Topic: In a Bitcoin Disaster where would you move your Money? - page 2. (Read 7473 times)
I think that the best option will definitely be converting bitcoins to another altcoin which rises against it, because something arose against such an established currency would definitely be consisting something special that investors and others might be trusting it based on. However, I know that any such Bitcoin disaster is never going to happen.
I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?
The only and the most realistic scene I can think of is Government banning bitcoins completely.Where would one take their bitcoins in such case ? Nowhere to run!In the scenario that you have mentioned,I might just liquidate the coins,wait for a month and decide which stable alt to choose next.
Strangely though nobody has chosed DASH, which is probably the most stable altcoin out there, and one possible replacement for BTC.
I had a decentralized voting system , more flexible, and more scaleable. The privacy system and the supernode system is questionable, but still it's a good possible backup.
Since LTC is crap, and DOGE and other are not even taken seriously.
I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?
The only and the most realistic scene I can think of is Government banning bitcoins completely.Where would one take their bitcoins in such case ? Nowhere to run!In the scenario that you have mentioned,I might just liquidate the coins,wait for a month and decide which stable alt to choose next.
I will exchange bitcoin currency to USD. I will move quickly before the disaster. when there is a decrease above 25% then I will immediately sell the entire bitcoin I have.
i think we should change our mind set about this. if all the bitcoins users decided that they will never let bitcoin destroy i do not think we will every see such situation. actually it depend on our decision when the bitcoin price start declining people worried about it a and start panic selling, if they become farm and remain and hold their bitcoin then we can hope that we will never see a serious decline to the price of bitcoin. If they didn't expect to earn some income in the future and knew in advance that Bitcoin would fail, they obviously wouldn't invest
They would, but maybe not looking for 1 week profits, but instead hold 5-10 years. Some people have BTC in their retirement account. These are the dedicated people.
The others might as well just be cowboys who are looking for a quick buck, but I dont like those people.
There can't possibly be price swings -200% any moment. Bitcoin could hit the floor at 0 and that would be 100% collapse. If Bitcoin rises 100%, going down to the same price would be 50% decline
If price is now 900$ then 200% up is 1800$ , and 200% down is 450$, which would be equivalent to -50%
Ln (200%) =0.693147180559945
Ln (50%) = -0.693147180559945
Trust me, volatility is the best friend of a genuine short-term trader. And this is not gambling. In fact, it is easy money (you may want to read more about using long straddles in options, to better understand the idea)
Yes but somehow traders still end up losing money. It looks to me like a zero sum game, becasue of the eficient market hypothesis.
https://en.wikipedia.org/wiki/Efficient-market_hypothesis
Are you familiar with the compatibility issues in windows where a software which worked in old versions have problem to execute in new versions?
Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
Bitcoin was very efficiently implemented since the beginning but there are risk in the horizon, for example one of the risks are quantum computers, they are not a risk now, but they will be a risk on two or three decades, so we are not sure if bitcoin is going to work to the end of time as you seem to suggest.Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
If a flood comes and wipes out humanity once again, for the new world starting over bitcoin is the answer to be the value delivery agent, not this 21M capped btc though
.You talk about Quantum computing like you understand the quantum world, it works as if there are 10 boxes and only 1 cat inside one of them, now quantum computer practically could open and look inside all 10 boxes at the same time and with only the energy of that opening one box is needed.
Who says if someone is able to do that isn't able to constantly create 10 other boxes and hides the cat in one of them non stop?
Are you familiar with the compatibility issues in windows where a software which worked in old versions have problem to execute in new versions?
Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
Bitcoin was very efficiently implemented since the beginning but there are risk in the horizon, for example one of the risks are quantum computers, they are not a risk now, but they will be a risk on two or three decades, so we are not sure if bitcoin is going to work to the end of time as you seem to suggest. Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
When I say stuff like "loyalty", I am not saying to be fanatical about BTC, or anything like that. I am just simply saying that, people who choose to become economically free, and choose to go the decentralization route, should not back up from it like cowards, when something goes wrong.
