Bitcoin Forum

Ok, let's assume that the following scenario is actually possible, I would like to know how you feel when all these things happen at the same time:

Bitcoin is under a 66% attack (double spends are happening)
Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.
The real satoshi (proven by something) is found dead, killed.

Uh, you mean 51% attack?

No actually 66,6% attack

Whats the difference between a 51% attack and 66.6% attack?

15,6%

im hard on keeping them till they 10k per bitcoin

People who buy from you will sell @ 100k

All praises due to Satoshi, Satoshi bless me, in the name of the founder, the blockchain, mazel bits!

And people who buy at 100k will lose big when it falls to 1k.

Bitcoins price is unsustainable above 1.5k

Keep my bitcoins, no matter what (price). Satoshi is my god

I am the Bruce Willis of Bitcoin.

Where did you get the mirror ball from?  I need one too.

Do you play in any of these movies?  :P

Die Hard with a Bitcoin (2012)
Live Bitcoin or Die Hard (2013)
A Good Day to Bitcoin (2014)

No middle ground here? I spend what I have to spend and keep everything else. I don't see the need to HODL like other people do. This is a currency, not a money-making scheme.  ;)

First option for me. I'm a real keeper ;)

Why exchange Bitcoin for something inferior? There is no reason to invest in other things when you already have the best investment. :D

Just HODL and wait for Bitcoin becoming global currency - then you can buy your daily necessities with it.

ya.ya.yo!

If all of those things are happening, then things have frankly gotten out of hand.

With the double-spend issue, unless it's reconciled in some fashion, it's hard to make a case for continuing on.

As for the prison issue, the moment that owning BTC becomes a more severe crime than killing a family of 5 due to intoxication, something is terribly wrong with the system and likely all hell has broken loose.

Admittedly, the death of Satoshi shouldn't factor too much into the decision. After all, like I said the prison thing kinda implies a canon of zeal and possibly anarchy.

I keep 1 bitcoin totally off line, in a time capsule to my son ... so does not matter whats happens... that particular bitcoin I will never touch ... my son can touch if he want when he get older ...  ::)

You knowwww....

We could actually launch the BitChurch with a pastor, secretary and a treasurer...and as an officially recognized church, not subject to taxes...so our wallets could be blessed and ordained by the church as part of religious ritual and unable to be confiscated and all brethren are not required to tattle on one another during "confession"...


BitChurch of Satoshi
Temple of Satoshi

It could work...

http://www.themonastery.org/

https://www.startchurch.com

Just saying  ;D

Makes me remember a few scenes out of Diehard, they always seem to involve no shirt blood glass or snow a couple of Ak's and either a grenade, smoke or tank of fuel, or all of the above,

http://www.youtube.com/watch?v=jqdWPns_-jY

Same mirror ball of the guy who predicted this:

I follow jediism

http://www.jedichurch.org/uploads/4448/images/weblogo.jpg

Not sure what that means, but whatevs. 

We only touched @$1200 for a short time once last year.  That was the all time high for a currency 5 years old.

We haven't even sniffed $1500.  Bitcoin's got lots of time to grow in it's young life.

Lol

I'm gonna John Wayne this beeyotch!

i'm holding on to my small amount of coins. it's kind of my lottery ticket.. i'm not sure if it'll ever reach $10,000, but if it does great. i'm going to the moon with the rocketship, or down to the seaboard with it.

satoshi isnt my god, but i know btc can be the future

Why does it matter if Satoshi dies? The inventor of fiat ain't exactly alive and well.

Give me bitcoin, or give me death!

I just tried to make a horrible scenario for anyone to panic sell.
The outcome is surprising, BTC is very resilient

Careful, these sort of things on the internet are now admissable in court!   :o

The real question is how those came to be. From what we've seen pools getting 50% or more get severe community backlash - meaning that most of the miners switch pools to reduce the size of that pool. The second option is a possibility minus the jail time (how is it illegal to accept something else as a form of payment - it's just the barter system). I'm not even going to bother with the last.

Now to answer your hypothetical - if all three happened, I'd probably just hold on to what I have and see where it goes (not much value in divesting in something that will have already hit rock bottom thanks to those factors). Bitcoins are an experiment, I'm keeping some in case - but if they become worthless overnight I won't be too greatly affected.

sell half and keep the rest..

 ;D

Fuck your theism-endorsing poll, no gods no masters. And frankly I don't give a fuck about who made Bitcoin.

I care that crypto is objectively, vastly superior to fiat money in every conceivable way.

Nation-state government-backed currency is a dying animal, like polar bears. Crypto is lighting a fire under the ass of the finance world. A pure mathematics-based digital currency is so obviously the way of the future, it honestly blows my mind that so few people see this inevitable reality for what it is. What could be more obvious? Then again I feel the same about atheism, anarchism, anti-capitalism, so...

The only reasonable explanation I can come up with is the typical historical amnesia of the masses, but that's really limited to Americans so... Like half of americans still believe in angels so there's not really much hope there.

