Crypto has just started, but from the ground of grassroots usage. It's building up from that foundation. The fiat empires have a long history of use, but from being controlled and force upon people, with manipulation to sustain their inflated value.
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Two famous people are talking about the coming collapse of the US dollar,r ecommending people get into crypto before it's too late. Robert Kiyosaki, author of "Rich Dad, Poor Dad", described the US dollar as a scam with a market crash imminent. Get away from USD and into the "currencies of the people" that will outlive fiat:
The US Dollar is a scam…I think the dollar is toast because gold and silver and cybercurrency are going to take it out…The US Dollar is gone…In the year 2000 there was one currency, the US Dollar. It was called the reserve currency of the world…and then came bitcoin or cybercurrency.
He promoted his new book that supports investing in gold and crypto in order to hedge against what he sees as the coming collapse of the traditional financial system:
I talk about the three types of money today: God’s money, which is gold and silver, government’s money which is fiat currency, which is done by government decree which is the dollar… Then there’s the people’s money, which is cybercurrency on the blockchain technology. Gold is a hedge and I am expecting a collapse on the system…[and] which is why you are into cybercurrencies now… bitcoin and ethereum.
He's not the only one talking smack against fiat and praising crypto. Apple co-founder Steve Wozniak has previously said that crypto is superior to the "phony" US dollar. And Kim Dotcom who is often called an "internet pirate" is urging everyone to get into gold and bitcoin because he also sees the US dollar in trouble.
In a Tweet, Kim Dotcom posted about the $1 trillion in debt that the US government adds each year, and will essentially never be repaid, resulting in the destruction of the US and create a global economic collapse.
1 TRILLION DOLLARS in additional US Govt debt PER YEAR!US spending is funded by lenders who will never get paid. US Empire will collapse followed by a world wide economic collapse. http://usdebtclock.org
Shift your USD into Gold & Bitcoin asap before USD becomes toilet paper.
flickr/frankieleon, Source
The US federal deficit rose by 20% in the last 10 months, and spending is greater than revenue by $682 billion, and that's $116 billion more than last year. The US economy has grown by 4.1% is the last quarter, but it won't be enough. Tax cuts were made to try to lead to a stronger economy, but it hasn't panned out yet. The deficit is just bigger now, as spending was also increased.
CC BY 2.0
Trump already took on an empire on life support, with many leading economists who agree that the US debt in simply not sustainable. The deficit is expected to reach $794 billion by the end of the year. Interest payments are expected to rise in order to compensate a bit.
The next few years and decades will tell the tale of the fiat empires surviving because there was never anything to worry about (as if) or collapsing. It's seems inevitable that a collapse will come from the huge fantasy-land bubbles that have been created. People can survive better if they get off the centralized currency that has been pushed on them for centuries.
Most people will probably get hit hard when the next bubble bursts because they don't accept crypto and have too much faith, loyalty and trust int he traditional system. It's all they know, and the unknown crypto world is a dark mysterious or even dangerous area in many people's eyes.
Thank you for your time and attention. Peace.
References:
- ‘Rich Dad, Poor Dad’ Author Is Bullish on Bitcoin, Says USD Is a Scam
- Robert Kiyosaki Interview – On Fake Money, Fake Teachers and Fake Assets
- Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control
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People see cryptocurrency as this idealistic alternative to fiat, but in all honesty, it's not. What people seem to forget is that the only way to obtain cryptocurrency is using fiat currency. I cannot honestly tell you one way you can obtain Bitcoin without needing to buy it via a service like Coinbase or some form of exchange. What everyone needs to realise is, if fiat fails, so does cryptocurrency.
And then you have the horrible anti-consumer process of going through KYC/AML requirements like; passport scans, drivers licence scans, utility bill scans, taking a photo holding up a sign and other stupid requirements to be approved to buy/sell and trade cryptocurrencies on exchanges.
Until my employer pays me in cryptocurrency, my phone company accepts crypto and I can pay my mortgage and life expenses using crypto (like fuel), fiat is the only option.
The only true alternative to fiat is precious metals like gold and silver, not volatile and easily manipulated cryptocurrencies. That's not to say Bitcoin and other cryptocurrencies in the future won't be stable or good alternatives, but right now they're a mess (look at the price of Ethereum for reference).
