Bitcoin getting in to economic crisis - page 2.

potatopower

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Quote from: bitlancr on July 16, 2016, 03:13:36 PM

Quote from: Jimbola3 on July 16, 2016, 10:42:10 AM

Quote from: romero121 on July 16, 2016, 06:58:06 AM

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!

Even if a crisis will come bitcoin has grown very strong the last couple of years. I got full faith now with the market cap is 10 billion dollars.

if the crisis happens then bitcoin will going to be booming, people will be afraid to lose their money so they will put the fiat into bitcoins and the price will grow

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Quote from: freedomgo on August 10, 2016, 05:05:40 AM

The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

The Bitfinex hack delayed the bitcoin price rise to $1000 by at least three months. I thought the price could reach $1000 in the middle of next year.

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The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

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The only scenario I see of how bitcoin could decline is if something incredibly and obviously without a doubt better than bitcoin is created which is also able to take root and gradually overtake bitcoin as the cryptocurrency standard.

To me, bitcoin is becoming something akin to the AK-47. Reliable, efficient, dependable even in the worst crappiest conditions and is standing the test of time... so far... knock on wood.

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Quote from: bitbunnny on August 09, 2016, 10:06:23 AM

Quote from: romero121 on July 16, 2016, 06:58:06 AM

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Thatw is because the Bitcoin is not so closely tied to the "classic" world economy and thus the crisis doesn't affect it. But will this situation also stay in the future or Bitcoin will become equal part of world financial system and thus become equaly vulnerable to economic influences and all bad stuff that comes along?

As long as Bitcoin remains a decentralized currency it will not be vulnerable to economic factors. Fiat money is unstable and subject to devaluation because it is political money that is used by governments as a tool for (economic) policymaking. Governments directly or indirectly devalue fiat currencies to finance gifts for their voters or the police / the military to stay in power. That is impossible with a decentralized Bitcoin.

In that regard, Bitcoin behaves a lot like gold: It is not immune to fluctuations in valuation. However in the long run it will preserve its purchasing power. Compared to fiat it is almost sure to gain in value, since inflation makes fiat money worthless sooner or later.

ya.ya.yo!

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Quote from: romero121 on July 16, 2016, 06:58:06 AM

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Thatw is because the Bitcoin is not so closely tied to the "classic" world economy and thus the crisis doesn't affect it. But will this situation also stay in the future or Bitcoin will become equal part of world financial system and thus become equaly vulnerable to economic influences and all bad stuff that comes along?

ethereumhunter

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Quote from: Dudeperfect on August 09, 2016, 06:44:53 AM

Although theoretically it’s possible but practically it’s not possible because bitcoins has passed existence struggling phase and now bitcoin is facing new challenges which are not related with basic issues but on a macro levels we should work for the solution such as prevention from misuse. I don’t think bitcoin will disappear overnight (not because I have investments in it) but there are wide aspects like vested interests. I conclude that bitcoin is not going in economic crisis but it has to face some challenges regarding worldwide acceptability by various factors including governments.

i am agree because from time to time, blockchain technology will be open the eyes for many people that there is another solution for their economic crisis or something like that. and i think it will be come true when the government know what kind of blockchain technology and this technology can be integrate with their system and make it completely.

beside that, maybe bitcoin have economic crisis and get down its because people panic and sell their bitcoin and the other thing is from the news that maybe release from the other source and people get ready for the impact and sold their bitcoin.

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Although theoretically it’s possible but practically it’s not possible because bitcoins has passed existence struggling phase and now bitcoin is facing new challenges which are not related with basic issues but on a macro levels we should work for the solution such as prevention from misuse. I don’t think bitcoin will disappear overnight (not because I have investments in it) but there are wide aspects like vested interests. I conclude that bitcoin is not going in economic crisis but it has to face some challenges regarding worldwide acceptability by various factors including governments.

