Topic: Would Bitcoin survive the apocalyse? - page 2. (Read 527 times)
The word apocalypse implies the end of all life. Why does the OP care about this question? Your own life will be your problem, I'm sure you won't have time to think about what's going on with bitcoin.
What you're describing is the result of the fiat role, which seeks to centralize economies around the world so that governments can exert greater control over them.
In contrast, Bitcoin is decentralized and acts as a counter to the inflation and other economic backward policies that got us all into this mess in the first place.
In contrast, Bitcoin is decentralized and acts as a counter to the inflation and other economic backward policies that got us all into this mess in the first place.
Would Bitcoin survive the apocalyse?
Any form of money will become worthless after the apocalyse. So, obviously the answer to that question is simply NO.
It's gonna be water and food and shelter is gonna be the main priority for everyone in a post apocalyptic scene.
But if you mean that, will Bitcoin survive the current global crisis? The answer should be a big yes.
Because Bitcoin will be one of the main options to save your money from hyperinflation.
During Hyper inflation electricity will become unaffordable, so people won't have access to energy,
even if the miners could survive which they won't, no one will have enough energy to make transactions.
Barter becomes the survival currency, for essentials like Food, Medicine, Shelter, Clean Water, Clothes, Silver, & Gold.
If the neighboring country currency is unaffected, then people use the foreign currency instead of their own hyper inflated currency.
Thus, in the world economic history, only these 3 countries have hyperinflation and as far as I know, Turkey and Argentina are also 2 countries with hyperinflation. In the world, we have all 205 countries in the world, which means this number is too small to affect the power of the whole world. Therefore, the case of all countries going into hyperinflation will never happen, so the idea that bitcoin will be destroyed by inflation is simply a matter of your imagination.
what kind of apocalypse do you mean, bitcoin is the head of all cryptocurrency coins and has gone through several periods where the market went through a full bum phase but managed to pick itself up and insist on raising the price.
bitcoin is classified as the cryto which has the most enthusiasts and holds it, even though the total supply is very limited and almost finished.
I myself really believe that bitcoin is able to go through all the storms on the cryto market and one day will have a new ATH
bitcoin is classified as the cryto which has the most enthusiasts and holds it, even though the total supply is very limited and almost finished.
I myself really believe that bitcoin is able to go through all the storms on the cryto market and one day will have a new ATH
Apocalypse is the worse thing happen to us, not a simple thing that we can think Bitcoin will still survive.
So, if that will happen, I don't care about Bitcoin but rather to keep myself and my family alive which is more important than any valuable asset. But if we just talk about inflations, wars, and economic crises - of course, Bitcoin will survive. Like we have today, we could still think that Bitcoin will recover from the dip.
So, if that will happen, I don't care about Bitcoin but rather to keep myself and my family alive which is more important than any valuable asset. But if we just talk about inflations, wars, and economic crises - of course, Bitcoin will survive. Like we have today, we could still think that Bitcoin will recover from the dip.
If we are talking about doom type of apocalypse then Bitcoin would not survive because no one would maintain the Bitcoin ecosystem anymore at that time. We will be back into using gold and dirham. No internet access and people would just immediately thinking how to survive and it will be the end of Bitcoin.
just now the price of bitcoin can go down because many people are panic selling, and also because the economy is getting more and more difficult. of course bitcoin will also be destroyed if human civilization is destroyed.
I even doubt they have a chance to sell their Bitcoin because of the panic given by apocalypse, yet you would get the working exchange on that day. Everything will go down at that day. I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
How bad would it have to get to stop the chain & would that kill Bitcoin?
Just remove the internet and the Bitcoin system will be halted. As long as the internet is around, the Bitcoin system will continue to function even with just 1 miner.
For me, if you are really believing on the internet, believe also with Bitcoin.
Well, not everyone who has access to the internet believes in bitcoin; others have no idea what it is; and still others are skeptics. The internet could be down only if there is a war, such as a nuclear war, because all of the telco towers would be down, but this is unlikely because there are already starlinks that can provide internet from outerspace. If all of us have no internet, then no one can trade or mine bitcoin at that time, so the price would halt until there is one person to move the market again.
