In a Bitcoin Disaster where would you move your Money?

[RealBitcoin]

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

• Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
• The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
• ETH: Which has the closest market cap to BTC, and the most users after BTC
• Ripple: Which has banking integration and a somewhat stable price
• LTC: Which is the closest to BTC in terms of code similarity
• Monero: Which is has privacy implemented in it
• Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

[Holliday]

You mean fork?

I would just keep using Bitcoin.

o.O

[unamis76]

I assume you're basically questioning what would we do if there was a fork that created an altcoin. I'd most likely keep my coins where they are, unless the altcoin in question proved to be significantly better than Bitcoin.

[RealBitcoin]

You mean fork?

I would just keep using Bitcoin.

o.O

I assume you're basically questioning what would we do if there was a fork that created an altcoin. I'd most likely keep my coins where they are, unless the altcoin in question proved to be significantly better than Bitcoin.

Yes but there would be a lot of panic, and we could end up with 2 coins like ETH and ETC.

So where would people put their coins then? The majority coin would be the default solution, but if it drops back to say 50$, then it would be a disaster.

So maybe diversify? This is what I am trying to find out here.

[franky1]

You mean fork?

I would just keep using Bitcoin.

o.O

I assume you're basically questioning what would we do if there was a fork that created an altcoin. I'd most likely keep my coins where they are, unless the altcoin in question proved to be significantly better than Bitcoin.

Yes but there would be a lot of panic, and we could end up with 2 coins like ETH and ETC.

So where would people put their coins then? The majority coin would be the default solution, but if it drops back to say 50$, then it would be a disaster.

So maybe diversify? This is what I am trying to find out here

rational hat on. (i dont believe an intentional split should or would happen unless gmaxwell gets desperate to trigger one inteionally).
with a hypothetical hat ontop that hat. (but lets play this theory game)

if you have 10btc in 1AbCBl4blahblahaddress..
in an intentional split scenario.

you then have
10btc in 1AbCBl4blahblahaddress.. on chain A
and
10btc in 1AbCBl4blahblahaddress.. on chain B.
you cannot make it 20btc in one chain simply by spending it to an address you create on the chain you want..

but the value of the coins in chain A or B may get impacted. and vary..

so its not a "move it to majority chain" because the funds (10btc) are already there..

you could indirectly sell 10coins in chain A for fiat or an altcoin. then move to an exchange that works with chain B and use the fiat/altcoin to buy more chain B bitcoin.. but thats indirect, and no guarantee of what total you will ultimately get, due to the variance of prices between the two different chains

[xuan87]

If let say bitcoin being fork then I will still used it, but in the worst scenario I will moved my money to Monero and Dash, both of this coins seem very promising for the future and my last option will be invest in gold, from the market cap, Ethereum seems like a logical choice but ETH had been forked before so I don't feel safe to moves my money to ETH

[shinratensei_]

It will get more participant on your list soon. Does in Q2 of 2017 the fork hybrid coin between bitcoin and ethereum will be born.   that is the funny coin.

I won't move my money, IMO they're full with pump and dump and no more(my personally). I just take that.  

[nara1892]

as usual. I will keep some money on bitcoin and some on fiat.

if this stuff would be worse, I think saving bitcoin in my wallet until the thing is good again is better than buying another coins unless I have some needs on it.

[Slark]

• Monero: Which is has privacy implemented in it

Escaping from Bitcoin hard fork scenario to an altcoin which has hard fork every six months or so? Monero was hard forked like week ago.
At this point I am starting to doubt if bitcoin will ever be successfully forked. Community is so divided over it that eventuality enough to prevent any kind of action.

[franky1]

At this point I am starting to doubt if bitcoin will ever be successfully forked. Community is so divided over it that eventuality enough to prevent any kind of action.

in late 2015 core devs actually got the community together and laid out a roadmap that actually included dynamic blocks.. AND segwit (consensus 2015)

but core later core backtracked and pretended/recanted their statement and acted like the core devs had no coding experience to write any dynamic block code that could be accepted accepted into core.. by saying they are just independants and not the main core guys!!(community facepalmed them)

so now core no longer want to play on a level playing field with the other dozen diverse implementations of bitcoin.. and caused the drama of the last year

[slapper]

IT is certain that I will never give up on digital currency. I will move all my Bitcoin to another potential cryptos such as Etherium, Monero or Ripple. However, right now, I really like to use Zcash since it is 100% anonymous and people who use it will be 100% secure. In the future, I believe Zcash will dominate the digital world with its special technology

[Yakamoto]

If everything was to go south and we managed to break the blockchain in two, chances are I would just move my money back out to fiat and make sure that I retained as much value as I could. Once the community figures out what's going on then I would buy back into it.

I would influence the community and make my opinion know as much as possible, but there's no point losing stuff on top of it all.

[ArcCsch]

IT is certain that I will never give up on digital currency. I will move all my Bitcoin to another potential cryptos such as Etherium, Monero or Ripple. However, right now, I really like to use Zcash since it is 100% anonymous and people who use it will be 100% secure. In the future, I believe Zcash will dominate the digital world with its special technology

Zcash is not scalable, not quantum-secure at all (bitcoin is already slightly quantum-secure and can be updated), and requires trust in the developers to not use the "toxic waste".
By the same anonymity properties you praise so highly, if something goes wrong, by the time you find out your coins would be worthless.

