What good is your crypto without power and internet?
How often do you run into people asking you what good crypto is going to do you during a power outage or an internet outage?
I know I do.
I've started asking people how many dollar bills do they have on them or in their house. Most people have very few. They might say "I can get some quickly".
I ask them how.
It usually involves an ATM machine and their debit or credit cards.
Then I point out that those things require power and internet too...
Often you can visibly watch when understanding manifests upon their face.
(Image Source: giphy.com)
At that point it will often go to Gold, Silver, and other Precious metals. I tell them it is actually a good idea to buy some things that you know how to exchange without power or internet that will retain value regardless of what currency is being used. If they choose precious metals then that is fine. If they have a nice collection of Magic The Gathering cards that can also be quite valuable depending upon the condition of the cards and how long they have had them. Then there are comic books. There are pieces of art that you might be able to trade. Bullets and ammunition are also potentially quite valuable depending upon the circumstances.
One thing that is a stupid idea...
Savings accounts with banks. You save nothing. If they give you interest that interest is less than inflation. Thus, while your dollars may go up due to the interest from savings the inflation is going up faster so even though you have more money in terms of number in the account it actually can purchase less goods than when you first put it in. Savings accounts are a scam if the interest they offer is less than the inflation of whatever currency the savings is in.
The way I described it to my son today...
If you have $100 and can purchase a bottle of water for $1 then you could purchase 100 bottles of water (ignoring tax/vat, etc.)
If the annual inflation is 3% then the next year you will only be able to purchase 97 bottles of water for that $100.
If you put that $100 into a savings account that was offering interest of 0.5% then you will have $100.50 after a year and you can buy 97 bottles. That is less than the 100 you could purchase at the time you put your money into the savings account. In fact buying the 100 bottles of water and selling them later is more likely far more of a savings account than the bank savings account.
A savings account at a bank is a Losing account with a nice label and the fact the number increases making you think you are gaining.
The CPI which is always lower than actual inflation was 5% in May of this year. I already wrote about this a couple of days ago but what that is a sign of is potentially huge, especially if you have your money in savings accounts, CDs, etc.
I am attacking the paradigm that has been pushed upon us for a very long time. It is a scam.
(Image Source: giphy.com)
