Bernanke: Negative interest rates are coming

[IMaDad]

here ill help:
http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html

 

[JamesG]

Bitcoin is even more dependent upon the internet/telecommunications infrastructure than electronic payment systems like debit and credit cards since it is a completely virtual currency. In any kind of crisis (including a collapse of the USD) the FIRST thing people are going to stop accepting will be things like BTC and CCs. They will want cash or barter. It doesn't matter if it makes sense, in uncertainty, people revert back to what they know and trust. And that isn't an "electronic wallet".

 

[araomd]

I'm not buying that Bitcoin is going to remain "a thing". (I do believe in the blockchain however)

http://www.salientpartners.com/epsilon-theory/the-effete-rebellion-of-bitcoin/

"Bitcoin is neither a currency nor a store of value. Bitcoin is the cautious expression of a rebellious identity. Using Bitcoin is an effete act of rebellion, a weak signifier of resistance like wearing a hoodie or getting a tattoo that’s well covered by your work clothes. Bitcoin is fashion, more than a fad but less than lasting. Now fashion can be lucrative and fashion can be fun. Fashion is one of those intersections of art and commerce that I personally find fascinating (go ahead, quiz me on “Project Runway”). But fashion is not an Important Thing. Sorry, but it’s not."

 

[Just1more]

So my 401K is going to shrink EVEN MORE???

And you'll pay the bank to hold your money vs earn anything on it. You watch how fast people will pull everything they have in savings out of any institution that does this.

 

[IMaDad]

I'm not buying that Bitcoin is going to remain "a thing". (I do believe in the blockchain however)

http://www.salientpartners.com/epsilon-theory/the-effete-rebellion-of-bitcoin/

"Bitcoin is neither a currency nor a store of value. Bitcoin is the cautious expression of a rebellious identity. Using Bitcoin is an effete act of rebellion, a weak signifier of resistance like wearing a hoodie or getting a tattoo that’s well covered by your work clothes. Bitcoin is fashion, more than a fad but less than lasting. Now fashion can be lucrative and fashion can be fun. Fashion is one of those intersections of art and commerce that I personally find fascinating (go ahead, quiz me on “Project Runway”). But fashion is not an Important Thing. Sorry, but it’s not."

okay. I'm no "BITCOIN OR DIEE!!!!" guy.
Its an effective way to use and transfer money that currently cannot be monitored or regulated by any government. and the fees are SUPER low.
If something else comes out, I'll check that out too. I am interested in it for its ability to be used when everything else is shut down. I own about 1 bitcoin now. Enough for a tank of gas and some groceries and a box of ammo as I bug out, or maybe just groceries for a while. again its not a plan in itself. Its the ability to be flexible.

 

[JamesG]

The only way for BTC to be useful is if we go Zimbabwe but yet the technological infrastructure remains intact. In that case, having BTC is no more useful than any other currency or credit system, unless you indulge in illegal products and services or end-of-days tin-foil-hattery where the gob'ermint is going to make fun illegal and ration everything.

So BTC is a useful hedge against the USD finally ****ting the bed. But that is a wealth preservation strategy not so much an E&E one.

 

[IMaDad]

The only way for BTC to be useful is if we go Zimbabwe but yet the technological infrastructure remains intact. In that case, having BTC is no more useful than any other currency or credit system, unless you indulge in illegal products and services or end-of-days tin-foil-hattery where the gob'ermint is going to make fun illegal and ration everything.

So BTC is a useful hedge against the USD finally ****ting the bed. But that is a wealth preservation strategy not so much an E&E one.

true to a certain extent. In a financial collapse with negative interest rates, transaction limits, etc etc it would work.
take cyprus for example. would have worked there when everyone else was waiting for their $20/day from the ATM.

 

[JamesG]

The government can just as easily declare BTC transactions illegal and not a valid medium of exchange. If the USD ever did become stressed to the point where alternate currencies were replacing it, I imagine such a ban would be on their short list. All crooks hate competition.

 

[IMaDad]

The government can just as easily declare BTC transactions illegal and not a valid medium of exchange. If the USD ever did become stressed to the point where alternate currencies were replacing it, I imagine such a ban would be on their short list. All crooks hate competition.

true, but that wouldn't stop individuals from taking it. or make it cease to exist.
I can still purchase things, receive payment, transfer money around the world.
again its not full proof, but it allows flexibility.

 

[araomd]

The government can just as easily declare BTC transactions illegal and not a valid medium of exchange. If the USD ever did become stressed to the point where alternate currencies were replacing it, I imagine such a ban would be on their short list. All crooks hate competition.

This is exactly what would happen if the gubmint was trying to push negative interest rates and people were moving to bitcoin to avoid them.