Apocalyptic Scenario - What happens to Bitcoin?

Betwrong

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Quote from: figmentofmyass on June 11, 2019, 02:55:23 AM

Quote from: Betwrong on June 11, 2019, 02:12:05 AM

Now, the price of Bitcoin will certainly drop to the level below 2 pizzas for 10,000 BTC, but I'm sure some people will be still mining almost empty blocks on their laptops, just in case. They will be able to do that on their laptops because the difficulty will drop to the appropriate level.

that assumes the network will reach the next difficulty adjustment. let's say the event occurs shortly after the last retarget. if the only machines left mining are laptops, the hash rate may drop so drastically that the network will never reach the next difficulty adjustment. the network could literally grind to a halt.

Great point! Indeed it can take forever to mine another block with the difficulty that was set before the event, let alone something around 2,000 blocks. So, I think then we can only hope that some ASICs will survive the catastrophe and hence the needed 2016 blocks will be eventually mined, maybe not in two weeks but in 20 weeks, but still. Another possibility would be a manual retargeting, but I'm not sure if that is technically possible.

Also this

Quote from: https://en.bitcoin.it/wiki/Target

A single retarget never changes the target by more than a factor of 4 either way to prevent large changes in difficulty.

can be a problem if manual adjustment is out of question.

Slow death

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Quote from: ulhaq on June 08, 2019, 12:35:42 PM

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable.

2050 is almost 30 years from now... just imagine what will change 30 years from now

the weapons will be more modern; the extraction of gold will probably be done with modern equipment and will be heavily controlled by governments to avoid pollution. The technology will be much more evolved and will benefit bitcoin, so the biggest winner in my opinion will be bitcoin.

Dapper

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Food, water, guns and ammo will be the new gold. And there will be many people complaining about how it's unfair that the whales are controlling the price of Cheerios.

Cheesy

Mike Mayor

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Quote from: BeManga on June 11, 2019, 03:11:41 PM

Quote from: ulhaq on June 08, 2019, 12:35:42 PM

What happens to the value of bitcoin in an apocalyptic scenario? Eg, if the world starts getting hit with electromagnetic pulses which knock out power, or let's say the report that came out a few days ago is true, that civilization as we know it deteriorates by 2050 due to mass migration from climate change.

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable. On the other hand it has been claimed that bitcoin requires very little infrastructure and would work much better than other things. If bitcoin is truly a store of value, then it should store value especially in unfavorable circumstances.

2050 is really to far and its better to look in the future in a positive way
its only a possibility and we have more years to come to prevent it from happening

Yes always focus on the positive. Hopefully, we as a human race fix things before they get that bad. We might not, we may destroy this planet and be forced to live elsewhere.

Quote from: muratsink on June 11, 2019, 06:04:01 PM

You are right. in the end only gold and silver will have high value. in the near future fiat will disappear, and the popularity of crypto and BTC currencies will develop well. In my opinion. BTC and crypto are only for storing assets in a short time. after the internet is gone, BTC will have no value.

How can you say bitcoin is for short term storing? The currency will evolve. I have held my crypto for years.

muratsink

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You are right. in the end only gold and silver will have high value. in the near future fiat will disappear, and the popularity of crypto and BTC currencies will develop well. In my opinion. BTC and crypto are only for storing assets in a short time. after the internet is gone, BTC will have no value.

bhabygrim

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When an apocalyptic scenario happens why would people care about stuff like crypto?
Of course they would prioritize what would save them or help them survive .
So crypto would be ignored and be meaningless to people.

BeManga

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Quote from: ulhaq on June 08, 2019, 12:35:42 PM

What happens to the value of bitcoin in an apocalyptic scenario? Eg, if the world starts getting hit with electromagnetic pulses which knock out power, or let's say the report that came out a few days ago is true, that civilization as we know it deteriorates by 2050 due to mass migration from climate change.

