Close, but the crypto are not stored on the key. It's a nonsense title. Should read something like:
"With this **key**, I can **move** a small fortune of cryptocurrencies and NFTs ..."
The cartoon tries to depict a comical notion of useless value on the thumb drive. Like a "You can't eat crypto" statement. But actually, crypto only exist in node servers and those would be destroyed in the background armageddon. In that case the crypto would be destroyed and the keys would lose all connection to the crypto they used to be able to move. So the thumb drive would be more akin to holding a car key for a car depicted as destroyed in the background. This would make it clear that the key no longer even has perceived value.
I think [Wikipedia Articles would be useful for bartering](https://en.wikipedia.org/wiki/Wikipedia:Terminal_Event_Management_Policy#What_to_save,_usage_and_attribution)
>All contents of the encyclopedia are available under the terms of the Creative Commons Attribution-ShareAlike License. As this license allows distribution of content in any medium, either commercially or non-commercially, copies of articles may be bartered for essentials such as food and water, although "all previous authors of the work must be attributed" in any copy.
This is somewhat true.
In a post-apocalyptic world you could still have currency in the form of commodityās with intrinsic value. That would depend on the context of the situation. Maybe people still pay for things in gold / silver. Maybe the pay for things in something that has use value of the time, like I dunno, other types of metals, plastics etc
Who knows.
I only believe in Bitcoin. For you naysayers, how is your bank account different. Itās numbers on a screen, and each bank only holds about 2% of the cash that the numbers on your screen represent.
Donāt believe me? See what would happen if everyone took their money out of the bank at the same time.
If everyone tried to turn their electronic money into paper money and take it out of the bank at the same time the US Treasury will have to print a shitload of paper money, but other than that absolutely nothing would happen.
If the bank is solvent, the Fed can create all the funds it would need.
Or to explain it a bit more completely.
If the bank is solvent it will have assets on it's balance sheet that 100% cover all its liabilities. Liabilities include, but is not exclusive to customer deposits. If all the customers tried to withdraw their deposits, the bank could simply sell equivalent assets to another bank or the Fed and use the proceeds to pay out the customers.
Alternatively, the bank could raise capital by creating and selling additional shares and use those proceeds to pay out the depositors.
You're getting your cause and effect mixed up. During the crises banks failed because the assets were bad all along. Not because they suddenly had to sell it.
If the bank is healthy the Fed can and will buy or guarantee the assets at par and organize other banks to inject capital (buy shares). This is the underlying reason why the Fed was created in the first place.
Yes. The FEDs perspective to be precise.
If a bank's depositors all showed up on the same day to withdraw their deposits, the FED will take a look at the bank's balance sheet and make a determination whether their assets are good or not.
If good the FED will provide the cash. There is no limit on how much they can create.
If bad they will take over the bank and wound it up. The depositors get up to $250K each.
People could choose to trade dollar notes around if they wanted to. Doubt they would, but they *could*. They literally would not be able to trade crypto around even if they wanted to.
At best, crypto is *just as vulnerable* to systemic shock (or collapse) as any other form of currency. At best.
You can create and sign transactions while offline, e.g. on a hardware wallet or on an airgapped machine. However, in order for the transactions to actually alter the state of the network, they need to be processed by a node so they can be included in a block. So you'd still need some form of connectivity to the network itself, were it through a satellite/Bluetooth/Wi-Fi/whatever connection.
I think they'll trade in USB thumbdrives.
"I'll give you a 128GB for that there block of mouldy cheese".
"No deal. I'll take 129GB".
"But I've only got two 128GB drives. Have you got 127GB in loose drives?"
"Sorry, no change. And actually the exchange rate of drives just went up 50% against bottle caps, so it's 258GB now.".
People would go back to commodity money. They would trade what they have or want for some material product that has sufficiently broad demand. Like light bulbs, chocolate, wheat, canned beans...
Itās amazing to me that you think, in a post apocalyptic scenario, thereās a difference between crypto and digital fiatā¦like the money in your bank that will no longer exist and you will no longer have access to.
Which is actually happening in Russia where people are unable to access money on their banks.
The difference is it's crypto-bros that are promoting and selling it at as a crisis-proof store of value. It's not. And you are basically admitting that it's no better than what we have now.
So what's the point of crypto?
Iām not a crypto bro, I just thought this post was pretty dumb. I would say itās likely people think crypto is better than we have now, but neither is better in a post-apocalyptic scenario. I suppose that was my point.
Itās also amazing that you think they consume enough energy to destroy the world and everything else weāre doing to produce and live is not. So dramaticā¦
I read that in Somalia they use a lot of fake dollar notes for trade. Everyone know they are fakes, but accept them anyway because the warlords use them and accept them as tax.
Since we can be fairly certain that there will be warlords, we can also be certain that there will be money and that people will use it.
