Crypto is safe heaven not against volatility but as store value - page 2.

tabas

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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 ??

Good advance thinking. And this is the reason why if you're into crypto, you better be silent and remain lowkey so that you're not going to be stretched and known by others that you're into it.
Better to be quiet and just stay humble if you're making a lot of money through your crypto investments. But thinking that this is possible, it's true that this is possible but it could even be worse that someone would do a $5 wrench attack.

Findingnemo

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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.

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Quote from: Darker45 on April 07, 2022, 10:26:39 PM

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.

That is right you made a point. A good example is with what is happening between Russia and Ukraine. There have been calls to block Russian cryptocurrency accounts on some exchange. This is quite unfortunate to totally store all asset on exchange because in such times, it may be still happen and if the country is unlucky to go into war with country where the exchange is then you can be sure those accounts may be blocked.

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Quote from: usekevin on April 07, 2022, 04:12:07 PM

Quote from: 325btc on April 07, 2022, 12:21:43 PM

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 ??

Cryptocurrency was the asset,where you can earn double of triple of the profit,by just holding.You think,this much profit,you will earn in gold ,silver ,diamond or platinum.Not at all possible one.Any the gold value may reduce huge and took huge time for the recovery.But the price of bitcoin will recover only in a few hours or few months.

That's true and there is no need to doubt it because in my opinion cryptocurrency is still the most promising asset,
many people have made a profit either when trading or investing in it,
although the risk is also great but it is not an obstacle and in fact it can be a motivation or challenge for someone

Rruchi man

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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

I guess this thinking has been prompted by the current crisis between Russia and Ukraine and how people have lost a lot of their physical assets. I quite agree with you although not completely considering extreme situations that can occur due to a chaos.

Quote from: Darker45 on April 07, 2022, 10:26:39 PM

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.

During chaos, there's a lot of disorderliness, people scampering for safety, bomb blast, looting and all sorts... Many things can happen, one could easily loose possession of their keys if it was written down, carved on steel or in their Mobile phone, or hit their head somewhere and suffer memory loss or due to shock forget their keys or access password to wherever their keys are saved.

So in chaos, crypto can provide some sort of blanket for some of your wealth, but it is still not completely sure.

325btc

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Quote from: Darker45 on April 07, 2022, 10:26:39 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

Darker45

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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.

hatshepsut93

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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

Except Internet connection will also be gone in areas close to the front lines and occupied territories, so you won't be able to use crypto while there (and don't start with satellite Internet - it's not available everywhere and can theoretically be jammed). Also, Bitcoin adoption for payments is not widespread, so while you are in such extreme conditions, you will need to find ways to convert it into fiat - which could easily be impossible.

A "smart" thing to do is to have enough cash to survive, and store your wealth in Bitcoin. Providing that you can manage it properly and not lose it all because you had only one copy of your seed and it's gone for some reason.

But I would say, in general Bitcoin is not a good asset for a crisis. If you have lost nearly all your physical possessions, and then Bitcoin crashes by 20-50% for no reason, and your only choice is to sell Bitcoin, even at a loss, just to survive - that's not a good deal. It could be used to smuggle your wealth across the border or military checkpoints, but after that it's better to convert it back to fiat once you are safe.

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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 ??

While I do agree with you, it is still advisable if you could keep your assets focused into multiple locations as having physical cash/assets are still better. The problem with cryptocurrencies is that its price could be extremely volatile in the face of war and crisis. Exchanges run also the risk of having scammed/hacked by hackers given that they exists primarily in the internet. Everything is at risk and that is why it is essential to keep and have a contingency.

Lastly, physical assets always have value regardless of the current situation. While BTC may be a good store of value due to its high price in the market, lots of things could escalate that could effect its price in the market.

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Quote from: 325btc on April 07, 2022, 12:21:43 PM

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 ??

Cryptocurrency was the asset,where you can earn double of triple of the profit,by just holding.You think,this much profit,you will earn in gold ,silver ,diamond or platinum.Not at all possible one.Any the gold value may reduce huge and took huge time for the recovery.But the price of bitcoin will recover only in a few hours or few months.