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
How bad would it have to get to stop the chain & would that kill Bitcoin?
Just remove the internet and the Bitcoin system will be halted. As long as the internet is around, the Bitcoin system will continue to function even with just 1 miner.
For me, if you are really believing on the internet, believe also with Bitcoin.
I think bitcoin will definitely not survive the apocalypse. because if humans are destroyed, surely no one will survive. because like this? if humans are destroyed, let alone bitcoin.
just now the price of bitcoin can go down because many people are panic selling, and also because the economy is getting more and more difficult. of course bitcoin will also be destroyed if human civilization is destroyed.
just now the price of bitcoin can go down because many people are panic selling, and also because the economy is getting more and more difficult. of course bitcoin will also be destroyed if human civilization is destroyed.
The world is only getting crazier.
Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
It seems you have already answered your own question. If an apocalypse happens, then all forms of money, whether traditional or crypto currencies, will be of no use to anyone, not to mention the support of the bitcoin network.Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
There is still use for money but the price of commodities is too high which makes money less effective.
First of all, water, food, medicines and basic necessities will gain maximum value. Most likely, in those conditions, ordinary barter will be common.
True apocalypse somehow is like a reset button where everything goes back to the time when money is ineffective and whatever good we have as long as it has huge demand would be precious. I believe during this time, there will be rampant raiding and robbery since authorities have lesser power.
So, it seems to me that bitcoin will not be able to survive the apocalypse, because it was created to function in completely different conditions.
Bitcoin will come to halt if electricity isn't available because there is no miner to push the transaction. Bitcoin will become idle but not totally destroyed. Being Idle doesn't mean dead so I think Bitcoin will survive because it will be back online once the economy started to recover and power, internet is starting to be available.
The world is only getting crazier.
Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
Hyperinflation will kill bitcoin, because the energy costs of the PoW miners would grow faster than the price of bitcoin causing all the miners to shut down.
Not to mention the interest of the loans to buy the asics would crush them.
Hyper inflation is defined as 50% or higher every month, say a gallon of gas cost $10
That gallon of gas cost
1st month $15 * Cost to fill up a 14 gallon gas tank: $210 *
2nd month $22.50
3rd month $33.75
4th month $50.63
5th month $75.94
6th month $113.91
7th month $170.87
8th month $256.31
9th month $384.47
10th month $576.71
11th month $865.07
12th month $1297.61 * Cost to fill up a 14 gallon gas tank: $18166.54*
https://www.investopedia.com/articles/personal-finance/122915/worst-hyperinflations-history.asp
Quote
Zimbabwe: March 2007 to Mid-November 2008
Highest monthly inflation rate: 7.96 x 1010%
Equivalent daily inflation rate: 98%
Time required for prices to double: 24.7 hours
Currency: Zimbabwean Dollar
Highest monthly inflation rate: 7.96 x 1010%
Equivalent daily inflation rate: 98%
Time required for prices to double: 24.7 hours
Currency: Zimbabwean Dollar
Quote
Hungary: August 1945 to July 1946
Highest monthly inflation rate: 4.19 x 1016%
Equivalent daily inflation rate: 207%
Time required for prices to double: 15 hours
Currency: Pengő
Highest monthly inflation rate: 4.19 x 1016%
Equivalent daily inflation rate: 207%
Time required for prices to double: 15 hours
Currency: Pengő
Quote
Yugoslavia: April 1992 to January 1994
Highest monthly inflation rate: 313,000,000%
Equivalent daily inflation rate: 64.6%
Time required for prices to double: 1.41 days
Currency: Dinar
Highest monthly inflation rate: 313,000,000%
Equivalent daily inflation rate: 64.6%
Time required for prices to double: 1.41 days
Currency: Dinar
During Hyper inflation electricity will become unaffordable, so people won't have access to energy,
even if the miners could survive which they won't, no one will have enough energy to make transactions.
