US currency collapse — which cryptos to be in?

[vacuum]

Ok, quick video to set the mood:


https://www.youtube.com/watch?v=Qem3Y4deakU

Let’s say we are facing a US currency collapse, which we all know is stalking us right now.

The question then becomes, what cryptos would be the best for a currency collapse and which one would suck?

I’m thinking good one would be: LTC, XMR, BTC, BCH, DASH

Ones that would suck: tokens, defi, smart contracts

What do you guys think? what cryptos would you want in a currency crisis situation? SHTF cryptos?

Bonus points of it can survive in a harsh environment: a barely functioning internet, oppressive government, a wide variety of endpoints, etc. I haven’t seen this topic discussed.

[EE_]

Bitcoin Could Soon Run Head First Into U.S. Money Laundering Laws
BY TYLER DURDEN
SATURDAY, MAR 06, 2021 - 20:00

Among the challenges in regulating bitcoin will be the Biden administration's handling of recent anti-money laundering laws put into place by the Trump administration pertaining to bitcoin and cryptocurrencies.

The rules, implemented at the last-minute by the Trump administration, seek requirements for financial services firms to report identities of cryptocurrency holders, according to Bloomberg. The point of the rules is to stop attempts to use crypto as a means of transferring money illicitly.

Lobbying against the regulations are "heavyweights from both K Street and Wall Street", according to Bloomberg, including Fidelity and the U.S. Chamber of Commerce. The Chamber of Commerce has said the rule would have “unintended long-term consequences” on the virtual currency industry.

Also lobbying against the rule have been "Republican lawmakers, including former Representative Cynthia Lummis, who is now a Wyoming senator; Arkansas Senator Tom Cotton and Democratic Representative Tulsi Gabbard of Hawaii".

The rules were implemented by the Financial Crimes Enforcement Network or FinCEN, after President Trump lost the 2020 election. The move drew criticism and even the threat of lawsuits from pro-crypto trade groups. The rule would require filings to the Treasury every time a customer moves at least $10,000 worth of virtual currency into a wallet not hosted at an exchange. These are similar to the reports that banks already send under existing AML laws when customers take out $10,000 or more in cash.

The regulation would also require banks and exchanges to keep records of customers who send $3,000 or more of virtual currencies to someone else's unhosted wallet.

Obviously, such regulation would maim one of bitcoin's biggest "assets": the ability to transfer money anonymously and "outside the system". Should Treasury Secretary Janet Yellen move forward with the rules, crypto services could wind up becoming more expensive - and some cryptocurrencies could even disappear altogether.

Additionally, if the rules are adopted, they could cause a "sharp fall" in crypto prices, according to Bloomberg. Matthew Maley, chief market strategist for Miller Tabak & Co., said: “Bitcoin is very risky and very volatile and it’s going to continue to be that way. If you add something like a new regulation, it’s going to be very vulnerable to a correction.”

FinCEN published the rule December 18 and rushed through a 15 day comment period where more than 7,600 public comments were received.

As of today, there's no timetable on when the Biden administration will decide on the rule.

Of course this is just the latest in "the death of bitcoin"-esque worries. In fact, as 99Bitcoins notes, Bitcoin has died 402 times since inception.

https://www.zerohedge.com/markets/bitcoin-could-soon-run-head-first-us-money-laundering-laws

[ziero0]

Crypto...monetary crisis phase II

When you can't figure out the rules of the game invent your own game and try to convince everyone your game is more fun than the old game

[Hitch]

What do you guys think? what cryptos would you want in a currency crisis situation? SHTF cryptos?

Well, I'm going to say none of the above. I don't believe cryptos will survive a currency collapse. Only physical gold and silver will. A currency collapse is a mass starvation of the people, bartering for food, etc. Cryptos don't really have a place in that scenario. If we have "tamed" inflation, meaning not crazy hyperinflation, but inflation across the board...cryptos might do quite well flooding out of regular currencies. But, a true currency crisis, people will be back to bartering, trading skills, beans for bullets, type of situation.

[vacuum]

Well, I'm going to say none of the above. I don't believe cryptos will survive a currency collapse. Only physical gold and silver will. A currency collapse is a mass starvation of the people, bartering for food, etc. Cryptos don't really have a place in that scenario. If we have "tamed" inflation, meaning not crazy hyperinflation, but inflation across the board...cryptos might do quite well flooding out of regular currencies. But, a true currency crisis, people will be back to bartering, trading skills, beans for bullets, type of situation.

The problem with gold and silver is capital controls. They can be outlawed and confiscated. Large quantities especially are a liability.

There is a place for both in a currency crisis. Especially silver.

[Shami-Amourae]

I don't believe cryptos will survive a currency collapse. Only physical gold and silver will.

