not safe option, gold/silver has no intrinsic value and consequently you are betting on something who's value is based on fear and greed. The inability to actual trade it when necessary means it's value could evaporate in a matter of hours.
    Au(79) & Ag(47) both have many uses, and good intrinsic value. From electronic components, antibacterial, dentistry, photovoltics and mixed alloys.

    Trading it is simple, even those lads that get dumped into some random jungle to democratise brown or some such, people carry a yellow coin in their pocket as the last option item of negotiation.

    A silver backed currency might'nt be a bad thing, at least it has some finite supply, unlike some dolla' than can be endlessly quantitative-eased off a printing press.


  • Registered Users Posts: 591 ✭✭✭ one world order


    Jim2007 wrote: »
    There is not safe option, gold/silver has no intrinsic value and consequently you are betting on something who's value is based on fear and greed. The inability to actual trade it when necessary means it's value could evaporate in a matter of hours.

    2,000 years ago, the same ounce of gold today that would buy a top quality suit, would have bought a top quality toga and boots. That is an impressive store of value.

    The global financial system is based on fear and greed with fiat currencies based on debt that can never be repaid. Gold and silver will always be tradeable, even on the black market if the government came to confiscate it.


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  • Registered Users Posts: 1,069 Hoffmans


    Jim2007 wrote: »
    Need another roll of tinfoil or what???? Go learn a bit about economics and in particular the function of money...

    My bad ok using my calculator,
    March 2010 1btc is .003$
    March 2020 1 btc is 7100$
    % rise is 2​36,666,667%
    Fiat is backed by nothing only a state promise
    Could physical silver be the way to go banks are in big trouble


  • Registered Users Posts: 17,261 ✭✭✭✭ dxhound2005


    If gold is going to be confiscated by the government, people who left their stash with some storage company should get it out immediately. The government would force those companies to hand it over, whereas you could keep it at home in a safe. Over the past 100 years people who wanted a suit of clothes for their gold, would have had to cut their cloth so to speak at times. And note how its value is stated in fiat currencies.

    https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart


  • Closed Accounts Posts: 9,586 ✭✭✭ Everleigh Yummy Slacker


    If gold is going to be confiscated by the government, people who left their stash with some storage company should get it out immediately. The government would force those companies to hand it over, whereas you could keep it at home in a safe. Over the past 100 years people who wanted a suit of clothes for their gold, would have had to cut their cloth so to speak at times. And note how its value is stated in fiat currencies.

    https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
    True enough if you use a gold (bullion) 10kg bar from somethingbullion.com, as a doorstop, it's still classed as bullion due to it's nature.

    On the other hand random slightly vintage 925 coins (antique/currency), or jewelery might side-step this.

    But both can be valued in whatever currency you are selling to.

    Also with the end of cash looking closer on the horizon, the notion of the original trading system (barter) will look appealing. If you've a field of carrots, that can quickly become a plate of spuds and bacon.


  • Registered Users Posts: 17,261 ✭✭✭✭ dxhound2005


    A lot worse things have befallen the earth than the current catastrophe. Like the object from space which separated the moon from the earth. Or even wars and pestilence which wiped out big percentages of the human population.

    If all comes to all and there are any people left, they won't be interested in bits of shiny metal, no more than paper money or fine art. Potable water, food and medicines are all that will be worth having.


  • Registered Users Posts: 37,534 ✭✭✭✭ the_syco


    Hoffmans wrote: »
    True but your wallets security is in your own hands
    If your physical wallet fails, you have nothing.

    If you forget the password, you have nothing.

    If someone else gets your password, you have nothing.

    If someone robs your bank account, you have a chance of getting it back.


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