Quote from: lucasxhy on November 24, 2017, 06:42:09 PM

Quote from: thejaytiesto on November 24, 2017, 05:28:40 PM

Quote from: lucasxhy on November 24, 2017, 04:39:46 PM

People claim that bitcoin will really start playing a role in the next economic crackdown. EG: when debt is too high, people will defect into bitcoin and leave the current broken economic system behind, promoting the biggest wealth redistribution in history(something like what happened with the tally system back in england). Will the system allow for this? They would lose all control. I know this has been discussed in a higher level before, but lets put ourselves in that situation how would it unfold. I know some may argue that it wont be a quick process but rather adoption over time. However even if that's the case there has to be a tipping point. That is the process I want to understand.

What bitcoin needs to be above all other things in order to profit from a potential debt downwards spiral doom scenario, is to be, censorship resistant money that cannot be confiscated. This is what you need, you don't need fast and cheap transactions, that could come later on. So forget about visa, mastercard or any of that.

To resist a big tsunami that you will not be able to dodge, you don't want a fast lightweight boat, but a solid bunker. When the tide is over you will be rich and laughing at all the guys that were bragging with their yatchs.

After surviving this with great gains, if someone comes up with a coin that's as solid as BTC but fast and cheap with no downsides, then you can invest some of your BTC into that. So far no one has solved that problem, so be thankful you got BTC to put your money there, otherwise you would have been stuck with cumbersome gold. I can't find any other asset that is neutral to a potential USD collapse that would lead to profits.

I see where you are coming from, but the real issue is the battle that will take place between too big to fail and bitcoin. Debt is not gonna be scratched in the next economic depression is going to be transferred to e money, and with that transition they will manage to drive people away from bitcoin, not me of course, but you get the idea. They will promote a pseudo paradigm shift by replacing paper money by emoney and then the real battle between bitcoin and the institutions will begin. Will the trust in institutions be damaged enough for decentralisation to take over? Otherwise amazon will be ruling the world with apple and google in 20 years. scary times

But by that time the trust in the institutions will be lost, a systemic fail of that magnitude is going to be huge and people are not going to trust their governments anymore, that is why most of the time after that you see a return to gold backed currencies, but now with the invention of bitcoin people are going to prefer to use something governments cannot control so bitcoin is going to be adopted like crazy in such a scenario.