Enjoy the Bitcoin rush while you still can.  Fiat will live forever.

Don't feed the troll (he's not even a good one) lol

Need some help. How does a person respond to these polls? I'd like to participate but am missing something. Help please.

Newbies can't vote in polls. You need at least Jr. Member status to vote in polls. Jr Members status requires 30 activity. You can check activity levels here : https://bitcointalk.org/index.php?topic=178608.msg1861412#msg1861412

Your handle gives me the strangest boner, no homo.

I immediately want to hit the office bathroom stall with my smartphone for some reason... :-[

I will sell most of my bitcoins before your stated scenario happens. I am not a die hard fan, do not flame me for it  :D

I see bitcoin as a payment system, like my credit card. If the credit card company is closing down. What will you do with the cashback money on the card? Spend it surely.

i see it as the same. people who think btc will replace currency are just crazy. as of now, i see bitcoin, at least for me, as a lottery ticket. if i win, i win big.. if i lose, then i just lose.

[quote
 author=beetcoin
link=topic=619621.msg6900858#msg6900858 date=1400875256]

i see it as the same. people who think btc will replace currency are
just crazy. as of now, i see bitcoin, at least for me, as a lottery
ticket. if i win, i win big.. if i lose, then i just lose.
[/quote]

To me bitcoin is more of a powerful network and payment protocol rather
that a currency. It a long way to come until there is technology in
place to help it replace FIAT

If the top two things happened at the same time, I think it would be safe to say that it is time to sell lol.   No matter how much you want to support BTC, it is parachute time if you are heavily invested...

I don't like the fact that there's no middle ground. I personally spend just enough as to make the economy healthy.

Well ill do many of these things, ill exchange some for goods, some for fiat and will hold some.

 :D :D :D

I would just hold cause what I've invested into BTC is what I could afford to loose :)

I will never convert btc to fiat. I am more interested in the philosophical ideas behind it than as a speculative asset so if the good ship BTC goes down I will be on the deck as it slips beneath the waves. 

If this scenario actually happens, then the exchange rate of Bitcoins will crash until it becomes near zero. At that point, there is no use in exchanging your Bitcoins to fiat or bullion.

Under a 66% attack divesting is impossible, so the first option is the only rational response.

Actually good point! If all those things happen, THEN is the time that BTC was made for!

Look the process is in the making:
http://www.theguardian.com/technology/2014/jun/04/life-sentence-cybercrime-queens-speech

Life sentences for non violent crimes?  :o

I hate the ddos people and hackers in general as much as everyone else but wow.

bitcoin people will be declared hackers because:

The law would have a maximum sentence of 14 years for attacks that create "a significant risk of severe economic or environmental damage or social disruption".

so far almost 70% of the people who voted would hold their coins, even if it were under a 51%+ attack. i think i'm calling bullshit. the truth is that people care about their own wealth more than they do the development of bitcoin. not that there's anything wrong with that.

http://img2.wikia.nocookie.net/__cb20130124033019/diehard/images/c/cd/Die_hard_with_a_vengeance_image24.jpg
Hanging on to the Bitcoin train.

The "problem" is, most people have a large amount of BTC in cold storage which is not easy to access.
My largest stack is also very unaccessible.
That means that I'm always too late to sell for a reasonable price.
And also I invested not more than I'm willing to loose 100%.
For me it is a binary bet, zero or (close to) infinite value.
I'm already more than happy to be involved in this experiment.
The money I've spend could not buy me more happiness and excitement for such a long time.

Well since your scenario pretty much spells Armageddon
I would get stuff and then go back later to reinvest in Bitcoin using said stuff

Satoshi is my god  ;D

The nice thing about open source communities is the human connections and communication. No social technologies are flawless where people are concerned. While Bitcoin is mostly a trustless system, it is not completely independent from the trusted people that work hard to continuously improve its service. With Bitcoin, you are not investing in a corporation owned by nameless stockholders, you are investing in a  revolution whose stockholders are the people that believe that the smartest people can outsmart greedy people. Even if greedy people think they can outsmart some of us, smart people tend to stick together and do what is right for the greater good.

the problem is that you can steal millions of dollars worth before stepping foot outside your doorstep. and it's much harder to track down an internet thief than it is someone who actually puts themselves on the line. i do hope the honest people can win out against the scammers, but the scammers have a pretty big advantage in their hit-and-run schemes.

Yeah, trillions are stolen in fiat (https://www.youtube.com/watch?v=-kCIoq5F7O4). Bitcoin isn't quite so easy unless you give your bitcoins to someone first. Read about the 51% attack here (https://en.bitcoin.it/wiki/Weaknesses). It's not really a problem.

The first criterion would make me nervous, from my limited knowledge, not enough to liquidate.

The second one would make me want to hold and use my coin even more! BTC is attractive to me specifically because it is a currency system that provides freedom which fiat does not.

