Don’t lose faith.
$1 always equals $1 Same goes for crypto, 1 always = 1. We haven’t become poorer if we use our preferred Crypto as unit of account. If your salary is in USD and personal unit of account is a Crypto, this bear mkt *increased* your purchasing power. You lose if you think in USD.
Consider this your final warning.
The global financial system is royally screwed. The [ledgers are all messed up](https://www.bloomberg.com/opinion/articles/2017-02-17/dole-food-had-too-many-shares), and [companies have borrowed WAAAAY too much money](https://www.forbes.com/sites/jessecolombo/2018/08/29/the-u-s-is-experiencing-a-dangerous-corporate-debt-bubble/#766d84fc600e). If you thought bad mortgages hurt in 2008, just wait until garbage debt tanks a company near you. Maybe even a [big one](https://edition.cnn.com/2018/10/02/investing/general-electric-downgrade-debt/index.html).
Think your pension or 401(k) is safe? [Think again.](https://money.cnn.com/2018/01/18/investing/ge-pension-immelt-breakup/index.html) All types of retirement funding schemes are borked.
Think your bank account is safe? Think again. In 2016, Deutsche Bank had $45 trillion (with a “T”) in derivatives exposure. How much do you think they have now? Bank ledgers are borked. Symptoms of this have shown recently in the numerous glitches in banking networks. Too many to mention, but [here’s a rundown](https://news.sky.com/story/hsbcs-uk-customers-latest-to-feel-app-misery-11510881)
Oh, but the government will bail you out when your bank goes under, right? Sure. After a year or two of paperwork. In the meantime, your ATM and credit cards will only be good for scraping crumbs out from between the sofa cushions.
2008 happened and was swept under the rug. Instead of treating the root cause of the illness (ie, too much insane side betting [derivatives] on fake money [bad loans]), they made it worse by creating even more fake money in the form of corporate loans that [companies then used for stock buybacks](https://money.cnn.com/2018/09/17/investing/stock-buybacks-tax-cuts/index.html), leading to the about-to-pop bubble in the stock markets.
You know what will still work and whose value will truly become known when all this mayhem ensues? Bitcoin. I hope everyone has at least a little. It’s your best protection. Share this article and spread the word, and get ready to help out the sheeple who are still sleeping and have refused to hedge their traditional portfolios with at least a few hundred bucks worth of Bitcoin. Help those people out when the shit goes down. Be nice. Remember the [Pineapple Fund](https://pineapplefund.org/)? We Bitcoin hodlers are all going to have to be that kind and wise and generous in our own little ways when the crisis hits.
By the way, exchanges are third parties. Send your coins to cold storage as soon as possible after acquiring. There will be another Gox at some point, some exchange whose bot followed the derivatives traders on BitMex around like little puppy dogs and ended up selling too much BTC too cheap.
Last warning, at least from me. This charade in the traditional markets will continue for six more months at most, but the crisis could hit any day. That “Lehman Brothers” moment is coming, and this time will be much worse.