Preparing for Uncertainty and Self Reliance

[C-Mag]

Well there ya go Nuke Dog.
How's your Bitcoin stockpile doing ?

[de officiis]

Weren't you the one saying the other day that not all of us are easily distracted and act like children? Were you including yourself in that, or . . .

[Fife]

That was a long time ago. I was a different provocateur then.

[SilverEagle]

Well there ya go Nuke Dog.
How's your Bitcoin stockpile doing ?

I only have 0.46 bitcoin and that's all I'll probably ever own. Bought it at just under $300. Most of my "off the books" wealth is in Silver, gold, and cash. The problem with bitcoin is if the grid goes down or if internet access is cut off you are fucked. If it's not in your hands then you don't own it. That being said I do like bitcoin.

[boethius]

Well there ya go Nuke Dog.
How's your Bitcoin stockpile doing ?

I only have 0.46 bitcoin and that's all I'll probably ever own. Bought it at just under $300. Most of my "off the books" wealth is in Silver, gold, and cash. The problem with bitcoin is if the grid goes down or if internet access is cut off you are fucked. If it's not in your hands then you don't own it. That being said I do like bitcoin.

It ain't off the books anymore, buddy.

Being the good patriot and citizen that I am, every penny of my money is firmly deposited in FDIC insured, government regulated financial institutions. You dirty fascists with your metal money...smh

[SuburbanFarmer]

Well there ya go Nuke Dog.
How's your Bitcoin stockpile doing ?

I only have 0.46 bitcoin and that's all I'll probably ever own. Bought it at just under $300. Most of my "off the books" wealth is in Silver, gold, and cash. The problem with bitcoin is if the grid goes down or if internet access is cut off you are fucked. If it's not in your hands then you don't own it. That being said I do like bitcoin.

Even if it is in your hands, you don't own it.



The only thing that you 'own' is durable goods that you can hide somewhere.

[Dand]

I don't think Bitcoin is very anonymous is it?
I mean it's an electronic currency with a trail. A government or court order could easily relieve you of your savings.

We're going to have some fun with this topic. Some serious, some comical. I've got several really stupid Prepper channels and site to post at some point.

Bitcoin really seems to be as anonymous as online money can get. The hackers that encrypt data to hold it for ransom demand payment in bitcoins and so far they're very successful (and they seem to be causing spikes in BTC value) There are also bitcoin "tumbling" (more like laundering) services that are commonly used to obscure the trail.

The fees of acquiring bitcoin make it impossible to exhange USD to BTC cheaply though and in that way it's a bitch. I do think the tiny amount of money I had in a bitcoin wallet was very secure and could be even more secure if I really wanted to hoard money in it and protect it. It feels much safer for sending money to people online than the apps like Venmo that many people use.

It'll be worthless in a post-internet world though so it's not great for this thread's scenario.

[C-Mag]

I don't think Bitcoin is very anonymous is it?
I mean it's an electronic currency with a trail. A government or court order could easily relieve you of your savings.

We're going to have some fun with this topic. Some serious, some comical. I've got several really stupid Prepper channels and site to post at some point.

Bitcoin really seems to be as anonymous as online money can get. The hackers that encrypt data to hold it for ransom demand payment in bitcoins and so far they're very successful (and they seem to be causing spikes in BTC value) There are also bitcoin "tumbling" (more like laundering) services that are commonly used to obscure the trail.

The fees of acquiring bitcoin make it impossible to exhange USD to BTC cheaply though and in that way it's a bitch. I do think the tiny amount of money I had in a bitcoin wallet was very secure and could be even more secure if I really wanted to hoard money in it and protect it. It feels much safer for sending money to people online than the apps like Venmo that many people use.

It'll be worthless in a post-internet world though so it's not great for this thread's scenario.

Looks like government is tracking bitcoin to some degree, you know what comes next, taxes.
https://cointelegraph.com/news/bitcoin- ... base-users

As indicated by the summons, two things are clear: one, the IRS has tracked Bitcoin-related activity sufficiently to be able to determine that certain users may not be in compliance with tax law, and two, this activity has been traced back to Coinbase wallets. As Coinbase is an AML/KYC compliant entity, they are required to collect personal information concerning the identity of their customers, meaning that transactions traced back to Coinbase wallets can reveal the real identity of its users.

[C-Mag]

As far as Self-Reliance and money go, the intent is to get to a place where you have more financial freedom. Dave Ramsey is excellent on this stuff. The first step he tells people is to stick away money for emergencies.

Baby Step 1 – $1,000 to start an Emergency Fund
Baby Step 2 – Pay off all debt using the Debt Snowball
Baby Step 3 – 3 to 6 months of expenses in savings
Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step 5 – College funding for children
Baby Step 6 – Pay off home early
Baby Step 7 – Build wealth and give!

Few of us will get all the steps achieved, but it's a worthy goal. But looking at this through a Self-Reliance spectrum the further one travels through the steps the more financially resilient you become. Doesn't really matter how you set aside wealth, bitcoin, Loonies, Gold or Silver, just do it. Metals are physical assets that are a good way to diversify and it's responsibility to keep rests solely on the purchaser. It can be purchased anonymously and kept without anyone knowing.

My intent is not to become a metals hoarder. But to have a source of saved wealth other than dollars and bank accounts. Historically bank holidays and shut downs happen. Our system relies on functioning computer and electrical networks, both of which have interruptions. My intent is to have enough metal set aside to just pay the bills if there is an extended financial interruption in our system, say for a month or so. I don't want to have to stand in soup lines, and it happens everyday in this world. Look at Venezuela.

[Dand]

Looks like government is tracking bitcoin to some degree, you know what comes next, taxes.
https://cointelegraph.com/news/bitcoin- ... base-users

As indicated by the summons, two things are clear: one, the IRS has tracked Bitcoin-related activity sufficiently to be able to determine that certain users may not be in compliance with tax law, and two, this activity has been traced back to Coinbase wallets. As Coinbase is an AML/KYC compliant entity, they are required to collect personal information concerning the identity of their customers, meaning that transactions traced back to Coinbase wallets can reveal the real identity of its users.

I see, thanks for the article. I'm not an expert but Coinbase is kind of "The Man" of bitcoin exchanges and they require significant personal information because of Know Your Customer (I believe they require a bank account and scanned copy of driver's license) in order to buy bitcoin. I'm totally open to the idea that our government has more advanced ways of tracking the bitcoins but it's absolutely no surprise that Coinbase users would be tracked by the IRS when they directly tied that account to their bank account.

There used to be more ways to exchange USD but I've seen them disappear or start requiring this excessive information.