Hey guys. With North Korea sending one of their bombs flying over the island of Japan it made me realize what happens to the value of Bitcoin if a war breaks out.
If North Korea attacks Japan will it send the value of Bitcoin crashing down or will the opposite happen?
Let me just also clarify that I do not wish for a war and hope the value goes up in a peaceful environment.
I don't think it will affect the price of bitcoin too much. Unless the war ensues for a long time and it would affect the whole world, probably it will likely just affect it slightly. Also if it does happen, I don't think Japanese exchange will stop functioning but there would be probably mass fear and people withdrawing their coins. Since Japan does not constitute majority of all traded bitcoins then I don't think it would affect it too much. That's a valid point. If Japs had more coins then it would create a huge impact. |
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Why would Bitcoin crash? if anything it would pump, because ultimately it is a neutral asset, and it is perfect to put your wealth in it and run to a safe place, no other asset allows yo to do this.
It's a lovely thought but anyone betting on that is likely to get their arse handed to them. Most of the market is made up degenerate gamblers and terrified children. If it came to a genuine crunch most people would run screaming. Give it a couple more decades and then it might be a real possibility. That's exactly what I am trying to convey. Since Bitcoin is still in its nascent stage people will panic faster than physical cash. Plus Japan has been one of the biggest innovators for Bitcoin usage and them slowing down could drive the value down. But alas this is again speculation. |
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I don't know about Ethereum...
Pretty big blockchain, very hard to sync, I always got to a grinding halt when I tried it, more then 10 times. Bitcon always sync up, did it like 2 times, with a 100% success rate.
It is also too centralized and their developers like to make very big and controversial changes, that shouldn't work on Bitcoin. Segwit is such a obvious and small change and it is soft fork compared to a hard fork that Ethereum did only to rewrite the valid transactions in blockchain (the DAO fork). Also the PoS system they will implement is pretty untested compared to PoW Bitcoin has. Had more bugs in the clients as well (mostly syncing bugs), when I used it. Not so fluid for use like Bitcoin Core.
The adoption is pretty big on Bitcoin as well, that is hard to battle.
I think that they focused on features to much and not on security and stability. It is great for development, maybe, but currency is a lot better stable,certain and secure.
I mean good luck, but I wouldn't bet on it.
You make interesting observations. Which leads me to believe that it is doable. A better tech down the line might spring up 3-4 altcoins giving bitcoin a run for its money. Every Monopoly gets beaten someday. |
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It is very possible for another cryptocurrency to over take bitcoin in price before 2025 and maybe those currency has not been developed yet. There is a great opportunity out there that has not be tap in on cryptocurrency. I have fore see that time is coming when bitcoin will be rejected by governments and it will remain decentralized and governments of nations will develop their own coin using blockchain technology and create a good value for it that will over take bitcoin in price and market capitalization.
So wouldn't that drive the value of Bitcoin down? |
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Well currently, the market cap of Ethereum is half that of Bitcoin: https://coinmarketcap.com/It just needs bitcoin's price to drop back to say $3000 and Ether's price to move to $500 for the "flippening" to happen. That sounds far fetched right now. But things change fast. Not really. Ethereum already has about 100,000 more transactions every day than bitcoin does. Not to mention the mushrooming on contracts built on top of the ethereum platform. The flippening is a real possibility. Alyssa would you bet on any other Altcoin apart from Ethereum to challenge Bitcoin in the long run? |
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The currencies of these countries will suffer a lot of instability, so it would make sense if they bought Bitcoin to preserve their wealth. But the impact on the price would not be as great, since the rest of Asia would continue to buy and sell Bitcoin normally.
Wouldn't other countries also start to sell if they see the prices dropping? |
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BTC The price for beginning of September 4619 Dollars. The predicted maximum price 5273 and minimum 4583. Averaged price for month 4851. Bitcoin at the end 4928, change for September 6.69%. Year Month Open Max Min Close Average Month%Ch Total%Ch
2017 August 2861 4942 2650 4619 3768 61.45% 61.45%
2017 September 4619 5273 4583 4928 4851 6.69% 68.14%
2017 October 4928 6116 4928 5716 5422 15.99% 84.13%
2017 November 5716 7095 5716 6631 6290 16.01% 100.14%
2017 December 6631 6631 5538 5955 6189 -10.19% 89.95% I thought that this will go north of $10000. |
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such a war would escalate pretty fast. With china, russia, south korea and japan, such a conflict could lead to a world war pretty fast. I think such events have the same effect on the bitcoin price as on gold. it's value would increase.
but it will also have some unpredictable effects. Will there be enough electrical and hash power to keep the blockchain alive? how difficult would it be to buy something with bitcoin and would it be possible to exchange bitcoin for fiat?
