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What is the contingency for Bitcoin if there is massive internet or power fail?
Posted on 1/29/14 at 4:52 pm
Posted on 1/29/14 at 4:52 pm
You have no access to your currency.
i.e. the shite hits the fan one day. Would be better to have your hands on real assets like gold, no?
i.e. the shite hits the fan one day. Would be better to have your hands on real assets like gold, no?
6
Posted on 1/29/14 at 4:53 pm to Cosmo
you just ask for it back later i think
Posted on 1/29/14 at 4:58 pm to Cosmo
about the same as your money in a bank or mutual fund.
Posted on 1/29/14 at 5:35 pm to Cosmo
quote:
Would be better to have your hands on real assets like gold, no?
If it's that bad just invest in canned goods. You'd be better off - they are easier to exchange for stuff and everyone will want them.
Posted on 1/29/14 at 5:42 pm to Cosmo
quote:I doubt we will be worrying about bitcoin if something like that happens. Or the dollar. Or euro.
What is the contingency for Bitcoin if there is massive internet or power fail?
Posted on 1/29/14 at 5:47 pm to Cosmo
quote:
Would be better to have your hands on real assets like gold, no?
If we're at that point, then:
Weapons > Any mineral or metal
Posted on 1/29/14 at 6:04 pm to BennyAndTheInkJets
quote:
If we're at that point, then:
Weapons > Any mineral or metal
Yeah, I've never understood the value of gold in a post-apocalyptic world where we're all fending for ourselves with our AR-15s and living off of canned goods in our survival bunkers. Who's going to sell you a can of beans for a gold coin????
Posted on 1/29/14 at 6:28 pm to cwill
quote:
Yeah, I've never understood the value of gold in a post-apocalyptic world where we're all fending for ourselves with our AR-15s and living off of canned goods in our survival bunkers. Who's going to sell you a can of beans for a gold coin????
I kinda agree that during the immediate aftermath of an apocalypse that gold won't get you anywhere. However, it is unlikely that there would be a global fall-out. Gold would serve quite well if you needed another currency that didn't crash. Also I wouldn't underestimate gold. For whatever reason man has always placed a high value on it throughout human history.
Posted on 1/30/14 at 12:00 am to LSURussian
quote:Why do you say that? There have been extended power outages and communications interruptions affecting limited areas in the aftermath of storms, earthquakes and other natural disasters. Bitcoins, or any digital currency, are useless in such circumstances, but cash will still have value and utility.
I doubt we will be worrying about bitcoin if something like that happens. Or the dollar. Or euro.
Posted on 1/30/14 at 12:04 am to Poodlebrain
Massive =/= Limited
Posted on 1/30/14 at 3:42 am to Poodlebrain
How would you retrieve your cash if the area banks aren't open due to the disaster in the area?
Posted on 1/30/14 at 8:06 am to Cosmo
I think "massive" and "shite hits the fan" need a little more definition. Are we talking hurricane hits and no power for 2 weeks? Or are we talking apocalyptic type outages?
Posted on 1/30/14 at 8:26 am to ocelot4ark
ATM. Or some people that always keep cash on hand.
Posted on 1/30/14 at 8:30 am to htownjeep
quote:
I think "massive" and "shite hits the fan" need a little more definition. Are we talking hurricane hits and no power for 2 weeks? Or are we talking apocalyptic type outages?
This
Posted on 1/30/14 at 8:47 am to htownjeep
quote:
Or are we talking apocalyptic type outages?
Nazi zombies, children of the corn, people on the poli board making sense.
Basically the worst parts of the bible.
Posted on 1/30/14 at 9:08 am to LSURussian
I don't equate massive with doomsday. I would think an interruption of electricity and/or telecommunication services to several hundred thousand people would qualify as massive, and those are not that uncommon.
Posted on 1/30/14 at 9:16 am to Poodlebrain
Then we interpreted the OP differently.
quote:
i.e. the shite hits the fan one day.
This post was edited on 1/30/14 at 9:17 am
Posted on 1/30/14 at 10:16 am to LSURussian
People could utilize paper wallets, although verifying the public addresses would be problematic.
Posted on 1/30/14 at 10:37 am to joshnorris14
In that case, people could write checks on their bank accounts and pay.
Posted on 1/30/14 at 10:55 am to ocelot4ark
quote:Banks aren't the only source of cash, and cash isn't the only physical manifestation of money.
How would you retrieve your cash if the area banks aren't open due to the disaster in the area?
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