Topic: one of the major risks of digital currencies is to see it disappear why? (Read 265 times)
October 14, 2017, 07:05:59 AM
what you are talking about is a truth, then I suggest that we not only rely on online purses to save money that we have. at least we also have to keep it in the bank or turn it into fiat
October 14, 2017, 06:14:18 AM
because a risk of a nuclear war with magnetic bombs is not ruled out, we will see the technology disappear 
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
If you are logically thinking that way then I can also say to you that Gold is destructable by nuclear bombs and it is not an exemption though, I think Bitcoin has no specific headquarters for some other people that has a bad intention in stealing or destroying it maybe the developers will die but there would be an another group that will continue its development in the future just like Gold.
You have a point even though you are thinking crazy and everything can happen for a reason, there are so many conspiracy that people can create and give it to the Bitcoin community in their every possible way of thinking. We are all subject to die in the future though, for me, we must live our lives to the fullest.
October 14, 2017, 06:08:50 AM
it is not always about some doomsday that things like "internet" or "electricity" goes out!
digital currencies are still new. the technology and all the cryptography is also somewhat new. who is to say there is no bugs in them. it will probably not going to be their end. but it will be a big damage though.
for example, think if we relied heavily on Ethereum. the DAO exploit would have crippled all of us who relied on it. but since we all knew it is unreliable and is risky, it turned out to be a profitable exploit doubling the coins that anybody held.
digital currencies are still new. the technology and all the cryptography is also somewhat new. who is to say there is no bugs in them. it will probably not going to be their end. but it will be a big damage though.
for example, think if we relied heavily on Ethereum. the DAO exploit would have crippled all of us who relied on it. but since we all knew it is unreliable and is risky, it turned out to be a profitable exploit doubling the coins that anybody held.
October 14, 2017, 06:04:32 AM
how about nuclear war with atomic particle ?
so there will be no more human in this world ? who will be using it and who will be buy/sell it ?
to be honest that kind of mindset is a bit too old,i believe even though we're war we still have an access.
an internet created based on multiples network,which mean only if apocalypse or the end of the world can prevent it.
it is part of our life,it's very hard to remove it.
other than that,why you're comparing it to Gold while both of them are different assets and have a different function in the beginning.
so there will be no more human in this world ? who will be using it and who will be buy/sell it ?
to be honest that kind of mindset is a bit too old,i believe even though we're war we still have an access.
an internet created based on multiples network,which mean only if apocalypse or the end of the world can prevent it.
it is part of our life,it's very hard to remove it.
other than that,why you're comparing it to Gold while both of them are different assets and have a different function in the beginning.
October 14, 2017, 05:41:26 AM
Worrying about money after a nuclear war has concluded is like the worst thing to think about. Surviving would be my top priority if in case an event like that happened. Food, shelter, clothes, a couple of medicine and supplies for the next few days would be my prized possessions and not gold nor useless paper money. This kind of thinking jues goes to show how much we value money more than we value our basic necessities and survival.
October 14, 2017, 05:29:00 AM
Money is backed by nothing more than a ponzi scheme and it's useless if suddenly the current banking system collapse. Or if it becomes like in Zimbabwe where 1 million is equal to 7$ maybe.... Money in banks is not your once deposited, you lend the money to the bank and there is no collateral lol.
October 14, 2017, 05:24:59 AM
what if you die under the nuclear explosion? not wishing anything like this but you should consider this option too, gold, btc, fiat.. useless
besides dying, electricity is the issue for crypto
besides dying, electricity is the issue for crypto
October 14, 2017, 05:22:49 AM
because a risk of a nuclear war with magnetic bombs is not ruled out, we will see the technology disappear
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
What happens if I nuke your gold storage facility? You'll lose all your gold reserves. But had you owned Bitcoin in that case you'd have no issues whatsoever. This is why we must always have reserves in Bitcoin which is a safe refuge.this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
As long as there's a single entity who has the Bitcoin blockchain intact, the entire network can easily be restored even in the case of a catastrophic world war, that will probably see the world wiped out anyways.
October 14, 2017, 05:03:28 AM
You are concerned about this issue because you've never seen what war is. During the war the Fiat of the country where the war is really falling in price. A flashlight may be more expensive than before the war cost a large plasma TV. Bitcoin is an international currency so it is always needed where there is no war. You never bitcoin does not take away from the marauders. Electricity during the war, but with large breaks.
October 14, 2017, 05:02:38 AM
The risk is always there and it's something we have to live every day.It is hard to imagine a world without electricity and internet,many things would stop working and BTC would be just one of them.Investing in gold&silver or maybe precious stones was always wise through the history,nothing has changed in this regard either today.
I hope there will not be some big war in the world,especially not nuclear because we all know that it would be catastrophic for the human species.We have achieved a lot,and we can go back to the Stone Age by pressing one key.
I hope there will not be some big war in the world,especially not nuclear because we all know that it would be catastrophic for the human species.We have achieved a lot,and we can go back to the Stone Age by pressing one key.
October 14, 2017, 04:54:36 AM
Yes It is possible that digital currencies like bitcoin can disappear. The reasons which could lead to this are firstly, if there is no electricity then digital currency will end up being shut down. Secondly if there is no internet then these currency will disappear because they are digital. Then they can also disappear if countries ban them.
It doesn't disappear... Only you can't control your funds. Computers will still have blockchains on them. And I believe that our funds would be safe during the internet breakdown. You could theoretically still pay someone with paper wallet if they believe there are really bitcoins on that address (because no internet they couldn't check?).Please correct me if I'm wrong.
October 14, 2017, 04:49:58 AM
Yes It is possible that digital currencies like bitcoin can disappear. The reasons which could lead to this are firstly, if there is no electricity then digital currency will end up being shut down. Secondly if there is no internet then these currency will disappear because they are digital. Then they can also disappear if countries ban them.
October 14, 2017, 04:24:05 AM
because a risk of a nuclear war with magnetic bombs is not ruled out, we will see the technology disappear
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
What if the internet is shutdown? What if there is a major power outrage? Will Quantum computers break Bitcoin? Will an EMP attack make Bitcoin obsolete? Hypothetical questions, but the possibilities can't be ignored. Bitcoin is highly dependant on electricity and the internet so compared to gold it is a major weakness.
Now in case of an EMP attack, every electronic system would get affected. Paper wallets would survive, but everything would be chaotic, there would be no power, no internet, no food, no medical services, no transportation, no banking. Bitcoin would be the least of anyone's worries, only survival matters.
Bitcoin is a distributed network so an EMP attack restricted to a particular region isn't going to take down the network, but yeah a global EMP attack would do the trick. Again would anyone be concerned about Bitcoin when the whole world is in chaos?
October 14, 2017, 03:38:03 AM
because a risk of a nuclear war with magnetic bombs is not ruled out, we will see the technology disappear
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
this is why we must always have reserves in GOLD and Money which are safe refuges!
cordially.20
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