Topic: What if there is a natural disaster, such as an earthquake? - page 2. (Read 1760 times)

I believe that we can only assume an economic decline in a specific region where the natural disaster occurred, and the value of the national currency of that region will also fall accordingly, but this may not have any effect on the cryptocurrency rate.
Although if we are talking about a specific project, where the company's global control center is located in the affected country, then the rate of this cryptocurrency may indeed decrease, but this will definitely not affect Bitcoin or Ethereum.

I hope something like this doesn't happen and I think something like this only happens to countries with governments that have accepted crypto right? cmiw. crypto would probably remain stable if the disaster was not large scale, meaning that it only affected 1 specific country. depending on the quantity and volume of use of crypto in the country as well

At some part of the world this maybe a big problem because of limited resources in Fixing damages in their respective places.
But the totality of Market? this is not that much a problem .

Calamity only comes in each country in different occasions ,(aside from Typhoon that crossing boarder after boarder)

but most of those Disaster only paralyzed  one country at a time ,meaning the State of whole crypto won't Cry ,but only the affected City or country.

we dont know for sure about that. what if solar flare destroy our technology advancement this past centuries? what if climate change affect our internet? anything could happen to crypto actually but its decentralized nature make it more resilient against such natural disaster but honestly, we should have some kind of backup plan if the worst case happens. i think honestly were too dependant on internet

The same influence that such natural hazard have on fiat will also be felt on crypto especially if the government in such country recognized crypto as a form of money. When such natural disaster happens. People lose properties, jobs and access to social amenities so in order to revive many of this, they will need money for feeding and to purchase relieve materials. If you happen to live in such area and you have crypto seating in your wallet, you end up withdrawing it to get your wants. However since crypto is becoming a global phenomenon and not just a regional thing, the effect on the price might not be well felt. Even when the entire world is suffering a global pandemic, bitcoin is setting and a new ATH

AFAIK there's this thing called pool staking when it comes to ETH where you don't need to mantain your own node but all the complicated things was done by the pool provider however that also means less profit since some portion goes to the one providing the pool.

Yeah, not to mention that crypto is basically distributed ledger decentralized around the globe which means  it requires internet in a whole world to go down to make crypto network failing.

It will depend on the scale of the disaster. Usually earthquake immobolize all like power, transportation and etc. There could be no way to access cryptocurrency especially if miners service are not available to confirm transaction. The good thing is that the miners are not only coming from a single area instead they are from around the world so whenever a certain hit by a disaster then other area cab function as well. The same as the bitcoin network where it could be available anytime and that you only need your device and electrical power to energize your device and access it.

if the effect of a power failure or the internet is down at just some point on earth, it's no big deal. the problem is when electricity and the internet disappear from the earth


it is true that the existence of cryptocurrency is very dependent on the existence of the internet on this earth, especially now that the need for the internet is the most important thing in a person's life.
if only the internet really perishes, then not only will cryptocurrencies collapse, but the entire economy on earth will be destroyed. even the banking system will also be affected by this incident

It is not that simple. When the pandemic peaked during May 2020, we had the block reward halving with Bitcoin. Everyone was expecting a big spike in the exchange rates, but it never occured. And IMO, one of the reasons for that was the pandemic. But despite the initial slump, the mainstream markets recovered to the pre-pandemic levels in a few months time (which is clear if you look at the stock market indices). And this means that pandemic had no lasting impact on the mainstream economy as well.

Natural disasters such as earthquakes cause a lot of damage to people and animals including livestock, but earthquakes do not have a bad effect on the whole world at once. The epidemic is far more severe than earthquakes the whole world economy has come down. People are very upset physically and mentally but people have improved a lot because Bitcoin has no detrimental effect. They have been able to overcome the disaster disasters happen in a very short time so it is not possible to take precaution.

Worse than a natural disaster have happened around the globe. With the pandemic people have affected physically, mentally and economically. If natural disaster or anything against the atmosphere could affect the growth, then it should've caused a big decline for bitcoin. What we experienced is the growth, and this means bitcoin is independent and has the potential to overcome any form of disaster depending on the support from people.

Still, there are places on Earth where natural disasters occur more often and with larger consequences, which pose a greater danger to the population than other places. The strength of bitcoin in its current form is decentralization, and the more decentralized the network, the more resilient the system is to various natural disasters. We can talk a lot about the financial and political dangers for bitcoin, but the technical issues are not so important at this point in time.