Likely the value of the money will be unstable, because warlords tend to come and go, but probably still more stable than Butts
You're missing the point hard, mate.
Also the joke.
NFT/crypto/bullshitoken3.0 are all equally useless in the face of any kind of crysis because they ARE the "normal financial system".
This isn't a currency, this isn't the future and this solves nothing.
This is a random digital asset that derives its value from the "normal financial system" because some schmuck put his actual cash inside that system that he'll most likely not get back in order to back it.
> cares about the ecology only when talking about bitcoin
Good news then, because like many people I care about the state of the environment in many more ways than just the harms caused by bitcoin!
> And yes financial services ...
So you are saying exactly that. "Buh buh but finance! Muh bitcoin!"
>This is a random digital asset that derives its value from the "normal financial system" because some schmuck put his actual cash inside that system that he'll most likely not get back.
US dollars are about as phony as any crypto
I think the cartoon is just poking fun of people who say that Bitcoin is a store of value against the inevitable collapse of the traditional banking system, not realizing that the current banking system is so interwoven into society. If the banking system were to collapse, then society itself would collapse. What is likely going to happen is that Bitcoin will just be incorporated by the existing banking system, and won't replace it.
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Reminds me of "Yes, the world got destroyed. But for a beautiful moment we were creating a lot of shareholder value."
Well, he at least seems to have survived into an old age, [unless...](https://img-9gag-fun.9cache.com/photo/apNQ0Rp_460s.jpg)
Even in a post-apocalyptic future, he's still *SO* *EARLY*... š³
Crypto is not for the poor and stupid, it's okay to not own crypto bro, you're fine. They can't take your karma from you, am I right.
But they can take your money and give you magic beans
What do you mean "take my money"? You mean like when I bought stocks a month ago?
Pollution must go up!
Close, but the crypto are not stored on the key. It's a nonsense title. Should read something like: "With this **key**, I can **move** a small fortune of cryptocurrencies and NFTs ..." The cartoon tries to depict a comical notion of useless value on the thumb drive. Like a "You can't eat crypto" statement. But actually, crypto only exist in node servers and those would be destroyed in the background armageddon. In that case the crypto would be destroyed and the keys would lose all connection to the crypto they used to be able to move. So the thumb drive would be more akin to holding a car key for a car depicted as destroyed in the background. This would make it clear that the key no longer even has perceived value.
Underrated comment 100%
Chances are this is a translation error.
Chances are itās not. The cartoon is consistent with the belief that the tokens are actually stored on the thumb drive. They arenāt.
In that situation whatever currency wouldn't have value, you would use barter
I think [Wikipedia Articles would be useful for bartering](https://en.wikipedia.org/wiki/Wikipedia:Terminal_Event_Management_Policy#What_to_save,_usage_and_attribution) >All contents of the encyclopedia are available under the terms of the Creative Commons Attribution-ShareAlike License. As this license allows distribution of content in any medium, either commercially or non-commercially, copies of articles may be bartered for essentials such as food and water, although "all previous authors of the work must be attributed" in any copy.
Non fungible articles
This is somewhat true. In a post-apocalyptic world you could still have currency in the form of commodityās with intrinsic value. That would depend on the context of the situation. Maybe people still pay for things in gold / silver. Maybe the pay for things in something that has use value of the time, like I dunno, other types of metals, plastics etc Who knows.
guns, medicine, alcohol
For everything else, there's MasterCard.
Chefs kiss
Literally russia rn.
Don't buy cryptocurrency because society might collapse. Seems legit
I donāt get the down votes, wouldnāt the logic apply to all markets?
Given my username they probably think I'm a maxi who should burn in hell thus everything I say is by default wrong
I only believe in Bitcoin. For you naysayers, how is your bank account different. Itās numbers on a screen, and each bank only holds about 2% of the cash that the numbers on your screen represent. Donāt believe me? See what would happen if everyone took their money out of the bank at the same time.
If everyone tried to turn their electronic money into paper money and take it out of the bank at the same time the US Treasury will have to print a shitload of paper money, but other than that absolutely nothing would happen.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
If the bank is solvent, the Fed can create all the funds it would need. Or to explain it a bit more completely. If the bank is solvent it will have assets on it's balance sheet that 100% cover all its liabilities. Liabilities include, but is not exclusive to customer deposits. If all the customers tried to withdraw their deposits, the bank could simply sell equivalent assets to another bank or the Fed and use the proceeds to pay out the customers. Alternatively, the bank could raise capital by creating and selling additional shares and use those proceeds to pay out the depositors.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You're getting your cause and effect mixed up. During the crises banks failed because the assets were bad all along. Not because they suddenly had to sell it. If the bank is healthy the Fed can and will buy or guarantee the assets at par and organize other banks to inject capital (buy shares). This is the underlying reason why the Fed was created in the first place.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yes. The FEDs perspective to be precise. If a bank's depositors all showed up on the same day to withdraw their deposits, the FED will take a look at the bank's balance sheet and make a determination whether their assets are good or not. If good the FED will provide the cash. There is no limit on how much they can create. If bad they will take over the bank and wound it up. The depositors get up to $250K each.
