Topic: What will happen to bitcoin price if Solar superstorm 'wipe out the internet'? - page 2. (Read 500 times)

I think it is high time we had a thread for similar topics that have been discussed on this forum multiple times with users giving duplicate responses.

We have artificial intelligence and other smart machines to tell us what will happen in the future to get humans prepared for any apocalyptic events. So maybe fore the solar superstorm happens, scientists would have built a large dome over the earth(sounds like a dystopian sci fi movie script right?) Well, in the even of such eventualities, the Blockstream Satellite and some other military hardware and software we are not yet aware of , got us covered.

News like these scares me, but I am a big boy and know that even if the internet is gone for weeks or months, the overall network of the BTC blockchain will start right from the point where it stopped due to the internet outage. I was going to say that the wires of the internet are underwater and under construction, so they might not be affected, but satellites might.

But the article you provided says that these wires are also vulnerable and can be fried too due to the reverse current cycle, or whatever they were saying. The point is, we must pray that this does not happen. Even if it does, we should be prepared for it. For example,  if we are totally dependent on our funds, we should withdraw some of them.

And a matter of fact, this outage of internet might solve the issue of ordinals I know they will also be resume with Internet but it might be possible that those who are in Ordinals might leave the idea. Well, I think holidays are coming we should prepare for this outage.

Based on the report it has happened before in 1859 (Carrington Event) and it affected the telegram operations and even led to the electrocution of some telegram workers. This could be indeed a very terrible condition and I am concerned about the Bitcoin space because I have an interest in it. I know it will affect other more important sectors like defense and health systems. However, the Bitcoin space will be less affected because it is decentralized and technologically advanced.

But I am glad that the Solar superstorm would give Earth's inhabitants 18-24 hours' notice in advance so satellites can be backed up or put in safe mode. But I don't want to experience such an event because it could lead to a global economic meltdown.

We don't know and haven't experienced the situation with the solar storm disaster. If so, maybe there is a way to anticipate so that the internet network is not fatally damaged, even if it is temporary. because this disaster will impact the whole world, everyone is worried about the money they save in various online wallets. I've seen world conspiracy opinion videos like now (everyone is led to depend on electricity, the internet, everything is easy to access)

What will be the outcome? Hmm TBH, it's really interesting If there's no internet there will be no trade, no volume, and the market will remain on the same level. There are more serious concerns than covering Bitcoin's market value. Defense systems, Whole freelancing Bussnies, computational power, communication systems every possible thing will get disturbed.

The internet is the most important aspect in Bitcoin transactions, bitcoin transaction data will be sent to miners who need devices with internet support. So without internet access, you cannot buy/sell or exchange bitcoins. If the internet stops working for weeks or months it can be detrimental to Bitcoin miners, exchanges and traders.
Disconnection of internet access can also affect the public's trust in Bitcoin as a store of value and a means of exchange that they have been relying on, lacking the level of trust because they cannot carry out transactions comfortably. As public confidence in Bitcoin declines, the consequences could significantly impact its value.

All possibilities must meet certainty, perhaps none of us can guess when and what date it will start, whether this year or in the future, but 2024 could be a phenomenal year for everyone. Starting from predictions of BTC prices rising to 100K or even higher, the issue of climate change (global warming) and scarcity of food raw materials and so on.

We know the Bitcoin Network relies on an internet connection to operate, and if there is a serious disruption to the global communications infrastructure this could impact transactions and network availability. For us internet users, if you experience this, you should take a break and wait for everything to finish because there is interference with satellite communications, including the internet.

Solar storms are a phenomenon that can cause and this phenomenon will cause electricity and internet outages. So if the internet around the world goes down, we will only face a temporary disruption in Bitcoin, but we will most likely face other problems if that happens because electricity and internet are essential needs for all humanity and even then they will not last long.
And our Bitcoins will remain on the blockchain and once the electricity and internet come back on and some nodes start up and we can use them again as usual. So in my opinion there is no problem and there is no need to be afraid, because this phenomenon is only temporary.

Is bitcoin the only thing that we have to worry about? Or is it because we all want to discover or detect one thing that can go wrong when something negative happens to society? Bitcoin is among the least likely things that will even come to mind.
 