Barter becomes the survival currency, for essentials like Food, Medicine, Shelter, Clean Water, Clothes, Silver, & Gold.
If the neighboring country currency is unaffected, then people use the foreign currency instead of their own hyper inflated currency.
I'm Ukrainian, and to me the world does seem to have hit a rough patch over the next few years. I've been watching the Peripheral lately, and there's a concept of Jackpot there as a series of very bad events that just hit Earth in 21st century (mainly man-made or heavily affected by human behaviour), causing a huge change in human civilization, and it feels like we might be experiencing the start of Jackpot from the beginning of 2020 as well. I hope that's not the case, and that this period will be over in a few years, after which we'll have decades of relative stability, so I don't think we should be concerned with the apocalypse. I also agree with the op that in case it does happen, money won't matter (including Bitcoin).
The problem of answering the question is mainly because 'apocalypse' is a vague term and people have attribute different meaning to it. Is a third of the world population dying an apocalypse? Is relative peace and continued global cooperation of a half of current population an apocalypse?
If we're thinking in the line of collapse of the Internet and globalization, then I think Bitcoin won't survive that. But if that doesn't happen, it can continue to exist and perhaps even be in demand in a world after a major catastrophe (or a set of those).
The problem of answering the question is mainly because 'apocalypse' is a vague term and people have attribute different meaning to it. Is a third of the world population dying an apocalypse? Is relative peace and continued global cooperation of a half of current population an apocalypse?
If we're thinking in the line of collapse of the Internet and globalization, then I think Bitcoin won't survive that. But if that doesn't happen, it can continue to exist and perhaps even be in demand in a world after a major catastrophe (or a set of those).
The world is only getting crazier.
Hyperinflation, wars, supply chain issues, shortages
Hyperinflation, wars, supply chain issues, shortages
Not only crazier but it is harder to survive. With the agricultural area getting converted into housing and industrial company, and commercial areas, the shortage of food is imminent. We already feel it right after the pandemic with the price of commodities soaring. The used-to-be needed fund to sustain our daily needs now doubles to triples without any increase to an employees wages.
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
How bad would it have to get to stop the chain & would that kill Bitcoin?
Just remove the internet and the Bitcoin system will be halted. As long as the internet is around, the Bitcoin system will continue to function even with just 1 miner.
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
Money still matters. What will you use to buy your daily commodities if you don't have money? Unless you have planted hectares of vegetables that you can exchange for other goods.
How bad would it have to get to stop the chain & would that kill Bitcoin?
Nothing can stop, hinder or kill bitcoin now or in the future to come as long as bitcoin does not kill itself, this economic cramps you're talking about are what the fiat role has placed to the world to inflict centralization such that every system will be under a single control of the economy by government and their policies, bitcoin is entirely different here, it plays a decentralized role and stand against inflation and other economic setback policies that got us all into slavery over years without having financial freedom, the solution that lies is with bitcoin and it's never too late to begin and have a new start, bitcoin isn't dying but rather resurrecting every other dead situations associated with the world economy development.
Can you see how its market value is struggling at this moment? Indeed it is part of its volatility but with that being said, it is still prone for downfalls. Meaning, factors could affect this technology in general not only Bitcoin. Stand against economic problems? See for yourself at this moment. The demand is low for a reason, which is why its market value keeps on falling from time to time. Keep in mind that Bitcoin is determined by demand. Without huge or high demand, don't expect its market value to be continuously increasing.
It is indeed a timely asset but knowing how high is the risk oresent from investing to cryptos, it is somehow understandable seing people worry whether not to or to invest at this price point.
The world is only getting crazier.
Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
It seems you have already answered your own question. If an apocalypse happens, then all forms of money, whether traditional or crypto currencies, will be of no use to anyone, not to mention the support of the bitcoin network. First of all, water, food, medicines and basic necessities will gain maximum value. Most likely, in those conditions, ordinary barter will be common. Over time, if the society of people will be restored and expanded, then money will be used. I can’t say in what form, circles of metal or paper, but it is unlikely that it will be BTC (which will require electric energy, which is difficult to obtain in those conditions, to work). So, it seems to me that bitcoin will not be able to survive the apocalypse, because it was created to function in completely different conditions. Hyperinflation, wars, supply chain issues, shortages
I know a decent percentage of the network runs on renewable energy, there's the blockstream satellite, keys are offline etc
How bad would it have to get to stop the chain & would that kill Bitcoin?
Personally I'm not worried, because if it gets that bad, money probably won't matter. Food, water & shelter will be more valuable.
I often speculate. I not a gloom & doomer - just a realist.
Interest to hear thoughts.
Bitcoin will die if there are no miners anymore and nobody uses the chain,as long as human exist,bitcoin will also exist. The challenges bitcoin is facing now is due to the ongoing war. This war has not only affected bitcoin but it has also caused inflation all over the world.
The war can not last forever as nothing last forever, we are to adjust our way of living in other to adapt with the economy system. Similarly, bitcoin will also adapting to whatever happens. It is only if due to some reasons people chose to abandon Bitcoin that is the only way bitcoin will die.
After the war things will be reformed likewise our economy. Bitcoin has survived for 13yrs and will still survive for longer years because of the financial freedom it has.
The war can not last forever as nothing last forever, we are to adjust our way of living in other to adapt with the economy system. Similarly, bitcoin will also adapting to whatever happens. It is only if due to some reasons people chose to abandon Bitcoin that is the only way bitcoin will die.
After the war things will be reformed likewise our economy. Bitcoin has survived for 13yrs and will still survive for longer years because of the financial freedom it has.
Wars and other problems are not sufficient reasons to deal the death blow to Bitcoin, but uniform regulatory legislation around the world will be sufficient.
Uniform regulation will probably affect bitcoin users, but I'm sure it won't affect bitcoin itself. In fact I could say that the current government regulation on KYC have an impact on bitcoin users who inherently dislike centralized services. I believe these regulations cannot affect the bitcoin network in general, because basically the government cannot regulate the network but can only regulate its users.I firmly believe bitcoin will be more accepted among the public in the future instead of thinking bitcoin will die at a crossroads. The government knows that bitcoin can do good financially through its tax regime, so they probably won't do much for bitcoin other than just regulate it more tightly.
When people are not interested in using bitcoins, that's when bitcoins will be worthless at.
And that could cause the price to lose its power to hold on to the current levels and only fall deeper.
We will not be able to avoid the chaos that will occur in the world later but if we can still use bitcoin as it is today, bitcoin can survive.
Bitcoin will depend on the people who will still use it if you and all of us can still believe in it and still use it. Bitcoin will still be with us.
And that could cause the price to lose its power to hold on to the current levels and only fall deeper.
We will not be able to avoid the chaos that will occur in the world later but if we can still use bitcoin as it is today, bitcoin can survive.
Bitcoin will depend on the people who will still use it if you and all of us can still believe in it and still use it. Bitcoin will still be with us.
It's like operations will be stopped if no miners left anymore, the network will be there but if there will be no one validating and confirming transactions then that doesn't make sense anymore.
The network might be stopped at that time and when someone does to reactivate it then that's it.
It could be stopped temporarily but then likely will go back when there are people that will continue to mine.
As soon as some miners stop mining, the difficulty will fall and the existing miners will start getting a bigger proportion of the block subsidy as rewards. This will incentivize the existing miners to stay put or encourage new miners to join in the network. Therefore this will not be a problem at all.The network might be stopped at that time and when someone does to reactivate it then that's it.
It could be stopped temporarily but then likely will go back when there are people that will continue to mine.
What becomes a problem is that when bitcoin prices fall some weak hands start to lose their interest in bitcoin and panic sell. They make the market price drop even more. There is no such thing as apocalypse happening. Bad times and bad economies happen every few months but price has been stable at the 16k USD level for about a week now. I think we might see upward movements by December, once the FTX news gets saturated and people start buying again.
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