If this was during the infancy of the internet, bitcoin would've already died since we only have a single server on a single computer way back then. But we are lucky to be alive in the age where we have multiple servers that not only offer connectivity, but security to bitcoin as well. So unless a massive asteroid hits the planet and threatens all life, I don't see how bitcoin would die off due to disasters. I get your idea and I am in agreement with it, though I would like to correct you regarding your claim that only "some countries" experience calamities. For all I care the whole world experiences disasters, no one place safer than the other. It's just a matter of timing.

It is good practice to keep a fully assembled "rescue kit" in a packed backpack at home. Such a set consists of a set of essentials, a supply of food (canned food, concentrates that take up little space, but carry a powerful energy supply), tablets for water purification, dry fuel, means for starting a fire, a flashlight, capacious batteries in a charged state ( recharge every 3-4 months), hygiene products, 2-3 liters of drinking water for each resident (to renew the supply of every 5-10 days to always have potable water), a simple mobile phone with high autonomy, charged, plus a spare charged battery. Thermal underwear set. 4-5 pairs of socks. Windbreakers, Thermo jacket. Survival knife, hatchet, multitool. Desirable "financial pillow" at the rate of $ 5,000 - $ 10,000 per person. The presence of firearms is within the law and it is better to have.

Natural disasters must only occur in a few countries, it is unlikely that earthquakes will occur simultaneously throughout the world, while those who use crypto are people all over the world, so crypto will not be affected by it

I agree with your opinion. If a natural disaster hits a country on a large scale such as an earthquake and Tsunami that causes many access road and building to collapse, then only that country will feel an immediate impact on its economy unless the disaster hits the United States. If the US economy collapses then I believe there will be a clear impact on bitcoin.

Covid-19 can also be categorized as a disaster that hit the whole world, but during that time bitcoin has become an asset that has received the attention of many investors so that the price continues to rise. Covid-19 has affected the economies of almost all countries because many people lost their jobs, access to cross-border transportation was restricted, businesses went bankrupt and many other impacts. But bitcoin has emerged as the primadonna in the Covid era and its price has soared to almost reach ATH. Is it because the US economy is strong enough or is there anything else that seems to make bitcoin an asset that can withstand a pandemic situation ?

An earthquake in an specific region or area won't have any impact over Bitcoin's prominence in the mainstream world. The fact that the Blockchain is distributed across many countries worldwide, tells us that Bitcoin will last regardless of situations occurring in a designated area. Unless a massive EMP strike or a worldwide earthquake takes place in the mainstream world, Bitcoin won't be going anywhere anytime soon.

While the network will still operate as usual, people living on a country affected by an earthquake will certainly find challenging to get access to Bitcoin due to lack of power and Internet access. In the case of traditional Fiat, it'll still be possible to participate in the mainstream economy by using paper money. There are solutions to use Bitcoin offline though. But they're quite difficult to understand for the average person. It's why Fiat is still king (and will always be) when it comes to natural disasters such as earthquakes, hurricanes, and tornadoes. This might change if Bitcoin becomes more popular in the mainstream world.

Nonetheless, we should be prepared for the worse in case something undesired happens in the future. The odds of a global earthquake or an EMP strike taking place in the mainstream world are very low. If it does happen, expect Bitcoin and other cryptocurrencies to become weaker than they are right now. It's always best to diversify your investment between Fiat and crypto in order to protect yourself against any natural disasters in the future. Just my thoughts

Cryptocurrency and its price always depend on the end user - like many other goods/services/assets. If the country N and its inhabitants after a strong cataclysm will have concerns much more important than" some " cryptocurrencies, then no God or Satoshi himself will do anything about it.
And if we assume a more serious cataclysm at the level of some shift of tectonic plates that can plunge conditional Japan into the darkest darkness, then we should think - why would they even need third-party "toys"when you don’t have ground under your feet?

Cryptocurrency can be called a instrument for the "happy" who have only those concerns related to choosing Breakfast and a tie for the evening. If you have a house on fire, then you are not interested in what the BTC rate is or when the altcoin season will be.

I agree, the highly populated area would be affected extremely bad if natural disaster would occur there. Luckily humans tend to record disasters in history. So if an area was hit very bad by earthquakes than people tend to avoid such areas or prepare more for natural disaster. For example in Japan where skyscraper actually shift with ground and air.

The economy of a country may have an indirect effect on the crypto market, it may not have a big impact but somehow it affects crypto. Same as what happened during the pandemic, most crypto investors and even holders had to sell their crypto since most lost their job and had their businesses closed down.