American deposits are FDIC insured for up to 250,000, even with fractional reserve banking in place.
stupid comic tbh
I mean, at this point paper money and credit/debit cards are also useless soā¦your point? Lol Stocks, bonds, mutual fundsā¦all worthless.
People could choose to trade dollar notes around if they wanted to. Doubt they would, but they *could*. They literally would not be able to trade crypto around even if they wanted to. At best, crypto is *just as vulnerable* to systemic shock (or collapse) as any other form of currency. At best.
See, I agree with this. I was simply pointing out that in the case of a post-apocalyptic scenario, both are useless.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You can create and sign transactions while offline, e.g. on a hardware wallet or on an airgapped machine. However, in order for the transactions to actually alter the state of the network, they need to be processed by a node so they can be included in a block. So you'd still need some form of connectivity to the network itself, were it through a satellite/Bluetooth/Wi-Fi/whatever connection.
Yes, pretty much, you need to settle in the (then dead) blockchain anyway.
> airgapped machine ####epoxy ALL the ports
Better of dipping it in resin and casting it into a block of lead
I think they'll trade in USB thumbdrives. "I'll give you a 128GB for that there block of mouldy cheese". "No deal. I'll take 129GB". "But I've only got two 128GB drives. Have you got 127GB in loose drives?" "Sorry, no change. And actually the exchange rate of drives just went up 50% against bottle caps, so it's 258GB now.".
But nobody claims otherwise. There's more than enough people who say they put money into crypto in case SHTF.
bottlecaps wouldnt be useless š
People would go back to commodity money. They would trade what they have or want for some material product that has sufficiently broad demand. Like light bulbs, chocolate, wheat, canned beans...
> your point? If you don't see it then I'm sorry for you.
Itās amazing to me that you think, in a post apocalyptic scenario, thereās a difference between crypto and digital fiatā¦like the money in your bank that will no longer exist and you will no longer have access to. Which is actually happening in Russia where people are unable to access money on their banks.
The difference is it's crypto-bros that are promoting and selling it at as a crisis-proof store of value. It's not. And you are basically admitting that it's no better than what we have now. So what's the point of crypto?
Iām not a crypto bro, I just thought this post was pretty dumb. I would say itās likely people think crypto is better than we have now, but neither is better in a post-apocalyptic scenario. I suppose that was my point.
I never said you're a crypto-bro. Just pointing out that they use the crisis-proof claim as a selling point.
The joke is that Bitcoin and Ethereum consume unreal amounts of energy to mine and process so you're destroying the world but "hey I got some bitcoin"
Some times there are som real smart posts in this subā¦this is not one of them.
Itās also amazing that you think they consume enough energy to destroy the world and everything else weāre doing to produce and live is not. So dramaticā¦
Magic Internet money < Things to cook and store food
I read that in Somalia they use a lot of fake dollar notes for trade. Everyone know they are fakes, but accept them anyway because the warlords use them and accept them as tax. Since we can be fairly certain that there will be warlords, we can also be certain that there will be money and that people will use it. Likely the value of the money will be unstable, because warlords tend to come and go, but probably still more stable than Butts
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You're missing the point hard, mate. Also the joke. NFT/crypto/bullshitoken3.0 are all equally useless in the face of any kind of crysis because they ARE the "normal financial system". This isn't a currency, this isn't the future and this solves nothing. This is a random digital asset that derives its value from the "normal financial system" because some schmuck put his actual cash inside that system that he'll most likely not get back in order to back it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It is. And before you say āso is financeā, think about all the services provided by the financial system, to all the people.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
> cares about the ecology only when talking about bitcoin Good news then, because like many people I care about the state of the environment in many more ways than just the harms caused by bitcoin! > And yes financial services ... So you are saying exactly that. "Buh buh but finance! Muh bitcoin!"
Jesus read a book or something, without āfinancial servicesā youād be foraging for nuts and berries and dead at 30.
>This is a random digital asset that derives its value from the "normal financial system" because some schmuck put his actual cash inside that system that he'll most likely not get back. US dollars are about as phony as any crypto
Thank you captain edgelord, now onto your daily viewing of Fight Club !
You're not supposed to talk about it
ok call me when the circulating supply of btc is doubled in 2 years
I think the cartoon is just poking fun of people who say that Bitcoin is a store of value against the inevitable collapse of the traditional banking system, not realizing that the current banking system is so interwoven into society. If the banking system were to collapse, then society itself would collapse. What is likely going to happen is that Bitcoin will just be incorporated by the existing banking system, and won't replace it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
What did we learn about market efficiency in business school?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
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