What would happen if a major financial crisis hit entire world in a few months

virasisog

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Quote from: Doamader on August 01, 2016, 06:38:09 PM

Well if this problem really happens bitcoin could be the way to protect our money, but bitcoin need fiat to work out, otherwise price will dump or get pumped by those who own a big ammount of cash online.

For the time being, the bitcoin needs the fiat to work out. When it becomes more popular, it can work independently.

Doamader

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Well if this problem really happens bitcoin could be the way to protect our money, but bitcoin need fiat to work out, otherwise price will dump or get pumped by those who own a big ammount of cash online.

mrhelpful

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Quote from: virasisog on August 01, 2016, 12:01:23 PM

If a major financial crisis happens in the whole world, and people lose confidence in fiat, the bitcoin price will rise.

Not entirely true lol.

Your view is logical, but its skewed because you didnt factor in other things that people invest in as well which is gold.

Now if your answer was if the gold supply/silver was overflown still since the loss of faith and cant produce as fast buying with a overwhelming demand - then yes bitcoin will be the next viable option.

data1

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bitcoin is not gonna crash and we are much more secure and have taken many precausions so if market turned into a disaster then also we can servive this attack

oceanriver

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well then i guess a lot of people would be buying their bitcoins and start using it

pocarime32

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If it happened, i'm sure it will affect the price of bitcoin so hard. The price of bitcoin can decrease so hard because the crisis is really big damage for entire world.

virasisog

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If a major financial crisis happens in the whole world, and people lose confidence in fiat, the bitcoin price will rise.

Searing

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Clueless!

Well if it was a 'giant' EMP pulse from the Sun (like the size..when was it 1859 yeah that it) ...and fried my Titan ASIC's into a lump of 'paperweight'

So much for BTC the gold guys would then be laughing their ass off...

so as calamities go that would be our LAST choice on how to 'sprun' a financial crisis don't ya know

The EVENT that we would all dread big time..in detail..but then again we likely would not be sweating the crypto stuff..in that all transformers on the earth would be toast

and it would be 'camp we are all screwed' for the human race on the infrastructure rebuild over the next decade......

then again I could finally get that 'woodcraft' badge and sharpen my rabbit skinning skills of my youth

The Event in detail below:

https://en.wikipedia.org/wiki/Solar_storm_of_1859

Anyway as a way to a economic crisis that crypto would NOT benefit from this one is epic! lol

PhilPrime

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Quote from: metropolit on June 29, 2016, 06:20:39 PM

Remember how financial crisis in Greece looked like? To sum it, all banks were closed, you could withdraw money only from ATM's and those were capped on 60eur daily.

If this happened globaly but on even more apocalyptic scale, how would it affect the Bitcoin world?

My guess is the price of BTC would reach the moon, BUT, how would we live with Bitcoins and without banks?
Currently we have cool services like Xapo which provides you a debit card so that you can withdraw your BTC into local currency. But bank that is supporting Xapo in this business would also be closed and i guess this debit card wouldn't be of any use if a major financial crisis occures.

I guess all BTC ATM's are relying entirely on banks?

If there would be no liquidity for the BTC, maybe gold would be a better option? You can always sell gold...

if banks dissappear. our bitcoins to will disappear beacuse we cant exchange our crypto currency into fiat. hahaha. only few commodities we can buy using bitcoins. so pray that the banks will not disappear. because it means end of the world if that happened. i cant imagine that we will use again gold, silve, bronze and other precious metal as currency. hahahah

Barbut

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With this scenario bitcoin can go up really high. All previous crisis in all world destroyed something, and give birth to something new. This why btc have success in many countries over the world. Domestic currencies with high inflation don't worth at all, people work for couple dollars all month. That why bitcoin can make some positive change's in the world. I believe also that world is to big for btc, and there is to many people living, cause of that there will be a lot of free space for many altcoins.

HabBear

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I agree with you, I think it could impact bitcoin positively. If financial crisis hit people would flock to safe currencies. The problem is that the currency that those most affected have their wealth in could drop so drastically that they don't have much left to invest in bitcoin.

An additional problem is that if the turmoil gets so bad that electricity and access to the internet is impacted. For bitcoin to work, we all need both - electricity and the internet. Those two factors make using bitcoin in an apocalypse type setting so difficult and likely improbable.

Quote from: romero121 on July 20, 2016, 11:22:01 AM

Few months back a major crisis took place over the entire market, but even at that time bitcoin was in its rising path. So even on crisis bitcoin won't get affected.

Which crisis are you referring to?

