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Author Topic: Bitcoin getting in to economic crisis  (Read 1579 times)
Jimbola3
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July 16, 2016, 03:42:10 PM
 #21

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.
Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!
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July 16, 2016, 08:13:36 PM
 #22

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.
Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!


Even if a crisis will come bitcoin has grown very strong the last couple of years. I got full faith now with the market cap is 10 billion dollars.
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July 16, 2016, 08:25:14 PM
 #23

I don`t think bitcoin is getting in any crisis, especially not economic crisis. Fiat is different thing, there is someone who print money like crazy ( federal institution ). Then that money goes on credit to banks, and then banks give that money on credit to people or companies, or to governments. Everyone who wish to learn about fiat money can do it on internet, there is like million information`s about it.
Bitcoin is different, there will be 21 million coins, and that is it. When miner solve block he get a reward, now that reward is 12.5 after halving. So that is it, there is no institution behind it.

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July 18, 2016, 08:21:43 AM
 #24

When there is a general big economy crisis, people will lose confidence in the fiat, they will adopt bitcoin.
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August 09, 2016, 11:44:53 AM
 #25

Although theoretically it’s possible but practically it’s not possible because bitcoins has passed existence struggling phase and now bitcoin is facing new challenges which are not related with basic issues but on a macro levels we should work for the solution such as prevention from misuse. I don’t think bitcoin will disappear overnight (not because I have investments in it) but there are wide aspects like vested interests.  I conclude that bitcoin is not going in economic crisis but it has to face some challenges regarding worldwide acceptability by various factors including governments.
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August 09, 2016, 01:00:26 PM
 #26

Although theoretically it’s possible but practically it’s not possible because bitcoins has passed existence struggling phase and now bitcoin is facing new challenges which are not related with basic issues but on a macro levels we should work for the solution such as prevention from misuse. I don’t think bitcoin will disappear overnight (not because I have investments in it) but there are wide aspects like vested interests.  I conclude that bitcoin is not going in economic crisis but it has to face some challenges regarding worldwide acceptability by various factors including governments.

i am agree because from time to time, blockchain technology will be open the eyes for many people that there is another solution for their economic crisis or something like that. and i think it will be come true when the government know what kind of blockchain technology and this technology can be integrate with their system and make it completely.

beside that, maybe bitcoin have economic crisis and get down its because people panic and sell their bitcoin and the other thing is from the news that maybe release from the other source and people get ready for the impact and sold their bitcoin.

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August 09, 2016, 03:06:23 PM
 #27

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Thatw is because the Bitcoin is not so closely tied to the "classic" world economy and thus the crisis doesn't affect it. But will this situation also stay in the future or Bitcoin will become equal part of world financial system and thus become equaly vulnerable to economic influences and all bad stuff that comes along?

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August 09, 2016, 07:57:50 PM
 #28

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.

Thatw is because the Bitcoin is not so closely tied to the "classic" world economy and thus the crisis doesn't affect it. But will this situation also stay in the future or Bitcoin will become equal part of world financial system and thus become equaly vulnerable to economic influences and all bad stuff that comes along?

As long as Bitcoin remains a decentralized currency it will not be vulnerable to economic factors. Fiat money is unstable and subject to devaluation because it is political money that is used by governments as a tool for (economic) policymaking. Governments directly or indirectly devalue fiat currencies to finance gifts for their voters or the police / the military to stay in power. That is impossible with a decentralized Bitcoin.

In that regard, Bitcoin behaves a lot like gold: It is not immune to fluctuations in valuation. However in the long run it will preserve its purchasing power. Compared to fiat it is almost sure to gain in value, since inflation makes fiat money worthless sooner or later.

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August 09, 2016, 10:08:07 PM
 #29

The only scenario I see of how bitcoin could decline is if something incredibly and obviously without a doubt better than bitcoin is created which is also able to take root and gradually overtake bitcoin as the cryptocurrency standard.