There's near infinite Gold and Silver. No one knows the above ground supply of it. This also means that governments can naked short them with their proxies (COMEX) since no one can prove the supply like you can with Bitcoin. Every year Gold/Silver are mined more and more due to improvements in technology. Gold and Silver are INFLATIONARY.
Fully automated robots will be online soon to mine the ocean floors of Gold. This will cause hyperinflation in the Gold supply, and you'll see the Bitcoin marketcap go higher than the Gold marketcap. This will happen in the next 2-10 years approximately. Once this happens almost no one will invest in Gold anymore, and Gold will just be viewed as very shiny conductive Copper.

https://www.youtube.com/watch?v=WJkL3P4hYAE
This technology hasn't been released yet but it's coming out sooner than you'd think.

How many Corporations accept payment in Gold/Silver?
None.
How many in Crypto?
Tesla, Microsoft, AT&T, PayPal, Mastercard, Visa, many grocery stores sell it (Coinstar), there's a ton to list:
https://paybis.com/blog/companies-that-accept-bitcoin/
Major banks are already working on how to custody it. There's already banks doing this right now.
How many job postings does JP Morgan have for Gold? Find out here: https://www.coindesk.com/jpmorgan-posts-34-blockchain-jobs-as-it-beefs-up-jpm-coin

There's only 21 Million Bitcoin and many are lost forever. Bitcoin is the hardest money in human history.

https://www.youtube.com/watch?v=1HoCgu5lcPs

Gold is not money, only Bitcoin is. No one gives two shits about your depreciating Boomer Rocks. Sell them for Bitcoin and preserve your wealth. You're better at holding the DOLLAR over Gold/Silver now since they don't even keep up with inflation. What a joke.
Just like when humanity replaced horses with automobiles, Gold will be kept around as a relic for old rich people to show off, but frankly it's just a decoration at this point. Get with the times, we're entering the Digital Age. Everything will become automated. Everything will become digitized. Everything is different now. Everything.

The longer it takes for you to figure this out after I've been telling you for years, the more you miss out on the biggest wealth transfer in human history from Jews to the plebs.

[Shami-Amourae]

I’m thinking good one would be: LTC, XMR, BTC, BCH, DASH

Only stick to oscillators. Those are cryptos that go up and are relevant each bull run.

I'd only recommend the following that have proven themselves:

Bitcoin
Monero
Ethereum
Stellar
Dogecoin (Yes I'm serious)
Litecoin
Cardano


Polkadot/Kusama are a possibility but it hasn't been around long enough to say for sure.

I wouldn't include XRP or Bitcoin Cash since those are dying right now pretty clearly. Dash is pretty much dead too.

Litecoin is the most undervalued oscillator right now, so I think it's the best buy. It's all I've been buying in the past month. I only buy things that are undervalued that no one is talking about, but have strong fundamentals. There's a possibility Litecoin wont be an oscillator after this current bull run too, so sell all of it this year.

[Hitch]

Shami, thanks you give us a lot of good info on bitcoin and cryptos in general. You've taught me a lot personally. I agree with you on bitcoin, I am bullish on it. But, I'm also thinking a major currency collapse is not going to happen. A currency crisis to some level yes, high inflation, yes, and I think this is where bitcoin may outperform gold, and even silver.

But, in a currency collapse scenario. IE, weimar germany. Tangibles, as in you hold it in your hand, are going to be by necessity, what's valued. A digital wallet, no so much. Not many folks will want bitcoin if they have a tractor, for example, and you need a tractor. They may want gold though. Two tangibles trading hands. A man with a few extra cans of beans may settle for some junk silver, if you have it.

That video of the automated dredge though, well, that might put me out of work. Hopefully that's 10 years out or so, I've made a good amount of money dredging. Hard work, but rewarding. Keep in mind though, dredging only touches surface material. Gold settles lower, with tides, ocean currents, there's a lot of movement in the water daily. I don't think dredging will recover much gold, unless some hard seabed is touched. Most dredging is sand, mud, surface stuff.

Also, keep in mind that Gold fails as true money, because the amount mined and available just can't keep up with the amount of population growth. In order for money to work, remain stable, it has to keep up with population growth. Gold has a lot of room to grow in that way, even if massive amounts are found with new technology, it can and should remain a way to hold tanglible wealth and keep that wealth stable. Gold, as a value, isn't going to go away in our lifetimes, imo. That being said, bitcoin may be a better investment for growth and gains. Gold should be stable, safe, bitcoin for those willing to take a bit more risk for the reward.

[monty]

Have any of you heard about this goldback, a polymer bill impregnated with fine particles of gold?

https://goldback.com

[woodman]

Have any of you heard about this goldback, a polymer bill impregnated with fine particles of gold?

https://goldback.com
I have seen these. I have some of the original Aurums that came out around 2011 IIRC. Same concept. I bought them in lieu of bitcoin; of course if I'd bought bitcoin and held instead of buying the aurum and holding, I'd be a very rich man. As it stands, I am rich in many ways, just not rolling in dough.