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Bitcoin / Gold / Silver / Economy?


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I was originally going to post this as a reply in the 'who got out of bitcoin thread' but thought it may be slightly off topic.

I keep seeing things about the "upcoming economic crash" which is apparently going to make 2008 look like a stroll in the park.

A lot of people are saying get into bitcoin / crypto's  / gold / silver before the hyperinflation of the USD and it ends up in a similar situation like in Venezuela. This would also have a knock on effect to other currencies like GBP, EUR etc too.

Stock markets are at an all time high, there's tons of USD / EUR / GBP been created out of thin air via quantitative easing (money printing), and there's more and more people (Baby Boomers) reaching retirement age every day, and interest rates have never been as low in history.


I read a book about 20 years ago by Robert Kiyosaki who predicted the biggest stock market crash in the history of the world would occur when all of the baby boomers begin retiring and start withdrawing all of the money that's been tied up in their pensions, which is invested the stock market.



The US national debt is at an all time high,



and china / Russia are ditching the USD for trading oil and going to a yuan gold backed method instead.

(China / Russia have been constantly buying gold over the last years)


Also Venezuela seems to be ditching the USD for trading oil too.


A few people that I watch on youtube : ITM Trading, The Dollar Vigilante, Greg Hunter, and Mike Maloney (if you haven't watched hidden secrets of money, it's long but very good)

Just scaremongering? should we be worried? or preparing? A few suggest starting to stock up on things like tinned food / essentials just in case.


Edited by is0-mick
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I'm also concerned, 

For the last few years iv been trying to diversify, as I dont have a clue where things are going to end up, but I think another big crash is looming. When you see the debt that we actually have, and what we are doing about it, its mind blowing. 

Imagine a bath half filled with water, Thats how much we owe.

Now, turn both taps fully on, thats the interest.

Now take an egg cup, and once every other second try and empty the bath, Thats what we are doing about it!


Im holding two months wages in cash in a safe, along with real gold. Iv also invested some money into material objects I could sell. I only own my own property, Id like to have another I could rent out, but I feel thats a risk at the moment whilst I still have a mortgagee. When My mortgagee is paid off, Ill probably do a buy to let also. 





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Also this one's interesting about how VISA / the banks want us to go cashless, so they can make interest rates go below zero. (The only thing that stops them is cash, as if people see the £ going down in their account they would withdraw it to cash, but if there is no cash they can't do that).

It also shows a couple of slides from the IMF where they talk about how they can screw the people over more with negative interest rates, and how they can make it easier

" for firms to cut workers' real wages without the workers fully realizing and resisting" (from the IMF's own document!) wtf???



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The bit about Russia and China is really interesting when you look back at some of the stuff about Gaddafi on line, think he was more or less trying to set up his own currency that he wanted to trade oil in was it the gold dinar. A lot of top people where saying if he and the rest of the African nations had of succeed america well most of the world would have been screwed over some saying gaddafi had around 150 tons of gold unreal when you think about.



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The conspiracy theorists claim that Saddam was in the process of changing to trading oil in euros lol. Now they are saying the same thing about Gadhafi. Feck knows I would venture it certainly was and always is about cash. Weather that is cash from the sale of arms,oil,food,drugs whatever. I would think most of the western "interventions" in the last 50 years or more come into that category. 

As for the crash...or expected looming crash. I think it's all too evident that the retirement of the majority "boomers" leaving behind the bottom feeders in a giant Ponzi scheme...I mean that's all it "pensions" ever really was.....Gives your cash and we'll "invest" it and your £$ will magically double....From where ? From what ? At whose expense ? The worlds capitalist system assumes continued consumption and continued growth.....The trouble comes when you consume much more than you produce with "money" you don't have. 

Look at personal borrowing in the UK TODAY !! It's as bad as 2008. Same old story most of it is already assumed to be "toxic" ...or will be when they are literally forced to raise interest rates. The Bank of England have been issuing these "boring" warnings about household debt for over a year now....Personally I think they may be onto something lol. How can you shock the stock markets to such an extent that your currency becomes worth upto 30% less virtually overnight and then issue GDP figures and spending data,tax receipts ect all up (you know that old brexit cry of "the world didn't collapse" ...that is very true lol BUT it bloody well should have..but us plucky brits spent and consumed our way out of what would have been a certain recession (Or at least the beginning of one)......So you have to ask yourself where the the unexpected spending spree come from ? Where did this heap of cash that the uk citezans suddenly spent come from ? Well because government knows how much the country "earned" and it was already forecasting a downturn there can really only be one answer imho....Over to Mr carney at the BOE - "Household debt is too high" x 12 during his monthly briefings. 

Finally bitcoin/altcoins - I see "value" in them I don't think they are going to just "die" but I don't buy the "We need bitcoin instead of XYZ" weather that be fiat or precious metals ect. If there is a war (A big war like say NK going mad ect) then bitcoin isn't going to be any "better" to be holding as opposed to any of the other forms of cash. If there is a financial crash bigger than 2008 then I don't see how bitcoin misses the crash...surely contagion kicks in ? 


Anyway it will all work itself out in the end lol...Had to say that as the rest of the post felt a tad negative lol.

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From what I was reading, when the fiat currency's starts dying, people will be looking to store their diminishing purchasing power into other assets.

Gold / Silver have historically been a safe haven, bitcoin / cryptos are new but also outside of the banking system and perhaps also considered a store of value. It also may be easier to buy some things at a distance with them than sending heavy metals in the post :)

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  • 2 weeks later...

whats all your average debt/credit owed then? (apart from the mortgage)

i got a rebate from my council tax of £500 in error about 2 months ago, so they then sent me a cheeky threatening demand letter, 

i hadnt even touched the money but the tone of the letter kinda got my back up so i told them id repay it at £10 a week

ive got about £300 left to pay, money they sent still hasnt been touch but thats the only debt i have.

ran up a massive debt with credit cards when i was about 20 and thought never again so stayed well clear of anything to do with credit ever since. 

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Mines £2800 which is the cost of my recent holiday. I always pay for holidays on credit cards in case something goes wrong and i'll be settling that in the next couple of days. I hate credit card and other forms of debt,if i can't afford something i just don't buy it. Even now, if i want something i won't just go and buy it, once i've decided i want it i just set the money aside as i earn it even though i already have the money sat in the bank. It stops me making so many stupid expensive purchases because normally i realise that i didn't even want that thing in the first place.

Pisses me off though because when this credit bubble bursts we'll all be paying the price for other peoples stupidity.

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