Bitcoin buying advised as US enters the ‘looting-the-treasury phase’

Coin Telegraph ^ | 3/11/24 | Martin Young

[EnderWiggin1970]

Two crypto influencers on X have called on their followers to snap up Bitcoin BTC, gold and silver, citing the risk of rising national debt in the United States.

In an X post on March 11, entrepreneur and angel investor Balaji Srinivasan argued that Bitcoin is the only realistic solution to escape the inevitability of unsustainable government spending and potential asset confiscation.

“We’re in the looting-the-treasury phase of imperial collapse,” the former Coinbase chief technology officer told his 994,000 followers.

Srinivasan argued that government debt and wasteful spending continue to grow rapidly at unsustainable levels. U.S. national debt is currently at a record high of $34.5 trillion, increasing 25% since 2020.

Srinivasan, a general partner at Andreessen Horowitz (a16z), said there are four approaches to the problem: Deny it is happening, fix it through political processes, give up, and “simply feed yourself at the trough,” or:

“Starve the beast with Bitcoin, which is money they can’t easily seize or print.” “The last is radical but actually realistic,” he said, adding that government deficits are now at $10 billion per day and growing.

[Vaduz]

Bingo nothing backs up Bitcoin if looting-the-treasury happens.

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[nickcarraway]

Looting the Treasury began now? I think not.

[It Aint Easy]

YOU might be able to utilize it. The guy who has goods you want might not so, and he’s probably looking for something physical or utilitarian for giving up his goods.

I have yet to sway from my long held notion that crypto only has value in a functioning society.

[DesertRhino]

Anyway, the whole point of bitcoin is not to walk around and spend it like it’s a debit card. If the power goes out, and it’s the end of the world as we know it, it’s there to rebuild your life when the power comes back on. Also it’s doubtful that the power goes off in the entire world at one time. So you arrive in Argentina, or wherever, and walk into a bank and use your bitcoin. You don’t even need any card, if you memorize the key, you can leave the country with all your bitcoin without any physical thing they can search for and find.

[suasponte137]

I know I’m very familiar with bitcoin. The comments I made were in jest.

My biggest gripe with it, though is the fact that it’s so damn volatile. I know you talked about a use case of using it in Argentina or wherever you go and that’s true. But the problem is on any given day you could be taking a 10% haircut on your buying power before you even get out of the bed in the morning for no reason whatsoever other than bitcoin just being bitcoin

Once it starts behaving like a normal currency, then I think people will be more likely to use it that way

[Drago]

By the time you need to do that, there will be no safe locations.

---------------------

There is BTC blockchain by HAM radio & satellite available if needed. Fire up the generator, etc.. But if things are as bad as you describe then you have more things to worry about...banks accounts gone, pension gone, credit cards not working, etc., etc.. Most Bitcoiners aren't planning for the "Zombie Apocalypse"...just currency devaluation/money printing/financial crisis (i.e. the 2008 "GFC" only worse).

All Bitcoin balances/transactions are recorded at tens of thousands of private locations worldwide (including my house). Just a matter of getting the network back up via Internet, HAM radio or blockchain satellite (and a generator?):

https://blockstream.com/satellite/

[SisterK]

It is all a trap.

I agree
invest in beans, property, hardware....

[Eagles6]

Yep, plus gold, pre 65 silver coins and some cash.

[Eagles6]

I don’t see anything there.

[Eagles6]

I don't see how, in the event of grid down / cyber attack / no internet and this is a very real possibility.

But, let's say that you can access it.

Will the guy hand pumping fuel, out of his farm tank, accept it, as payment?

Or anyone selling anything, if they have no power, internet or knowledge about BTC?<

Your Amish neighbors, that are the only ones selling any fresh meat, poultry, dairy and produce?

The blackmarketeer, selling the stolen insulin, your daughter desperately needs?

The guy, out in the country, that had the foresight to stock up on guns, ammo, reloading supplies and related stuff?

No thanks.

[desertsolitaire]

Wonder what the value would be, post crash, of a .22 Long Rifle revolver, 2 bricks of ammo (1000 rds) and a cleaning kit? A lot of gold and silver, I’d reckon.

[DesertRhino]

“Most of those folks will die anyway, sitting with their guns and ammo and precious metals in a bunker, because what you will really need in that scenario are Amish farming skills.”

That’s not nearly as sexy, but VERY true. reminds of those survival shows where one bunch goes hunting, and a bunch of women start gathering nuts, berries, shellfish, roots and edible plants. The gatherers come up with a quick abundance and wind up feeding the hunters that mostly come home without that bag full of calories.

[DesertRhino]

I agree. It’s way too volatile. And that was just offhand. Running to Argentina for economic stability to cash in your Bitcoin in a nation that has locked itself to the dollar would be very ill-advised!

But in a world war, zombie apocalypse, economic collapse, or the rise of an authoritarian government in DC, there will be places in the world that are better than others.

[suasponte137]

I’m sorry the link doesn’t work for you. It’s basically a picture of Jim Carrey from the movie Dumb and dumber holding up a napkin that says I owe you $275,000.

[logi_cal869]

Ridiculing me for clearly describing a SCAM situation exposes massive bias on your part.

How very lefty of you.

[logi_cal869]

Really, you sound like someone whose only awareness of the dollar is from reading about bank robberies.

I was describing - CLEARLY - a scam situation, and the article is preying on people's fear. Yet you and asshat attack me as though I've blasphemed your Creator.

It's a very good thing - for you - that you and that other asshat aren't in my personal space.

Don't go away mad: Just jump off a cliff. Both of you.

[Eagles6]

😆 I did see that. I get it, now.

I'm not particularly quick witted, apparently.

[HonkyTonkMan]

Here's how to decode this

1. a16z invests in cryptocurrency technology.
2. a16z hires former tech guy at crypto trading firm
3. Tech guy hypes up need for crypto.

[citizen]

Until I can physically walk into Kroger with something tangible & unalterable and buy products, what good is it when the SHTF?

Bitcoin is worth $68,000 something like that, right. Inflation rages & a bc is "worth" much more, a 100 times that - and it does not matter how you figure it and how you safeguard it...so what? It still has to be converted into something suitable for everyday, non-internet on-the-steet commerce. Something already wildly inflated.

All this conversationn should be about post-SHTF, when anyhing internet connected may not be worth anything - banking accounts, 401k, credit cards.

If you want to talk "on paper" wealth, have fun with it.