Bitcoin Forum

If military attacking ur home ur gold or silver even house will be gone most likely the bank building gone all the local structures gone only thing is left crypto its in the internet it does not have o ne speficic location
So in chaos crypto is only way to keep wealth u might have.
But only thing is ....those btc wallets must have some servers physical locations or they cloud based ??

Have backups on multiple physical locations so if your 1st backup gets wrecked by a bomb, you have a second backup at a second location. Use a steel sheet instead as paper can obviously easily burn.

Cloud based backups sounds great in theory but you're putting your funds at risk because there's a chance for hackers getting access to your cloud storage — hence having access to your backups — hence having access to your funds.

Safest place then exvhangers what bad could happening ?
Also some wallets like tronlink and u good to go

Oh nothing.. just a chance that you lose your money and they end up going to some hackers' hands.. https://cryptosec.info/exchange-hacks

But binance been reinbursed many times also exchangers taking hacking very seriously they been tracking down the criminals also fbi and law engorcements are heavily involed protecting the exvhangers.

How you yourself are attacked and bombed, what do you do with your crypto assets....! After you leave your Bitcoin wallet at some point, do you tell other people, for example your family.

My understanding is that war cannot guarantee you and your crypto assets of any kind, including wallets or internet access, if the military attacks you, what you can do is: buy gold and plant it in one very secret place, if you survive, you still have it, even if you don't have Bitcoin wallet devices and storage at some point, How to store gold has been done for thousands of years by the ancestors of the safest tricks.

They were able to reimburse the money because only a portion of the hot wallet was affected, which was like sub 2% of all the funds they're holding. The problem comes if the 98% part gets stolen.

We've already had 50+ exchange hacks throughout the years. Law enforcement can only do so much.

Informed crypto holders always believe that .. "not your key, not your Bitcoin".  So we always believe that there is always more risk when you put your crypto asset on exchange.  

To put more emphasis on it, you may read this article about how important owning the private key of your crypto asset is.

You can read more about it on this article (https://www.ledger.com/academy/not-your-keys-not-your-coins-why-it-matters#:~:text=%E2%80%9CNot%20your%20keys%2C%20not%20your%20coins%E2%80%9D%20is%20a%20popular,in%20control%20of%20your%20coins.)

In case war erupts, and many countries is involved, there is a huge possibility that exchanges will shut down, and what if one of those that shuts down holds all your coins.  Imagine how much trouble it will cause you if you lost access to your coins on those exchanges?

I think the OP don't understand that when chaos happened a lot of think are always at risk and with what you said cloud based backup appears to be a good way of saving something for a long time though hacker attack is the major problem but if it happens that I wrote my wallet seeds in encrypted texts developed and understand only by myself out of the blue.
What chance do I have in terms of security?

Cryptocurrency was the asset,where you can earn double of triple of the profit,by just holding.You think,this much profit,you will earn in gold ,silver ,diamond or platinum.Not at all possible one.Any the gold value may reduce huge and took huge time for the recovery.But the price of bitcoin will recover only in a few hours or few months.

While I do agree with you, it is still advisable if you could keep your assets focused into multiple locations as having physical cash/assets are still better. The problem with cryptocurrencies is that its price could be extremely volatile in the face of war and crisis. Exchanges run also the risk of having scammed/hacked by hackers given that they exists primarily in the internet. Everything is at risk and that is why it is essential to keep and have a contingency.

Lastly, physical assets always have value regardless of the current situation. While BTC may be a good store of value due to its high price in the market, lots of things could escalate that could effect its price in the market.

Except Internet connection will also be gone in areas close to the front lines and occupied territories, so you won't be able to use crypto while there (and don't start with satellite Internet - it's not available everywhere and can theoretically be jammed). Also, Bitcoin adoption for payments is not widespread, so while you are in such extreme conditions, you will need to find ways to convert it into fiat - which could easily be impossible.

A "smart" thing to do is to have enough cash to survive, and store your wealth in Bitcoin. Providing that you can manage it properly and not lose it all because you had only one copy of your seed and it's gone for some reason.

But I would say, in general Bitcoin is not a good asset for a crisis. If you have lost nearly all your physical possessions, and then Bitcoin crashes by 20-50% for no reason, and your only choice is to sell Bitcoin, even at a loss, just to survive - that's not a good deal. It could be used to smuggle your wealth across the border or military checkpoints, but after that it's better to convert it back to fiat once you are safe.

Although volatility is not a good thing for a store of value.

Anyway, I agree that Bitcoin is indeed somehow resistant to physical destruction. If a war is happening and bombs are dropped destroying houses and banks and ATMs and other physical structures, Bitcoin may still survive provided you still have the keys in your possession.

