Crypto is safe heaven not against volatility but as store value

Emitdama

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Bitcoin doesn't have any central authority or any servers. It is just working in a decentralized way. And that even makes it more secure. Just like you have talked about banks which are affected because of war. Such a situation can be because of the fact that banks have a central server which when it is affected, affects the whole thing.

But that is not the case with bitcoin, there is no central server that can be affected and thereby disrupt everything. Everything is on its own and it is just on the internet. All you need is just to make sure that you do not lose your private keys because they are very important and are what ensures that you get back to your assets at anytime.

bustabitsboy

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Today, bitcoin is unstable, it can be lost like fiat. I wouldn't keep all my eggs in one basket. I think that cryptocurrency is necessary, but I would not place big bets on it. Of course, I will leave part of the money in cryptocurrency, but this will be only one, not the largest part of my savings.

fiulpro

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Keeping crypto safe is a matter of concern, since technology is something that can be hacked even though mobile phones and the internet as well. If you download anything from mail as well this could be disastrous. Therefore I do think the only way to make sure that things are safe and your wallet and keys are preserved you have to make sure to :
1. Own your keys
2. Have an offline wallet not online !
3. Have wallets like ledger for more than a certain amount of money and keep it stored in a safe
4. Don't write down your keys on your mobile or upload them anywhere it might be harmful for long term
5. Avoid everything that can get your account or your phone hacked !!

Quote from: amishmanish on April 11, 2022, 11:06:56 AM

Most of the people investing in crypto are doing it to keep their identity safe and second to keep their money safe. While the data of crypto assets is stored in physical servers, I believe exchanges must be having some kind of safety measures or data back up to prevent losses incase of war or such events. I wonder if there is some kind of crypto insurance in the market

Lloyd's have a new insurance policy for your crypto wallets maybe you can check that out ! But prevention is always better than the cure.

amishmanish

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Most of the people investing in crypto are doing it to keep their identity safe and second to keep their money safe. While the data of crypto assets is stored in physical servers, I believe exchanges must be having some kind of safety measures or data back up to prevent losses incase of war or such events. I wonder if there is some kind of crypto insurance in the market

merchantofzeny

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Quote from: el kaka22 on April 09, 2022, 01:08:43 AM

Quote from: merchantofzeny on April 08, 2022, 10:56:15 AM

This is also what I'm thinking. As long as you can smuggle your keys or hardware wallet across, your funds should be save. They'd likely look for valuables first like jewelry and cash - unless this happen at a time when crypto has become commonplace enough for them to look for it too.

Of course whether your crypto still have value at that point in history would depend on how bad the war is, etc but at least you can still access it when you are safely across.

Reaching to a border and crossing with it could be done digitally. Just make sure that you have your money in somewhere like Binance and it should be fine, I do not think that it would matter that much when that happens. Obviously it is not really that much of a big deal when you consider it, after all we are talking about exchanges and you could go anywhere in the world without a war or without crossing borders, it could be just with you in any place of the world.

This is how you could end up getting richer and could end up getting proper return for your investment at the same time, because it is both profitable but also fluid where you go without needing to carry anything.

Well, I suppose people do keep a portion of their crypto in exchanges but they'd still need to get those they stored elsewhere across. This can be a simple as keeping the passphrase. But otherwise it's still easier than carrying around cash/jewelry that can be confiscated by greedy border guards or stolen by fellow migrants.

CapGelatik

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Quote from: RealMalatesta on April 11, 2022, 12:53:45 AM

Quote from: Captain Corporate on April 08, 2022, 01:46:32 PM

Having some sort of protection against what you could safe is the way hackers think. So if you have a method that you think you could securely put your money somewhere, then they could still some how find a way to hack it. However, the idea that crypto is safe heaven against volatility is a bit of truth as well, you may think its not safe against volatility, but considering the long term could be less and less volatile when we get higher, is a true fact most probably. You think when we are 1 million dollars one day, it could drop to 800k or go to 1.5 million dollars easily? It won't, and that means these high number of increases only happens at low levels, and we are moving even less volatile compared to 4-5 years ago as well.

Bitcoin is not asafe-haven against volatility. Bitcoin itself is volatile. But, for sure when you invest and hold for a long term you do benefit from the huge increase in the price. Still, even at that very high price it doesn’t stop being volatile. On a daily the price would keep on going up and down. It is usually a good investment when you go for a long term. That is why it is said to protect you from inflation.

Even though that it would continue being volatile, the profit you would make from it would still be huge enough in the future after you have held it for the long term. So, the volatility wouldn't be much of a problem to you by then.

The crypto market is really volatile even though we do the analysis, it still won't be able to predict market movements with certainty,
and I agree with you that for long term crypto investment is a good place especially Bitcoin,
Bitcoin is a potential coin and there is no doubt about it

Markinzo

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.

Mind you, that even in chaos hackers could also maximize the state of anarchy at a period of war to hack into certain systems, even crypto.

Preferably for me, I rather risk to tomb my gold and exhume later after the war, that if I survived (smiles Grin

), than risking it to ruthless hackers..