I am especially sceptical of these high-profile figures telling people to invest into Bitcoin given they probably have large sums of it and it's in their best interests to see the price go back up so they can sell some of it. Kim Dotcom has a well-documented history of fraudulent and illegal activity, I wouldn't trust him as far as I could throw him.
This is also how I see it. As long as entry and measurement of value is against fiat, and using it for everyday needs does not become more commonplace it is dependent on fiat. As well as subject to manipulation by those who create fiat from nothing.
Yes, those already in it want to go higher, for sure. Can't throw Kim dotcom very far at all... lol.
In the larger picture, yes crypto is pretty tied to fiat. But you can get it without. I got most of it without fiat, thanks to Steem. Others can mine for it. If fiat fails, then ppl can't pay for power to mine, but maybe at that time crypto would be accepted so they would be fine and the world would keep on in short time...
The current problem with cryptos now is that the whole industry and 99.99% of its trades are based on speculation.
Thus, something - perhaps dramatic - will have to occur before the masses and financial institutions really get drawn into the mix. What that is, is really really difficult to say. Any thoughts?
There are very good cryptos in terms of "money/value/transaction" coins as well as "utility coins" (i.e. those that solve some issue/problem/challenge); I have written about some of these in a post a few months ago.
The last few months and weeks and even days (just in the last 2-3 days) has seen an absolute S-L-A-U-G-H-T-E-R in the cryptosphere with Coinmarket cap total market valuation plunging below a critical $200 billion level ($191 billion at the time of this reply). In other words, there is blood on the streets (or should I say "rivers of blood" on the streets).
But for savvy investors, this is a really really good time to buy (or at least "dollar-cost-average) into some high quality (yet highly/innocently depressed) cryptos. Some of these have seen 20-30% drops in the last 24 hours alone and some even over 50% drop in the last 7 days.
Call me crazy, but when they get lower and lower like this, I just want to buy more and more, especially of the ones I perceive to have great long-term value.
Am I crazy? I guess time will tell.
Curious to know if any of you are buying these days and what you are buying. (I've recently bought more Dash, Vechain, SRN, ACAT, XVG). And really think that Dash and Ethereum are a real steal these days given that they hold tremendous value. EOS is a major major disappointment!
Something dramatic... like an economic disaster... would propel ppl into crypto more ;) That;s what is happening in Venezuela for example.
When there's "blood", that's when it's time to buy. Been done for a long in in trad. markets ;)
I know what you mean. I'm hesitant to trade in some silver or gold as I paid a bit more than it's currently worth and would be taking a loss in fiat spent. But it's tempting lol.
I haven't bought crypto in a long time. EOS should pan out after some time, it has lots of potential. But, as with most crypto, lots of speculation about the future :/
Yep. Hold on to your gold and silver; it's only a matter of time and it ain't gonna be in decades that's for sure.
I'm thinking of whipping together a post on how the cryptos will react during the next financial crisis/meltdown. As cryptos are very nascent, we have no precedent. So, it will be interesting to see how it emerges. My initial gut feeling is that like gold and silver they will initially take a hit downwards; but when the big money goes for the exists from the main markets they will seek places to park their money for which there are very few apart from real estate. So they will opt for God's money and cryptos.
As much as I agree, and I also invest in crypto, the fiat currencies seem way more stable than crypto... am I wrong?
Look at bitcoin, it’s dropped so much in 6 months, has that ever happened to a strong fiat?
By the way I’m pro crypto, especially ones with case uses such as XRP, wtc etc,.. but fiat currencies are easier to predict.
What on Earth is making bitcoin drop like this? So many people are invested and price keeps dropping.
Why do they all follow bitcoin trend? Even though different cryptos have different case uses, they all (95%+ of them) follow bitcoins trend.
Surely we can’t just look at the trend lines and think “oh in 2007 it followed a similar pattern” because it’s now, but what is affecting this. All signs should be pointing to a growth but a big fall is occurring. Look at steem! More members, more daily users, more activity, falling prices.... what’s going on and why...?
Not wrong ;)
People are selling, either they think it's going nowhere, can pick it back up lower, or the whales are selling it to make it less valuable so they can buy it up cheaper. Maybe another rreason ;)
Steem is relative to bitcoin relative to USD. Plus Steem has issues in it's ecosystem, like shit vote selling and buying that can make people not want to be a part of this.