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable. On the other hand it has been claimed that bitcoin requires very little infrastructure and would work much better than other things. If bitcoin is truly a store of value, then it should store value especially in unfavorable circumstances.

2050 is really to far and its better to look in the future in a positive way
its only a possibility and we have more years to come to prevent it from happening

Nolimitz84

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Quote from: omone1 on June 08, 2019, 02:54:08 PM

In such scenario, the whole of our planet and the human connectivity will be in total chaos, and nothing will work for a while, our system both digital and traditional will be in trouble. So not only the bitcoin is going to be affected. Both such won't happen now, it's reserved for the future.

I don't think we should have bad thoughts.Thoughts materialize.If we assume that the Apocalypse really happens,the interest in bitcoin will certainly disappear.People will need food,water and medicine.

dothebeats

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The most important commodity of all during those times would probably be oil, generator, batteries and other forms of energy to generate electricity. Cash would still be king, gold too, as for bitcoin, well, we don't know whether people will still cling on to the value of that after the said event. Most likely people will live like the times of pre-Industrial Revolution where electricity isn't widely spread out yet. For sure this will not trigger a post-apocalyptic, chaotic scene like those seen on movies and video games; governments would still be functional, it's just that we're lacking on the luxury of electronic devices and the comfort of stable homes.

So yeah, I don't think bitcoin would hold value by then.

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Nothing much will happen unless the disaster happens on a global scale and hitting every inch of our planet.

I doubt Gold and other precious metals would worth much. Foods, medicine, information, basic technologies will worth alot.

If bitcoin blockchain survives, it will most likely be an alternative to bartering. There will be lots of leaderless groups of survivors or even communities after thw global disaster and there main medium of exchanges will likely be barter or Bitcoin. . . It is leaderless, not large physically, fairly fast, global, decentralized and immutable unlike fiat and its large centralized servers.

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Quote from: Nalbo on June 08, 2019, 08:55:53 PM

There's no way of verifying a transaction without an internet. No centralized valuation would work. People would revert back to goods to goods exchange. There would be no capital and the one who produces are the rich ones. There would be no jobs as now and everyone would revert back to farming, herding or being iron smith.

That's what eventually will happen without the internet, I spend my adult life without the internet and because I cannot trade anymore I will have to find jobs or get into jobs that are not related to cryptocurrency it's like back in the 90's without the internet.

pushups44

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Quote from: ulhaq on June 08, 2019, 12:35:42 PM

What happens to the value of bitcoin in an apocalyptic scenario? Eg, if the world starts getting hit with electromagnetic pulses which knock out power, or let's say the report that came out a few days ago is true, that civilization as we know it deteriorates by 2050 due to mass migration from climate change.

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable. On the other hand it has been claimed that bitcoin requires very little infrastructure and would work much better than other things. If bitcoin is truly a store of value, then it should store value especially in unfavorable circumstances.

One very real possibility, albeit small, is for a giant asteroid to strike the Earth and take us back to the Dark Age. In this scenario even gold would be worthless, because the most basic need will be food and water. You need a relatively sophisticated society for gold to be used as a medium of exchange. I imagine this would also be the case if the electrical grid shut down - the top commodities would be food and water. Anyway, absolutely nothing is a guarantee, including the very existence of man.

davis196

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Quote from: ulhaq on June 08, 2019, 12:35:42 PM

What happens to the value of bitcoin in an apocalyptic scenario? Eg, if the world starts getting hit with electromagnetic pulses which knock out power, or let's say the report that came out a few days ago is true, that civilization as we know it deteriorates by 2050 due to mass migration from climate change.

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable. On the other hand it has been claimed that bitcoin requires very little infrastructure and would work much better than other things. If bitcoin is truly a store of value, then it should store value especially in unfavorable circumstances.