EastSound

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When there is a general big economy crisis, people will lose confidence in the fiat, they will adopt bitcoin.

iv4n

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I don`t think bitcoin is getting in any crisis, especially not economic crisis. Fiat is different thing, there is someone who print money like crazy ( federal institution ). Then that money goes on credit to banks, and then banks give that money on credit to people or companies, or to governments. Everyone who wish to learn about fiat money can do it on internet, there is like million information`s about it.
Bitcoin is different, there will be 21 million coins, and that is it. When miner solve block he get a reward, now that reward is 12.5 after halving. So that is it, there is no institution behind it.

bitlancr

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Quote from: Jimbola3 on July 16, 2016, 10:42:10 AM

Quote from: romero121 on July 16, 2016, 06:58:06 AM

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!

Even if a crisis will come bitcoin has grown very strong the last couple of years. I got full faith now with the market cap is 10 billion dollars.

Jimbola3

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Quote from: romero121 on July 16, 2016, 06:58:06 AM

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!

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Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Kaller

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In the future, you can use the bitcoin wallet integegraged into your smart phone, like the fiat. So it is easy to use.

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Quote from: ripplehd on July 14, 2016, 04:38:01 AM

we've heard a bunch of times about fiat money and escalating problems. any reason for bitcoin to decline rapidly and all the online wallets closing down how will everyone fear the loss of bitcoins. It can happen because its the problem with real money its causing bitcoin to get blocked halfway.

If you are afraid of online wallets just use PC or mobile wallets.Not a big deal...

I don`t know about any "escalating problems" with fiat money.What are you talking about?

An economical crysis should have both positive and negative impact over bitcoin.

The question is which impact will influence btc more.

freedomgo

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With the current rate of bitcoins is going I don't see any real crisis will happen, if you will see that price are falling back hard for me that is just a manipulated event and I believe price will be back to normal and will consistently increase.

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Quote from: outatime1 on July 15, 2016, 04:17:36 PM

Bitcoin could definitely fail and we should be prepared for that, but I think it is unlikely at least for a few years. It could catch on big and we could be very wealthy, there's just no way to know. We are dealing with a high risk investment right now.

nah i do't see that, no one who bought at those level will sell it ever, the only possibility would be if bitcoin face a serious bug/exploit, that was not discovere in the code, and lead to a panic dump

this possibility is very remote, i'm not betting on it...

outatime1

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Bitcoin could definitely fail and we should be prepared for that, but I think it is unlikely at least for a few years. It could catch on big and we could be very wealthy, there's just no way to know. We are dealing with a high risk investment right now.

EastSound

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Quote from: eternalgloom on July 14, 2016, 05:16:51 PM

Quote from: ripplehd on July 14, 2016, 04:38:01 AM

we've heard a bunch of times about fiat money and escalating problems. any reason for bitcoin to decline rapidly and all the online wallets closing down how will everyone fear the loss of bitcoins. It can happen because its the problem with real money its causing bitcoin to get blocked halfway.

I would think that just the opposite of what you're saying would happen. People would be attracted to Bitcoin because of the economic crisis, and Bitcoin could be an alternative to gold and silver for the more tech savvy people out there.

This is already happening on a small scale.

Economic crisis is just a catalyst to attract people to bitcoin. But gradually, people will start using the bitcoin.

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Quote from: ripplehd on July 14, 2016, 04:38:01 AM

we've heard a bunch of times about fiat money and escalating problems. any reason for bitcoin to decline rapidly and all the online wallets closing down how will everyone fear the loss of bitcoins. It can happen because its the problem with real money its causing bitcoin to get blocked halfway.

I would think that just the opposite of what you're saying would happen. People would be attracted to Bitcoin because of the economic crisis, and Bitcoin could be an alternative to gold and silver for the more tech savvy people out there.

This is already happening on a small scale.

Topic: Bitcoin getting in to economic crisis - page 2. (Read 1786 times)