But as of right now, if you wanted to cash out of your cryptos you would transfer into either the U.S. dollar or some other "fiat" currency as the misguided core of crypto pumpers like the poster boy for the bitcoin bubble, Jeff Berwick (Dollar Vigilante), guides. Face it, if you want out you convert to dollars, or yen, or yuan, or, euros. That's the way it'll be until all of the "fiat" currencies collapse. I'll just wait until there is only the dollar vs whatever the other remaining fiat currency is left to compete with bitcoin. Since I believe the dollar would be the very last surviving fiat as they all move towards Dollar Virgil's "fiat collapse," I'll make my very first bitcoin buy no sooner than 1 day after the other fiat left still standing besides the dollar collapses. I certainly want to be there for the 1000% 1 day gain in the dollar when the other remaining currency drops. I suppose you think ALL fiat currencies are going to collapse on the exact same day at the exact same second of the day...right? :-)
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" I suppose you think ALL fiat currencies are going to collapse on the exact same day at the exact same second of the day...right? :-) "
but FYI, it wouldn't surprise me in the least if we see something economically happen by end of September when Fed runs out of budget, and can't raise the debt ceiling any more by law.
And at that time I'll be grateful if i owned some crypto, but if you want to buy any of my silver yo better bring some real estate, a car or something of real ( deflated ) value, because I won't be accepting Dollars.
I'm sure it's not lost on you that the Louisiana Purchase was handled in Gold. But whatever.
PEACE
Oh, I didn't say you said that. I just said it is more likely that they won't all collapse on the very same second of the very same day. Imo all the fiats will survive. They will just all get crushed as the world runs to the "safety" of the U.S. dollar and U.S. treasury debt, just like in 2008. Not sure if you realize it but 1 year treasuries were being bought at a negative interest rate during the height of the 2008 meltdown. The same thing will happen again this time. Gold is like everything else, a depreciating asset during a deflationary environment. A gallon of gas is already below 2.20 here where I am. By Sept it will more likely be below 1.50. I figger gold will be below $1000/oz. Silver? ehhh, somewhere belowst $10/oz I imagine as it is also a metal with industrial uses.
have you ever hear of Venezuela. They are already in the poop, their bolivar has collapsed, there 1 ounce of Gold will buy you a HOUSE, there 1 ounce of Silver will buy you multiple months of food.
Look at the price of Silver there: 166.27 per ounce...
http://www.livepriceofgold.com/silver-price/venezuela.html
Please don't preach to me about 10 Silver or whatever. I already know better.
Later
I don't consider Venezuela's currency a "reserve" currency. Nor do I consider Russia's currency a reserve currency. Both are too reliant on one asset >>> oil. And oil is priced in dollars. Thus Venezuela's problems. I'm not preaching either. I'm giving you my opinion, nothing more, nothing less.