The next financial crisis and Bitcoin

[Wind_FURY]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

[1714981347]

1714981347

[qiwoman2]

I do believe that Bitcoin can help alleviate the problems presented by the fractional reserve banking system and corrupt governance but it will take a lot of will from the ordinary folks world wide to wake up to the biggest ponzi of the corporate elite agenda and try something new - like Bitcoin. It's all about educating the masses to other alternative economic systems than what they are used to.

[Fortify]

A crisis could take down bitcoin tomorrow, while it is nice to have the blockchain as a list of historical transactions a security flaw could mean people loose all faith in it. Like any other currency, it only has value while people have trust in it. If people feel they can have their money wiped out, they will soon stop using it. It has been fairly resilient so far and if the mainstream markets crash, maybe it will inflate like gold did in the 2008 economic crisis.

[deisik]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

Wtf, I remember you saying that Bitcoin will decidedly stay under $600 per coin. Now you seem to have changed your mind and suggest to keep hoarding bitcoins as much as we can? Does it mean that what you had been claiming before was total bullshit right from the start? Or will you suggest to drop our stashes as soon as possible in the next thread you kick off?

Peeps are watching, monkeys are listening

[Doamader]

If the world face another crisis on the next year bitcoins should get stronger has it doesnt have any connection with banks and countries, sure the transactions of buy and sell would dump a bit in volume, but the price should get bigger.

[European Central Bank]

if there's a financial crisis soon, it's way too early for bitcoin to be anything other than flattened. this is all nothing but speculation still. no one wants to speculate apart from the real pros. the bitcoin market is mainly made up of scared kiddies who run at any sign of panic. if it does survive then the one after the upcoming one is where we might see some real action.

[The Sceptical Chymist]

I would have thought it'd take more than a year for bitcoin to be developed, no?  I haven't read the white paper.  If that's the case, I can't see how the 2008 crisis would have influenced its creation.  Still, I agree that if a financial disaster does it, bitcoin is certainly going to get tested.  But my guess is that people are going to be fleeing to stable foreign currencies and metals, just like what always happens when shit melts down.

[clickerz]

If the world face another crisis on the next year bitcoins should get stronger has it doesnt have any connection with banks and countries, sure the transactions of buy and sell would dump a bit in volume, but the price should get bigger.

You may be correct here, if ever this crisis happen there is also a significant effect on bitcoin. People are also investing here and it is gaining popularity. People will intend pr prefer to encash and surely will affect the bitcoin price.

[bitbunnny]

Bitcoin is free of influence of banks but I think there are some other interests group who do manipulate the price in a way (like whales). If the new crisis comes relatively soon I'm not sure that Bitcoin could be the solution because it's stil not embeded and stable enough to handle this and the big number of Bitcoin users are stil mainly relatively young and economicaly unexperienced.

[isildur1]

It could go either way. People may be willing to invest in bitcoin as its seen as a relatively safe investment. It has alot more value now then paper money. But if paper money diminishes no one will have paper money to buy bitcoin.

[Vinz24]

I cant see the price of bitcoin will go down as far as $200. If a crisis happen in the economy of a country, I think the price will just go up. Like what happen to China months ago. Bitcoin price will go down if a hacking a happens to a companies that uses bitcoins.

[Yakamoto]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

A big issue with having Bitcoin and the financial crisis in a comparison/discussion is that we have no idea, really, if we're going to see a lot of people taking interest with Bitcoin after the financial collapse wraps up. For a traditional financial collapse raw-er resources such as gold, silver, and other valuable things that are tangible and can be used have more value than intangibles, however something like Bitcoin is new and untested and could be worth a lot after a collapse.

[Fraxinus]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

A big issue with having Bitcoin and the financial crisis in a comparison/discussion is that we have no idea, really, if we're going to see a lot of people taking interest with Bitcoin after the financial collapse wraps up. For a traditional financial collapse raw-er resources such as gold, silver, and other valuable things that are tangible and can be used have more value than intangibles, however something like Bitcoin is new and untested and could be worth a lot after a collapse.

I believe in every crisis people will actually turn to BTC and BTC will grow in popularity

[MingLee]

I personally think that there might be some potential for something like Bitcoin to grow during the next financial crisis, but there is going to have to be a push during the initial "death spiral" to get people investing in Bitcoin and get more people looking to it as a source of value. If that can be done, there would be a lot of growth potential for Bitcoin in a short amount of time. Whether or not that potential can be realized, though, is a whole different manner.

[Yakamoto]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

A big issue with having Bitcoin and the financial crisis in a comparison/discussion is that we have no idea, really, if we're going to see a lot of people taking interest with Bitcoin after the financial collapse wraps up. For a traditional financial collapse raw-er resources such as gold, silver, and other valuable things that are tangible and can be used have more value than intangibles, however something like Bitcoin is new and untested and could be worth a lot after a collapse.