If Satoshi dies I will cry in  my pillow, and then (figuratively) roll around in my bitcoins until I feel better (but not sell them).

Cool story.

"When injustice becomes law, resistance becomes duty".
-Adam Kokesh

http://i.kinja-img.com/gawker-media/image/upload/s--xjQhBeHJ--/186x74v6zxb95jpg.jpg

I'm not sure why but that really made me laugh. Thanks.

Definitely the first choice!
Why exchange to fiat, gold, or other goods?

You're welcome. I thought it was pretty hilarious as well  ;D
I was LMAO when I gave the 15,6 answer.

There are lot of holders in the forum (I'm one of them),I think it's the most safe and easy choice.

I have a habit of switching to fiat, but I seem to be pretty terrible at trading so I don't know why I bother. I'm not at a loss yet but I would have been at a significant gain had of followed my instincts.

A friend of mine insists on holding, he can freely afford to hold as he got in cheap.

May be.  ;D

But there are also a lot of people like me as well.

I had close to BTC50 with me a year ago. Lost 80% of that in BTCT.co. Then converted 75% of the remaining coins to fiat.

I think this is just because Bitcoin is a fledgling economy, once people start figuring out who the trustworthy people are and who are the scammers we'll see a lot of prosperity, it is a lot trickier on the internet but businesses that operate in person are clearly having a much easier time.

Also OP, your poll sucks :P I would exchange a percentage of my Bitcoins for gold and silver, then I'd save, buy other altcoins or spend the actual Bitcoins on Bitcoin accepting stores, first thing I want to do when I make enough money is get a new computer through scan.co.uk :D

You'll never go broke taking a profit. Greed is what tanks most investors. In the end it is not how much could you have potentially made (if you play that game you can make a fortune and still be miserable) but how much did you make. Anything to the plus is a win.

Buy some whenever it tanks, sell some during rallies (the standard buy low, sell high.) Never hurts to take a profit.

Define profit.
For me more BTC is better than more FIAT.
I only buy the dips, never sell for fiat but spend on goods or services.

For me bitcoin isn't a religion. I need more than faith. While I agree with the philosophy behind it and am positively giddy with the potential positive effects it might bring, I still have to stick to the realities as I see them. And beyond that I ALWAYS take a 30% sell at 10x run up. That's just an anti-greed hard and fast rule for me, unless the sums involved are really minuscule. But that's just my personal rules.

I sincerely hope you make a much greater ROI than I do. Because otherwise we went through the floor (although buying and selling on my floors and ceilings I conceivably could pass your holding strategy.) Regardless I prefer a conservative route.

If all these things happened at the same time more than likely I would be put on suicide watch by my girl :P

Especially the 66.6% attack! lol

*seriously though, plan on holding as much as I can for as long as I can :)

How is spending bitcoin on good/services different from selling it from fiat? Do you take into consideration the merchant't policy of converting their bitcoin into fiat?

Die hard enough to keep my Bitcoins when the hashrate is around 51% or nearer for Gigahash.io
That said also concerned enough to be watching this carefully as a centralized mint in bitcoin with decreasing node usage are not healthy signs of a distributed open network.
The OP is becoming a sage :)

I generally buy and sell bitcoin in and out of Palladium, but that just took a dip I did not expect so if it doesn't correct in time I'll have to use something else when I shift some capital back into bitcoin after if it hits my floor. In the short term 1d, 1w, 1m, 3m, 6m, 9m USD is seriously outperforming bitcoin. I agree with you in long term principle but I have to go with short term realities in practice.

I feel very clever about my XMR position.

Well when artists die their art value increases, so maybe if Satoshi dies the value of bitcoin will increase too.

There would be no way to confirm that, so no.

I am a big bitcoin fan, but under the scenario you have described bitcoin has lost a lot of its appeal, as has living in the US and EU.  I don't think poor satoshi's demise is much of an issue, unless his heirs are going to spend his 1M coins!

Keep my bitcoins, no matter what price. Satoshi is my god

Really I made my first BTC really fast and I will not regret much if they are gone if market goes at low prizes. Of course i will br sad if someone had stole my money!
BR

Well the only absolute certainty would be time say 100 years from now then we can kind of assume natural death but not be around to claim it
But don't think that would work on the principle that he is alive or dead anyways.

When it comes to crypto, you cant realy ignore the fact that sometimes its better to sell even if you know the price will eventualy go up.
look at litecoin, its going just down and down, but you know its gonna go up again.
so the best solution is to hold, until you are certain that you will be able to buy back in lower.

NOT true, you do NOT know its going to go back up, you are just thinking wishfully.

I voted for "Spend almost all on goods" because I figure that, if there is anybody in the U.S. government who actually cares about the economy, they'll notice if every single Bitcoin user does that right before it becomes illegal. Of course, it probably won't be worth much at that point, but they'll notice.

On what do you base this opinion?