Hacker News Reader

Comment by Kiro | Hacker News Reader

Alternatively, if things really go that sideways bitcoin will be the only valuable currency in the world.

In such a scenario, bitcoin will have no value. Localized disasters occur more frequently than one would expect, and in such disasters, a pure barter economy exists.

During the Bosnian War, things that became highly valuable were: bullets, liquor, antibiotics, lighters, and of course food [0]. Bitcoin, or any other currency, was the last thing on anyone’s mind.

[0] - http://www.shtfplan.com/emergency-preparedness/a-survival-q-...

I'd also make the comment that the parent was suggesting a world-wide scenario. If such a scenario were localized, Bitcoin would make a lot of sense, assuming migration were a possibility (that is not always the case, as in the Bosnian War). An example of this would be the current situation in Venezuela.

That seems like nonsense. If things are that much of a mess, internet & electricity will presumably be spotty and computers will cease manufacture (& slowly decay until failure). Better to have tangible currency. Will that be USD, or precious metals, or ammunition? I don't know, but I'd bet on something you can touch.

If you approach me on my farm and ask to trade BTC for pork or collard greens I will laugh in your face. Sorry.

Don't apologize the notion is deservedly laughable. BTC only has value in a technologically advanced society that you expect to continue. If you are concerned with societal collapse it is the absolute worst thing to expect to have value.

No need to bully me. I was just presenting an alternative scenario that I think is interesting.

Bitcoin requires an Internet, computers, and electricity to function.

I does not require internet. You can make a wallet without, although it wont be very useful without moving btc into it which will require internet or some peer to peer network with the blockchain on it.

Reply on news.ycombinator.com