To me, bitcoin is becoming something akin to the AK-47. Reliable, efficient, dependable even in the worst crappiest conditions and is standing the test of time... so far... knock on wood.
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August 10, 2016, 10:05:40 AM
 #30

The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

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August 10, 2016, 05:12:29 PM
 #31

The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

The Bitfinex hack delayed the bitcoin price rise to $1000 by at least three months. I thought the price could reach $1000 in the middle of next year.
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August 10, 2016, 05:31:16 PM
 #32

Nothing is assured, so there are more possibilities for anything to happen. In my view, even during the days of hard economic collapse of the world economy bitcoin was in the rise. For this reason I feel bitcoin won't fail even if it meets several crisis.
Anything can happen. But i believe that Bitcoin getting to economic crisis is very less likely to happen. The fiat money system faces economic crisis due to the inflation of the dollar. The paper money is not backed by a resourse based economy that is is the reason for economic crisis. but Bitcoins are in limited value and less chance for crisis. !!!!


Even if a crisis will come bitcoin has grown very strong the last couple of years. I got full faith now with the market cap is 10 billion dollars.

if the crisis happens then bitcoin will going to be booming, people will be afraid to lose their money so they will put the fiat into bitcoins and the price will grow

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August 10, 2016, 07:43:23 PM
Last edit: August 10, 2016, 10:20:40 PM by deisik
 #33

If a global economic crisis will take place, Bitcoin will be affected too, it won't escape this easy. The only way BTC can fall down to 0$ is by shutting down the energy worldwide, but that makes all the currencies worthless, and Gold and Silver would become the only currencies worth something in this world. Small chances of this happening soon, higher chances of this happening in the next ~10 years.
I agree, an economic crisis is a global phenomenon which affects all people (even the ones not using computers or even linked to the market in any sort (like the revolts from poor countries over the increasing price of food)).

I agree that Bitcoin will be 'affected,' but most likely in a positive way.  Since all major circulating currencies are issued by states, in an economic crisis (say, collapse of debt values or stock markets leading to loss of savings and jobs,) the states will most likely try to 'solve' the problem by creating more currency.  In fact, this seems to be the only trick the authorities know.  In this inflationary scenario, the limited quantity of Bitcoin will serve as an inflation hedge, and savers will likely go into Bitcoin (and other limited-quantity assets.)

In economic crises (of the Great Depression scale) money (especially cash) usually gains in value since people start liquidating other assets which become cheaper or just worthless. Since Bitcoin can be considered as both a currency and a financial asset, the overall effect is hard to predict. On the one hand, some people will have to sell their Bitcoin stashes to get the money with which they can buy food and pay the bills (for example, if they start losing jobs due to a crushing economic crisis). On the other hand, some other people, which are more wealthy and better off overall, may decide to rebalance their portfolios in favor of Bitcoin...

Since it is almost a given that governments will start printing an endless amount of money in an effort to arrest (or at least to alleviate) the consequences of the crisis
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August 10, 2016, 08:41:33 PM
 #34

Bitcoin is what it will always be until something newer and better actually replaces it, its always goin g up and down due to a number of circumstances and currently there is no reason to believe its in any kind of crisis.

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August 10, 2016, 08:46:42 PM
 #35

Guys recently it was proven that if bitcoin was ever adopted by the masses as a major internationally accepted currency it would break bit coin, the transaction speed would be so slow, it would no longer be the most efficient and it would stop being used, this will happen one day and the question you should all be asking yourselves is which coin will replace it.

If a global economic crisis will take place, Bitcoin will be affected too, it won't escape this easy. The only way BTC can fall down to 0$ is by shutting down the energy worldwide, but that makes all the currencies worthless, and Gold and Silver would become the only currencies worth something in this world. Small chances of this happening soon, higher chances of this happening in the next ~10 years.
I agree, an economic crisis is a global phenomenon which affects all people (even the ones not using computers or even linked to the market in any sort (like the revolts from poor countries over the increasing price of food)).