Forget about centralized exchanges and other custodial wallets. I'm afraid in times of war you can hardly rely on them. Stick to fully controlling your funds.

Usdt is store value

I guess this thinking has been prompted by the current crisis between Russia and Ukraine and how people have lost a lot of their physical assets. I quite agree with you although not completely considering extreme situations that can occur due to a chaos.

During chaos, there's a lot of disorderliness, people scampering for safety, bomb blast, looting and all sorts... Many things can happen, one could easily loose possession of their keys if it was written down, carved on steel or in their Mobile phone, or hit their head somewhere and suffer memory loss or due to shock forget their keys or access password to wherever their keys are saved.

So in chaos, crypto can provide some sort of blanket for some of your wealth, but it is still not completely sure.

That's true and there is no need to doubt it because in my opinion cryptocurrency is still the most promising asset,
many people have made a profit either when trading or investing in it,
although the risk is also great but it is not an obstacle and in fact it can be a motivation or challenge for someone

That is right you made a point. A good example is with what is happening between Russia and Ukraine. There have been calls to block Russian cryptocurrency accounts on some exchange. This is quite unfortunate to totally store all asset on exchange because in such times, it may be still happen and if the country is unlucky to go into war with country where the exchange is then you can be sure those accounts may be blocked.

Absolutely its safe heaven on the emergency situations but we can't say its better store of value than gold. You also have difficulties like where to store your private keys, if you lose the keys at war or natural calamities then you may lose the keys as well.

Good advance thinking. And this is the reason why if you're into crypto, you better be silent and remain lowkey so that you're not going to be stretched and known by others that you're into it.
Better to be quiet and just stay humble if you're making a lot of money through your crypto investments. But thinking that this is possible, it's true that this is possible but it could even be worse that someone would do a $5 wrench attack.

Actually I feel that crypto is a better store of wealth than gold in war because gold can be destroyed by bombs and confiscated when moving through war zones. While with crypto our job is to try to remember or hide the passphrases, memorizing or storing passphrases will be much simpler than hiding gold.

This is also what I'm thinking. As long as you can smuggle your keys or hardware wallet across, your funds should be save. They'd likely look for valuables first like jewelry and cash - unless this happen at a time when crypto has become commonplace enough for them to look for it too.

Of course whether your crypto still have value at that point in history would depend on how bad the war is, etc but at least you can still access it when you are safely across.

 Having some sort of protection against what you could safe is the way hackers think. So if you have a method that you think you could securely put your money somewhere, then they could still some how find a way to hack it. However, the idea that crypto is safe heaven against volatility is a bit of truth as well, you may think its not safe against volatility, but considering the long term could be less and less volatile when we get higher, is a true fact most probably. You think when we are 1 million dollars one day, it could drop to 800k or go to 1.5 million dollars easily? It won't, and that means these high number of increases only happens at low levels, and we are moving even less volatile compared to 4-5 years ago as well.

Well, USDT is a store of value in the most rudimental sense. It must be a store of value because it represents the USD which is also a store of value since it is a currency.

However, it would be a different story if we put a standard on what is a good or a bad store of value. USDT is definitely a bad store of value. In the first place, it is pegged on the value of USD, a currency which is subject to continuous depreciation by design. Furthermore, it is also subject to the bad economic and monetary policies of the government and the abuses of those in power. That's on the side of the currency it represents.

In itself as a centralized digital currency, on the other hand, the company that owns it could take control over all the funds. If you have USDT, be aware that Tether could freeze your funds anytime, or even destroy it altogether.  

No one is really limiting you to only have a single copy or backup of your seeds. Maybe lock it behind a cipher even to ensure that even if it gets stolen, they can't get your seed phrase out of it. There's also the option of using other types of the store of value such as gold, it's really a matter of what you can access and hide imo.

Storing on cloud (or custodial wallets) isn't really a good thing, they give you a sense of illusion that you are in control of your funds and tend to hide the fact that they're really the ones holding the funds, they're actually just giving it to you when you need them.

Reaching to a border and crossing with it could be done digitally. Just make sure that you have your money in somewhere like Binance and it should be fine, I do not think that it would matter that much when that happens. Obviously it is not really that much of a big deal when you consider it, after all we are talking about exchanges and you could go anywhere in the world without a war or without crossing borders, it could be just with you in any place of the world.

This is how you could end up getting richer and could end up getting proper return for your investment at the same time, because it is both profitable but also fluid where you go without needing to carry anything.

Currently, there is not a single solution in the crypto currency world for saving and crediting crypto currency that would not depend on the speculative BTC exchange rate managed by its main owners, who are very beneficial to its managed volatility and they can reset your assets at any time and the physical position of your wallet has nothing to do with it at all.

