bug
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Post by bug on Mar 20, 2020 8:26:02 GMT 10
IMO, pm's are a repository for wealth, not a medium of exchange. Try buying a bag of rice or tank of fuel with a gold coin when the banking system collapses. I expect you'd be told to shove off and come back with a currency most people understand. My cash at home is for purchasing during/after a banking collapse, not for storing wealth. I use real estate for that. Spot on. My only concern is with tenants that are now out of work and may not be able to pay rent, or *pretend* that they are not able to pay the rent. I have enough in my account to cover a no income + no tenant event, but that's real worst case event there. In reality I'll call the bank the day the tenant claims to have trouble. Suspect I won't be the only one doing that.
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bug
Senior Member
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Post by bug on Mar 20, 2020 8:27:31 GMT 10
How are you going to use bitcoin with an unreliable/absent electricity supply?
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blueshoes
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Location: Regional Dan-istan
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Post by blueshoes on Mar 20, 2020 10:16:41 GMT 10
How are you going to use bitcoin with an unreliable/absent electricity supply? It's possible we're in for not much electricity, but we don't import any from overseas so there's that. Our ancient coal generators regularly have to be shipped off overseas to be fixed, and they might fail ... but the govt that has been a bit lazy about other measures will make SURE there's electricity if there's any means at all - because without it, they can't get press conferences and official regulation changes etc disseminated! There's a strong chance of rolling blackouts while there are closed borders and we can't ship stuff to Germany, but phones will still get charged and backbone infrastructure will be propped up with generators in short order (if they aren't already). Either way, i'd rather have had a handful of bitcoin i can't use than not have any when it would have worked ... not putting all your coins in one basket is a good thing, especially with the way the economy is tanking
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bug
Senior Member
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Post by bug on Mar 20, 2020 10:44:48 GMT 10
Plant failure is probably the biggest issue. Storms break electrical gear all the time. Most of it is from China. Projects for new generation plant (mostly wind and solar) is slowing down due to inability to get the components they need. Probably not an urgent thing, but remember we just had a whole heap of electrical plant wiped out with the bushfires. Stocks of spares will not be high.
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Post by illuminati on Mar 23, 2020 0:02:09 GMT 10
As long as you have a working device amongst you and somewhere in the world is still mining you could exchange. Probably the queue will take a while to get enough confirmations.
There’s lots of power stations in Australia. Some parts may start to fail. Maybe rolling blackouts or brownouts and demands to conserve power to not over stress the system. But probably a large percentage of Australia will still have grid power.
If you were really concerned you could make several wallets of different amounts of BTC and give the paper backups to the person. They have to trust you gave them all the copies, it’s legit, and you won’t spend it on them. I guess people that trust you that much will help you for free or only do it for a much larger sum due to the larger risk.
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Post by SA Hunter on Mar 23, 2020 19:37:58 GMT 10
One of our local servos will no longer accept cash - must be by card only. The others will take either.
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Frank
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Post by Frank on Mar 23, 2020 20:24:27 GMT 10
Another step towards a cashless society.....
So far haven't struck cash refusel, but have seen a lot of places asking for paywave as preferred payment
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bce1
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Post by bce1 on Mar 25, 2020 15:51:42 GMT 10
I’ve had plenty of cash refusal today. No signs at the service station and filled up car. Told me didn’t take cash. Asked about sign and wasn’t one, so I offered a few repayment options or pumping out my car and cash accepted!!
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