STT

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Quote

bitcoins currently need fiat support to keep growing

Bitcoin generally increases in value as fiat currency becomes increasingly unreliable. Thats a funny kind of support, more like they are in competition and bitcoin works as a useful alternative. If there was a bank holiday for an extended time, as we've had in the past and in some countries recently this has happened; this does not mean bitcoin must shut down or that electricity stops being produced. Bills must be paid but it can be done via a multitude of methods, if national fiat currency fails then we can pay for power in other units and if need be that will be foreign currency.

One alternative is paying all bills with bitcoin and this is possible ? Does anyone know thats impossible right now.

If you really believe in this scenario, buy mobile generators because the demand for that will rocket at one point. Solar panels are too slight an effect I imagine

Doamader

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If the financial problem hit all the countries at the same time would be insane to see how bitcoin will react as the miners should stop their service, almost instant or would have to get energy by themselfes, and then proctect the place where they are mining from others. I dont even like to think about, as people would panic and kill others for a cigarrete, soo i believe bitcoin would face a huge damage as bitcoins currently need fiat support to keep growing. But if when the financial problem happens and bitcoin were a mainstream currencie, the price should grow almost instant as the demand would be bigger then the supply.

romero121

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Few months back a major crisis took place over the entire market, but even at that time bitcoin was in its rising path. So even on crisis bitcoin won't get affected.

newcoins1978

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Then chaos would break out and people would not even know what to do anymore, everyone would lose there job and people would need to survive.
We then are forced to go to the old fashion way of hunting money means nothing then.

CoinBreader

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Quote from: metropolit on June 29, 2016, 06:20:39 PM

Remember how financial crisis in Greece looked like? To sum it, all banks were closed, you could withdraw money only from ATM's and those were capped on 60eur daily.

If this happened globaly but on even more apocalyptic scale, how would it affect the Bitcoin world?

My guess is the price of BTC would reach the moon, BUT, how would we live with Bitcoins and without banks?
Currently we have cool services like Xapo which provides you a debit card so that you can withdraw your BTC into local currency. But bank that is supporting Xapo in this business would also be closed and i guess this debit card wouldn't be of any use if a major financial crisis occures.

I guess all BTC ATM's are relying entirely on banks?

If there would be no liquidity for the BTC, maybe gold would be a better option? You can always sell gold...

I just want to tell you that Greece is still on crisis! capitals are still on with weekly limits at 420euros (so its still 60euros per day )
and we are forced to use mostly credit/debt cards for shopping , fuel, bills, instead of cash,
by the way last summer where capitals took place, i was buy my groceries with bitcoin from a supermarket (thank god) i had installed bitcoin payments ! Wink

pitham1

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Quote from: thejaytiesto on July 20, 2016, 06:36:48 AM

Some people has been predicting a financial global crash for a while, it's yet to be seen if it will happen. It seems like the FMI can keep the dollar alive like a zombie even after dying and it works since everyone in the planet accepts dollars, no matter how much hyperinflation there is.
Let's just hope the fucking thing crashes so we can benefit from it.

We need something like the 2008 crisis.
Bitcoin was born in the last crisis and will come of age in the next one.

thejaytiesto

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Some people has been predicting a financial global crash for a while, it's yet to be seen if it will happen. It seems like the FMI can keep the dollar alive like a zombie even after dying and it works since everyone in the planet accepts dollars, no matter how much hyperinflation there is.
Let's just hope the fucking thing crashes so we can benefit from it.

catch.me.if.you.can

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They will not use bitcoin. They will use debit cards.

groll

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Quote from: davis196 on June 30, 2016, 01:35:34 AM

Quote from: metropolit on June 29, 2016, 06:20:39 PM

Remember how financial crisis in Greece looked like? To sum it, all banks were closed, you could withdraw money only from ATM's and those were capped on 60eur daily.

If this happened globaly but on even more apocalyptic scale, how would it affect the Bitcoin world?

My guess is the price of BTC would reach the moon, BUT, how would we live with Bitcoins and without banks?
Currently we have cool services like Xapo which provides you a debit card so that you can withdraw your BTC into local currency. But bank that is supporting Xapo in this business would also be closed and i guess this debit card wouldn't be of any use if a major financial crisis occures.

I guess all BTC ATM's are relying entirely on banks?

If there would be no liquidity for the BTC, maybe gold would be a better option? You can always sell gold...

If a really MAJOR financial crysis hits the world, all the banks will bankrupt and people will loose all their

deposits.Without savings they couldn`t buy bitcoins,so the btc price will go down.

I`m optimistic and this won`t happen.

I agree with you that when a major financial crisis hits the earth there will be no more banks, money has no value and no currency can be used to buy something. It implies that even bitcoins and other cryptocurrency cannot exist any more as a currency. It will be a financial breakdown. But if only a few countries are down people will stick to bitcoins to survive.

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