In a Bitcoin Disaster where would you move your Money? - page 5.

pinkpanther03

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Quote from: RealBitcoin on January 21, 2017, 07:40:08 PM

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:

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?

Even Bitcoin face a disaster in time we did not expect, I would rather still keep my coins. Unless, if someday there's an altcoin become significantly will increase the value like what bitcoin has. Well, no doubt that I will shift into that altcoin to convert my bitcoin.

European Central Bank

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Quote from: vasrasus on January 22, 2017, 07:40:41 PM

Right ,if bitcoin can be affected so what else is not. I know soon if ever bitcoin gone there will be a new discovery that will over the bitcoin ,so if ever things happen ,I would prefer to go back in the basic and hope for a better outcome.

it depends what the disaster is of course. a technical problem won't affect any other alt, but the market effect most certainly would.

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Quote from: European Central Bank on January 22, 2017, 07:24:53 PM

back to fiat. everything hinges on bitcoin. if it falls apart then so does everything else in the short term. other stuff might come back but its gonna take a while to get back on track. and if there is a proper disaster i doubt there'll be enough time to get out.

lots of people claim faith in their pet alt. i wouldn't really wanna see that put to the test.

Right ,if bitcoin can be affected so what else is not. I know soon if ever bitcoin gone there will be a new discovery that will over the bitcoin ,so if ever things happen ,I would prefer to go back in the basic and hope for a better outcome.

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back to fiat. everything hinges on bitcoin. if it falls apart then so does everything else in the short term. other stuff might come back but its gonna take a while to get back on track. and if there is a proper disaster i doubt there'll be enough time to get out.

lots of people claim faith in their pet alt. i wouldn't really wanna see that put to the test.

calkob

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If this theoretical disaster were to happen i doubt there would be anything to move, if such a disaster happened bitcoin is worthless Undecided

LeGaulois

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Quote from: deisik on January 22, 2017, 03:49:59 PM

Quote from: LeGaulois on January 22, 2017, 02:26:32 PM

Quote from: deisik on January 22, 2017, 02:12:05 PM

Quote from: LeGaulois on January 22, 2017, 02:06:18 PM

Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out and are expected to reach their maximum around 2030, while the demand is constantly increasing.

I'm afraid that the days of diamonds as an investment asset are numbered

Today's technologies allow to make synthetic diamonds which are as good or even better than natural diamonds. It is just the market being controlled by one monopoly, De Beers, and no one among producers of synthetic diamonds is being particularly interested in crashing the market that the price keeps high. This state of affairs may last for years, but personally, I would refrain from investing in these highly overvalued pieces of crystal carbon since they may lose most of their value any day

I don't think, while it's true their technology has grown in recent years, synthetic diamonds are not new as you surely know. They exist since decades
The production represents less than 1% of the production of the natural diamonds these days. And almost all of these artificial diamonds are used for practices of high technology such as industrial drilling, laser and x-ray machines

And because of the high cost of theirs production, prices are only 30% lower than for real diamonds. the margins in the industrial sector, are almost as high as in regular diamond industry.

I guess this is a sort of chicken and egg problem

Technologically wise, there shouldn't be any issues with large scale production of synthetic diamonds and then the cost of production would decline sharply (the so-called economy of scale), but this will most certainly crash the prices multifold (since the demand for diamonds is relatively small, volatile, and superelastic at that). Thereby, even the large scale production might not be profitable at all. Basically, that would mean complete disruption of the market, with diamonds losing their value as gem stones. But this doesn't in the least cancel the laws of economics, and when the technology gets developed beyond some point, diamonds will be as cheap as dirt

Surely

.... But it's good to exchange opinions
While searching for a graph, i just learned that they can create diamonds mixed natural + synthetic. And it is really hard to make the difference for labs specially diamonds under 0.05 carats. just wow... Usually people prefer buy natural one but with this you lay be not sure what you are buying about

alyssa85

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I think Cryptocurrency is here to stay.

So if bitcoin has a disaster, it really means that an alt has taken over the #1 spot, and money will be moving into that. Which alt will win though is a whole other thing. I don't think any of the alts on your list have what it takes.