What do you think will happen to the banking sectors? How many businesses do you think will be able to survive that storm? Have you also imagined the economic implications that might also be caused, the pressure it is going to put on people, people who will lose their jobs, and other negatives that it will bring?
 
The society will have a much bigger issue and problem to even think of; it will be like sending someone back to 2024, back down to the 1980s, when we had nothing like the internet or any developed technology; it will be like everything wiped out into the air. The world will be in chaos, and that's what people will think of as the best solution to remedy it, not the price of bitcoin.

For the Governments that even failed to contain COVID-19, and it's after effects to Humanity with all the tech, they had? Nope, I am not confident having my hopes high behind these Governments saving us  

But yes, If a solar super storm was to happen. The internet would be the least of our worries. Hell, I have been on a trip to places that were in a middle of a war and internet plus cellphone services were completely cut off.

i never said ANYTHING about hot
i never said ANYTHING about melt

yes i said about over charge

i hope your reading ability is better than your arguments, because your arguments is to say exactly what i said

earths ionosphere does help. but when a massive solar storm (happens every few hundred years) is a different story to the low yield energy of flares (every few months-year)
earths ionosphere didnt protect the planet against the solar storm of the 1800's (something i referenced in my last post)

as for thinking devices are safe IF switched off..
well DNS servers are on 24/7. ATM's are on 24/7 most manufacturing robots are 24/7, container ships sail operate most of the time..

the only way to mitigate the risk of having to repair for weeks-to-months of solar storm caused black out damage, would be to take seriously a solar storm warning and purposefully choose to do a human initiated temporary blackout within 8 minutes of a warning to prevent damage of a longer blackout caused by the storm itself

most people will not have the time in 8 minutes to unplug and stop using everything in 8 minutes. meaning there still will be things affected and a sudden need for replacements which if the manufacturing facilities didnt get the warning they would need to rebuild their facilities before they can restart production of a heavier demand.. so its not as simple as "everything will be fine"

I haven't heard of this risk before, but it seems pretty serious. It's great that it's possible to know about it around 18 hours in advance, at least, and that it's a matter of how fast it gets repaired. I've read other articles on the matter, and some scientists believe that it's unlikely, although not impossible. Local blackouts due to power grid problems are more likely.
But if the Internet disappears for less than a month, it's a temporary thing. When there's no Internet, people can't really do much with their coins, so the price remains frozen. And once the Internet starts getting back up, perhaps some trust in digital currencies will be damaged temporarily, and some people will sell their coins, but I don't think it's anything Bitcoin price can't recover from over a few months.

It's clear that Bitcoin transactions would take a big hit if the internet suddenly disappeared. Some might even think that without the internet, Bitcoin transactions can't happen. That's not true.

You can still make Bitcoin transactions without the internet, although it might be a bit trickier than it is now since the internet makes things easier for all of us. All you have to do is broadcast the transaction, and as long as there are miners around, it means the transaction will get processed.

There are some ways you can still send Bitcoin to another wallet using different networks like radio, SMS, or satellite. But, again, because accessing exchange platforms requires the internet, you'd face difficulties selling it online and converting it into FIAT. Since the impact is pretty significant, it's best not to dwell on this worst case scenario.

Another significant impact would be the economy (maybe) reverting to primitive times .

If an event like a solar superstorm should actually happen and wipe out internet I think that bitcoin would be one of the last problems we would think about because the whole world as we know it would change in a very dramatically way. I feel like your question is like asking what is going to happen to bitcoin in case of a nuclear war, first of all we need to think about survival, forget about all the investments.

I just hope your blockchain/coding expertise is not as bad as your astrophysics expertise. Lol a solar storm is not hot enough to melt copper or any metal, it's the charged electromagnetic particles that are dangerous and cause electronic devices overcharge in split seconds, so if any device is unplugged, no harm is done to it since there are no active electromagnetic particles to interact with and cause an overcharge.  Also airplanes have the necessary shields to protect themselves from such incidents.

I have also heard that in space ISS has a special chamber where they put a mixture of sh*t and pi*s inside small bags and cover the walls with it, because it absorbs radiation.

