Bitcoin Forum

***I am not saying the market will collapse. I am asking what your strategy is in the event of a panic.

Say the market collapsed (below $10), what would happen to the exchanges?

I guess trading would be "suspended" to allow the insiders to get out first and it would be very hard to convert the last remaining value of your BTC before hitting $10 and below.

How could I get back to fiat in a panic situation? I guess nobody on localbitcoins.com would be buying?

So you have 100% USD, 50% BTC, and 0% credibility ::)

And why would exchanges shut down if the price collapses anyway? They're collecting fees no matter what...

I change in and out of BTC/USD like the British weather.

If you must know, at the moment, I'm 75% XRP, 25% USD and 0% BTC.

If you have something constructive to say on the thread I started; please do. Otherwise, stop trolling the thread.

That is the worst time to sell, why not buy more at the best time?

Completely off topic.

Set off an EMP from a blimp, then sell an unsealed Casascius coin for the pre-crash price since the buyer won't be able to check the market prices.

If bitcoin price is so low, I would imagine there would be panic buy at the same time. Exchanges are collecting fee as usual and not affected by drop in price. May be the increase in volume might cause the servers to slowdown. All in all, my strategy is probably be buying more btc.

BTC crashed from 30usd to 0.1USD before.


so , it might dumped from 300usd to 1usd.

yeah, there is a chance.

In case of emergency, put blanket over your head  :-*

I guess "circuit breakers", "hack", "huge volume", "technical difficulties" are terms/phrases we'll be hearing about a lot more...

I read this about an hour ago:

http://www.reddit.com/r/BitcoinMarkets/comments/2s4ppm/daily_discussion_monday_january_12_2015/cnmsqxm

Thank God I did. I'm 100% out of all BTC exchanges. Talk about perfect timing!

Ripple is SHIT ;D

At least I'm not in the shit.

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Shouldn't you be filling your boots with bargain bitcoin? Instead you're spending your time doing silly pictures.

Isn't there an alt-coin thread where you can troll XRPers to your heart's content?

This thread is about what to do in an emergency. Not Ripple. There's a whole sub-section on bitcointalk for you.

Ignore.

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You find people looking to buy, since they will be happy to scoop up BTC at bargain prices. Every past "emergency" has seen no shortage of buyers in response to panic selling and (temporary) lower prices.

Most people are not 100% invested in btc. Rather they have multiple investments in both fiat and altcoin sectors. A total collapse would not effect them (as much) due to not having all their eggs in one basket.

Fiat is a safe haven at the moment.

The only trouble is (in my view) that if it keeps going like this, people will start to worry about the exchanges themselves. They'll want their fiat in real bank accounts - not in their trading accounts.

Exchanges are stuttering, experiencing huge lags and/or going completely offline.

Customer orders are taking ages and customers are getting their coins changes at the worst prices.

Finally, and it goes without saying:

dollars in exchange account != dollars in your bank account.