The next financial crisis and Bitcoin

[btcdevil]

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?

Very good thought and i think it will really give people to think on this problem to solve it, as if this time more country will be suffering from financial crisis. and through bitcoin we can survive it.

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[crairezx20]

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?

If thats the case that they are made bitcoin because of financial crisis and its free by influence to banks.
We should adopt bitcoin more so that if financial like earth quake in our country.. how we can use bitcoin if it will happen i think we have no electricity if strong earth quake will happen just like last 2008.

[20kevin20]

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?

Very good thought and i think it will really give people to think on this problem to solve it, as if this time more country will be suffering from financial crisis. and through bitcoin we can survive it.

Not all of us.. I, for example, wouldn't be able to survive with Bitcoin because it's like not even existing in my country. If a financial crisis will be coming, I wouldn't be able to use Bitcoin at all. To do so, I will have to travel hundreds of kilometers which is too much.

[Hazir]

Not all of us.. I, for example, wouldn't be able to survive with Bitcoin because it's like not even existing in my country. If a financial crisis will be coming, I wouldn't be able to use Bitcoin at all. To do so, I will have to travel hundreds of kilometers which is too much.

What are you talking about? Bitcoin exist everywhere. You are not limited to using your own country banking infrastructure to sell/buy bitcoin.
Ever heard of offshore banking also you can have foreign currency account and conduct operations like selling/buying from every bitcoin exchange in the world.
Situation where every major currency will collapse is near impossible.

[Taki]

I didn't heard about any prediction of next financial crisis. But I think it may happen exactly cause of Bitcoin. Just imagine the price for bitcoin reach 4000 $ per 1 BTC one day (BTW there is even a post with such name here on the forum), so that day many of bitcoin holders will decide to not skip that lucky chance and try to cash out their savings. In the the world will not be enough money to cover the interest of big number of people who decided cash out their bitcoins. And that will provoke collapse and new crisis.

[Fraxinus]

Not all of us.. I, for example, wouldn't be able to survive with Bitcoin because it's like not even existing in my country. If a financial crisis will be coming, I wouldn't be able to use Bitcoin at all. To do so, I will have to travel hundreds of kilometers which is too much.

What are you talking about? Bitcoin exist everywhere. You are not limited to using your own country banking infrastructure to sell/buy bitcoin.
Ever heard of offshore banking also you can have foreign currency account and conduct operations like selling/buying from every bitcoin exchange in the world.
Situation where every major currency will collapse is near impossible.

BTC is global mate,just use it online or at a retail even if in your country it isn't accepted,then shop online and boom,you're there Start creating you own circumstances,that's how you should do it the right way

[Wind_FURY]

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?

Bitcoin is listed in different exchanges and the price always moves up, down or sideways. How can someone interested in trading it not make his or her own speculations. Yes I admit that I could be wrong from time to time and I would be the first to admit that but that will not stop me or anyone else to make our speculations are predictions public even if it is right or wrong. There was a reason why the speculation part of the forum was created. If it affects you in a negative way then it is not my problem.

[densuj]

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?

I have keeped bitcoin more than 1 years although it is just low amount because as we know bitcoin's price is expensive for me and i start collection other coins too, i have started collection ethereum classic because in my opinion it will has valuable while financial crisis happens. But it is just my opinion, there are not people who know about the future. Thanks

[botija]

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?

Very good thought and i think it will really give people to think on this problem to solve it, as if this time more country will be suffering from financial crisis. and through bitcoin we can survive it.

Not all of us.. I, for example, wouldn't be able to survive with Bitcoin because it's like not even existing in my country. If a financial crisis will be coming, I wouldn't be able to use Bitcoin at all. To do so, I will have to travel hundreds of kilometers which is too much.

But if he lives in a country where a financial crisis means can't afford internet, or there constant power outages, and he can't simply go out to the store and buy food with it, then the value of Bitcoin wouldn't be that great for him. Perhaps it would still be great to store some value until things stabilizes. But living day to day I could see how it could be a problem.