RealMalatesta

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Quote from: Captain Corporate on April 08, 2022, 01:46:32 PM

Having some sort of protection against what you could safe is the way hackers think. So if you have a method that you think you could securely put your money somewhere, then they could still some how find a way to hack it. However, the idea that crypto is safe heaven against volatility is a bit of truth as well, you may think its not safe against volatility, but considering the long term could be less and less volatile when we get higher, is a true fact most probably. You think when we are 1 million dollars one day, it could drop to 800k or go to 1.5 million dollars easily? It won't, and that means these high number of increases only happens at low levels, and we are moving even less volatile compared to 4-5 years ago as well.

Bitcoin is not asafe-haven against volatility. Bitcoin itself is volatile. But, for sure when you invest and hold for a long term you do benefit from the huge increase in the price. Still, even at that very high price it doesn’t stop being volatile. On a daily the price would keep on going up and down. It is usually a good investment when you go for a long term. That is why it is said to protect you from inflation.

Even though that it would continue being volatile, the profit you would make from it would still be huge enough in the future after you have held it for the long term. So, the volatility wouldn't be much of a problem to you by then.

Webetcoins

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Quote from: bussybuddy on April 09, 2022, 10:08:49 PM

Quote from: 325btc on April 07, 2022, 11:21:43 AM

So in chaos crypto is only way to keep wealth u might have.

Everyone who has entered the field will have their own approach, and not everyone has the same view of wealth management. Those of us who enter this field will, of course, see the opportunity for ourselves before the problem effects of society.In fact, not everyone knows and understands this market, so in my opinion, everything should be viewed relatively because we also know the risks that can occur in this space.

So true. The risk is that cryptocurrencies are volatile and apart of it, we still don't know the future awaits with crypto, what if our government bans it one day or something more worse that will happen? This is why most of us won't keep all of our wealth in the cryptos but we diversify it for a better security.

We can keep money in banks but if banks gets destroyed, I think they still have the ability to make money so they can always refund us but for other types of investments, maybe they don't have insurance and once it gets hit by a calamity or wars and they got destroyed, we can permanently lost them but let's hope it will not happen.

325btc

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Quote from: Quidat on April 10, 2022, 05:26:33 AM

Quote from: 325btc on April 07, 2022, 11:48:47 AM

Quote from: mk4 on April 07, 2022, 11:43:28 AM

Quote from: 325btc on April 07, 2022, 11:39:40 AM

Safest place then exvhangers what bad could happening ?

Oh nothing.. just a chance that you lose your money and they end up going to some hackers' hands.. https://cryptosec.info/exchange-hacks

But binance been reinbursed many times also exchangers taking hacking very seriously they been tracking down the criminals also fbi and law engorcements are heavily involed protecting the exvhangers.

You wouldn't know on what would happen next even Binance had made out some reimbursement or patching up with those hacked funds then you cant be sure that it would be happening next time on where there's some huge or severe hacking incident which you should always always put up the possibilities because there's no platform which is safe from hack.The best suggestion is on above
that you should at least store it up on a metal plate and not on a paper because it would be prone to burn or being torn into pieces unlike metal plates but of course you should really be setting out
some back ups because if you do lost and having a single back up then losing it would mean it would be a totally lost of your assets.Just be sure that you have a couple so that you would really be
making yourself that confident that you wont lose them.

If you cant run the business to protect customers simply dont run it.
Company is fully liable thats it the binance CEO is fully liable why else he get so much profit ?
He get profit becouse he have full responsebility of our funds and we dont argue about that.
Why else we pay high fees then ? Better option for us will be spend that money in casino then its much more safe as casino have top security.

Quidat

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Quote from: 325btc on April 07, 2022, 11:48:47 AM

Quote from: mk4 on April 07, 2022, 11:43:28 AM

Quote from: 325btc on April 07, 2022, 11:39:40 AM

Safest place then exvhangers what bad could happening ?

Oh nothing.. just a chance that you lose your money and they end up going to some hackers' hands.. https://cryptosec.info/exchange-hacks

But binance been reinbursed many times also exchangers taking hacking very seriously they been tracking down the criminals also fbi and law engorcements are heavily involed protecting the exvhangers.

You wouldn't know on what would happen next even Binance had made out some reimbursement or patching up with those hacked funds then you cant be sure that it would be happening next time on where there's some huge or severe hacking incident which you should always always put up the possibilities because there's no platform which is safe from hack.The best suggestion is on above
that you should at least store it up on a metal plate and not on a paper because it would be prone to burn or being torn into pieces unlike metal plates but of course you should really be setting out
some back ups because if you do lost and having a single back up then losing it would mean it would be a totally lost of your assets.Just be sure that you have a couple so that you would really be
making yourself that confident that you wont lose them.

bussybuddy

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

So in chaos crypto is only way to keep wealth u might have.