That's precisely my point. Will people start selling it to pick up goods for their shelters? Essential services getting hit would hamper blockchain. Let me start by saying that I predict Bitcoins value will go down. People would start dumping it and rather stack cash at home. |
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Hey guys. With North Korea sending one of their bombs flying over the island of Japan it made me realize what happens to the value of Bitcoin if a war breaks out.
If North Korea attacks Japan will it send the value of Bitcoin crashing down or will the opposite happen?
Let me just also clarify that I do not wish for a war and hope the value goes up in a peaceful environment.
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Its not impossible, many things can happen in future. I can't even guess which coin that can be, ETH like first behind bitcoin in price and popularity, or some new altcoin? There is many other altcoins, can any of this altcoins overhaul bitcoin value is really hard to guess. Who knows answer on this question have a chance to buy now and become very rich later. It will not be easy task for that altcoin, btc already cost a lot and predictions are more then optimistic, altcoin that can overcome bitcoin will need to have better code and very active devs and community. Is there altcoin that have forum like this one where we can earn with commenting, and then spent that altcoin on many other things?
Yes it will take no less than a breakthrough to achieve that feat. This forum is awesome. Great Marketing strategy  |
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So can we spot a few altcoins which could dethrone bitcoin?
Etereum is easily one contender. Any others??
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Well currently, the market cap of Ethereum is half that of Bitcoin: https://coinmarketcap.com/It just needs bitcoin's price to drop back to say $3000 and Ether's price to move to $500 for the "flippening" to happen. That sounds far fetched right now. But things change fast. Any other Altcoin on the horizon that you think may shake up BTC? |
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No, it's not possible. Bitcoin is #1 and always will be #1.
Always? I doubt it. Nothing lasts forever. |
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Hey everybody. I see that this forum has a lot of people talking about the strengths about bitcoin. For eg there are posts which say value of 1BTC to reach $500K or 1BTC = Lamborghini and even one which debated whether one can forego their jobs over Bitcoin.
It makes me wonder whether there are any cryptocurrencies which will overtake bitcoin in the near future. I mean BTC got to where it is because it was first in the market. But now with increasing awareness there's equal oppportunity for other such currencies to make it as big.
My question to you all which will later be converted into a poll:
Is there any cryptocurrency which can beat Bitcoin in sheer value?
Value is a tricky thing to gauge. Do you mean the value of one (non-BTC coin)? Byteball ([GBYTE]) has come surprisingly close, peaking at nearly 40% of 1 BTC, currently around 9.5% - however, there are only 1 million byteballs in existence, so the actual market cap of GBYTE is far lower than BTCs. Supply * cost for one coin is probably a more accurate way to describe value than just 'how much does one of these go for'. If by value, you mean 'better functionality they bring to the table', then I'd say Syscoin deserves a look. It's really nice, very fast, has a market place, (much) faster transactions, encrypted messaging, even an escrow service. However it currently trades for about $0.16 - sometimes the world is not fair. I meant cost for one coin ($), have edited that in my first post now. You have some very interesting points and Syscoin does seem like a good thought. Maybe it will pick up someday. Hopefully sooner than later. |
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You can see https://coinmarketcap.com/assets/primalbase/ primalbase or often called PBT, this is a coin that as far as I know the price exceeds the bitcoin price for now Although I know PBT is created with ICO results where prices can be pegged by the developers themselves But for some reason bitcoin for me is number 1 and always leading edge That's interesting. Another Bitcoin killer in the making?  |
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I wouldn't say other cryptos have an equal opportunity. Bitcoin is the first, the most accepted, most popular, most secure, most computationally and financially invested, most recognized blockchain. There is not that much space for the second. The idea of currency is that it is accepted by as many people possible and Bitcoin is it right now. It is very hard to take that and there is no real reason for people to switch. It is a simple and secure application, reviewed many times. And there are crytpos that are there from 2013 and still quite popular, but they are not even close to Bitcoin. Bitcoin was not surpassed in more then 8 years. So in near future, I really really doubt it. In long term, maybe, but I wouldn't bet on it. Bitcoin is simply good enough and it would be a huge cost for people to change it.
