In a Bitcoin Disaster where would you move your Money? - page 7.

Gembul

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Quote from: marcoman22 on January 22, 2017, 12:54:22 AM

I would immediately move my money to US dollars since i dont want to loose my hardly earned money. I would rather observe the upcoming situations so that the problem is solved or else, i will invest my money in Monero and Dash since i dont want to put all the eggs in the same basket.

Of course I will immediately sell all bitcoin and made in a currency of my country before bitcoin becomes worthless. Because I'm sure there will be signs such as news came out, and at that moment I would sell all bitcoin. Thank you

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Quote from: marcoman22 on January 22, 2017, 12:54:22 AM

I would immediately move my money to US dollars since i dont want to loose my hardly earned money. I would rather observe the upcoming situations so that the problem is solved or else, i will invest my money in Monero and Dash since i dont want to put all the eggs in the same basket.

I would do the same thing too i would quickly convert all of my bitcoin to cash and wait for the next even that would happen to bitcoin and other alts because if this thing would happen to bitcoin maybe i would hesitate to put money on any cryptocurrency out there since we all know that bitcoin is strong and cat hardly be goes down but if the time it would fall then those alts do have the possibility to go down too.

marcoman22

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I would immediately move my money to US dollars since i dont want to loose my hardly earned money. I would rather observe the upcoming situations so that the problem is solved or else, i will invest my money in Monero and Dash since i dont want to put all the eggs in the same basket.

pooya87

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Quote from: RealBitcoin on January 22, 2017, 12:30:56 AM

Quote from: pooya87 on January 22, 2017, 12:20:00 AM

if bitcoin fails there is no point in using any of the other altcoins, they are 10 times worse. and they will fail too.
also keep in mind that many of these altcoins are pump and dump coins such as ethereum, and also many of them will not be able to handle the massive amount of transactions bitcoin is handling, and either fail or have a gigantic blockchain size in a month.

Not all of them, and if BTC fails ,the miners will simply switch to other ASIC coins.

But the nodes are free to use any other coin the want. Many coins are scaleable, it's just that their security is not that high if most people dont use them. They need more users.

My bet is that the top 10 coins right now, would survive. And maybe there is alraedy a BTC 2.0 in the making, who knows.

who cares about what miners are going to do, they are already mining multiple things, and they will always mine what is most profitable.
you are asking us, the users, what we will do. and i said i won't use any other altcoin.

and yes all of them are as i said.

and the reason why people are not using them is not just because of security. it has many different reasons such as not being decentralized, having pre-mine or massive-premine which is becoming a thing these days.
bitcoin was open to all from the day one, apart from genesis block anybody could mine a block and get the rewards but with altcoins majority of them have more than 70% and in some cases up to 90% of the coins pre-mined or not exactly pre-mine but with some shenanigans the owner is holding the 90%+ of that coin.

and there is no top 10 crypto currencies, there is only one cryptocurrency called bitcoin and the rest are pump and dumps with a handful of them having some features that are interesting such as monero but still are pump and dump.

and yes many of them have some improvements and as i said good features over bitcoin but each of them have much more bad attributes that will hide those couple of good ones.

Huge Black Woman

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Mah money? It'sa goin' unda my dam mattress, an' then...what kinda disasta we envisioning up in heah? If'n the Zombocalyps happen, Imma make fo' tha toolshed an' "opt out" if y'all catch mah drift. Money be damned. Dey say shrouds don' have pockets in 'em. Know what I'm sayin'?

RealBitcoin

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Quote from: pooya87 on January 22, 2017, 12:20:00 AM

if bitcoin fails there is no point in using any of the other altcoins, they are 10 times worse. and they will fail too.
also keep in mind that many of these altcoins are pump and dump coins such as ethereum, and also many of them will not be able to handle the massive amount of transactions bitcoin is handling, and either fail or have a gigantic blockchain size in a month.

Not all of them, and if BTC fails ,the miners will simply switch to other ASIC coins.

But the nodes are free to use any other coin the want. Many coins are scaleable, it's just that their security is not that high if most people dont use them. They need more users.

My bet is that the top 10 coins right now, would survive. And maybe there is alraedy a BTC 2.0 in the making, who knows.