If people chose freedom, decentralization and transparency, then how come 10 minutes later they change their minds, and run back to the centralized financial system? That not only makes no sense, but it also portrays Bitcoin as something ridiculous, and childish
If people chose freedom, decentralization and transparency, then how come 10 minutes later they change their minds, and run back to the centralized financial system? That not only makes no sense, but it also portrays Bitcoin as something ridiculous, and childish
I guess you should first explain what makes you think so, i.e. if people are using Bitcoin that necessarily means that they "chose freedom, decentralization and transparency". Traders are there for profits before anything else while being "loyal" to some asset is a dangerous idea in this field, you should be as impartial as possible in respect to what you trade. So your whole concept of "pussy traders" switching to fiat if they think Bitcoin is going down is meaningless. It is nothing more than risk valuation, it may be correct or it may be wrong but it has nothing to do with "loyalty" or "love"
In short, stop producing noise
Well they could be long term investors, because buy & hold does eliminate some trading risk and replace it with volatility right?
I don't quite understand what you mean. There are early adopters who at some point had thousands of bitcoins, and they are likely the only ones whom you could consider as being truly "loyal" to Bitcoin (it the sense you mean it, i.e. "freedom, decentralization and transparency"). I mean those who still hold their stashes and didn't waste them. These don't feel like going to part with their bitcoins any time soon. They won't sell at any price, no matter how low it could plunge and how high it could climb. On the other hand, the investors you are talking about are there for profits as much as any trader out there
If they didn't expect to earn some income in the future and knew in advance that Bitcoin would fail, they obviously wouldn't invest
I mean if the price swings +-200% every half year or so, that is hard to trade successfully in my opinion. I have seen a lot of guys end up being losing after trading BTC/USD
There can't possibly be price swings -200% any moment. Bitcoin could hit the floor at 0 and that would be 100% collapse. If Bitcoin rises 100%, going down to the same price would be 50% decline
So even though buying and holding introduces drawdown (which if it's not leveraged, then it's not as risky) , it does make investment easier, if they think the price will go up in the longterm.
Just daytraders and technical analysts are probably losing money already. To them this is more like gambling. So that is sad.
Just daytraders and technical analysts are probably losing money already. To them this is more like gambling. So that is sad.
Trust me, volatility is the best friend of a genuine short-term trader. And this is not gambling. In fact, it is easy money (you may want to read more about using long straddles in options, to better understand the idea)
I will exchange bitcoin currency to USD. I will move quickly before the disaster. when there is a decrease above 25% then I will immediately sell the entire bitcoin I have.
Code:
Traders are there for profits before anything else while being "loyal" to some asset is a dangerous idea in this field, you should be as impartial as possible in respect to what you trade.
Very good notice. I absolutely agree because Bitcoin is mostly for speculation and not for libertarian nonsense. So, naturally, when price hits the highs traders are cashing out to fiat and no one can blame traders. Traders are only for profit and Bitcoin is only for trading.
By the way, poll shows how strong are fiat
When I say stuff like "loyalty", I am not saying to be fanatical about BTC, or anything like that. I am just simply saying that, people who choose to become economically free, and choose to go the decentralization route, should not back up from it like cowards, when something goes wrong.
If people chose freedom, decentralization and transparency, then how come 10 minutes later they change their minds, and run back to the centralized financial system? That not only makes no sense, but it also portrays Bitcoin as something ridiculous, and childish
If people chose freedom, decentralization and transparency, then how come 10 minutes later they change their minds, and run back to the centralized financial system? That not only makes no sense, but it also portrays Bitcoin as something ridiculous, and childish
I guess you should first explain what makes you think so, i.e. if people are using Bitcoin that necessarily means that they "chose freedom, decentralization and transparency". Traders are there for profits before anything else while being "loyal" to some asset is a dangerous idea in this field, you should be as impartial as possible in respect to what you trade. So your whole concept of "pussy traders" switching to fiat if they think Bitcoin is going down is meaningless. It is nothing more than risk valuation, it may be correct or it may be wrong but it has nothing to do with "loyalty" or "love"
In short, stop producing noise
Well they could be long term investors, because buy & hold does eliminate some trading risk and replace it with volatility right?
