Apocalyptic Scenario - What happens to Bitcoin? - page 2.

YuginKadoya

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Quote from: ulhaq on June 10, 2019, 10:22:59 PM

Was it blockstream that was launching satellites into space? So maybe the bitcoin network will be more resilient than people think.

The consensus is that gold is worthless as well. But as society recovers, possibly bitcoin value will surpass gold because of the ability to easily transfer it? If there is no recovery, then many things will be useless.

Yup! and I think it is still in progress, And their primary goal was for people that don't have an internet connection and another way to download its full node or maybe this is another solution if a cataclysmic event may happen to really secure the digital money in my opinion,

I think this is the link for the article https://www.coindesk.com/bitcoin-in-space-it-helps-with-connection-woes-says-blockstreams-adam-back

Well if that Apocalyptic thing may happen and all sudden surge of an electromagnetic pulse to damage all electrical devices and mostly internet connection I guess one solution is what Blockstream is trying to do, But that is a large project and will need a lot of financial assistance.

ulhaq

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Was it blockstream that was launching satellites into space? So maybe the bitcoin network will be more resilient than people think.

The consensus is that gold is worthless as well. But as society recovers, possibly bitcoin value will surpass gold because of the ability to easily transfer it? If there is no recovery, then many things will be useless.

CryptoBry

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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 is, if we are still alive by then. I am sure that life as we know it right now would screech to a halt and yes we can go back to the very basics where we produce our own foods in order to survive under a very difficult condition. Of course, by then, let's hope that there is already the popular way of sending bitcoin offline but still we need to have power (if the sun still good it can provide this essential element) but then again money may not be that important in the next few years for people left alive and surviving. Let's just hope this scenario will fail to become a reality.

princesspoppy

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If there will be no internet and electricity in that apocalyptic scenario that will lead us to chaos if that future is to come, then bitcoin will have no value at all. People will not be able to have access and will not be able to make transactions out of it. It will be useless. Traditional currency will be used to trade goods not gold and bitcoins.

pooya87

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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.

in your apocalyptic scenario, ask yourself this:
can you eat gold, bitcoin,...? can it keep you warm at night? can it protect you against intruders?
you see when there is a disaster as you describe, there is no society anymore and concept of money will no longer exist so anything that has been used as money will cease to exist and barter system will replace it. barter means you give food and receive ammunition for protection and things like that.

Baofeng

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Of course, worst case scenario, bitcoin will be hit hard if there are no proper infrastructure i.e. power, electricity and internet. But people are resilient, they could think a better way to circumvent in this kind of scenario. Of course gold will be the only option, just look at how gold becomes so important in wars specially WWII. However, as I have said, people will find ways in this setup, and I think bitcoin will still be used to exchange as means of money.

Nalbo

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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.

tsaroz

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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.

Bitcoin is highly depended on internet.
If there is internet, Bitcoin would be much more popular as it is a hassle free value transfer but if we lost our internet connection, Bitcoin along with other online form of currencies would die and precious metals like gold and powerful tools and food would of course be of great value.
If bitcoin is to survive, it should devise a way to prove the transaction without proving it through internet which is impossible with current technology.

fortunecrypto

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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.

That's one of the scenarios that can make Bitcoin useless if there is no power, then there would be no internet and if there is no internet then there will be no transactions, I agree that climate change is a big issue in our generation but so many things are been doing to combat this, and if we want to continue using Bitcoin and support cryptocurrency, we should all in one to protect our climate.

Mike Mayor

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lol. The world almost ends and you worried about bitcoin? This is silly. Nothing will be worth anything. Food and weapons would be worth the most. I don't know why gold would be worth anything you can't eat it.
Things like petrol will have great value. Tabacco and stuff like that. Maybe gold and gems would have a place it just depends how "bad" an apocalypse is? If it is really bad then gold would mean nothing.

Quote from: Oceat on June 08, 2019, 05:55:35 PM

Let's start it from the start since the apocalyptic scenario is the result of what people doing today will reflect them by tomorrow. This is what we called a domino effect, everything is interconnected somehow.
So, do you think people will keep doing what they were doing today if the future result is already showing today?

Somehow if we ever come to that point then the use of any kind of money is not valuable at all since it is all in chaos.

