This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 4.

BlackHatCoiner

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Farewell, Leo

Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

In a crisis, how valuable is bitcoin?

I presume that during a war, it'd gain value. In WW1 & WW2, gold's demand had risen, the fiat currencies were devalued into absolute nothingness. In such times, people back as much as assets they can, but mainly gold. Stocks drop since there's financial crisis and housing is even worse as there's seizure. Gold has stood in the first place due to its particular characteristics, such as durability, divisibility and ease in transfer.

If only there was another asset that had a better performance in those three. Roll Eyes

giammangiato

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A war always brings great inconvenience, transporting bitcoins is simple, using them in that context much less, getting out of the war zone certainly helps the use and also the worldwide recognition.
Its power is recognition in almost all nations. But it has its limits otherwise it would be perfect! Let's say it is the choice of the least and safest evil in this historical moment! Having gold at home under an enemy invasion is useless (you can't carry it easily), having a bank account is also risky for other states that could seize your asset for war interests!
You will never have complete confidence in that sense

24Kt

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Quote from: noorman0 on March 02, 2022, 04:39:23 AM

Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

-snip-
How do you intend to use your bitcoin? Is it completely worthless?

But it would be foolish to just wait until a more difficult situation comes along without preparing for any of the worst possible risks a few days in advance because (whatever you think) you are still holding on to your bitcoins rather than safety. This means that from your PoV, bitcoin is more valuable than your own safety.
Never mind for bitcoin transactions, all types of payments can be difficult to make and you won't even find an open physical store to shop for necessities in conflict-affected areas.

In this war scenario, you don't need to use your bitcoin but instead just put it to safety. Like the OP said, you have the hardware wallet in you. But first and foremost, you need to look out for your safety. Because your bitcoin will be useless if you're life is in danger. After the war, that's when you will use your bitcoin to survive. You can convert it to your local fiat to purchase your necessary supplies. So right now, I won't consider bitcoin as worthless even if you are in the warzone. It may be your savior from hunger once the war is over.

noorman0

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[Nope]No hype delivers more than hope

Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

-snip-
How do you intend to use your bitcoin? Is it completely worthless?

But it would be foolish to just wait until a more difficult situation comes along without preparing for any of the worst possible risks a few days in advance because (whatever you think) you are still holding on to your bitcoins rather than safety. This means that from your PoV, bitcoin is more valuable than your own safety.
Never mind for bitcoin transactions, all types of payments can be difficult to make and you won't even find an open physical store to shop for necessities in conflict-affected areas.

Slow death

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in times of war it is normal that electricity, internet are not working properly and even fiat will have a lot of limitation in its use, in which case the person needs to look for where there is a network to use the cell phone and also have to worry about where there is electricity, because it hardly ever power goes out all over the country, there's always some part where it works, so we can't think that bitcoin would be useless because fiat would also be useless in these situations unless people were walking around with a lot of physical money in their pockets something that in my opinion would not be recommended because it would only increase the risk of the person being robbed and maybe even life could be taken

rodskee

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

it may not be helpful when the war drops down the internet and electricity , but for now it is Bitcoin in which what the world help using , even our forum and some gambling sites are making a donation using Bitcoin and other cryptos so yes this is still helpful for now.
but also this will be a good way to store their funds as the invasion continues to get closer because surely their economy will be ruined once being completely invaded so having funds inside crypto will save what they wanted to keep.

pooya87

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Think of this way. Every has a net-worth it could be in real estate, stocks, and fiat. You can't take any of them with you when you flee the country and you can't use them elsewhere. The economy is also falling so the value of all of them is also falling. Things such as gold are also extremely hard to carry around and in war time when crime is at its peak you may suddenly become a target if you are driving a car filled with gold bars!!

Now consider bitcoin, it doesn't take any space. It could be carried around on a piece of paper or tattooed on a part of your body that nobody sees! or even memorized for worse case scenario. You can carry any amount of it as you want whether it is 1 satoshi or 1000 bitcoin and it takes the same effort. It can be used elsewhere and its price is not affected by the internal conflict.

This makes bitcoin even more valuable than normal times.

witcher_sense

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

The internet and cellphone networks then fall down.
How do you intend to use your bitcoin? Is it completely worthless?

Given that the bitcoin network consists of interconnected nodes that communicate with each other via an internet connection, by shutting down the Internet globally you will effectively prevent these nodes from any possible interactions and make the whole network dysfunctional and unusable. If we are talking about a specific country that has an internet access shut down or limited, then people living there still can use bitcoin, but it is going to be very inconvenient to make transactions. Remember, you don't need access to the Internet to sign bitcoin transactions with your private keys, but you do need some connection to broadcast it. Bitcoin transaction is just data, the sequence of numbers and zeroes that can represent in different formats, including text, pictures, sound, video, etc. How can you transfer all those types of information abroad, into a country where an internet connection is still available? Radiowaves, tv, mail, satellites, flashlight Morse code signals?

fzkto

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If you are in a conflict zone and it has come to a point where the Internet has been cut off, you should definitely have fiat, preferably in a foreign currency like dollars or euros, which you can spend on transport to get away. Bitcoins are useless in this case, but national currency is even more useless.

aoluain

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yes mk4 has it above, without an internet connection you cannot transfer Bitcoin,
or FIAT electronically. Cash is king in that scenario.

If you have to get out of your home and country and have your assets/savings in
for example Gold and FIAT it will become a burden and/or liability so In this scenario
Bitcoin is the clear preferred alternative as you are transporting something the
size of a USB flash drive or if your memory is fantastic you are not carrying anything
physical other than clothes/laptop/food.

mk4

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Somewhat useless in the place where you are where networks are down(but so does your digital payment platforms), but obviously very useful in a way that if you can immediately leave that place and go to a country that's at least not(or not yet) affected by the war.

If you're still planning on somewhat staying in the war-inflicted country, then obviously you don't convert 100%. You still need cash for resources.

BenjaminGlover

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Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

Topic: This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 4. (Read 718 times)