Topic: What will happen to bitcoin price if Solar superstorm 'wipe out the internet'? - page 3. (Read 492 times)
November 16, 2023, 03:30:31 AM
Blockstream’s work to establish other forms of transmitting the blockchain like using radio frequencies (ai believe that was Blockstream but could be wrong) would finally be useful. I would imagine people would then focus on creating a mesh network with radio waves in order to keep Bitcoin operating. It would be seen by some as an opportunity to strengthen Bitcoin as well as make a ton of money selling suddenly needed hardware.
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November 16, 2023, 03:26:00 AM
I have never heard anything about solar superstorm, Infact, this is my first time of reading about this possiblity, and even though I find it hard to believe that anything like this will ever shut down the internet for even a day, not to talk of weeks and months, but let me say that, if for whatever reason, this happens, then I honestly do not think that it will affect bitcoin and cryptocurrencies in general that much, since like other people have said, the internet will be completely shut for everyone, no body will be able to buy or sell any cryptocurrency including bitcoin.
So by this, anytime the internet comes back, we all continue buying and selling from where we stopped, the only way I personally think this will affect bitcoin is that, there is the possiblity that after the internet returns back, there will be a very high selling pressure since many will want to sell some bitcoin and other cryptocurrencies to be able to cover for some transactions that they have done offline while the internet was shut down.
So by this, anytime the internet comes back, we all continue buying and selling from where we stopped, the only way I personally think this will affect bitcoin is that, there is the possiblity that after the internet returns back, there will be a very high selling pressure since many will want to sell some bitcoin and other cryptocurrencies to be able to cover for some transactions that they have done offline while the internet was shut down.
November 16, 2023, 03:11:05 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
If that happens, don't just think about bitcoin but first think about our own safety and the chaos of this whole world. The Internet today is likened to water and if you think about it, what would happen if our bodies lacked water for a few days? The same thing would happen to the global economy and the world without the internet, not just bitcoin. But natural disasters are unpredictable so I won't believe any predictions like this, I don't believe this will happen.
November 16, 2023, 02:57:28 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
If you think it's scary or worrying, when it happens in an instant, the internet disappears all over the world. We know that the internet in this day and age is almost a big help to all people in countries worldwide.
Even more so than Bitcoin and cryptocurrency only survive because of the internet, when the internet disappears, literally speaking, the Bitcoin and crypto industry in this field will be over or stopped. But the question is: how real is it that it will actually happen?
November 16, 2023, 01:58:24 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
I'm not an expert in this field, but I remember reading somewhere about modern day electric grid being able to survive a solar storm.
I don't know anything about solar superstorms and I don't think that a solar superstorm will hit the planet Earth anytime soon.
If the electric grid gets destroyed by such superstorm everything will be affected, not just Bitcoin. The global economy and the global financial markets would also be affected. I think that the financial markets will be simply closed and nobody would be able to buy and sell for a while.
Everything will get back to normal, after the electric grid gets repaired.
November 16, 2023, 01:43:48 AM
It will depend on the strength of the solar flare, if it is a small one then only the half of the planet that was subject to it will lose all of its electric devices while the other half will remain fine, however if it was an intense one then the whole planet will be affected, however as long as a few nodes survive then that can be enough to bring bitcoin back to life in the case the internet was repaired, however as we have discussed before an event like that will bring us back to the the age before the electricity, the problem is that we do not know how to live like that anymore and we cannot sustain the current population without it, so a massive and widespread famine will happen, and as you can see you will have way more important things to worry about than your bitcoin at that moment.
In the case of a catastrophic solar flare, it's unlikely that a node will survive because how special would that node be for it to survive the solar flare of that scale especially if it's probably just a computer on someone's basement or facility that isn't likely shielded from those solar flares anyway so I don't see how they will be able to survive one. The internet will probably survive if the said solar flare won't hit anything underwater, as far as I know there's already a lot of undersea cable and data storages that's stored in the water but if it will hit it then the internet will definitely go down, this kind of event is something that we can never be really sure until it finally happens. November 16, 2023, 01:17:46 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
It will depend on the strength of the solar flare, if it is a small one then only the half of the planet that was subject to it will lose all of its electric devices while the other half will remain fine, however if it was an intense one then the whole planet will be affected, however as long as a few nodes survive then that can be enough to bring bitcoin back to life in the case the internet was repaired, however as we have discussed before an event like that will bring us back to the the age before the electricity, the problem is that we do not know how to live like that anymore and we cannot sustain the current population without it, so a massive and widespread famine will happen, and as you can see you will have way more important things to worry about than your bitcoin at that moment. Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
November 16, 2023, 01:08:02 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Everyone will obviously be affected, Crypto in general relies to internet connections so without it, there will be no trading or any activity related to crypto.
But in an case there could be alternative and you might find it on this other threads,
- Transfer bitcoins without internet
- [Total privacy Bitcoin]: off grid Transactions LoRaWan/goTenna
- Bitcoin Transaction without Internet.
- A LoraWan TTN compatible firmware for a cheap ESP32/Lora board.