Quote from: BitcoinHodler on January 21, 2017, 10:58:11 PM

in case of a hardfork nothing is going to change, like other hardforks in bitcoin and like other hardforks in any other project we will continue using the new fork.

and as far as split goes, so far we are trying to fork with 95% consensus and if it is done right no split will happen.

but to satisfy you, in case split happens i wouldn't move on to any of the altcoins because they are useless. unless a new one is created that can fill the hypothetical empty place of bitcoin.

Why are people anti-altcoin here? Bitcoin is not infallible, and certainly other altcoins have improvements on BTC, its just that they are not as widely used.

I doubt anything is going to chain in a hardfork. I bet most of the speculators would pull out their money before the hardfork, due to the uncertainty.

pooya87

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if bitcoin fails there is no point in using any of the other altcoins, they are 10 times worse. and they will fail too.
also keep in mind that many of these altcoins are pump and dump coins such as ethereum, and also many of them will not be able to handle the massive amount of transactions bitcoin is handling, and either fail or have a gigantic blockchain size in a month.

avikz

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In the times of s disaster, I would surely move my money to fiat and nothing else. Because bitcoin is accounted for around 85% of total crypto currency volume. So if bitcoin price goes down drastically, all other crypto currencies will be affected leaving a long term damage.

So in that case, fiat will be the only secured currency where I can keep my savings safe and secure.

genos

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Of course I will move my money to fiat. Because I think it would be more secure than other options I can not believe anymore to ethereum I have lost a lot of money in ethereum, tragedy few months ago that i loss almost a half of my balance when i put all my bitcoin into ethereum.

ipanks

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if this is happen, then i will move my bitcoin into fiat because with fiat, i can buy whatever i want and i still trust my fiat. and if the bitcoin disaster is finished, then i will buy bitcoin again and i think the price will not go too high as before.

darkangel11

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Let's split these into two: a disaster and a fork.
In case of a disaster, like an enormous bug and fatal network failure of some sort, or a worldwide ban we'd all be screwed anyway.
In case of a fork I'd keep holding. Worst case scenario I'd have to choose which side to opt for.

molsewid

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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.

BitcoinHodler

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Quote from: RealBitcoin on January 21, 2017, 10:45:58 PM

Just vote please. Its 1 click of a button. It's not entirely a hypothetical scenario, disasters do happen. Last time the price went don from 1166$ to 746$, yes crashes like these do happen. Now back then it was the chinese with USD and CNY trades.

why did you even bring price into your strange hypothetical situation?!!!
and you need to get your facts straight. it wasn't a crash, it was a mini bubble burst.
price was already in the $700 range and as i said this before when $800 resistance was broken, price went from this level up to $1160 in a very short time, and anyone with experience in any market knows this type of rise is not sustainable and it will come back down.

and surely enough price went down in a correction and now is back up on track again.

Quote

However in the case of a hardfork, I am more interested what is the secondary altcoin that people would move to instead of fiat. I am tired of all people who cashout their money to fiat. They should keep it inside the crypto economy, and not move it outside.

So I want to search for alternatives, if the situation would arise. I am not saying it will, but always good to have backups.

in case of a hardfork nothing is going to change, like other hardforks in bitcoin and like other hardforks in any other project we will continue using the new fork.

and as far as split goes, so far we are trying to fork with 95% consensus and if it is done right no split will happen.

but to satisfy you, in case split happens i wouldn't move on to any of the altcoins because they are useless. unless a new one is created that can fill the hypothetical empty place of bitcoin.

Dudeperfect

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I would still be using bitcoin even in the case of the fork because I don't think any other cryptocurrency is having that kind of potential which bitcoin has with it. I don't see any practical possibility of this instance, anytime in near future. I am curious about ETH but not investing any funds in it at this moment.

RealBitcoin

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Quote from: BitcoinHodler on January 21, 2017, 10:30:04 PM

not going to happen and these hypothetical situations are never good or constructive to anything apart from adding to the useless drama floating around in bitcoin world.

for me two things are certain: bitcoin is not going to split that easy, and ethereum is a shitty coin

Quote from: alani123 on January 21, 2017, 10:33:52 PM

IMO there's always going to be something that's considered to be bitcoin by a majority of the network. To the point we've gotten, a split would be unlikely to kill bitcoin and and exodus would also be unlikely so such hypothetical scenarios are pointless IMO.