I believe in every crisis people will actually turn to BTC and BTC will grow in popularity

Only if it can prove itself. It will have to prove itself in the next upcoming collapse and that will set the precedent for Bitcoin in every collapse thereafter. It has to be able to maintain its purchasing power and keep the community safe and weather the storm from the collapsing markets. If it can do that, it will have effectively proven itself and it will be something people will turn to in the future. If it just collapses along with everything else, a lot of normal people will write it off.

[Fraxinus]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

A big issue with having Bitcoin and the financial crisis in a comparison/discussion is that we have no idea, really, if we're going to see a lot of people taking interest with Bitcoin after the financial collapse wraps up. For a traditional financial collapse raw-er resources such as gold, silver, and other valuable things that are tangible and can be used have more value than intangibles, however something like Bitcoin is new and untested and could be worth a lot after a collapse.

I believe in every crisis people will actually turn to BTC and BTC will grow in popularity

Only if it can prove itself. It will have to prove itself in the next upcoming collapse and that will set the precedent for Bitcoin in every collapse thereafter. It has to be able to maintain its purchasing power and keep the community safe and weather the storm from the collapsing markets. If it can do that, it will have effectively proven itself and it will be something people will turn to in the future. If it just collapses along with everything else, a lot of normal people will write it off.

BTC has to be a somewhat safe zone and a place where people can turn to when a crisis happens.That's why BTC has to remain its stability so people can easily recognise it as a replacemenf ot the currencies

[Wind_FURY]

I do believe that Bitcoin can help alleviate the problems presented by the fractional reserve banking system and corrupt governance but it will take a lot of will from the ordinary folks world wide to wake up to the biggest ponzi of the corporate elite agenda and try something new - like Bitcoin. It's all about educating the masses to other alternative economic systems than what they are used to.

Yeah it is all about educating the people about the advantages of Bitcoin and cryptocurrency technology over the current system. But it would also be wise to point out some disadvantages as well and then let them decide if they still want to use it or not. I am all for evangelizing crypto but let us not get carried away into preaching that we have found the light and the rest are still cloaked in darkness.

Also it is funny that you mention that the current banking system is a ponzi of the corporate elite because the mainstream see Bitcoin as one too. Education is the way to go forward and show them who's who and what's what.

[Wind_FURY]

We should have reason to believe that the next financial crisis that had a magnitude as big as the one during 2008 will be a test on Bitcoin as sound money. Please read the Bitcoin white paper if you still have not done so. In the paper it cites some instances in the modern banking system where Satoshi does not agree with or what he sees as wrong. I think the 2008 financial crisis was a big motivator for him to create the Bitcoin protocol to prove that we can have a currency that is free from the influence of banks. Before another financial crisis happens we should keep hoarding as much BTC as we can.

Thoughts?

Wtf, I remember you saying that Bitcoin will decidedly stay under $600 per coin. Now you seem to have changed your mind and suggest to keep hoarding bitcoins as much as we can? Does it mean that what you had been claiming before was total bullshit right from the start? Or will you suggest to drop our stashes as soon as possible in the next thread you kick off?

Peeps are watching, monkeys are listening

Yes I said that. But does that mean I said Bitcoin is dead? No far from it. It was merely a speculation and like all speculations it can be right or it could be wrong. I never said that Bitcoin had no future as a protocol, a payment network or a plain peer to peer currency to transact with. Having said that we all have to accept that the price of Bitcoin can change from time to time and it is very volatile. Is speculating the price in the speculation part of the forum such a crime?

[btctube]

Why do you think there will be a crisis later, could the result of the election be one of the reason? 

as far as i know Bitcoin may still be affected in times of crisis as without the fiat, bitcoin wouldn't also have higher value.

[deisik]

Wtf, I remember you saying that Bitcoin will decidedly stay under $600 per coin. Now you seem to have changed your mind and suggest to keep hoarding bitcoins as much as we can? Does it mean that what you had been claiming before was total bullshit right from the start? Or will you suggest to drop our stashes as soon as possible in the next thread you kick off?

Peeps are watching, monkeys are listening

Yes I said that. But does that mean I said Bitcoin is dead? No far from it. It was merely a speculation and like all speculations it can be right or it could be wrong. I never said that Bitcoin had no future as a protocol, a payment network or a plain peer to peer currency to transact with. Having said that we all have to accept that the price of Bitcoin can change from time to time and it is very volatile. Is speculating the price in the speculation part of the forum such a crime?

Yeah, we all know that war is peace and failure is definitely a success

And what are you going to say next?  Why stop half way and not speculate further that Bitcoin, for example, is going to collapse to $100 in 2017? Indeed, this is not as much as proclaiming Bitcoin dead, that Bitcoin has no future as a protocol, or blah, blah, blah, but that would still be quite in line with your previous predictions and prophecies, wouldn't it?