I agree that Bitcoin will be 'affected,' but most likely in a positive way.  Since all major circulating currencies are issued by states, in an economic crisis (say, collapse of debt values or stock markets leading to loss of savings and jobs,) the states will most likely try to 'solve' the problem by creating more currency.  In fact, this seems to be the only trick the authorities know.  In this inflationary scenario, the limited quantity of Bitcoin will serve as an inflation hedge, and savers will likely go into Bitcoin (and other limited-quantity assets.)

In economic crises (of the Great Depression scale) money (especially cash) usually gets in value since people start liquidating other assets which become cheaper or just worthless. Since Bitcoin can be considered as both a currency and a financial asset, the overall effect is hard to predict. On the one hand, some people will have to sell their Bitcoin stashes to get the money with which they can buy food and pay the bills (for example, if they start losing jobs due to a crushing economic crisis). On the other hand, some other people, which are more wealthy and better off overall, may decide to rebalance their portfolios in favor of Bitcoin...

Since it is almost a given that governments will start printing an endless amount of money in an effort to arrest (or at least to alleviate) the consequences of the crisis

88.36255237114% of all ICO's are SCAMS
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August 10, 2016, 08:47:57 PM
 #36

bitcoin is not going to suffer for sure, the economic crisis only might happen for fiat
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August 10, 2016, 08:49:08 PM
 #37

The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

The Bitfinex hack delayed the bitcoin price rise to $1000 by at least three months. I thought the price could reach $1000 in the middle of next year.

The price had been going down gradually even prior to the Bitfinex hack. Now we have around 120,000 bitcoins pulled out of trading but the price rose only to ~$600. The amount stolen is quite big in proportion to the amount of bitcoins actively traded right now to substantially affect the trading volumes...

So, if the stolen bitcoins don't enter the market again in the nearest future, the hack should in fact prop up the price to a degree
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August 10, 2016, 08:52:48 PM
 #38

The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

The Bitfinex hack delayed the bitcoin price rise to $1000 by at least three months. I thought the price could reach $1000 in the middle of next year.
We don't know what will be the price of bitcoin in few months but 1k value for now its hard to say that the price of bitcoin will reach in this level.
The only crisis we are experience right now is from bitfinex that result for the price to go down but the price of bitcoin right now is good and still kicking looks like the price already hit 600 value..

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August 10, 2016, 09:02:52 PM
 #39

Even if all major transaction sites were hacked and the best exchanges shut down, new ones would pop up instantly because people would clammier to be considered the most trusted sources in bitcoin, the only thing that will stop Bitcoin is when mass adoption eventually breaks it because the transaction speed becomes too slow, this is already a proven fact guys. until that happens it will be considered the standard in digital currency!


The only crisis that I have witness now is when there is a hacking with the bitfinex and I can really tell that it affected the economy of bitcoin as evidenced by the big price fall back, but we are too lucky now as the price is rising back again and it is going to the right direction to be back to normal or even surpass the last high price before the big fall back.

The Bitfinex hack delayed the bitcoin price rise to $1000 by at least three months. I thought the price could reach $1000 in the middle of next year.
We don't know what will be the price of bitcoin in few months but 1k value for now its hard to say that the price of bitcoin will reach in this level.
The only crisis we are experience right now is from bitfinex that result for the price to go down but the price of bitcoin right now is good and still kicking looks like the price already hit 600 value..

88.36255237114% of all ICO's are SCAMS
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August 10, 2016, 09:08:23 PM
 #40

the only thing that will stop Bitcoin is when mass adoption eventually breaks it because the transaction speed becomes too slow, this is already a proven fact guys. until that happens it will be considered the standard in digital currency!

The mass adoption of the scale you imply won't happen overnight. I guess there will be enough time to make the required adjustments to keep up with the growth in Bitcoin usage...

If it ever happens, of course
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