Just vote please. Its 1 click of a button. It's not entirely a hypothetical scenario, disasters do happen. Last time the price went don from 1166$ to 746$, yes crashes like these do happen. Now back then it was the chinese with USD and CNY trades.

However in the case of a hardfork, I am more interested what is the secondary altcoin that people would move to instead of fiat. I am tired of all people who cashout their money to fiat. They should keep it inside the crypto economy, and not move it outside.

So I want to search for alternatives, if the situation would arise. I am not saying it will, but always good to have backups.

Ok I have edited the first post, to include other disasters too.

So the big disaster is a coin split, but it's not just limited tothat.

So in any panic scenario, where would people move their money? That is the question

alani123

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IMO there's always going to be something that's considered to be bitcoin by a majority of the network. To the point we've gotten, a split would be unlikely to kill bitcoin and and exodus would also be unlikely so such hypothetical scenarios are pointless IMO.

BitcoinHodler

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not going to happen and these hypothetical situations are never good or constructive to anything apart from adding to the useless drama floating around in bitcoin world.

for me two things are certain: bitcoin is not going to split that easy, and ethereum is a shitty coin

RealBitcoin

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Quote from: franky1 on January 21, 2017, 09:05:23 PM

rational hat on. (i dont believe an intentional split should or would happen unless gmaxwell gets desperate to trigger one inteionally).
with a hypothetical hat ontop that hat. (but lets play this theory game)

if you have 10btc in 1AbCBl4blahblahaddress..
in an intentional split scenario.

you then have
10btc in 1AbCBl4blahblahaddress.. on chain A
and
10btc in 1AbCBl4blahblahaddress.. on chain B.
you cannot make it 20btc in one chain simply by spending it to an address you create on the chain you want..

but the value of the coins in chain A or B may get impacted. and vary..

so its not a "move it to majority chain" because the funds (10btc) are already there..

you could indirectly sell 10coins in chain A for fiat or an altcoin. then move to an exchange that works with chain B and use the fiat/altcoin to buy more chain B bitcoin.. but thats indirect, and no guarantee of what total you will ultimately get, due to the variance of prices between the two different chains

I wasnt referring to like moving both coins , i was more emphasizing the panic scenario.

So even though the coin exists on both chains, the price can drop under your feet, both of them , if the minority chain gets added to exchange too.

So Maybe now BTC has a market cap of 15bn, and then after the split 1 chain would have 2 bn and the other 5 bn, and 8bn would go out.

So you definitely not double your money by splitting your money in half.

BUt in the panic, you could salvage some of your wealth, from both chains , if you move it to another altcoin or back to fiat, and my question to people is that which altcoin they consider an alternative.

Quote from: Slark on January 21, 2017, 09:20:43 PM

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

Monero: Which is has privacy implemented in it

Escaping from Bitcoin hard fork scenario to an altcoin which has hard fork every six months or so? Monero was hard forked like week ago.

At this point I am starting to doubt if bitcoin will ever be successfully forked. Community is so divided over it that eventuality enough to prevent any kind of action.

Yes but it seems like every single altcoin can succesflly fork except BTC.

Dash, NXT, Monero, Ethereum (with less success), and others.

The point is that you have to have consensus in order to avoid 2 coins. Eth failed there, but other coins did it well.

ArcCsch

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Quote from: slapper on January 21, 2017, 09:36:15 PM

IT is certain that I will never give up on digital currency. I will move all my Bitcoin to another potential cryptos such as Etherium, Monero or Ripple. However, right now, I really like to use Zcash since it is 100% anonymous and people who use it will be 100% secure. In the future, I believe Zcash will dominate the digital world with its special technology

Zcash is not scalable, not quantum-secure at all (bitcoin is already slightly quantum-secure and can be updated), and requires trust in the developers to not use the "toxic waste".
By the same anonymity properties you praise so highly, if something goes wrong, by the time you find out your coins would be worthless.

Yakamoto

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If everything was to go south and we managed to break the blockchain in two, chances are I would just move my money back out to fiat and make sure that I retained as much value as I could. Once the community figures out what's going on then I would buy back into it.

I would influence the community and make my opinion know as much as possible, but there's no point losing stuff on top of it all.

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