Bitcoin Forum

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

I do believe that Bitcoin can help alleviate the problems presented by the fractional reserve banking system and corrupt governance but it will take a lot of will from the ordinary folks world wide to wake up to the biggest ponzi of the corporate elite agenda and try something new - like Bitcoin. It's all about educating the masses to other alternative economic systems than what they are used to.

A crisis could take down bitcoin tomorrow, while it is nice to have the blockchain as a list of historical transactions a security flaw could mean people loose all faith in it. Like any other currency, it only has value while people have trust in it. If people feel they can have their money wiped out, they will soon stop using it. It has been fairly resilient so far and if the mainstream markets crash, maybe it will inflate like gold did in the 2008 economic crisis.

Wtf, I remember you saying that Bitcoin will decidedly stay under $600 per coin. Now you seem to have changed your mind and suggest to keep hoarding bitcoins as much as we can? Does it mean that what you had been claiming before was total bullshit right from the start? Or will you suggest to drop our stashes as soon as possible in the next thread you kick off?

Peeps are watching, monkeys are listening

If the world face another crisis on the next year bitcoins should get stronger has it doesnt have any connection with banks and countries, sure the transactions of buy and sell would dump a bit in volume, but the price should get bigger.

if there's a financial crisis soon, it's way too early for bitcoin to be anything other than flattened. this is all nothing but speculation still. no one wants to speculate apart from the real pros. the bitcoin market is mainly made up of scared kiddies who run at any sign of panic. if it does survive then the one after the upcoming one is where we might see some real action.

I would have thought it'd take more than a year for bitcoin to be developed, no?  I haven't read the white paper.  If that's the case, I can't see how the 2008 crisis would have influenced its creation.  Still, I agree that if a financial disaster does it, bitcoin is certainly going to get tested.  But my guess is that people are going to be fleeing to stable foreign currencies and metals, just like what always happens when shit melts down.

You may be correct here, if ever this crisis happen there is also a significant effect on bitcoin. People are also investing here and it is gaining popularity. People will intend pr prefer to encash and surely will affect the bitcoin price.

Bitcoin is free of influence of banks but I think there are some other interests group who do manipulate the price in a way (like whales). If the new crisis comes relatively soon I'm not sure that Bitcoin could be the solution because it's stil not embeded and stable enough to handle this and the big number of Bitcoin users are stil mainly relatively young and economicaly unexperienced.

It could go either way. People may be willing to invest in bitcoin as its seen as a relatively safe investment. It has alot more value now then paper money. But if paper money diminishes no one will have paper money to buy bitcoin.

I cant see the price of bitcoin will go down as far as $200. If a crisis happen in the economy of a country, I think the price will just go up. Like what happen to China months ago. Bitcoin price will go down if a hacking a happens to a companies that uses bitcoins.

A big issue with having Bitcoin and the financial crisis in a comparison/discussion is that we have no idea, really, if we're going to see a lot of people taking interest with Bitcoin after the financial collapse wraps up. For a traditional financial collapse raw-er resources such as gold, silver, and other valuable things that are tangible and can be used have more value than intangibles, however something like Bitcoin is new and untested and could be worth a lot after a collapse.

I believe in every crisis people will actually turn to BTC and BTC will grow in popularity

I personally think that there might be some potential for something like Bitcoin to grow during the next financial crisis, but there is going to have to be a push during the initial "death spiral" to get people investing in Bitcoin and get more people looking to it as a source of value. If that can be done, there would be a lot of growth potential for Bitcoin in a short amount of time. Whether or not that potential can be realized, though, is a whole different manner.

Only if it can prove itself. It will have to prove itself in the next upcoming collapse and that will set the precedent for Bitcoin in every collapse thereafter. It has to be able to maintain its purchasing power and keep the community safe and weather the storm from the collapsing markets. If it can do that, it will have effectively proven itself and it will be something people will turn to in the future. If it just collapses along with everything else, a lot of normal people will write it off.

