In a Bitcoin Disaster where would you move your Money? - page 3.

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Quote from: romero121 on January 25, 2017, 03:12:24 AM

I believe such disaster won't be experienced to think of moving their hard earned bitcoin. If such a disaster happens surely we can see some other altcoins gaining potential, can move towards it. Personally I just hold in the wallet, because after fall it raises again.

Even If such disaster happens, I believe Bitcoins stored in wallets where only the owner has the Private keys and other details to get access to bitcoin inside would be safe. I believe bitcoin stored in Exchange wallets like Coinbase and others might be doomed.

Likely Bitcoin disaster maybe a hack on the Bitcoin network or possibility Spamming Bitcoin Blockchain.

babsalt1975

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Due to the fact that technology is bound to experience a few challenges, I don't actually trust it 100%. That is why I don't keep all my bitcoin in the electronic wallets. I keep a few in the wallets and others are converted into fiat for my own security. I only exchange back when I deem it necessary.

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If bitcoin disaster comes along the way, I would like to move my money in fiat which is my priority choice. After it happen, I really don't know if I will continue on using crypto-currency; maybe yes if an altcoin replaced bitcoin with the similarity in opportunities.

romero121

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I believe such disaster won't be experienced to think of moving their hard earned bitcoin. If such a disaster happens surely we can see some other altcoins gaining potential, can move towards it. Personally I just hold in the wallet, because after fall it raises again.

aarturka

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If Bitcoin Disaster happens it meanst all cryptocurrency would be compromised. Therefore the only way is fiat, specifically USD.

CloudStrife

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Quote from: RoommateAgreement on January 24, 2017, 11:34:59 PM

it is not easy to answer this question because it really depends on the situation. for example what was the disaster, and what is the chains that created because of it. if the majority chain is what i like and want i surely would choose that and it may not be really a disaster. but in case that things went so bad and chains became bad and i didn't want any of them i would go back to fiat since altcoins you have here are shit except monero but that is not a long term choice for me yet.

That is true, the best decisions that should be made next would certainly depend on the situation. For example, if the problem were an attack caused by quantum computers, this would affect all chains without quantum encryption. This kind of improvement is a technology that is already available, but I don't know if any cryptocurrency has already implemented it. If during the event there is a coin with such encryption, this would probably be a good choice to invest.

RoommateAgreement

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Bazinga!

it is not easy to answer this question because it really depends on the situation. for example what was the disaster, and what is the chains that created because of it. if the majority chain is what i like and want i surely would choose that and it may not be really a disaster. but in case that things went so bad and chains became bad and i didn't want any of them i would go back to fiat since altcoins you have here are shit except monero but that is not a long term choice for me yet.

d5000

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I voted for "the majority chain" but my answer is a little bit more complex.

What I would use is the strongest chain that is supported in my region / country, so I can use it without restrictions. For now, only Bitcoin is fully supported in my region (there is a very, very small LTC, XRP, Bitshares and ETH community without really usable services). If in the future there is a strong Proof of Stake chain or another "eco-chain" and the Nothing-at-Stake problem has been finally debunked / solved, then even better, but I would be pragmatic. The network or ecosystem is what counts.

erickkyut

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I voted for Fiat. I will convert all my bitcoins into FIAT if ever there will be disasters. Then I'll decide after a few weeks if it is ok to venture into bitcoin again. But let's be optimistic. Lt's not think of something like that. I have high trust in bitcoin Wink

I know that it still has a long way ahead! I hope that whatever happens to bitcoin in the future, it will be profitable for everyone Wink

The_Dark_Knight

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At first I will wait to see where things are headed since there is no point to rush your decisions, if things get really bad I may cash out, but the most likely thing I will do is to move to LTC or monero since these are two coins I like.

ImHash

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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. any one only gain profit if bitcoin is a success, there is no need to destroy it if those idiots hackers, spammers, attackers knew.

Bitcoin will be the symbol of an impossible fork that I will keep using unless we could have duplicate tickers? nope.
Nodes are legit nodes as long as they are on core.

Harlot

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Quote from: LegendaryMiner on January 24, 2017, 06:46:18 PM

It would be difficult to find something as reliable as Bitcoin, but if you ask me, I would say that Litecoin may be a good choice as it is one of the most stable coins in the cryptocurrency market. Anyway, there is still a lot of uncertainty about this currency, so I would prefer to diversify by putting some money in Monero, which is also a currency with good principles.

Obviously if there was a Bitcoin Disaster than all other cryptocurrencies will follow. What happens to the leader in the market will certainly happen to the others. So think of other investments not related to cryptocurrencies such as real estates and stocks which gives profit over time. We Bitcoin users must have a back up plan always.

LegendaryMiner

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It would be difficult to find something as reliable as Bitcoin, but if you ask me, I would say that Litecoin may be a good choice as it is one of the most stable coins in the cryptocurrency market. Anyway, there is still a lot of uncertainty about this currency, so I would prefer to diversify by putting some money in Monero, which is also a currency with good principles.

ABCbits

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It depends,
If it's because Blockchain split into 2, i just sell my bitcoin on chain which don't have future into altcoin or bitcoin on chain which have future

If it's because other big disaster and it can't be fixed or have caused big problem, i just move convert my bitcoin into other altcoin which looks promising at that time.

mikehersh2

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I would most likely cash out of the cryptoworld. This would be temporary of coarse.

But flat currency is obviously much more stable, and I would much rather keep my money where I know it can't be lost until Bitcoin

is back to normal. Moving it into other crypto-currencies probably wouldn't be too smart, depending how much money you are moving, because they are even more volatile than Bitcoin.

kryptqnick

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I was surprised not to see many votes for litecoin! If btc dies why not to start using something very similar just as if nothing happened? Maybe, because that would mean taking the same risks with the catastrophy. But choosing fiat... This is not good that most of people choose it. It means they don't trust the whole system, the ideology and use bitcoin because it is strong and popular now.

bestluck

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If there will be any disaster in bitcoin then I will not believe on any other crypto currency because bitcoin is the best of all and if it will have issue then anyone of them will be considered as exposed to disaster. So I will go to fiat.

Juggy777

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First of all this situation is never ever going to happen, but let's say this happens would I convert my money back no ways op. Instead I shall buy as much as I can. What goes down goes up and that's how Bitcoin prices work. Look at the current scenario also it took a slight beating and again it's up and running. I think people would buy rather convert, at least those who are in it for the long term and know how it works. It will be an excellent money making opportunity, you should have added the option of buying further also.

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Quote from: lionheart78 on January 23, 2017, 03:51:32 PM

More likely if fork happen I will hold my Bitcoin . And if ever there is some quantum computer attacking the bitcoin network resulting to 51% attack, I would cash out. Changing it to other cryptocurrency is a non-sense since they will end the same fate like bitcoin. So better make sure and cash it out to fiat money.

You are right if bitcoin would forked then theres no other chance for it will to be alive for sure and same as you said switching to another cryptocurrency would be useless because most alts would really be affected too for sure.Cash out as much as you can would be the best choice no doubts,

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Quote from: RealBitcoin on January 24, 2017, 03:00:25 AM

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

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

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