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Author Topic: If one day BTC cannot be traded for cash, what will you do?  (Read 5608 times)
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September 02, 2016, 03:01:18 PM
 #161

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

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September 02, 2016, 03:24:16 PM
 #162

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

If bitcoin cannot be traded for cash then thats the end of bitcoin economy. There is nothing we can do but leave bitcoin behind. Keeping a coin without value and without a use is a waste of time. If that time comes then lets shift to other coins like altcoins. there are many coins to choose from. So moving on and choosing other coins is the best choice i can make.

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September 02, 2016, 06:28:15 PM
 #163

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

If bitcoin cannot be traded for cash then thats the end of bitcoin economy. There is nothing we can do but leave bitcoin behind. Keeping a coin without value and without a use is a waste of time. If that time comes then lets shift to other coins like altcoins. there are many coins to choose from. So moving on and choosing other coins is the best choice i can make.

If a currency cannot be traded for other currencies, and then everyone is just holding their coins then that means that the currency has achieved the money velocity of zero, and that basically means is useless.

However, is really difficult for me to imagine an scenario in which this is possible, because it's impossible to seize bitcoin, because there is not a central server that holds all the coins or something like that, so while bitcoin may crash and lose a lot of value, I am unable to see a future in which bitcoin will reach a value of zero.

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September 02, 2016, 06:33:09 PM
 #164

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

If bitcoin cannot be traded for cash then thats the end of bitcoin economy. There is nothing we can do but leave bitcoin behind. Keeping a coin without value and without a use is a waste of time. If that time comes then lets shift to other coins like altcoins. there are many coins to choose from. So moving on and choosing other coins is the best choice i can make.

If a currency cannot be traded for other currencies, and then everyone is just holding their coins then that means that the currency has achieved the money velocity of zero, and that basically means is useless.

However, is really difficult for me to imagine an scenario in which this is possible, because it's impossible to seize bitcoin, because there is not a central server that holds all the coins or something like that, so while bitcoin may crash and lose a lot of value, I am unable to see a future in which bitcoin will reach a value of zero.

velocity of zero will not happen. even if the value of one bitcoin will go under $0.01 for what ever reason, there will be some trades buying in the hope to make some money.
but at this point bitcoin will be practically dead. people will still pay pay some money to buy some coins as souvenir or something.

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September 03, 2016, 05:37:22 PM
 #165

If that time comes, I would surely spend all of my remaining btc into steam wallet credits and buy everything I can buy with all those and afterwards, sell the items or games to different people so that I can recoup my investment into cash. Many people are buying things and games in steam from different people, might as well take advantage of that if I cannot trade btc directly to cash.
Honestly I would buy everything I can off of Purse.io. I could stock up on household supplies and buy tons of fun toys with all the bitcoin I have saved up. I don’t think bitcoin will ever not be tradeable but I would definitely spend all of it on useless junk too.

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September 03, 2016, 05:44:12 PM
 #166

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

If bitcoin cannot be traded for cash then thats the end of bitcoin economy. There is nothing we can do but leave bitcoin behind. Keeping a coin without value and without a use is a waste of time. If that time comes then lets shift to other coins like altcoins. there are many coins to choose from. So moving on and choosing other coins is the best choice i can make.

If a currency cannot be traded for other currencies, and then everyone is just holding their coins then that means that the currency has achieved the money velocity of zero, and that basically means is useless.

However, is really difficult for me to imagine an scenario in which this is possible, because it's impossible to seize bitcoin, because there is not a central server that holds all the coins or something like that, so while bitcoin may crash and lose a lot of value, I am unable to see a future in which bitcoin will reach a value of zero.

velocity of zero will not happen. even if the value of one bitcoin will go under $0.01 for what ever reason, there will be some trades buying in the hope to make some money.
but at this point bitcoin will be practically dead. people will still pay pay some money to buy some coins as souvenir or something.
Correct, what it may happen is the possibility of a new coin that is revolutionary and displaces bitcoin as the dominant crypto-currency.

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September 03, 2016, 05:45:37 PM
 #167

I doubt it will effect the way that I view bitcoin because I do not exchange it into money anyways so that occurrence would not bother me in the slightest.
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September 03, 2016, 05:50:30 PM
 #168

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink


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September 03, 2016, 05:52:00 PM
 #169

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink

yeah i agree, in fact i'm using it directly to buy stuff, but not everyone can do this, and there are some thing that can not be bought without fiat, so you need to dump for that, in that case i would simply hold more fiat from my job, and keep the btc until the problem is solved



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September 03, 2016, 08:05:05 PM
 #170

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.
I will go to primedice and say LOUD in chat " who wants some free bitcoins " maybe there are a few people dont know that its non convertible now and hence will get happy and hence I was at least able to make someone happy Smiley
Though BTC is never gonna get in such situation lol Tongue
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September 03, 2016, 08:29:47 PM
 #171

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink

The thread title isn't related to Bitcoin being decentralized. Maybe it's better to put it this way; If your government forces through a total ban for Bitcoin to fiat conversions, what would you do?

