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Preppers switching to bitcoin... (???)

 
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cubes



Joined: 10 Jun 2008
Posts: 565
Location: Norfolk

PostPosted: Tue Nov 21, 2017 9:12 pm    Post subject: Preppers switching to bitcoin... (???) Reply with quote

Not really sure what to make of this one...

https://www.bloomberg.com/news/articles/2017-11-20/can-bitcoin-survive-an-apocalypse

Quote:

Wendy McElroy is ready for most doomsday scenarios: a one-year supply of nonperishable food is stacked in a cellar at her farm in rural Ontario. Her blueprint for survival also depends upon working internet: part of her money, assuming she needs some after civilization collapses, is in bitcoin.

Across the North American countryside, preppers like McElroy are storing more and more of their wealth in invisible wallets in cyberspace instead of stockpiling gold bars and coins in their bunkers and basement safes.
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clv101
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Joined: 24 Nov 2005
Posts: 7626

PostPosted: Tue Nov 21, 2017 9:28 pm    Post subject: Reply with quote

It's hard to imagine a scenario where "one-year supply of nonperishable food" would be essential AND the Internet remains intact enough for the Bitcoin stash to be useful.
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cubes



Joined: 10 Jun 2008
Posts: 565
Location: Norfolk

PostPosted: Tue Nov 21, 2017 10:40 pm    Post subject: Reply with quote

Indeed! I put it here as I knew it would, if nothing else, be good for a laugh.
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adam2
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Joined: 02 Jul 2007
Posts: 6205
Location: North Somerset

PostPosted: Tue Nov 21, 2017 10:55 pm    Post subject: Reply with quote

Agree, in most hard crash or sudden TEOTWAWKI scenarios, bitcoin would become either worthless or at least inaccessible.

A modest holding of bitcoin would probably prove worthwhile if we suffered hyperinflation, the great merit of bitcoin is that governments can not print more of it.

Consider the recent and ongoing hyperinflation in Zimbabwe as an example, a holding of bitcoin would have done a lot better than local banknotes, or money "saved" in a Zimbabwe bank.
Both electricity and internet service are available in Zimbabwe, not perhaps very reliably, but enough to access ones bitcoin stash.

If a similar situation were to occur here, bitcoin could be most useful. That is however only one type emergency.
In most other emergency or disaster situations bitcoin is unlikely to be of any use.
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woodburner



Joined: 06 Apr 2009
Posts: 3372

PostPosted: Sun Dec 03, 2017 8:35 am    Post subject: Reply with quote

Bitcoin is hardly something for anyone concerned about wasting power or climate change

Quote:
That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.


Read more....
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PS_RalphW



Joined: 24 Nov 2005
Posts: 5258
Location: Cambridge

PostPosted: Sun Dec 03, 2017 9:32 am    Post subject: Reply with quote

Quote:
How can you have money,” demanded Ford, “if none of you actually produces anything? It doesn't grow on trees you know.”
“If you would allow me to continue.. .”
Ford nodded dejectedly.
“Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich.”
Ford stared in disbelief at the crowd who were murmuring appreciatively at this and greedily fingering the wads of leaves with which their track suits were stuffed.
“But we have also,” continued the management consultant, “run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying one ship’s peanut."
Murmurs of alarm came from the crowd. The management consultant waved them down.
“So in order to obviate this problem,” he continued, “and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and. . .er, burn down all the forests.


Douglas Adams, 40 years ago.
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RenewableCandy



Joined: 12 Sep 2007
Posts: 12459
Location: York

PostPosted: Sat Dec 09, 2017 10:40 pm    Post subject: Reply with quote

I remember thinking about that during all that talk about the "Magic Money Tree" Very Happy
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