Please be cautious: your crypto cannot be relied upon as savings
Everyone said Bitcoin would pump when the stock market crashed yet the opposite has happened. It would therefore be prudent to have some kind of back-up plan which accounts for a world in which both your fiat money & your crypto is worthless.
The S&P500 seen on the five year chart displays the severity of what is happening in the stock market.
However, looking at the entire history of this market we can see how far it could potentially fall now.
What will this mean for crypto?
I do not know the answer to this question and anyone who says they do is lying.
What I do know is that the central bank printing presses are working over-time to create more money at rock bottom rates, holding back the tide a while longer. Hyper-inflation will take off by the end of the year and governments & banks alike will begin to tumble.
This is what hyper-inflation looked like in Germany before the 2nd World War.
Yes, that is money being swept away like rubbish and you have every reason to be believe the same thing will happen again.
It has already begun in counties like Venezuela.
My advice
- take nothing for granted
- move your cash out of your bank (all the while remembering it is just paper!)
- stockpile food which stores well
- start growing food using all available space
- if you live in a city make plans to move to the country
- buy water purification filters
- buy basic solar charger
- collect useful information on a mobile/tablet (small enough to be easily charged with solar)
- take a deep breath and feel how blessed you are to live in such exciting times!
To collect the useful information I mentioned all you have to do is follow the @survival-archive account where I am regularly posting books.
The PDFs are being hosted on LBRY where they can be easily downloaded & saved onto your mobile device.
If your device can be charged by solar it means that no matter what is happening in the world you will always have access to this information.
I recommend getting one of these JouleSticks for around $50
Or better still, for around $1000 you can have the all singing, all dancing JouleBox kit.
If you are interested in any of these products please let me know in the comments.
Wise words and the more I see going on lately the more I feel the need to be prepared. Hopefully our crypto won't go to pot but I do doubt that the establishment will allow the current brand of crypto to remain. Instead I think they will develop their own token and blockchain once they've finished ruining the status quo. Thanks for the nudge and for the links.
It looks like "the powers that shouldn't be" already have their own token and blockchain ready: https://www.hedera.com/
Yes, it was a nudge. I felt it myself a few days ago and noted how little it bothered me. But then I remembered all those folks who believe themselves to be rich because they are holding lots of crypto. The action of growing food seems to take away from the drama of what is happening in the world because all I can see every day is my little seeds growing bigger & bigger. And this is an awesome feeling :)
Please see my reply here: https://steempeak.com/crypto/@atma.love/re-samstonehill-q73qsy
It looks like "the powers that shouldn't be" already have their own token and blockchain ready for when the banks and fiat currencies fail: https://www.hedera.com/ - look who is running it!
Interesting stuff indeed. Hadn't seen that one before!