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September 04, 2016, 09:42:23 AM
 #172

do not do anything, because when it happened I thought nothing could be done other than bitcoin will become dust.

For example, when I save some bitcoin on the exchanger and wallet, then bitcoin cannot be traded for cash. whether bitcoin would be useful? I think it is not useful when it could not be money.

Well that could work since it already happened. But that is also the point. It happened already, how do you think people will trust again for the second time. It will be a big problem to bring it back ul without support.

If bitcoin cannot be traded for cash then thats the end of bitcoin economy. There is nothing we can do but leave bitcoin behind. Keeping a coin without value and without a use is a waste of time. If that time comes then lets shift to other coins like altcoins. there are many coins to choose from. So moving on and choosing other coins is the best choice i can make.
Come on don't be like that, if something cannot be traded for money its useless for you ? In my house when last year my dog died due to overage I was such emotional that I stopped doing anything and everything for almost a week, while it was of NO MONEY VALUE in real life.


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gerXhonza
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September 04, 2016, 09:46:22 AM
 #173

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink

The thread title isn't related to Bitcoin being decentralized. Maybe it's better to put it this way; If your government forces through a total ban for Bitcoin to fiat conversions, what would you do?

If that would happen then I don't think people will continue with bitcoins, as we only have one option to spend our coins by converting it to cash, and if that is stopped then it will be an end of bitcoins.
Barbut
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September 04, 2016, 09:54:54 AM
 #174

We will trade our coins for some goods, simply as that. And maybe we can expect one day some countries to forbid trading bitcoins in their currency, but also we can expect some countries to never do that, even now we have countries with low taxes, with paradise for criminals across the world.

Even if this happen, its not gonna be the end of bitcoins, we will find a way to cash out, just its not gonna be easy like its now. Pardon for some will be easy, and for others will not, its how this world works. Even now we have world where some people live much better then others. Let's hope that something like this will never happen, maybe we gonna need to fight for our freedom. Good luck to us all.

fulgdenea
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September 04, 2016, 10:13:05 AM
 #175

That is no big issue simply we use cash for buying goods. If that happens then buying goods directly with Bitcoin will be single option. It has a start this way too if I am not wrong as it was used for good long before being traded for cash. This is less thing to be worried about. Bitcoin has reached at stage where it can not be undone anymore.
Aamir1
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September 04, 2016, 10:22:21 AM
 #176

That is no big issue simply we use cash for buying goods. If that happens then buying goods directly with Bitcoin will be single option. It has a start this way too if I am not wrong as it was used for good long before being traded for cash. This is less thing to be worried about. Bitcoin has reached at stage where it can not be undone anymore.

We use cash for buying things and they are accepted because they are used again by the markets or the shops for other purposes but if bitcoin would not be able to be converted to fiat then it would obviously be useless so how markets or shop will give you things and accept bitcoins for that if they cannot use them for something else?



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Noctis Connor
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September 04, 2016, 10:25:25 AM
 #177

I will spend all my bitcoins on Purse.io.

 Cheesy  Cheesy
well it's just for 1 day that bitcoin cannot be your to be trade for cash , then i will still earn bitcoin and i will keep my bitcoin into my bitcoin wallet because some day it will can be tradable again and can use as currency so that we can start trading or investing our coins and we gonna exchange it into cash Cheesy

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useless4
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September 04, 2016, 01:37:14 PM
 #178

I doubt it will effect the way that I view bitcoin because I do not exchange it into money anyways so that occurrence would not bother me in the slightest.
the same for me, im holding my bitcoins right now in order to be able to use it in the future, right now i dont exchange it and i dont spend it

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September 04, 2016, 03:12:00 PM
 #179

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink

The thread title isn't related to Bitcoin being decentralized. Maybe it's better to put it this way; If your government forces through a total ban for Bitcoin to fiat conversions, what would you do?

I have no doubt that a lot of people will get out of bitcoin if such a ban was put in place by a powerful government but look at the war on drugs, drugs are illegal almost everywhere on the planet and still they are widely available.

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September 04, 2016, 03:14:30 PM
 #180

If you worry about this, then you surely don`t get the whole idea of bitcoin revolution and what decentralized means. At the end, we hope bitcoin won`t be exchanged for something at all. I hope this makes sense.  Wink

The thread title isn't related to Bitcoin being decentralized. Maybe it's better to put it this way; If your government forces through a total ban for Bitcoin to fiat conversions, what would you do?

I have no doubt that a lot of people will get out of bitcoin if such a ban was put in place by a powerful government but look at the war on drugs, drugs are illegal almost everywhere on the planet and still they are widely available.


No doubt drugs are widely available but you need money to buy it and mostly you need fiat to buy it as you cannot expect that you will be able to buy it with credit cards or bitcoins.
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