This has been discussed many times before.
If a global apocalypse happens,nobody would care about bitcoin or cryptocurrencies.
There will be a battle for survival,where food,water,simple tools and maybe weapons will have the higher value.

smyslov

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Quote from: ulhaq on June 08, 2019, 12:35:42 PM

What happens to the value of bitcoin in an apocalyptic scenario? Eg, if the world starts getting hit with electromagnetic pulses which knock out power, or let's say the report that came out a few days ago is true, that civilization as we know it deteriorates by 2050 due to mass migration from climate change.

Many claim that bitcoin will be worthless and gold, guns, and ammunition will be very valuable. On the other hand it has been claimed that bitcoin requires very little infrastructure and would work much better than other things. If bitcoin is truly a store of value, then it should store value, especially in unfavorable circumstances.

All wars that come render fiat almost useless if there is a catastrophe and there were a power outage, that could be the end of Bitcoin because Bitcoin is internet based, some countries that are not affected can confirm the transactions, but volume and the price will dramatically decrease, people will be in a hurry to dump and buy essentials with their fiat money.

damberg

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Since you cannot "write" Bitcoin on paper, massive power outage, near apocalyptic scenario would make Bitcoin redundant. However, turmoil in different parts of the world could lead to higher Bitcoin prices (of course nobody wishes for such atrocities).

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In an apocalyptic event, nothing will be more valuable, not even life. Everyone will be after their own safety and good. That will be a time of chaos and even your millions of dollars in banks can also be worthless and useless. Internet could be interrupted and could be scarce as well and since bitcoin is dependent on internet so there will be no use of it and not even buying and selling.

figmentofmyass

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Quote from: Betwrong on June 11, 2019, 02:12:05 AM

Now, the price of Bitcoin will certainly drop to the level below 2 pizzas for 10,000 BTC, but I'm sure some people will be still mining almost empty blocks on their laptops, just in case. They will be able to do that on their laptops because the difficulty will drop to the appropriate level.

that assumes the network will reach the next difficulty adjustment. let's say the event occurs shortly after the last retarget. if the only machines left mining are laptops, the hash rate may drop so drastically that the network will never reach the next difficulty adjustment. the network could literally grind to a halt.

Betwrong

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Alright, let's imagine a situation when the strength of electric field is below 200 kV/m (Kilovolts per meter), which is more or less safe for humans. Yes, most part of electrical equipment will fail to continue operating, but not all equipment will be damaged. Electrical devices situated in shielded basements will survive (and we know that there are a lot of such basements around the world). Now, the price of Bitcoin will certainly drop to the level below 2 pizzas for 10,000 BTC, but I'm sure some people will be still mining almost empty blocks on their laptops, just in case. They will be able to do that on their laptops because the difficulty will drop to the appropriate level. Then during the first 2-3 years after the catastrophe Bitcoin, of course, will be worthless, as many have pointed out in this thread. But when things will begin to improve, Bitcoin may appear the most suitable currency for such a world.

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Quote from: Nalbo on June 08, 2019, 08:55:53 PM

There's no way of verifying a transaction without an internet. No centralized valuation would work. People would revert back to goods to goods exchange. There would be no capital and the one who produces are the rich ones. There would be no jobs as now and everyone would revert back to farming, herding or being iron smith.

you can verify a transaction without an internet , that is the same as when you verify a signed message using an wallet/app . I heard that you can also use your cryptos without internet but in the form of hotspot wifi but this should be done in a specific range . And how can you say that there will be no jobs without internet ? Cant you see before people still have a job even if internet is not invented a long time ago .

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Ok, ask yourself this question : What will happen to the traditional Banking system when a massive electromagnetic pulses hits earth and knock out all communication and electronic devices? The Stock markets will collapse for a while and the ATMs and Banks will not be accessible until spare parts can be sourced to repair them.

Emergency procedures are already in place to restore basic communication, when things like this happens. Some data storage are done on non-magnetic storage media. Some tinfoil hats out there also use a faraday cage to protect their devices from such an event. Roll Eyes

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