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Question: Did the 2008 crisis influence the expansion of Bitcoin ?
Yes, obviously
Not really

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Zizo95
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March 23, 2016, 05:45:05 PM
 #1

Hello everyone,

my question is simple. I would like to know if the 2008 crisis influenced the expansion of Bitcoin and How. I know that many people rejected financial institutions after this crisis, but I didn't find any article showing the correlation between the crisis and the rise of Bitcoin. Thank you for your help  Smiley
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franky1
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March 23, 2016, 05:54:34 PM
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google:

bitcoin "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

it was wrote in the genesis block of bitcoin.

in short bitcoins creation was inspired to be the opposite of the banking system.
many people in 2009-2010 liked it mostly due to the code and potential of a uncontrolled system
many people in 2011-2013 liked it due to the premiss of an open money system without control
many people in 2014-2016 started to see different businesses try gaining control of bitcoin. everything from mining farms to corporations like blockstream and classic.

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thejaytiesto
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March 23, 2016, 07:00:23 PM
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google:

bitcoin "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

it was wrote in the genesis block of bitcoin.

in short bitcoins creation was inspired to be the opposite of the banking system.
many people in 2009-2010 liked it mostly due to the code and potential of a uncontrolled system
many people in 2011-2013 liked it due to the premiss of an open money system without control
many people in 2014-2016 started to see different businesses try gaining control of bitcoin. everything from mining farms to corporations like blockstream and classic.

Nice troll with the Blockstream FUD. The only people that are working how to scale Bitcoin while the rest of idiots post on the internet not contributing to any code or are drinking the koolaid from the TPTB that want a centralized Bitcoin due nodes being too big.
unamis76
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March 23, 2016, 09:13:14 PM
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Yes, it did influence and similar things still influence Bitcoin. It's because of these banking issues that Bitcoin was created.
Olaf
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March 23, 2016, 09:46:55 PM
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Yes, it did influence and similar things still influence Bitcoin. It's because of these banking issues that Bitcoin was created.

I dont get how mbs (mortgage back securities) is related to bitcoin?

The coder name satoshi just could of done this out of pure whim of being curious how currency can be made. Its not certain that 2008 or prior failed economic crisis is the main reason.

I would like to think that was the main reason, but the guy could of just done this out of pure hobby.

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March 23, 2016, 09:47:35 PM
 #6

...

OP does raise an interesting question (but not explicitly):

What might happen to Bitcoin in a financial event of similar severity to 2008/2009?

Bitcoin has not yet seen this, and I really do not have a good feel as to what would happen.  On the one hand BTC might do very well if the banks are not functioning (properly), or perhaps people would bail-out of Bitcoin because they need CASH LIQUIDITY.  (I have no idea)

Of course, BTC might do well (go up vs. other assets, like the US dollar).


My *guess* would be that Bitcoin needs a few more years to increase acceptance among users and merchants before it would be a robust and frequently used currency in a crunch.
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March 24, 2016, 07:29:03 AM
 #7

well the project of bitcoin began in 2008 but i've read that the real project idea started before that, in 2007, i doubt satoshi knew already about the initial crisis that was then a reality

in 2008 the crisis was just strated, so there is no real correlation between the two, is just a case
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