[botija]

I didn't heard about any prediction of next financial crisis. But I think it may happen exactly cause of Bitcoin. Just imagine the price for bitcoin reach 4000 $ per 1 BTC one day (BTW there is even a post with such name here on the forum), so that day many of bitcoin holders will decide to not skip that lucky chance and try to cash out their savings. In the the world will not be enough money to cover the interest of big number of people who decided cash out their bitcoins. And that will provoke collapse and new crisis.

If a Bitcoin was worth $4,000, then it's market cap would be like 60 billion dollars. Bill Gates has more money than that. That's not enough money to cause a dent in the US economy. Much less when you consider that Bitcoin is a world wide coin.

[Dc147]

I think if people lose faith in a currency they simply switch to another.Bitcoin is the next viable option in case of finacial crisis.On the other hand, properly educating people about the benefits of bitcoin would foster credibility.Personally bitcoin still have a couple of advantage over fiat currency.  It isn't controlled by any central authority.  Second bitcoin can be easily  bought and sold in bitcoin exchange sites and localbitcoin.com.Transactions are done very quickly without a third party...

[Hazir]

If a Bitcoin was worth $4,000, then it's market cap would be like 60 billion dollars. Bill Gates has more money than that. That's not enough money to cause a dent in the US economy. Much less when you consider that Bitcoin is a world wide coin.

Patience, give it time, financial growth (unless it is a temporary bubble) won't happen over night.
Bitcoin was invented less than decade ago. Bitcoin market capitalization reached one billion dollars in March 2013 - and now it is sitting on rather stable ~$10 billion.

Of course there is no cryptocurrency which will dethrone USD, EURO or Pound now. But in the future? Who knows.

[danherbias07]

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?

Aint we are already at financial crisis? It is just being hidden to us but you will feel it. I dont need to see that to want to earn more BTC's. It gives me the power to avoid that kind of problem now.

[thejaytiesto]

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?

Aint we are already at financial crisis? It is just being hidden to us but you will feel it. I dont need to see that to want to earn more BTC's. It gives me the power to avoid that kind of problem now.

We have been on a financial crisis the very second the last lone ended. This system goes from a systemic crash to another and we are getting closer to the next one. What I don't see as clear is the USD going kaput anytime soon like some people are saying. I hope it happens since who cares about fiat anymore, it's time for BTC to reach jupiter.

[mindrust]

I don't know what is going to happen to bitcoin but I know that it will be the first choice for people who want to hide their money away from the governments. When the shit hits the fan, the Govs will put crazy fees on the bank deposits. It happened in Greece before. Deutsche is going down, we should get ready. Some major shit is on its way.

[pearnapple]

if the next financial crisis happens then people will definitely be screwed, but bitcoins could actually help prevent it

[Wind_FURY]

if the next financial crisis happens then people will definitely be screwed, but bitcoins could actually help prevent it

While I see Bitcoin can help people in a financial crisis, I fail to see how it can prevent one. I just cannot see that happening. The last financial crisis was actually caused by a lot of greedy bankers selling loans that were lumped together and were graded as A+, when it actuality they were all junk. They manipulated the system into getting what they want. So please explain to us how you think Bitcoin can prevent the next financial crisis.

[LisaLee555]

Any reliable sources to read about upcoming crisis ? I just found an interesting article highlighting an alternative point of view on possible crisis and ways of overcoming it http://planetaryproject.com/planet_project/forward/ , it's rather interesting.

[Wind_FURY]

Maybe the next financial is already starting today. Has anyone seen this news?

https://www.youtube.com/watch?v=qoA-rlpVJp0

Ron Paul is claiming that the US Dollar will collapse on September 27, 2016. That is today! He is also saying that gold's price will go to infinity. Bitcoin could also possibly be one of the safe havens where the people outside of the community can store their wealth. Now might be a good time to start talking and educating about Bitcoin.

[pooya87]

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?

you weren't speculating my friend you were guessing i said this in that topic that you locked to hide, and i say it here too. there is a big difference between a guess and an speculation based on analysis.

back to the topic at hand.
i don't think a financial crisis is going to have that effect you have in mind on bitcoin because there are simply a lot other things like gold that people invest in and they don't even know bitcoin exists. but there surely be a positive effect.