I mean if the price swings +-200% every half year or so, that is hard to trade successfully in my opinion. I have seen a lot of guys end up being losing after trading BTC/USD.
So even though buying and holding introduces drawdown (which if it's not leveraged, then it's not as risky) , it does make investment easier, if they think the price will go up in the longterm.
Just daytraders and technical analysts are probably losing money already. To them this is more like gambling. So that is sad.
Are you familiar with the compatibility issues in windows where a software which worked in old versions have problem to execute in new versions?
Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.
I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.
In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.
You are missing an important point here, any of those scenarios if happens then bitcoin has no value or very little, so what the hell are we going to move? bitcoin will drop under $100 only if no one wants them and when no one wants them you can't convert back to any sh*t dude.
You definitely have a point there. That's why it's important to act in advance of what is going to happen in such a scenario. Only then you'll be able to secure a large portion of your money/wealth that was stored in Bitcoin. But as always, it's only a small minority that is able to act in advance, where you don't have any guarantees on whether or not you're right. It will be somewhat of a gamble. But one thing is sure, I will never convert my money into whatever altcoin. If I am too late, and thus missed out on selling at prices being still at a decent level, then I am just going to use Bitcoin solely as an investment tool. Because whatever happens, there is always good money to be made from panic among people that results in massive loads of volatility. I am and will always stay a trader.
I do not think that any disaster will happen in bitcoin as bitcoin is a more acceptable currency and the demand of it is increasing much faster. Look at the speed of its demand no one will find any other asset or currency with that much demand. It is only because of the importance of bitcoin so with this it is proved that the future is of bitcoin.
i would go back to fiat if this is really happening because i personally do not considers altcoins as instead of bitcoin even some people says that there is altcoins which is to be next bitcoin but i don't believe with what they talking about and that's why i might will retire to use cryptocurrency
I also choose I would go back to fiat currency Because now bitcoin is the top cryptocurrency in the digital world. If the bitcoin Disaster happened then how can we trust on other cryptocurrencies, if we choose any other currency after some days that currency also faces the same problem? I wish it will never happen to suppose it happens I will go back to fiat. 
I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?
There are of course some of the top 10 coins, which would qualify in my view:
So which one is it for you?
There are of course some of the top 10 coins, which would qualify in my view:
- Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
- The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
- ETH: Which has the closest market cap to BTC, and the most users after BTC
- Ripple: Which has banking integration and a somewhat stable price
- LTC: Which is the closest to BTC in terms of code similarity
- Monero: Which is has privacy implemented in it
- Dash: Which is has low fees, privacy and a democratic consensus mechanism
So which one is it for you?
I will choose Monero over other cryptocurrency due to its privacy features. But also since I have stocks of Monero already. Other currencies are also good but I like Monero more since it has the biggest potential to increase more in price if bitcoin will fail. With my experience with Monero it is more stable and its movement is somehow like bitcoin that tends to go up in time.
Everyone should keep in mind that any crypto may face financial disaster at any time. There are a lot of factors upon which the fate of a crypto rely on. Community contribution, adaptation, value, local laws, supports from miners etc. Bitcoin already have passed a long way, and very long way is still to be passed. We have seen bad times and we may face even worse in future. but like before I will keep my coin if any bad happens. Good wishes to btc
Why don't you have a "stay with Bitcoin" option on the poll. I think that most people on this forum would do that. We have invested for such a long time that it would just be a waster to give it all up. I, for one, would definitely stay with Bitcoin. It is by far the best cryptocurrency and it is most likely going to stay that way. The only thing that would make me invest into something else, is if it was a lot better than Bitcoin. Like as in a lot lot better.
i would go back to fiat if this is really happening because i personally do not considers altcoins as instead of bitcoin even some people says that there is altcoins which is to be next bitcoin but i don't believe with what they talking about and that's why i might be will retire to use cryptocurrency
If there is no altcoin to be the next Bitcoin then I would move my money to fiat as I can use it like the old times and it just not the old experience when using bitcoin. I would just exchange half of my bitcoin to fiat then wait until the disaster pass away and go back to bitcoin there's no reason you wouldnt want to go back to where you find anonimity online.
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