[RealBitcoin]

rational hat on. (i dont believe an intentional split should or would happen unless gmaxwell gets desperate to trigger one inteionally).
with a hypothetical hat ontop that hat. (but lets play this theory game)

if you have 10btc in 1AbCBl4blahblahaddress..
in an intentional split scenario.

you then have
10btc in 1AbCBl4blahblahaddress.. on chain A
and
10btc in 1AbCBl4blahblahaddress.. on chain B.
you cannot make it 20btc in one chain simply by spending it to an address you create on the chain you want..

but the value of the coins in chain A or B may get impacted. and vary..

so its not a "move it to majority chain" because the funds (10btc) are already there..

you could indirectly sell 10coins in chain A for fiat or an altcoin. then move to an exchange that works with chain B and use the fiat/altcoin to buy more chain B bitcoin.. but thats indirect, and no guarantee of what total you will ultimately get, due to the variance of prices between the two different chains

I wasnt referring to like moving both coins , i was more emphasizing the panic scenario.

So even though the coin exists on both chains, the price can drop under your feet, both of them , if the minority chain gets added to exchange too.

So Maybe now BTC has a market cap of 15bn, and then after the split 1 chain would have 2 bn and the other 5 bn, and 8bn would go out.

So you definitely not double your money by splitting your money in half.

BUt in the panic, you could salvage some of your wealth, from both chains , if you move it to another altcoin or back to fiat, and my question to people is that which altcoin they consider an alternative.

• Monero: Which is has privacy implemented in it

Escaping from Bitcoin hard fork scenario to an altcoin which has hard fork every six months or so? Monero was hard forked like week ago.
At this point I am starting to doubt if bitcoin will ever be successfully forked. Community is so divided over it that eventuality enough to prevent any kind of action.

Yes but it seems like every single altcoin can succesflly fork except BTC.


Dash, NXT, Monero, Ethereum (with less success), and others.


The point is that you have to have consensus in order to avoid 2 coins. Eth failed there, but other coins did it well.

[BitcoinHodler]

not going to happen and these hypothetical situations are never good or constructive to anything apart from adding to the useless drama floating around in bitcoin world.

for me two things are certain: bitcoin is not going to split that easy, and ethereum is a shitty coin

[alani123]

IMO there's always going to be something that's considered to be bitcoin by a majority of the network. To the point we've gotten, a split would be unlikely to kill bitcoin and and exodus would also be unlikely so such hypothetical scenarios are pointless IMO.

[RealBitcoin]

not going to happen and these hypothetical situations are never good or constructive to anything apart from adding to the useless drama floating around in bitcoin world.

for me two things are certain: bitcoin is not going to split that easy, and ethereum is a shitty coin

IMO there's always going to be something that's considered to be bitcoin by a majority of the network. To the point we've gotten, a split would be unlikely to kill bitcoin and and exodus would also be unlikely so such hypothetical scenarios are pointless IMO.

Just vote please. Its 1 click of a button. It's not entirely a hypothetical scenario, disasters do happen. Last time the price went don from 1166$  to 746$, yes crashes like these do happen. Now back then it was the chinese with USD and CNY trades.


However in the case of a hardfork, I am more interested what is the secondary altcoin that people would move to instead of fiat. I am tired of all people who cashout their money to fiat. They should keep it inside the crypto economy, and not move it outside.

So I want to search for alternatives, if the situation would arise. I am not saying it will, but always good to have backups.


Ok I have edited the first post, to include other disasters too.

So the big disaster is a coin split, but it's not just limited tothat.

So in any panic scenario, where would people move their money? That is the question

[Dudeperfect]

I would still be using bitcoin even in the case of the fork because I don't think any other cryptocurrency is having that kind of potential which bitcoin has with it. I don't see any practical possibility of this instance, anytime in near future. I am curious about ETH but not investing any funds in it at this moment.

[BitcoinHodler]

Just vote please. Its 1 click of a button. It's not entirely a hypothetical scenario, disasters do happen. Last time the price went don from 1166$  to 746$, yes crashes like these do happen. Now back then it was the chinese with USD and CNY trades.

why did you even bring price into your strange hypothetical situation?!!!
and you need to get your facts straight. it wasn't a crash, it was a mini bubble burst.
price was already in the $700 range and as i said this before when $800 resistance was broken, price went from this level up to $1160 in a very short time, and anyone with experience in any market knows this type of rise is not sustainable and it will come back down.

and surely enough price went down in a correction and now is back up on track again.

However in the case of a hardfork, I am more interested what is the secondary altcoin that people would move to instead of fiat. I am tired of all people who cashout their money to fiat. They should keep it inside the crypto economy, and not move it outside.

So I want to search for alternatives, if the situation would arise. I am not saying it will, but always good to have backups.

in case of a hardfork nothing is going to change, like other hardforks in bitcoin and like other hardforks in any other project we will continue using the new fork.

and as far as split goes, so far we are trying to fork with 95% consensus and if it is done right no split will happen.

but to satisfy you, in case split happens i wouldn't move on to any of the altcoins because they are useless. unless a new one is created that can fill the hypothetical empty place of bitcoin.

[molsewid]

If bitcoin become disaster i will probably exchange it all into fiat currency and wait bitcoin to be fix its problem, i don't want to lose money since i had family already and had kids this is the only sideline i had where i can earn money.