And just like others have said, maybe there are other things that might we should look more important than our bitcoin investment is this so called Solar Superstorm happen.[/list]
November 16, 2023, 01:01:00 AM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
you shouldn't be too bothered on things that if it happens, it will affect the whole universe in general. If there is no internet connection, it means that there won't be any activity going on anywhere that required the use on internet connection. There won't be buying or selling of any sort so you have no reason to be afraid of shit as everything in the crypto space will resume as usual once the whole thing has been fixed. What you should be worried about is the effect it will have in the general functioning of the society. Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
November 16, 2023, 12:49:17 AM
Since the network is connected to the internet, maybe there will be some delay or affection on it but I don't need to think about that. What happens, happens.
The world is going to be affected with these and mostly the governments, oligarchs and majority of the businesses not just in finance will be much affected by this solar superstorm.
I guess I need time to do some reading about this issue because it seems interesting about what's about to come.
The world is going to be affected with these and mostly the governments, oligarchs and majority of the businesses not just in finance will be much affected by this solar superstorm.
I guess I need time to do some reading about this issue because it seems interesting about what's about to come.
November 16, 2023, 12:42:11 AM
Yeah I agree with the above posters. I don’t think this will happen, but if it did, Bitcoin would be the last thing people would worry about. Think about all the banks and how businesses operate.
Most people pay digitally for everything these days, nobody uses cash. So without the internet it wouldn’t be possible to get sales. It would be chaos pretty much. I don’t think this will happen, we hear about these doom day scenarios all the time and they never pan out.
Most people pay digitally for everything these days, nobody uses cash. So without the internet it wouldn’t be possible to get sales. It would be chaos pretty much. I don’t think this will happen, we hear about these doom day scenarios all the time and they never pan out.
November 16, 2023, 12:15:18 AM
I always found these doomsday scenarios silly because if electronics or the internet are knocked out society has MUUUUUUCH bigger problems than Bitcoin being down. All of society would quickly break down.
November 16, 2023, 12:00:33 AM
Well, if it's powerful enough that could fry industrial transformers, half of the world is f**ked anyways. Lol. Solar storms carry radioactive particles as well. But the immediate and direct impact would affect which ever side of the earth facing the sun at the moment of arrival. So most of the modern cars would stop working, phones and computers are toast if they are on. Bitcoin would be the least of our concerns then.
November 15, 2023, 11:58:20 PM
You don't have to think about Bitcoin price, the first thing you need to think is big corporations where they use internet to communicate with other group/sector, they also need to communicate to their supplier, distributor and customer, missing one of them will make them struggle, resulting salary cut or the worst is bankruptcy.
If it can't be resolved, the economy in most of country will collapse.
If it can't be resolved, the economy in most of country will collapse.
November 15, 2023, 11:49:59 PM
this may not only affect the price of bitcoin, but the market globally, seeing that trading on the global market is very dependent on the internet and disruption of this will certainly cause market disruption which will have an effect on many investment instruments globally
but there's no need to worry too much about this considering that it's only the "worst possibility", so there's no need to panic, it's just that maybe at that time there was an electronic device failure which caused internet disruption for a while, and it doesn't seem to have a significant effect on the market
but there's no need to worry too much about this considering that it's only the "worst possibility", so there's no need to panic, it's just that maybe at that time there was an electronic device failure which caused internet disruption for a while, and it doesn't seem to have a significant effect on the market
November 15, 2023, 11:49:14 PM
This has been discussed multiple times already in the past. If such an event occurs, you have far bigger problems than bitcoin/crypto to care about them.
On the other hand, not sure but Blockstream Satellite probably protects us from such an event? https://cointelegraph.com/news/bitcoin-in-space-blockstreams-satellite-network-now-25x-faster
On the other hand, not sure but Blockstream Satellite probably protects us from such an event? https://cointelegraph.com/news/bitcoin-in-space-blockstreams-satellite-network-now-25x-faster
November 15, 2023, 11:41:47 PM
Bitcoin cannot be used if there is no internet, if bitcoin cannot be used then the price of bitcoin will not be affected much because everyone will be out of internet so no one can buy bitcoins and no one can sell bitcoins. If there is no buying or selling then the market is more likely to remain unchanged. But it seems to me that it is not possible that any country or nation will shut down the internet system because if the internet system is shut down the whole cyber system of a country will be broken and that country will suffer huge financial losses. If they feel the need to make such a decision then I think they must think of alternatives.
November 15, 2023, 11:28:40 PM
If it would affect everyone, nothing will happen since nobody will be able to sell. But, I don't think that would be the case since with all these tech, we'd be able to predict and take necessary measures, Internet is equally important for governments.
From the article linked:
From the article linked:
Quote
Flares, he said, reach Earth in 8 minutes. That sets the clock ticking for the possible magnetic field disruption in 18 to 24 hours.
If we have a warning, every minute counts because you can put satellites in safe mode. You can take transformers off-line from the grid, so they don't fry," Becker said. "So there's things you can do to mitigate the problem.
If we have a warning, every minute counts because you can put satellites in safe mode. You can take transformers off-line from the grid, so they don't fry," Becker said. "So there's things you can do to mitigate the problem.
November 15, 2023, 11:04:06 PM
While browsing through social media, I came across an article that mentioned Solar superstorms could 'wipe out the internet' for weeks or months, scientist says. Will the loss of internet connectivity for weeks or months affect the value of cryptocurrencies such as Bitcoin? What will be the outcome?
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
Source: https://www.foxweather.com/earth-space/solar-storm-wipe-out-internet
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