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RE: Steem Dollars vs The Coming Global Economic Crash

in #steemit8 years ago

I sure hope you are right in your assessment, but then if global fiat money goes down in the pan, surely it will be difficult for anyone to sell off the crypto stuff to get food in a world which had intrinsically fallen apart ? What are your thoughts on that ??

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There would be a transition period where it is hard to buy anything at all when the banks go down. That's why you want some physical cash on hand and maybe junk silver (old dimes, etc) so that you have something physical to trade. And of course store up enough food to get by for 3 months or more.
BUT eventually a new system will sort itself out. Maybe something companies will start accepting something like GoldMoney and BitCoin, and any other cryptocurrencies can be converted into one of these before shopping. I don't know, but a new system will arise out of the ashes and chaos.

I hold a lot of physical gold, arms, ammo, emergency rations, antibiotics and other medical supplies, solar power components, a seed bank in a Pelican box, a lot of diesel, tons of fishing equipment (I'm on the water), and perhaps most importantly I make sure I have the knowledge to survive (which may be the most precious commodity). All are barter-able. The last being the only one, when traded, costs me nothing but a little time.

After the dust settled, crypto currencies would be a mainstay of trade and a primary currency I would guess