[2015-10-09] What will Happen to Bitcoin when the Economy goes Bust?

[tyz]

Many people interested in Bitcoin have a less than optimistic view about the health of the global economy. This skepticism — in some cases pessimism — is fueled by a controversial business cycle theory that is fairly popular in Bitcoin circles.

http://bitcoinist.net/what-happen-bitcoin-economy-goes-bust/

[Kprawn]

I think most of us want a gradual and slow collapse, rather than one big giant collapse. Yes, we will be very rich if the whole economy collapse and everyone on the planet start

using Bitcoin, but the main question would be, if Bitcoin as a currency would be able to carry that load, and currently the answer will be NO. {We are not ready ..yet}

I also thing governments will rather change to a digital fiat equivalent than Bitcoin, when it happens. They still need to have control, and Bitcoin does not give them that option. 

[notthematrix]

Bitcoin needs more time ,,, its not about the people but about the syste people are working in....
https://www.youtube.com/watch?v=tvLaDnQtdoM
so dont be thatsupprised people will let bitcoin happen.
if the old system fails.

[gentlemand]

Hard core aside, people's coins will be the very first thing to go when they can't feed themselves. Extreme speculative investments are a luxury. It'll be a long time before it's ever considered a proper safe haven.

[aso118]

Right now, Bitcoin is treated as a commodity.
All commodities go down when the economy goes bust.

[gogxmagog]

the theory is that when the dollar goes down the tubes BTC will prevail, but I dont actually believe this. right now BTC is valued in $ terms, so if $ is worthless, so is BTC. There just isnt a complete BTC ecosystem. you would need to be able to do all transactions that are done with $ for BTC to be considered extant within its own ecosystem. that just does not exist. all BTC has achieved is to become a speculative instrument, its full potential has not been realized.

[aso118]

the theory is that when the dollar goes down the tubes BTC will prevail, but I dont actually believe this. right now BTC is valued in $ terms, so if $ is worthless, so is BTC. There just isnt a complete BTC ecosystem. you would need to be able to do all transactions that are done with $ for BTC to be considered extant within its own ecosystem. that just does not exist. all BTC has achieved is to become a speculative instrument, its full potential has not been realized.

If it is just the $ which goes down, I don't think BTC will be worthless. It will still retain its current purchasing power, with some other currency (Let us say EUR) occupying the place held by dollar. You don't expect crude to become worthless just because the USD crashes. I expect Bitcoin to react just like any other commodity.