BTC has to be a somewhat safe zone and a place where people can turn to when a crisis happens.That's why BTC has to remain its stability so people can easily recognise it as a replacemenf ot the currencies

Yeah it is all about educating the people about the advantages of Bitcoin and cryptocurrency technology over the current system. But it would also be wise to point out some disadvantages as well and then let them decide if they still want to use it or not. I am all for evangelizing crypto but let us not get carried away into preaching that we have found the light and the rest are still cloaked in darkness.

Also it is funny that you mention that the current banking system is a ponzi of the corporate elite because the mainstream see Bitcoin as one too. Education is the way to go forward and show them who's who and what's what.

Yes I said that. But does that mean I said Bitcoin is dead? No far from it. It was merely a speculation and like all speculations it can be right or it could be wrong. I never said that Bitcoin had no future as a protocol, a payment network or a plain peer to peer currency to transact with. Having said that we all have to accept that the price of Bitcoin can change from time to time and it is very volatile. Is speculating the price in the speculation part of the forum such a crime?

Why do you think there will be a crisis later, could the result of the election be one of the reason?  ;D

as far as i know Bitcoin may still be affected in times of crisis as without the fiat, bitcoin wouldn't also have higher value.

Yeah, we all know that war is peace and failure is definitely a success

And what are you going to say next?  Why stop half way and not speculate further that Bitcoin, for example, is going to collapse to $100 in 2017? Indeed, this is not as much as proclaiming Bitcoin dead, that Bitcoin has no future as a protocol, or blah, blah, blah, but that would still be quite in line with your previous predictions and prophecies, wouldn't it?

Very good thought and i think it will really give people to think on this problem to solve it, as if this time more country will be suffering from financial crisis. and through bitcoin we can survive it.

If thats the case that they are made bitcoin because of financial crisis and its free by influence to banks.
We should adopt bitcoin more so that if financial like earth quake in our country.. how we can use bitcoin if it will happen i think we have no electricity if strong earth quake will happen just like last 2008.

Not all of us.. I, for example, wouldn't be able to survive with Bitcoin because it's like not even existing in my country. If a financial crisis will be coming, I wouldn't be able to use Bitcoin at all. To do so, I will have to travel hundreds of kilometers which is too much.

What are you talking about? Bitcoin exist everywhere. You are not limited to using your own country banking infrastructure to sell/buy bitcoin.
Ever heard of offshore banking also you can have foreign currency account and conduct operations like selling/buying from every bitcoin exchange in the world.
Situation where every major currency will collapse is near impossible.

I didn't heard about any prediction of next financial crisis. But I think it may happen exactly cause of Bitcoin. Just imagine the price for bitcoin reach 4000 $ per 1 BTC one day (BTW there is even a post with such name here on the forum), so that day many of bitcoin holders will decide to not skip that lucky chance and try to cash out their savings. In the the world will not be enough money to cover the interest of big number of people who decided cash out their bitcoins. And that will provoke collapse and new crisis.

BTC is global mate,just use it online or at a retail even if in your country it isn't accepted,then shop online and boom,you're there :D Start creating you own circumstances,that's how you should do it the right way

Bitcoin is listed in different exchanges and the price always moves up, down or sideways. How can someone interested in trading it not make his or her own speculations. Yes I admit that I could be wrong from time to time and I would be the first to admit that but that will not stop me or anyone else to make our speculations are predictions public even if it is right or wrong. There was a reason why the speculation part of the forum was created. If it affects you in a negative way then it is not my problem.

I have keeped bitcoin more than 1 years although it is just low amount because as we know bitcoin's price is expensive for me and i start collection other coins too, i have started collection ethereum classic because in my opinion it will has valuable while financial crisis happens. But it is just my opinion, there are not people who know about the future. Thanks

But if he lives in a country where a financial crisis means can't afford internet, or there constant power outages, and he can't simply go out to the store and buy food with it, then the value of Bitcoin wouldn't be that great for him. Perhaps it would still be great to store some value until things stabilizes. But living day to day I could see how it could be a problem.

