Re:Bitcoin and cryptocurrency prices have fallen sharply ove...
by unhashable on Thursday March 12, 2020 @02:50PM
(#22560333)
This is true.
Bitcoin is more of bet that Keynesian monetary policy fails. It doesn’t hedge for Armageddon.
Planning for a collapse of world order involves small coins, farmland, prepping pantries, home schooling, and firearms.
Hey, I’m all for individual sovereignty!
The answer to both is, simply, "no".
All cryptocurrencies (not just Bitcoin) are incredibly reliant on the availability of unrestricted communications between all participating parties, including miners. Where those communications break down, the cryptocurrency is likely to become unreliable or entirely unusable.
(As such, Bitcoin is an incredibly poor choice if you're planning for some sort of apocalyptic scenario -- it's likely to be one of the first things to stop working.)