It's ironic, earth core generates magnetic field to protect us from such dangers, and here we have another type of core protecting us from the dangers of outside world. Or do they?😉

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In the unlikely happening of such event, all the nodes, miners, and entire data of the blockchain will be destroyed, so no more Bitcoin, unless someone protects an updated backup of the data in a safe chamber.

That's right. The blockchain would still exist and operate, to an extent. The question mark is mining. What would happen if all hash rate all of a sudden dropped off? Network transactions might end up in limbo, until it comes back? Or vulnerability to 51% exponentially increases?

The blockstream satellite nodes and other satellite nodes may stay connected though.

I am sure that interplanetary expansion will come before the end stage though.

...and as libert19 said, problems would span much further than bitcoin or other blockchains.

From an economic point of view, the massive potential loss of supply would cause Bitcoin to become even scarcer. The price might reflect higher, if a population still had some and used it.

Who knows ultimately though. Let's just hope it doesn't happen, even though research is pointing that or similar things may happen in the coming decades...

Block stream satellite network to the rescue but what do you expect to happen in the world before Solar superstorm happens? In which I don't believe, but technology is progressing, there will be more ways to use the internet without the internet connection someday, it might sound weird but technology is the fastest growing so far, something will come up.

I used to worry about this too, and sometime I even start thinking of a block chain project that doesn't need the internet to make transaction, but with the way the technology world is advancing this days I know that many solutions will come up.

Also I want you to know that scientists have not predict this event happening in 2025 so do not believe in it that much, how valid this news or rumour is we don't know, you can find the news spreading around the internet but none is saying that this will eventually occur.

I did a quick Google search regarding this one, and I'm a bit afraid of what Solar Storm can do to our internet.
Just imagine those people who are very dependent on the internet. Just imagine those people who are working their living online.

The chances of the Earth being hit by a solar storm is around 1.6 - 12% (based on a Google search) which is kind of high TBH. On the other hand, do we really care about Bitcoin way more than other dangerous things that a solar storm can do to our planet? I mean might forget Bitcoin for a moment, and focus on my safety.

Anyway, 3 words if a solar storm will strike Earth. "It's a DISASTER."... or not depending on how strong it is. As for Bitcoin, it will be inaccessible for at least weeks or months, so basically nothing will happen in terms of price... I guess.

the "internet" (fibre optic cables underground/the ocean) are the most safest part of modern infrastructure.. its the devices on te ends that are the problem
and if they go it wont be 'just' the internet.. it would be all things with a power button


the internet connects via fibre optic cables..
a solar storm would cause more issue to microchips and copper(metal) cables, not fibre

fibre optic wont "charge and spark"
a solar flare wont do to fibre what it did to 1800's telegram (copper)cables

the real issue is burning out microchips. devices, machines, chips, electronics can "overcharge"
which if all microchips burned out.. no machine/computer is safe.

because(worse case):
you cant just go to a computer store and buy a new PC/chip, because their pc/chip is also fried
the computer store can't just go to their supplier, because the suppliers distribution warehouse is fried
the distribution warehouse cant just go to their supply factory because their production machines are fried

it would take time for people to manually create a new production machine that then makes new chips to then make new machines en-masse

yes the internet would be dead. but not due to fibre optic cables of the internet. but due to all electric devices  at the gateposts (DNS servers, user computer) cant switch on to even use fibre optics

but if the solar flare is infact big enough to affect chips enough to switch off the internet.. all devices are affected.. no more washing machines, no more tv's, no more games consoles. no more ATM's or bank account clerk PC's, aeroplanes cant fly, container ships cant navigate

it would take time to remake all chips and boards to repair all devices. and distribute it all to all people
fibre optic wont burn, and can be used when devices can be plugged into it

These articles remind me of science fiction movies. We are in the year 2023. The “Internet” is not transmitted through cables. We only have the satellite Internet and radio waves, which can transmit the signal to all countries of the world, regardless of the political circumstances.
If something happens that causes the Internet to stop, then all banking systems will be in trouble and losses will reach trillions of dollars. While the Bitcoin network will not be affected by the fire, at one point in 2013 the network was cut off for several hours.