Myleschetty

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Quote from: mk4 on April 07, 2022, 12:29:37 PM

Have backups on multiple physical locations so if your 1st backup gets wrecked by a bomb, you have a second backup at a second location. Use a steel sheet instead as paper can obviously easily burn.

Cloud based backups sounds great in theory but you're putting your funds at risk because there's a chance for hackers getting access to your cloud storage — hence having access to your backups — hence having access to your funds.

I think the OP don't understand that when chaos happened a lot of think are always at risk and with what you said cloud based backup appears to be a good way of saving something for a long time though hacker attack is the major problem but if it happens that I wrote my wallet seeds in encrypted texts developed and understand only by myself out of the blue.
What chance do I have in terms of security?

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Quote from: 325btc on April 07, 2022, 12:48:47 PM

Quote from: mk4 on April 07, 2022, 12:43:28 PM

Quote from: 325btc on April 07, 2022, 12:39:40 PM

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.

Informed crypto holders always believe that .. "not your key, not your Bitcoin". So we always believe that there is always more risk when you put your crypto asset on exchange.

To put more emphasis on it, you may read this article about how important owning the private key of your crypto asset is.

Quote

Key Takeaways:
— The expression “not your keys, not your coins” refers to needing to own the private keys associated with your funds
— The person owning private keys is the one deciding how the crypto assets associated are spent – if you don’t own this, you’re entrusting your crypto to a third party
— If you do own your keys, you have complete control over how to use your funds

You can read more about it on this article

In case war erupts, and many countries is involved, there is a huge possibility that exchanges will shut down, and what if one of those that shuts down holds all your coins. Imagine how much trouble it will cause you if you lost access to your coins on those exchanges?

mk4

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Quote from: 325btc on April 07, 2022, 12:48:47 PM

But binance been reinbursed many times also exchangers taking hacking very seriously

They were able to reimburse the money because only a portion of the hot wallet was affected, which was like sub 2% of all the funds they're holding. The problem comes if the 98% part gets stolen.

Quote from: 325btc on April 07, 2022, 12:48:47 PM

they been tracking down the criminals also fbi and law engorcements are heavily involed protecting the exvhangers.

We've already had 50+ exchange hacks throughout the years. Law enforcement can only do so much.

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How you yourself are attacked and bombed, what do you do with your crypto assets....! After you leave your Bitcoin wallet at some point, do you tell other people, for example your family.

My understanding is that war cannot guarantee you and your crypto assets of any kind, including wallets or internet access, if the military attacks you, what you can do is: buy gold and plant it in one very secret place, if you survive, you still have it, even if you don't have Bitcoin wallet devices and storage at some point, How to store gold has been done for thousands of years by the ancestors of the safest tricks.

325btc

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Quote from: mk4 on April 07, 2022, 12:43:28 PM

Quote from: 325btc on April 07, 2022, 12:39:40 PM

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.

mk4

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Quote from: 325btc on April 07, 2022, 12:39:40 PM

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

325btc

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Quote from: mk4 on April 07, 2022, 12:29:37 PM

Have backups on multiple physical locations so if your 1st backup gets wrecked by a bomb, you have a second backup at a second location. Use a steel sheet instead as paper can obviously easily burn.

Cloud based backups sounds great in theory but you're putting your funds at risk because there's a chance for hackers getting access to your cloud storage — hence having access to your backups — hence having access to your funds.

Safest place then exvhangers what bad could happening ?
Also some wallets like tronlink and u good to go

mk4

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Have backups on multiple physical locations so if your 1st backup gets wrecked by a bomb, you have a second backup at a second location. Use a steel sheet instead as paper can obviously easily burn.

Cloud based backups sounds great in theory but you're putting your funds at risk because there's a chance for hackers getting access to your cloud storage — hence having access to your backups — hence having access to your funds.

325btc

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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 ??

Topic: Crypto is safe heaven not against volatility but as store value - page 2. (Read 238 times)