If a Bitcoin was worth $4,000, then it's market cap would be like 60 billion dollars. Bill Gates has more money than that. That's not enough money to cause a dent in the US economy. Much less when you consider that Bitcoin is a world wide coin.

I think if people lose faith in a currency they simply switch to another.Bitcoin is the next viable option in case of finacial crisis.On the other hand, properly educating people about the benefits of bitcoin would foster credibility.Personally bitcoin still have a couple of advantage over fiat currency.  It isn't controlled by any central authority.  Second bitcoin can be easily  bought and sold in bitcoin exchange sites and localbitcoin.com.Transactions are done very quickly without a third party...

Patience, give it time, financial growth (unless it is a temporary bubble) won't happen over night.
Bitcoin was invented less than decade ago. Bitcoin market capitalization reached one billion dollars in March 2013 - and now it is sitting on rather stable ~$10 billion.

Of course there is no cryptocurrency which will dethrone USD, EURO or Pound now. But in the future? Who knows.

Aint we are already at financial crisis? It is just being hidden to us but you will feel it. I dont need to see that to want to earn more BTC's. It gives me the power to avoid that kind of problem now.

We have been on a financial crisis the very second the last lone ended. This system goes from a systemic crash to another and we are getting closer to the next one. What I don't see as clear is the USD going kaput anytime soon like some people are saying. I hope it happens since who cares about fiat anymore, it's time for BTC to reach jupiter.

I don't know what is going to happen to bitcoin but I know that it will be the first choice for people who want to hide their money away from the governments. When the shit hits the fan, the Govs will put crazy fees on the bank deposits. It happened in Greece before. Deutsche is going down, we should get ready. Some major shit is on its way.

if the next financial crisis happens then people will definitely be screwed, but bitcoins could actually help prevent it

While I see Bitcoin can help people in a financial crisis, I fail to see how it can prevent one. I just cannot see that happening. The last financial crisis was actually caused by a lot of greedy bankers selling loans that were lumped together and were graded as A+, when it actuality they were all junk. They manipulated the system into getting what they want. So please explain to us how you think Bitcoin can prevent the next financial crisis.

Any reliable sources to read about upcoming crisis ? I just found an interesting article highlighting an alternative point of view on possible crisis and ways of overcoming it http://planetaryproject.com/planet_project/forward/ (http://planetaryproject.com/planet_project/forward/) , it's rather interesting.

Maybe the next financial is already starting today. Has anyone seen this news?

https://www.youtube.com/watch?v=qoA-rlpVJp0

Ron Paul is claiming that the US Dollar will collapse on September 27, 2016. That is today! He is also saying that gold's price will go to infinity. Bitcoin could also possibly be one of the safe havens where the people outside of the community can store their wealth. Now might be a good time to start talking and educating about Bitcoin.

you weren't speculating my friend you were guessing i said this in that topic that you locked to hide, and i say it here too. there is a big difference between a guess and an speculation based on analysis.

back to the topic at hand.
i don't think a financial crisis is going to have that effect you have in mind on bitcoin because there are simply a lot other things like gold that people invest in and they don't even know bitcoin exists. but there surely be a positive effect.

No way that could happen. I understand how truly strong USD is and do you think they will ler this happen. Large investors will be fucked up with this. Do you thing they will let that happen? Firsr there will be news about a lot of money transferring from USD to another currency.

I am aware that the US will not allow that to happen. They have too much power and influence and it will be against China's best interest if the $ goes down in value. It is a known fact the China holds a lot of $ and also holds a lot of US debt. They might even be helping the US behind the scenes to keep it from collapsing.

I was just posting that news only because it is an extreme prediction and something that might be to the benefit of Bitcoin.

There are nothing wrong with the protection of your wealth in uncertain economic times, but too much hoarding will also slow down adoption and growth. If nobody is selling any coins and/or using them, the merchants will stop accepting it as a payment method. There needs to be a fine balance between the bitcoins being used and the bitcoins being hoarded.

