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Dedollarization (lemmy.world)

submitted 4 days ago by Ersatz86@lemmy.world to c/personalfinance@lemmy.ml

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It seems as though the endgame to all of the political chaos we are experiencing in the US is the dethroning of the dollar as the world’s reserve currency. Putting aside for the moment the question of why or whom might benefit from such an outcome, what is the best way to play defense if your wealth is dollar-denominated?

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[–] shortwavesurfer@lemmy.zip 1 points 4 days ago* (last edited 4 days ago) (1 children)

Fiat cost average into Monero and gold. I know a lot of people would say Bitcoin. But if you buy Bitcoin, then the government is going to know that you have it. Whereas if you buy Monero, the government is not going to know you have it.

Also, start participating in the Monero circular economy by buying and selling goods and services on XMRBazaar.com denominated in Monero

Here is my store, for example. https://xmrbazaar.com/user/AuroraGeneralStore/

For gold, you might want to have a look at goldbacks since they go down to one thousandth of an ounce of gold and can be used as a transactional currency.

[–] Ersatz86@lemmy.world 1 points 4 days ago (1 children)

I don’t know why the downvote; I found your answer to be worthy of further study. On a very brief first encounter, Monero seems dauntingly complicated for a typical non-technically-oriented investor. Certainly seems to have its merits for those that do understand the finer points, but one of the oldest maxims of investing is have a full understanding of how the sausage is made.

Incidentally, for those whose assets are already well known to those in power, I think more transparent solutions might be the logical course of action.

Gold is certainly on my radar. Currently pondering the best possible avenue e.g. physical, GLD, miners, etc. and will certainly explore goldbacks. I imagine that could be a thread of its own.

Thanks for your response.

[–] shortwavesurfer@lemmy.zip 1 points 4 days ago* (last edited 4 days ago)

You definitely don't want the ETFs such as GLD or the miners because those are shares and you don't actually physically own them. So you're going to want the physical or goldbacks.

Edit: With the gold, if you don't hold it, you don't own it. With Monero, you need to have your own wallet with your private keys, because again, if you don't hold it, you don't own it.

Having anything be for benefit of means that it can be revoked as it's nothing more than an IOU with conditional redemption.