Yeah as soon as the internet goes down all hell will break lose. No stop lights would work there would be total darkness and no warmth. This sounds very much like a movie though.

Oceat

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Let's start it from the start since the apocalyptic scenario is the result of what people doing today will reflect them by tomorrow. This is what we called a domino effect, everything is interconnected somehow.
So, do you think people will keep doing what they were doing today if the future result is already showing today?

Somehow if we ever come to that point then the use of any kind of money is not valuable at all since it is all in chaos.

pixie85

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If we get hit by EMP we'll have more problems to worry about like our cars not working and all our food getting spoiled because fridges everywhere will be offline. Think of the damages. In a real apocalypse you won't need money. People will be trading food and medical supplies alcohol and tobacco. Nobody will worry about the Internet and virtual currencies.

figmentofmyass

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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.

there are too many variables at play. if we're talking about 3+ decades away the possibilities are endless. even if the centralized power grid is disabled, it's possible localized/renewable energy technology will be much more distributed and prevalent by then. it's also possible that p2p mesh networks and other decentralized communications technologies will have already begun replacing the centralized internet infrastructure. in other words, bitcoin may be much less dependent on centralized power and internet infrastructure than today. if that's the case then my biggest concern is the massive hash rate drop on day 0.

in the "walking dead zombie apocalypse" scenario where few humans are left and we are restricted to the infrastructure of 2010, yes bitcoin is probably useless. but in more nuanced situations, the answer becomes more interesting to ponder.

gentlemand

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Quote from: Genemind on June 08, 2019, 04:23:09 PM

Everything comes to an end but since our generation is relying too much on developing technology, I believe that Bitcoin would still go far. It's not yet the right time for us to doubt about it. People will still do something for the survival of cryptocurrency since it plays a vital role in the economic growth of most countries.

It's always struck me as nuts that they'll make school children study 17th century lesbians for weeks on end but won't devote 5-10 hours on teaching them how to light a fire, use a compass, navigate by the stars or identify edible plants. That turns you from a vegetable to someone vaguely capable of coping for a little while if things go tits up for a bit.

Genemind

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Everything comes to an end but since our generation is relying too much on developing technology, I believe that Bitcoin would still go far. It's not yet the right time for us to doubt about it. People will still do something for the survival of cryptocurrency since it plays a vital role in the economic growth of most countries.

leonair

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You have a great point there though, it's true that Bitcoin has a great store of value and what it shows as of the moment but it's dependent on electricity and Internet which can be destroyed intentionally in the future by world war 3 or other force majeure but it's intangible and we must not full rely on it because we are still living in our physical world and not virtually.

Modernization always happen and I positively think that this kind of situation will be resolve in the future or as early as now there are projects that are especially for this kind of scenario.

gentlemand

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It would be complete and utter charcoal black toast.

The gold hoarders would also get a rude awakening when people laughed in their face when trying to hand over a useless lump of metal in return for food, medical supplies or weapons.

All currencies are abstractions and luxuries allowed by functioning societies. When they stop functioning the stuff that keeps you alive suddenly becomes rather more desirable.

If we're talking proper collapse it may take generations before the idea of something like BTC is viable or of interest again, or it may never return to that.

kryptqnick

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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.

I think that in that case Bitcoin, any fiat or gold will be worthless. In any apocalyptic scenario or even a situation that is somehow close to it, what matters is the things that are of real value for survival plus things a lot of people are very used to. Weapons for protection, food that doesn't go bad without fridges and stays edible for a long time, drinking water, maybe warm clothes if we are talking about cold climate. Apart from that, I'd name alcohol and cigarettes as things that might work as a 'currency' in many situations. Bitcoin is characters, they don't get you fed or warm. Fiat is just coins and papers, gold is also not very useful for survival. The value can restore if humanity makes it through these difficult times and recovers technologically.

Ailmand

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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.

Everyrhing will adjust and go back to square one. People will less focus on technology, focus on life and living, we will go back to how we do thing traditionally (communications, trade, business, etc.). This might be a good reset for all of us. Grin

Fred3030

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Bitcoin as we all know is a digital currency hence its use age depends on electronic devices which certainly are on power. If there be a to talk blackout as a result of an Apocalypse, truth be told digital currencies such as bitcoin will seize to exist with all due respect to the tech behind it and traditional assets will be the majors means of exchange.

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