Bitcoin: Disaster Proof? - page 2. | Bitcointalksearch.org

MoonShadow

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Quote from: srb123 on March 11, 2011, 07:35:02 PM

Yeah wee are merely talking about disasters, not catastrophic failure of the planet. But maybe we could raise a bouty to place a node on the moon, for extra redundancy, lol.

It will some time before a node could exist on the Moon, and the SoL delay would mean that any generators on the Moon would be at a distinct disadvantage.

Low Earth orbit is doable now, but neither option actually protects the blockchain from a solar flare. The current model is easily as safe as can be expected.

Sultan

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If you Encrypted your wallet, then took the binary of the file as a representation of letters and numbers, and then printed that on paper, that would safeguard your BitCoins, but then you'll have to wait for the network to re-establish itself after the fallout...

TiagoTiago

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Firstbits.com/1fg4i :)

I don't think even undersea cables are really safe

srb123

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Quote from: error on March 11, 2011, 01:14:24 PM

Quote from: TiagoTiago on March 11, 2011, 10:46:43 AM

I wonder what would happen to Bitcoin if Earth went in the bullseye of a severe solar storm of the type that not only fries satelites but also lights on fire electrical, telephone etc wires closer to ground (some time ago telegraph wires went aflame under such an event)

Forget Bitcoin, if an event of that intensity happened today, or was artificially induced (e.g. by EMP) somewhere between 80% and 90% of all living human beings would die.

Yeah wee are merely talking about disasters, not catastrophic failure of the planet. But maybe we could raise a bouty to place a node on the moon, for extra redundancy, lol.

That said solar flares could be a risk, oh and the reversal of our poles. http://www.physics.org/facts/frog-magnetic-field.asp
But im not sure is these will damage undersea cables.

Anyway, my point is that I think that Bitcoin will be great against localised disaster, and hyperinflation.

error

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Quote from: TiagoTiago on March 11, 2011, 10:46:43 AM

I wonder what would happen to Bitcoin if Earth went in the bullseye of a severe solar storm of the type that not only fries satelites but also lights on fire electrical, telephone etc wires closer to ground (some time ago telegraph wires went aflame under such an event)

Forget Bitcoin, if an event of that intensity happened today, or was artificially induced (e.g. by EMP) somewhere between 80% and 90% of all living human beings would die.

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

I think what could hurt it most, besides the loss of people using Bitcoin that died in the disaster, would be if the Internet got split into two or more significant non-interconnected groups for a prolonged period of time; any coin mined during the period is under the risk of eventually being wiped from existence when the Internet becomes one once again.

I wonder what would happen to Bitcoin if Earth went in the bullseye of a severe solar storm of the type that not only fries satelites but also lights on fire electrical, telephone etc wires closer to ground (some time ago telegraph wires went aflame under such an event)

Stephen Gornick

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Quote from: srb123 on March 11, 2011, 03:21:57 AM

On the con side:
1. Good luck buying yourself Mocha Latte in Downtown Disasterville using Bitcoin without any cell coverage or internet.

Related: Options for offline-only users?
https://bitcointalksearch.org/topic/options-for-offline-only-users-1838

srb123

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As we watch in horror yet another devastating earthquake in a developed nation, and cant help thinking how does this relate to bitcoin?

What happens to your hard earned during a disaster in a bitcoin world?
My thoughts on the pro-side:
1. We'll likely see the Yen drop because of this earthquake, but Bitcoin will not. (New Zealand Dollars have slid since their earthquake for instance.)
2. The fully p2p system means that while mining might slow up, the system is in no way permanently damaged, and will not miss a beat for the rest of the world.

On the con side:
1. Good luck buying yourself Mocha Latte in Downtown Disasterville using Bitcoin without any cell coverage or internet. (Although you'll probably struggle to find a shop that is open.)

My thoughts are with the Japanese in this hard time.

Any other thoughts coinheads?

Topic: Bitcoin: Disaster Proof? - page 2. (Read 4758 times)