Bitcoin/crypto currency and Islam

All international trade in USD is collapsing.
Iran circumvents sanctions by buying gold from Turkey and trading that with Russia.

Back to bitcoin. Look at btc price in USD. Hyperinflation is obvious as the btc market has no quantitative easing. I think btc is a decent inflation metric in any currency as it is just local currency held outside of the monetary system.

@DavidC

Agree, dollar is close to its last. What would you consider a better safe haven bitcoin or gold when the dollar collapses?

Bitcoin best performing currency of late. Not sure what you mean 'Hyperinflation is obvious'?

Ceo3 wrote: @DavidC Agree, dollar is close to its last. What would you consider a better safe haven bitcoin or gold when the dollar collapses? Bitcoin best performing currency of late. Not sure what you mean 'Hyperinflation is obvious'?

Silver. Bitcoin is gambling. I bought some btc two years ago. I bought low, sold high and have put all of my original stake into silver. Plenty of bitcoin "profit" left which I trade for fun, but it is too risky to be considered an investment.

Plenty of fun, but I would worry too much if it was money I needed. Instead I fantasize about how I could help the poor if I become rich. Btc can be a fine prayer tool.

Bitcoin is a derivative of the dollar or whatever currency your bank uses. It is much less safe, but much more volatile.

My strategy is savings in gold and silver coins, small denominations.
Currency in the safe to cover expenses for six months. Another year in the bank. No sense in paying premiums for PM's if I will be forced to sell before they appreciate.

Bitcoin is a hobby. It looks good on my screen, but I have to cash out after it goes up but while I can still use the dollars to buy silver coins. If bitcoin goes up to a bazillion dollars but nobody will trade silver for dollars the whole effort will just be a fantasy trip to Zimbabwe.

My goal is to minimize personal financial insecurity. My car is 10 yrs old (Kias are krap) and my house is 50. Other than a college fund for my daughter everything is earmarked for helping the less fortunate when the debt system crashes.

The working poor cannot afford to prepare, so we are obliged to do it for them.

Edited by DavidC - 11 March 2017 at 7:51am

Bitcoin is backed by fiat. You must buy it in fiat and almost always trade btc back to fiat before using.

The advantage is that with btc you can transfer from one fiat currency to another without paying bank fees. All you need are bank accounts in whatever currencies you use.

You cannot get across national boundries with PM's and the exchange premiums are astronomical. Good for saving but not for spending.

People who live, work and invest in multiple countries find the convertibility function of btc valuable. That is one reason the price keeps increasing. A fixed amount of bitcoin and new buyers learning about btc everyday makes the price rise.

The test of btc will be when the US FRN is replaced with the devalued TRN, which will likely be all electronic with government issued credit cards similar to SNAP cards. Btc should prove safer than cash as it is diversified across countries and there may even be a blow-off due to confusion.

Security is only in God and not in money. Maybe a little safety in Subarus - best built gas fueled car on the road.

Edited by DavidC - 15 March 2017 at 9:15am