I try to hoard about 80% of my coins, but still use about 20% to stimulate the Bitcoin economy. ^smile^

Yeah actually that's true,China will try to help if anything happens,I think the BTC may actually benefit from a situation where the currency crashes and people turn to BTC and then BTC price will rise

We all perfectly well know and understand that your main issue with that (https://bitcointalk.org/index.php?topic=1587067.msg15936177#msg15936177) thread was not speculation or guessing. It was your contemptuous attitude toward and wilful defiance against folks here that you have shown and which stirred up so much hatred and discord. Now that you are on a signature campaign you seem to be more responsible in what to say and which words to use. But you won't get away with that until you publicly admit that such attitude is totally unacceptable...

And now you seem to have locked that thread, have you?

But is it really the ordinary user's fault? If you check the Bitcoin's rich list you will see and realize that they are the individuals who are really hoarding most of the coins. If there is someone who holds the responsibility to use the coins for the sake of the Bitcoin economy, it is them. It is also in their interest to do so to avoid stagnation for their coins.

can you shoe us this rich list i would love to see the list and also know who are these people who are hoarding bitcoin.

mainly because as far as i know, these lists are only having addresses with big amounts of bitcoin on them and they are mostly belonging to the major businesses like exchanges for example and we never know one person that has a big balance because they are careful and spread it among multiple btc addresses.

Besides exchanges several casinos has a huge volume of coins, but sure exchange holding the big portion of coins in circulation, bitcoin its independent if fiat find a problem, the result should be bitcoin more stronger, as people wont sell their coins soo cheap as they do now.

The financial industry is going forward to the next big crisis with those negative interest rates.

I`m still not sure if bitcoin is strong enough to be an alternative of the bank system and fiat money.

We have to support it and promote it even more.

gold will become an investment option for most people in the world when the next financial crisis occurs but if it happens in the near future and the gold supply stock is thinning so bitcoin can be another choice because the price of bitcoin is currently quite high and strong.

Ok I admit that it will be hard to pinpoint any person who holds a large amount of Bitcoins because they might be spreading them out in multiple wallets. But what I am saying is still true. There are Bitcoin millionaires who hoard as much coins as they can. They are the people who are the real impediment in the Bitcoin economy. Most of the ordinary users of this forum do not have much Bitcoins and only get what they can thru faucets and signature campaigns. So why put the responsibility of the Bitcoin economy on their shoulders? That is unfair.

Bitcoin is becoming more popular and stronger when the centralized currency suffers setbacks. However, Bitcoin can not be trusted completely. When using it, there are many risks that need to be taken into account

This list of the people who own most bitcoins is not a top secret really. I remember there was a thread just about that here. Whether these people are a real impediment to the Bitcoin economy is highly debatable though. I could argue that since their coins don't enter the market, this limits the market supply thereby pushing the price higher which allows the small fish earn something through appreciation of the currency. If they decided to sell all their coins, that would without doubt bring the price down significantly, but in the long run we would still end up where we are now...

So what difference does it make if it makes any at all?

People do not run to bitcoin when the markets go haywire and I recall watching a some what dip time recently where gold and bitcoin both went down as well with the markets. The simple fact is people with large amounts in their investments do not suddenly pull out of the markets because the wind changed direction. Bitcoin does well when it already has people on the ship adding to their portfolio,as opposed to running to bitcoin when things head south.

that is really a very very serious issue ans need some good planing for that so that bitcoin may not be effected too much/

Bitcoin is already changing finance, are you agree? Many people are afraid that Bitcoin adoption has begun to stagnate. In many ways, this is true. What these people often don’t take into account, though, is just how much Bitcoin has already grown from its humble beginnings as an obscure, fringe subculture just 5 years ago to a near household name today. https://icoshedule.com/despite-naysayers-bitcoin-is-already-changing-finance/

Your analysis was right on the button for me. My thought is simply yes I concur with your OP and that is why I am in this game right now. I think another collapse is probable especially with how the current system is setup

and I am very much hedging my bet by being in bitcoin. It is a haven from a world of crap!