I do believe that fiat money which is centered around the dollar will collapse soon. For example, in my country there is an on going deal with China to float their curency in my country and purs in their country. China being our number one trade partner, it is only reasonable that such steps are taken. this in turn will lead to the scrapping of the dollar which has been the major source of exchange.
In the crypto world, steemit to be percise, is been structured around the dollar as well i.e steem is measured in dollar, so my question is: won't this looming fiat crisis affect the platform and cryptos? that's my fear.
oh that's a very good point sir nonsowrites! It seems logical to assume that a collapse would also take down steem which is tied to the dollar value.
Yes. My theory is that the current downturn in crypotcurrencies is as a result of the dollar strain, it is fighting for its life and on it's way down it is dragging everything associate it along.
like someone mentioned in this comment section, fiat money is used to purchase crypto, thus what affects fiat money can affect crypto as well.
howdy this fine Tuesday sir nonsowrites! yes that is so logical, the point about fiat money being used to purchase crypto and what happens when fiat money crashes? very good sir. you sound very sharp. what country are you in?
thank you very much for the compliement, and I am from Nigeria.
howdy back again nonsowrites! from Nigeria! wow there are alot of people from Nigeria on steemit, that's a wonderful thing. what is the economy like there, is it growing and do you export alot of resources?
Well, currently our economy is still recovering from a depression. Coupled with the government's inability to tackle pressing issues, like the insurgence in the north, tribal warfare, unemployment and over population, etc the list is endless.
But like they say where there are problems opportunities are lurking. There are many untapped potentials in Nigeria. The government has tried to resuscitate agriculture in their bid to diversify the economy. Also they've tried to improve infrastructure, however, much is still yet to be done, in terms of providing basic amenities like water and light. The power sector needs to improve in other to provide a more comfortable business environment for both local and foreign investors. And with the general election approaching most Nigerians hope to see a change.
As regards export, petroleum still remains our major export, which accounts for over 90% of our foreign exchange. However, this has not neccesarily translated into better opportunities for our people, because the sector is dominated by foreign companies.
All cryptos have a dollar value, because they are measured against bitcoin which also has a dollar value. You can just look at the crypto in BTC value. Steem has SBD, which is supposed to be pegged near USD$1.
Going to ride the next bubble, than cash out part of it and invest in things like toilet paper, lighters, food with long shelf life etc. Things that would hold value to the average person in times of collapse. Oh, and weapons. Sharp knives and bows would be invaluable if shit collapses.
I think I'm with you on that, partially. I should have cashed out some when it went to $19k... but was dumb and didn't... doh...
Get out of falling Fiat yes I agree. But I think one must invest in many things including crypto currencies. I would also highly encourage hard assets. Diversification is the key. Thanks @krnel
Yup, metals and crypto ;)
howdy sir @krnel! well sir, it seems inevitable that the collapse will happen in the next decade if not right away unless they do something to stop it, but that would be asking for alot. I've always heard to invest in gold and silver though to prepare for the collapse. very thought-provoking article.
Yeah, the dollar seems to be headed on it's way down, and has been for many decades... Yes, I have gold and silver too, for a collapse scenario.. :/
yes sir, that's a good confirmation, thank you.
I definitely think it's a no-brainer to get gold/silver and crypto. Even if you don't think the dollar is going down, your savings are killed by inflation. And it's a hedge in case you're wrong.
Yup, good time to get silver and gold I'd say. When I got some, it was a bit higher than now. Sucks for me lol.
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It was called the reserve currency of the world…and then came bitcoin or cybercurrency and the US dollar is still the reserve currency of the world and all of the bitcoin in the world is worth about 100 billion today, Jeff Bezos could buy it all. There is about 14,112.30 Billion USD in circulation.
That's the current value of BTC compared to USD quantity. There are less BTC, which makes it more valuable when the tables turn. 1 once of gold is worth more than 1 USD too.
It ought to, it costs a few hundred dollars an ounce to produce gold. If the tables ever do turn I think Bitcoin has a number of limitations that may prevent it from being a dominant currency. A cryptocurrency may someday in the future be the dominant currency but it won't be for a while and I doubt it will be Bitcoin. Maybe it will be STEEM eh?
Nice comment at the end. These people have good insight on their latest videos as well.
@pressfortruth
@dollarvigilante
@marketreport
@crypt0
In Crypto we Trust! :-)
Rubles is bigger scam))
Brother's great post, good luck always
will manias ever stop... ... end the manias, end the power game :)
What will be the price of steem one year from now?