I agree with your points. What I understand from your thoughts are that they are practically monopolizing the industry right now. The thing is that it is technology at the end of the day and can be replicated in terms of availability, security etc. Classic case being Iphone. Now Nokia was well established as the leader till Iphone came alive in 2007. It helped that it came from a successful family and the quality ofcourse. So maybe it may take someone from a different field which has good background to get into cryptocurrencies and grab that share currently enjoyed by Bitcoin. It is more then that. Bitcoin isn't just like a new smartphone. Bitcoin is a network. If you buy a new Iphone, you can still communicate with people that have an old Nokia and they can with you. That is because the protocol used to make calls and SMS are very old and still used today. There are better protocols, but it would make new people disconnected from the old. Same is with Bitcoin, it is a protocol, not a shiny new device. People accept Bitcoin as a payment and not other coins. If you start accepting other coins, then you will have trouble using them, since others don't accept them. On top of that, Bitcoin has it's blockchain. That blockchain was hard to make. A lot of electricity was spent on it over the years, more then any other coin. This is what makes it most secure. This and the fact that it has been reviewed many times. I think you misunderstood what I meant with the Iphone/Nokia analogy. What I meant was that someone came along and was able to replicate/better an existing concept. So in theory it is possible but difficult to crack at present with Bitcoin. Coming to blockchain, yes one the resources used is electricity but then again you have a perfectly usable natural resource to use to get the work done. You could even call it a Green coin and I am sure there'll be takers for it. |
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I wouldn't say other cryptos have an equal opportunity. Bitcoin is the first, the most accepted, most popular, most secure, most computationally and financially invested, most recognized blockchain. There is not that much space for the second. The idea of currency is that it is accepted by as many people possible and Bitcoin is it right now. It is very hard to take that and there is no real reason for people to switch. It is a simple and secure application, reviewed many times. And there are crytpos that are there from 2013 and still quite popular, but they are not even close to Bitcoin. Bitcoin was not surpassed in more then 8 years. So in near future, I really really doubt it. In long term, maybe, but I wouldn't bet on it. Bitcoin is simply good enough and it would be a huge cost for people to change it.
I agree with your points. What I understand from your thoughts are that they are practically monopolizing the industry right now. The thing is that it is technology at the end of the day and can be replicated in terms of availability, security etc. Classic case being Iphone. Now Nokia was well established as the leader till Iphone came alive in 2007. It helped that it came from a successful family and the quality ofcourse. So maybe it may take someone from a different field which has good background to get into cryptocurrencies and grab that share currently enjoyed by Bitcoin. |
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I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.
With 21 million coins in circulation at the end. Do you really think supply can exceed demand? Even if it does for instance, and it gets accepted globally for regular use, do you think the value would be the same compared to what we have now? Probably a satoshi then might even be worth something. Just an analogy anyway as no one can predict the future but from your claim, I see no reason why adoption should pose threat for bitcoin on the long run. 16.4 in circulation as of now. However it will reach 21 million soon (or someday) as you rightly point out. But you are also discounting the fact that there are others snapping at its heels. So over time I have a feeling that it may loose its sheen but that will be sometime away (Hopefully not in my lifetime  ). |
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Hey everybody. I see that this forum has a lot of people talking about the strengths about bitcoin. For eg there are posts which say value of 1BTC to reach $500K or 1BTC = Lamborghini and even one which debated whether one can forego their jobs over Bitcoin.
It makes me wonder whether there are any cryptocurrencies which will overtake bitcoin in the near future. I mean BTC got to where it is because it was first in the market. But now with increasing awareness there's equal oppportunity for other such currencies to make it as big.
My question to you all which will later be converted into a poll:
Is there any cryptocurrency which can beat Bitcoin in sheer value (in $)?
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I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.
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