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As in many countries there are their currencies, the digital nation also has its currency ... If you look more closely, you can see that many of these - currencies - as they say are technologies that are only bought with the currency of the digital nation. Here are grown up crazy, backyard scientists, as we see in the success stories. In the event of a disaster such as a ban on the use of Bitcoin for fiat currency exchange, Bitcoin would not have large losses because I would own many of these digital goods and sell to other countries for their fiat currency. Wink

LeGaulois

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Quote from: deisik on January 22, 2017, 02:12:05 PM

Quote from: LeGaulois on January 22, 2017, 02:06:18 PM

Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out and are expected to reach their maximum around 2030, while the demand is constantly increasing.

I'm afraid that the days of diamonds as an investment asset are numbered

Today's technologies allow to make synthetic diamonds which are as good or even better than natural diamonds. It is just the market being controlled by one monopoly, De Beers, and no one among producers of synthetic diamonds is being particularly interested in crashing the market that the price keeps high. This state of affairs may last for years, but personally, I would refrain from investing in these highly overvalued pieces of crystal carbon since they may lose most of their value any day

I don't think, while it's true their technology has grown in recent years, synthetic diamonds are not new as you surely know. They exist since decades
The production represents less than 1% of the production of the natural diamonds these days. And almost all of these artificial diamonds are used for practices of high technology such as industrial drilling, laser and x-ray machines

And because of the high cost of theirs production, prices are only 30% lower than for real diamonds. the margins in the industrial sector, are almost as high as in regular diamond industry.

deisik

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Quote from: LeGaulois on January 22, 2017, 02:26:32 PM

Quote from: deisik on January 22, 2017, 02:12:05 PM

Quote from: LeGaulois on January 22, 2017, 02:06:18 PM

Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out and are expected to reach their maximum around 2030, while the demand is constantly increasing.

I'm afraid that the days of diamonds as an investment asset are numbered

Today's technologies allow to make synthetic diamonds which are as good or even better than natural diamonds. It is just the market being controlled by one monopoly, De Beers, and no one among producers of synthetic diamonds is being particularly interested in crashing the market that the price keeps high. This state of affairs may last for years, but personally, I would refrain from investing in these highly overvalued pieces of crystal carbon since they may lose most of their value any day

I don't think, while it's true their technology has grown in recent years, synthetic diamonds are not new as you surely know. They exist since decades
The production represents less than 1% of the production of the natural diamonds these days. And almost all of these artificial diamonds are used for practices of high technology such as industrial drilling, laser and x-ray machines

And because of the high cost of theirs production, prices are only 30% lower than for real diamonds. the margins in the industrial sector, are almost as high as in regular diamond industry.

I guess this is a sort of chicken and egg problem

Technologically wise, there shouldn't be any issues with large scale production of synthetic diamonds and then the cost of production would decline sharply (the so-called economy of scale), but this will most certainly crash the prices multifold (since the demand for diamonds is relatively small, volatile, and superelastic at that). Thereby, even the large scale production might not be profitable at all. Basically, that would mean complete disruption of the market, with diamonds losing their value as gem stones. But this doesn't in the least cancel the laws of economics, and when the technology gets developed beyond some point, diamonds will be as cheap as dirt

target

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I will move my btc to ETH as I always did in the past. I have been moving the rest of my bitcoin to some coins like XMR when seeing the price continues to grow that its going to crumble when its almost over bought, its then time to move to ETH or XMR. Its going to hit two birds in one stone. The two ETH and XMR drops a bit when btc price rise and if these altcoins price are up once again. This will mean you gain every inflation.

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Veni, Vidi, Vici

Quote from: RealBitcoin on January 21, 2017, 08:39:53 PM

Quote from: Holliday on January 21, 2017, 08:09:22 PM

You mean fork?

I would just keep using Bitcoin.

o.O

Quote from: unamis76 on January 21, 2017, 08:14:26 PM

I assume you're basically questioning what would we do if there was a fork that created an altcoin. I'd most likely keep my coins where they are, unless the altcoin in question proved to be significantly better than Bitcoin.

Yes but there would be a lot of panic, and we could end up with 2 coins like ETH and ETC.

So where would people put their coins then? The majority coin would be the default solution, but if it drops back to say 50$, then it would be a disaster.

So maybe diversify? This is what I am trying to find out here.

That seems to me, OP has the fear segwit will not succeed so there is not consensus and may be will have a hard fork with results the same with ethereum. At first I will stay to crypto currencies because I believe that only with this form of currency people are really free from banks. Secondly, I will go with Monero because imo has some very important features but I will keep a wait and see policy. Third according the course of bitcoin I will come back or I will stay at Monero.