Your personal opinion seems to be a bit narrow when hoarding assets such as gold, stocks, crypto, and real estate to have profit as well as risk. There will be opportunities where your ability is, and this field has great potential, but it should also be thoroughly researched before deciding.

Everyone who has entered the field will have their own approach, and not everyone has the same view of wealth management. Those of us who enter this field will, of course, see the opportunity for ourselves before the problem effects of society.In fact, not everyone knows and understands this market, so in my opinion, everything should be viewed relatively because we also know the risks that can occur in this space.

You wouldn't know on what would happen next even Binance had made out some reimbursement or patching up with those hacked funds then you cant be sure that it would be happening next time on where there's some huge or severe hacking incident which you should always always put up the possibilities because there's no platform which is safe from hack.The best suggestion is on above
that you should at least store it up on a metal plate and not on a paper because it would be prone to burn or being torn into pieces unlike metal plates but of course you should really be setting out
some back ups because if you do lost and having a single back up then losing it would mean it would be a totally lost of your assets.Just be sure that you have a couple so that you would really be
making yourself that confident that you wont lose them.

If you cant run the business to protect customers simply dont run it.
Company is fully liable thats it the binance CEO is fully liable why else he get so much profit ?
He get profit becouse he have full responsebility of our funds and we dont argue about that.
Why else we pay high fees then ? Better option for us will be spend that money in casino then its much more safe as casino have top security.

So true. The risk is that cryptocurrencies are volatile and apart of it, we still don't know the future awaits with crypto, what if our government bans it one day or something more worse that will happen? This is why most of us won't keep all of our wealth in the cryptos but we diversify it for a better security.

We can keep money in banks but if banks gets destroyed, I think they still have the ability to make money so they can always refund us but for other types of investments, maybe they don't have insurance and once it gets hit by a calamity or wars and they got destroyed, we can permanently lost them but let's hope it will not happen.

Bitcoin is not asafe-haven against volatility. Bitcoin itself is volatile. But, for sure when you invest and hold for a long term you do benefit from the huge increase in the price. Still, even at that very high price it doesn’t stop being volatile. On a daily the price would keep on going up and down. It is usually a good investment when you go for a long term. That is why it is said to protect you from inflation.

Even though that it would continue being volatile, the profit you would make from it would still be huge enough in the future after you have held it for the long term. So, the volatility wouldn't be much of a problem to you by then.

Mind you, that even in chaos hackers could also maximize the state of anarchy at a period of war  to hack into certain systems, even crypto.

Preferably for me, I rather risk to tomb my gold and exhume later after the war, that if I survived (smiles ;D ), than risking it to ruthless hackers..

The crypto market is really volatile even though we do the analysis, it still won't be able to predict market movements with certainty,
and I agree with you that for long term crypto investment is a good place especially Bitcoin,
Bitcoin is a potential coin and there is no doubt about it

Well, I suppose people do keep a portion of their crypto in exchanges but they'd still need to get those they stored elsewhere across. This can be a simple as keeping the passphrase. But otherwise it's still easier than carrying around cash/jewelry that can be confiscated by greedy border guards or stolen by fellow migrants.

Most of the people investing in crypto are doing it to keep their identity safe and second to keep their money safe. While the data of crypto assets is stored in physical servers, I believe exchanges must be having some kind of safety measures or data back up to prevent losses incase of war or such events. I wonder if there is some kind of crypto  insurance in the market

Keeping crypto safe is a matter of concern, since technology is something that can be hacked even though mobile phones and the internet as well. If you download anything from mail as well this could be disastrous. Therefore I do think the only way to make sure that things are safe and your wallet and keys are preserved you have to make sure to :
1. Own your keys
2. Have an offline wallet not online !
3. Have wallets like ledger for more than a certain amount of money and keep it stored in a safe
4. Don't write down your keys on your mobile or upload them anywhere it might be harmful for long term
5. Avoid everything that can get your account or your phone hacked !!
Lloyd's have a new insurance policy for your crypto wallets maybe you can check that out ! But prevention is always better than the cure.

Today, bitcoin is unstable, it can be lost like fiat. I wouldn't keep all my eggs in one basket. I think that cryptocurrency is necessary, but I would not place big bets on it. Of course, I will leave part of the money in cryptocurrency, but this will be only one, not the largest part of my savings.

Bitcoin doesn't have any central authority or any servers. It is just working in a decentralized way. And that even makes it more secure. Just like you have talked about banks which are affected because of war. Such a situation can be because of the fact that banks have a central server which when it is affected, affects the whole thing.

But that is not the case with bitcoin, there is no central server that can be affected and thereby disrupt everything. Everything is on its own and it is just on the internet. All you need is just to make sure that you do not lose your private keys because they are very important and are what ensures that you get back to your assets at anytime.