What would happen if everything converted to Crypto tomorrow

One conspiracy I’ve always thought about is that the world powers wanted to kill off the old folks.
Too many people living too long, and they are holding onto outdated ideology and money.

With the oldies out of the way they could usher in the new tech revolution.

So just imagine this scenario, tomorrow your bank is shut down (or converted) and everything goes crypto.
Let’s get even crazier, everything goes to a Chinese run crypto.

What do you think would happen?

It sounds crazy, but it’s something I actually think I’ll see in my lifetime.

I’m also old enough to remember when you could buy a solid gold thick necklace for under $100… now look where we are.

a reply to: JAGStorm

If everything switched to digital currency then the following week there'd be a solar storm/EMP and everyone would own nothing and like it.

originally posted by: DBCowboy
a reply to: JAGStorm

If everything switched to digital currency then the following week there'd be a solar storm/EMP and everyone would own nothing and like it.

Very possible. I think almost immediately, even without a solar storm a black market would form.
I feel this is somehow related to that $600 IRS thing is part of this. They don’t want people to figure out ways to communicate that isn’t trackable. They don’t want people to have means to survive without tracking.

originally posted by: JAGStorm
Let’s get even crazier, everything goes to a Chinese run crypto.

How would that even happen?

Also, the Federal Reserve is launching it's own crypto and crypto payment scheme.

I imagine a lot of people would stop working if they were suddenly being paid against their wishes in crypto instead of in the currency that they have grown accustomed to being paid in.

First the government would have to convince people the government hadn’t stolen their money.

Then the government would need to convince the public they had given them a fair exchange of paper currency to crypto currency. Good luck with that…. If 1 USA dollar = 100 crypto dollars but it costs 1000 crypto dollars to buy a hamburger people will be outraged.

If 100 USA dollars equal 1 crypto dollars and people suddenly see their 100,000 saving account turn into a 1000 crypto account people will think the government has stolen from them.

If you have a huge population of people who think the government has sold out to China and essentially stolen their money….it is not going to end well.


a reply to: JAGStorm

a reply to: AugustusMasonicus

How would that even happen? Also, the Federal Reserve is launching it's own crypto and crypto payment scheme.

My guess would be an event.
I’m sure people didn’t think something like Covid could shut down the world but here we are

It would only impact people in the cities. People in the countryside would revert to bartering. Money only came about for people who had nothing to barter. Well. that's simplified because it started with trade goods, shells, beads, cloth, metal etc. Money came about to generalise the barter system for those with nothing to barter.
That was the start, then along came some entrepreneur who realised you didn't need anything to barter but technically get money by playing one off against another, usury, and heh presto banking was born.

originally posted by: JAGStorm
My guess would be an event.

I don't really see any type of survivable event where the United States decides it doesn't want it's own sovereign currency which also happens to be the world reserve currency.

originally posted by: crayzeed
It would only impact people in the cities. People in the countryside would revert to bartering.

The Barter System scales very poorly, is typically only bilateral and is also very ineffective for various other reasons. There is a reason currencies developed and it was a direct result of the failings of bartering.

i am no expert on the crypto but i hear my son and all his friends talking about it. My son who is just out of high school showed me how he made $99,000 in 2 weeks with crypto. He showed me his computer screen with all his money. I asked him if that was real. He said it is and he then said why do i need to get a job if i can make all this money in a few minutes in between playing video games. Mean while i am working 60 hours a week and it took me a life time to save the money he is making in a few weeks. I am told itis the future. BUt who knows. My son also buys the pictures online that look like pokeman cards and he says he makes money off of them. Seems so silly to me. But i am just a middle aged mom.. a reply to: JAGStorm

a reply to: AugustusMasonicus

I don't really see any type of survivable event where the United States decides it doesn't want it's own sovereign currency which also happens to be the world reserve currency.

As sad as it is, I think that is going to change.

I also don’t think it will take calamity. How does gentrification happen? Bit by bit, and before you know it an entire neighborhood is changed. Fly into SeaTac and you’ll see Chinese writing everywhere. There were probably a lot of people that never thought they would see that in the US.

a reply to: HODOSKE

Good for your son, sounds like he knows how to play the game. Just hope he is careful as there is also a real possibility of losing out too. Sounds like he is ahead of the curve though, maybe he can help his mama out!

originally posted by: JAGStorm
As sad as it is, I think that is going to change.

I just don't see the mechanics of it, it makes zero financial sense and when it comes to monetary policy elected officials aren't calling the shots.

a reply to: AugustusMasonicus

www.forbes.com...

The People’s Bank of China (PBOC) is only a few months away from launching the digital version of the Chinese Yuan, making China the first country in the world to have a digital central bank currency. This historical move has been 80 years in the making, and is the ultimate checkmate in the game of economic expansion.

a reply to: JAGStorm

As I mentioned earlier, the Federal Reserve is doing the same thing with FedCoin but taking it a step further by pairing it with FedPay.

originally posted by: DBCowboy
a reply to: JAGStorm

If everything switched to digital currency then the following week there'd be a solar storm/EMP and everyone would own nothing and like it.

Minus whatever cash you physically have on hand, its already digitized.

And prone to inflation at an exponential rate sadly.

I wish I believed that.... but I don't.... every home or farm payment is based in $$.... every truck payment too
a reply to: crayzeed

he keeps telling me if blah, blah , xrp goes up to ten dollars we will be billionaires! I told him to be careful. He tells me he always takes his principal money out and plays with the profits.. But we use mostly digital money now so crypto isnt much differnt ( i am told)
a reply to: JAGStorm

originally posted by: DBCowboy
a reply to: JAGStorm

If everything switched to digital currency then the following week there'd be a solar storm/EMP and everyone would own nothing and like it.

That's why you keep your hardware wallet in a Faraday bag. Nobody's taking my sh!t.

originally posted by: underpass61

originally posted by: DBCowboy
a reply to: JAGStorm

If everything switched to digital currency then the following week there'd be a solar storm/EMP and everyone would own nothing and like it.

That's why you keep your hardware wallet in a Faraday bag. Nobody's taking my sh!t.

lol

Isn't that like saying, "If the Internet goes down, I'll just Google what to do!".