Everyone who has entered the field will have their own approach, and not everyone has the same view of wealth management. Those of us who enter this field will, of course, see the opportunity for ourselves before the problem effects of society.In fact, not everyone knows and understands this market, so in my opinion, everything should be viewed relatively because we also know the risks that can occur in this space.

southerngentuk

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Your personal opinion seems to be a bit narrow when hoarding assets such as gold, stocks, crypto, and real estate to have profit as well as risk. There will be opportunities where your ability is, and this field has great potential, but it should also be thoroughly researched before deciding.

VictorProsh

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Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Currently, there is not a single solution in the crypto currency world for saving and crediting crypto currency that would not depend on the speculative BTC exchange rate managed by its main owners, who are very beneficial to its managed volatility and they can reset your assets at any time and the physical position of your wallet has nothing to do with it at all.

el kaka22

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Quote from: merchantofzeny on April 08, 2022, 10:56:15 AM

This is also what I'm thinking. As long as you can smuggle your keys or hardware wallet across, your funds should be save. They'd likely look for valuables first like jewelry and cash - unless this happen at a time when crypto has become commonplace enough for them to look for it too.

Of course whether your crypto still have value at that point in history would depend on how bad the war is, etc but at least you can still access it when you are safely across.

Reaching to a border and crossing with it could be done digitally. Just make sure that you have your money in somewhere like Binance and it should be fine, I do not think that it would matter that much when that happens. Obviously it is not really that much of a big deal when you consider it, after all we are talking about exchanges and you could go anywhere in the world without a war or without crossing borders, it could be just with you in any place of the world.

This is how you could end up getting richer and could end up getting proper return for your investment at the same time, because it is both profitable but also fluid where you go without needing to carry anything.

Wexnident

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No one is really limiting you to only have a single copy or backup of your seeds. Maybe lock it behind a cipher even to ensure that even if it gets stolen, they can't get your seed phrase out of it. There's also the option of using other types of the store of value such as gold, it's really a matter of what you can access and hide imo.

Storing on cloud (or custodial wallets) isn't really a good thing, they give you a sense of illusion that you are in control of your funds and tend to hide the fact that they're really the ones holding the funds, they're actually just giving it to you when you need them.

Darker45

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Quote from: 325btc on April 08, 2022, 02:07:59 AM

Quote from: Darker45 on April 07, 2022, 09:26:39 PM

Although volatility is not a good thing for a store of value.

Anyway, I agree that Bitcoin is indeed somehow resistant to physical destruction. If a war is happening and bombs are dropped destroying houses and banks and ATMs and other physical structures, Bitcoin may still survive provided you still have the keys in your possession.

Forget about centralized exchanges and other custodial wallets. I'm afraid in times of war you can hardly rely on them. Stick to fully controlling your funds.

Usdt is store value

Well, USDT is a store of value in the most rudimental sense. It must be a store of value because it represents the USD which is also a store of value since it is a currency.

However, it would be a different story if we put a standard on what is a good or a bad store of value. USDT is definitely a bad store of value. In the first place, it is pegged on the value of USD, a currency which is subject to continuous depreciation by design. Furthermore, it is also subject to the bad economic and monetary policies of the government and the abuses of those in power. That's on the side of the currency it represents.

In itself as a centralized digital currency, on the other hand, the company that owns it could take control over all the funds. If you have USDT, be aware that Tether could freeze your funds anytime, or even destroy it altogether.

Captain Corporate

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Having some sort of protection against what you could safe is the way hackers think. So if you have a method that you think you could securely put your money somewhere, then they could still some how find a way to hack it. However, the idea that crypto is safe heaven against volatility is a bit of truth as well, you may think its not safe against volatility, but considering the long term could be less and less volatile when we get higher, is a true fact most probably. You think when we are 1 million dollars one day, it could drop to 800k or go to 1.5 million dollars easily? It won't, and that means these high number of increases only happens at low levels, and we are moving even less volatile compared to 4-5 years ago as well.

merchantofzeny

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Quote from: Tony116 on April 08, 2022, 10:32:33 AM

Actually I feel that crypto is a better store of wealth than gold in war because gold can be destroyed by bombs and confiscated when moving through war zones. While with crypto our job is to try to remember or hide the passphrases, memorizing or storing passphrases will be much simpler than hiding gold.

This is also what I'm thinking. As long as you can smuggle your keys or hardware wallet across, your funds should be save. They'd likely look for valuables first like jewelry and cash - unless this happen at a time when crypto has become commonplace enough for them to look for it too.

Of course whether your crypto still have value at that point in history would depend on how bad the war is, etc but at least you can still access it when you are safely across.

Tony116

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Quote from: Findingnemo on April 08, 2022, 09:17:30 AM

Quote from: 325btc on April 07, 2022, 11:21:43 AM

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Absolutely its safe heaven on the emergency situations but we can't say its better store of value than gold. You also have difficulties like where to store your private keys, if you lose the keys at war or natural calamities then you may lose the keys as well.

Actually I feel that crypto is a better store of wealth than gold in war because gold can be destroyed by bombs and confiscated when moving through war zones. While with crypto our job is to try to remember or hide the passphrases, memorizing or storing passphrases will be much simpler than hiding gold.

Topic: Crypto is safe heaven not against volatility but as store value (Read 266 times)