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Will be moving my coins to fiat, some money into some other altcoins out there that will be as big as bitcoin and has the potential to move major markets and give profits to its investors. After moving my money to fiat, I would be buying shares of some companies that I find interesting (such as some local startups here) and would also invest in a food-related business just to diversify my holdings.

LeGaulois

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Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out are expected to reach their maximum around 2030, while the demand is constantly increasing.

deisik

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Quote from: LeGaulois on January 22, 2017, 02:06:18 PM

Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out and are expected to reach their maximum around 2030, while the demand is constantly increasing.

I'm afraid that the days of diamonds as an investment asset are numbered

Today's technologies allow to make synthetic diamonds which are as good or even better than natural diamonds. It is just the market being controlled by one monopoly, De Beers, and no one among producers of synthetic diamonds is being particularly interested in crashing the market that the price keeps high. This state of affairs may last for years, but personally, I would refrain from investing in these highly overvalued pieces of crystal carbon since they may lose most of their value any day

deisik

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Quote from: angaper on January 22, 2017, 01:50:46 PM

Why to move my money from a potentially failed bitcoin to another altcoin? It doesn't make sense to me because if bitcoin falls, all other coins will fall too since they will prove to be unreliable ways to store our money. So I would look for traditional options as dollars or metals.

Traditional options are always there. But they don't offer hefty returns compared to what Bitcoin gives. Apart from that, whether other coins would be worth investing in would obviously depend on the exact reasons behind Bitcoin "disaster". For example, if this pitiful event happens due to miners and developers quarreling with each other and the rest of humanity, the other cryptocoins would almost certainly profit from it. Really, why should they fail in that case? On the contrary, they would rather profit from such events even if now it is still a far cry from anything like what is mentioned in the OP...

And if the shit eventually hits the fan in the Bitcoin camp, they will likely soar, not collapse (at least, the most powerful of them)

The throne is never empty

angaper

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Why to move my money from a potentially failed bitcoin to another altcoin? It doesn't make sense to me because if bitcoin falls, all other coins will fall too since they will prove to be unreliable ways to store our money. So I would look for traditional options as dollars or metals.

dhampir-D

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Quote from: Harlot on January 22, 2017, 02:51:51 AM

If there is a Bitcoin disaster, before it would happen I will convert it to Fiat. Good thing is that my Wallet is 2 in 1 which it also has a Fiat Wallet. I would convert my Bitcoin to my Fiat Wallet before the disaster happen and when the price has fallen down Ill convert it back again to Bitcoin in that way I have increased the quantity of my Bitcoin and will profit from it once it goes back up again. Of course it will take time but it is not risky at all.

I think many users would do the same thing, especially people who have made enough money in crypto. But the main reason for them, obviously, would not be the fact that they made lots of money, because if there was potential for better investments, they would certainly do it. Instead, I think the main problem is that there are few currencies that are worth investing in. And to answer the OP, I would consider investing in Litecoin or Monero, under current market conditions.

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Quote from: molsewid on January 21, 2017, 11:26:08 PM

If bitcoin become disaster i will probably exchange it all into fiat currency and wait bitcoin to be fix its problem, i don't want to lose money since i had family already and had kids this is the only sideline i had where i can earn money.

I'll do the same too,fiat is safe investment always and you can spend it right away,but I'd wait for Bitcoin to come back again,there will always be a crypto currency existing,because people have seen how it works and how effective it is in case bitcoin face problem we always have a replacement for Bitcoin but I'm not sure if majority will adopt it...

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Quote from: genos on January 22, 2017, 03:58:29 AM

Quote from: audaciousbeing on January 22, 2017, 03:24:18 AM

If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which is what I have to fall back to.

Yeah it is very good reason. The price of alternative coin is depending with price of bitcoin. So escape your money into alternative coin Will only be bad for you. On the contrary if we put money in dollars or Fiat. Then our money will be safe because Bitcoin will not have any impact on the dollar and fiat

Yeah very well said, that's my plan also IF there is enough time to move my coins also. Exchanging BTC to FIAT will be the alternative way to save your BTC balance. But what if the time is not enough to move your BTC to FIAT? What shall we do about our BTC? And a BTC disaster will gonna happen if there is not enough BTC out there right?

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