Topic: How bitcoin protects against geopolitical risk - page 2. (Read 1543 times)

Well we have seen what happened with Greece, when the politicians dropped the ball... We have also seen how the weakening economy of

Venezuela under the regime of President Nicolas Maduro, led to the increase in Bitcoin use as a Safe haven. The rich will bypass capital

controls to protect their wealth against hyperinflation... and Bitcoin can be used for that.. How long this will go on unregulated, we will not

know..

It's not a secret that Bitcoin functions as a safe haven asset much similar to gold. Of much greater importance than short-term capital inflows following unexpected electoral events is Bitcoin's protection against the fiat scam scheme: Bitcoin is not subject to arbitrary inflation and arbitrary expropriation by irresponsible central banks and governments.

While real geopolitical risks of the Brexit and the US election are questionable - that's only the perspective of the socialist establishment press - fiat currency devaluation is a certainty. Therefore it's a good decision in general to get rid of fiat trash money and buy Bitcoin. The debt problems of Western countries have grown far out of control to be possible to be cleared in an orderly fashion.

ya.ya.yo!

Yes that is what Bitcoin is good about it has freedom compared to other Fiat Currencies in which a government can control. Unlike Fiat money it can't be manipulated by any country as it moves independently. Also the only control that Bitcoin is that it is limited but as of now not all Bitcoin are mined. It is safe to say that the halving process is doing its thing for it.

bitcoins tech is distributed. even with the "china hash power" debate, people need to realise the tech and security behind the label of "chinese miner"

remember an asic miner is basically just a SHA calculator. it has no hard drive and does not hold the blockchain. it is the host pool that holds the blockchain, organises the transaction data and creates a hash. which is then sent out to the asics to simply to calculate a second hash(PoW) and send that second hash back to the host pool.

the two parts. pool vs asic do not need to be in the same physical location. nothing stops an asic farm hopping from a pool managed in china or iceland or georgia. its a split second activity to pool hop.

the asics can communicate with many different servers. if one goes offline another is instantly available and pool hopping is actually routine. so its not an issue.

in short. there are a few nodes sitting in different countries (with the actual bitcoin blockchain data). so if someone wanted to corrupt a node in china. asic miners will hop to the one in iceland, georgia, america or other country that has not been corrupted.

also it doesnt matter what skin colour a person managing a host pool. some chinese pools may have a website wrote in chinese but the tech support staff maintaining the nodes(plural) are working in an office in san fransisco or iceland and the nodes they maintain are in many countries.

i really hate all the distraction/racist posts about china and trying to falsely combine several different pools who each have several different servers in several countries, to some how be considered (wrongly) as one entity. simply because "its china".

this wrongful/misunderstood distraction is actually moving peoples awareness away from where the weaknesses actually are. which ofcourse is the nodes.
if the nodes are in majority running the same code, then diversity/independence is a threat no matter what country or no matter how many nodes there are..
EG if 95 of 100 nodes or 4750 of 5000 nodes has a bug.  it has no difference, they are all affected equally
you can have a million nodes, but if 950,000 are running the exact same software.. its no better then just having 20 nodes with 19 running the same software

saying there is a 51% threat due to geography, rather than understanding the technology/infrastructure is a big massive piece of FUD compared to 95% of nodes running one piece of the exact same software.

software needs to be diverse too.
there is nothing wrong with a 100% agreement of certain rules. but having just one base of code making that decision, isnt actually an agreement. its control

I was honestly expecting a bigger rise because Trump was voted in as president. But clearly bitcoins are polititian proof because it's a world currency not just an American or European currency.

I don't get this business about there being no centralisation surrounding Bitcoin


The Us is abandoning control of ICANN, and giving it to the multinationals.

Bitcoin has advantages as decentralized and peer to peer which mean it safe from geopolitical risk that just happen in one country.
Well, geopolitical might be able to decrease bitcoin price due to there are companies and people may loss during these conditions but bitcoin will rise again.

very difficult to say bitcoin will be safe from political turbulence. but if the incident occurs in one country, it will have no impact on other countries. because of the nature of the digital currency is known worldwide. so I concluded that bitcoin is more secure than any currency in the world.

Anyone who has been associated with Bitcoins will know that, they help against, geopolitical risks. Like for eg suddenly your currency got banned like take for Indias case, some notes are not acceptable, people are running towards gold and usd. But a smart persons are even going for Bitcoin cause they will be able to counter the effects. For me personally it does and in current days it will help a lot. Will trump make it any better, again there's volatility because of him and Bitcoin is currently the safest bet.

Actually many traders have already realized that bitcoin is safe bet in political uncertainty like today also many markets/assets goes red after Trump wining US election and to be in safer side some of the traders seems to already have bought bitcoin shorting their other assets that is really good move and bitcoin price is already 4%+ up.

Nice comparison between bitcoin and other currencies pairs.

A nice read from Techcrunch.

https://techcrunch.com/2016/11/08/how-bitcoin-protects-against-geopolitical-risk/