In a Bitcoin Disaster where would you move your Money?

[d5000]

I voted for "the majority chain" but my answer is a little bit more complex.

What I would use is the strongest chain that is supported in my region / country, so I can use it without restrictions. For now, only Bitcoin is fully supported in my region (there is a very, very small LTC, XRP, Bitshares and ETH community without really usable services). If in the future there is a strong Proof of Stake chain or another "eco-chain" and the Nothing-at-Stake problem has been finally debunked / solved, then even better, but I would be pragmatic. The network or ecosystem is what counts.

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[RoommateAgreement]

it is not easy to answer this question because it really depends on the situation. for example what was the disaster, and what is the chains that created because of it. if the majority chain is what i like and want i surely would choose that and it may not be really a disaster. but in case that things went so bad and chains became bad and i didn't want any of them i would go back to fiat since altcoins you have here are shit except monero but that is not a long term choice for me yet.

[CloudStrife]

it is not easy to answer this question because it really depends on the situation. for example what was the disaster, and what is the chains that created because of it. if the majority chain is what i like and want i surely would choose that and it may not be really a disaster. but in case that things went so bad and chains became bad and i didn't want any of them i would go back to fiat since altcoins you have here are shit except monero but that is not a long term choice for me yet.

That is true, the best decisions that should be made next would certainly depend on the situation. For example, if the problem were an attack caused by quantum computers, this would affect all chains without quantum encryption. This kind of improvement is a technology that is already available, but I don't know if any cryptocurrency has already implemented it. If during the event there is a coin with such encryption, this would probably be a good choice to invest.

[aarturka]

If Bitcoin Disaster happens it meanst all cryptocurrency would be compromised. Therefore the only way is fiat, specifically USD.

[romero121]

I believe such disaster won't be experienced to think of moving their hard earned bitcoin. If such a disaster happens surely we can see some other altcoins gaining potential, can move towards it. Personally I just hold in the wallet, because after fall it raises again.

[Text]

If bitcoin disaster comes along the way, I would like to move my money in fiat which is my priority choice. After it happen, I really don't know if I will continue on using crypto-currency; maybe yes if an altcoin replaced bitcoin with the similarity in opportunities.

[babsalt1975]

Due to the fact that technology is bound to experience a few challenges, I don't actually trust it 100%. That is why I don't keep all my bitcoin in the electronic wallets. I keep a few in the wallets and others are converted into fiat for my own security. I only exchange back when I deem it necessary.

[nelson4lov]

I believe such disaster won't be experienced to think of moving their hard earned bitcoin. If such a disaster happens surely we can see some other altcoins gaining potential, can move towards it. Personally I just hold in the wallet, because after fall it raises again.

Even If such disaster happens, I believe Bitcoins stored in wallets where only the owner has the Private keys and other details to get access to bitcoin inside would be safe. I believe bitcoin stored in Exchange wallets like Coinbase and others might be doomed.


Likely Bitcoin disaster maybe a hack on the Bitcoin network or possibility Spamming Bitcoin Blockchain.

[boybugs18]

If there is no altcoin to be the next Bitcoin then I would move my money to fiat as I can use it like the old times and it just not the old experience when using bitcoin. I would just exchange half of my bitcoin to fiat then wait until the disaster pass away and go back to bitcoin there's no reason you wouldnt want to go back to where you find anonimity online.

[bering]

i would go back to fiat if this is really happening because i personally do not considers altcoins as instead of bitcoin even some people says that there is altcoins which is to be next bitcoin but i don't believe with what they talking about and that's why i might be will retire to use cryptocurrency

[Windpower]

Why don't you have a "stay with Bitcoin" option on the poll. I think that most people on this forum would do that. We have invested for such a long time that it would just be a waster to give it all up. I, for one, would definitely stay with Bitcoin. It is by far the best cryptocurrency and it is most likely going to stay that way. The only thing that would make me invest into something else, is if it was a lot better than Bitcoin. Like as in a lot lot better.

[malekbaba]

Everyone should keep in mind that any crypto may face financial disaster at any time. There are a lot of factors upon which the fate of a crypto rely on. Community contribution, adaptation, value, local laws, supports from miners etc. Bitcoin already have passed a long way, and very long way is still to be passed. We have seen bad times and we may face even worse in future. but like before I will keep my coin if any bad happens. Good wishes to btc

[Xester]

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?

I will choose Monero over other cryptocurrency due to its privacy features. But also since I have stocks of Monero already. Other currencies are also good but I like Monero more since it has the biggest potential to increase more in price if bitcoin will fail. With my experience with Monero it is more stable and its movement is somehow like bitcoin that tends to go up in time.

[roadbits]

i would go back to fiat if this is really happening because i personally do not considers altcoins as instead of bitcoin even some people says that there is altcoins which is to be next bitcoin but i don't believe with what they talking about and that's why i might will retire to use cryptocurrency

I also choose I would go back to fiat currency Because now bitcoin is the top cryptocurrency in the digital world. If the bitcoin Disaster happened then how can we trust on other cryptocurrencies, if we choose any other currency after some days that currency also faces the same problem? I wish it will never happen to suppose it happens I will go back to fiat.

[Superways]

I do not think that any disaster will happen in bitcoin as bitcoin is a more acceptable currency and the demand of it is increasing much faster. Look at the speed of its demand no one will find any other asset or currency with that much demand. It is only because of the importance of bitcoin so with this it is proved that the future is of bitcoin.

[1Referee]

You are missing an important point here, any of those scenarios if happens then bitcoin has no value or very little, so what the hell are we going to move? bitcoin will drop under $100 only if no one wants them and when no one wants them you can't convert back to any sh*t dude.

You definitely have a point there. That's why it's important to act in advance of what is going to happen in such a scenario. Only then you'll be able to secure a large portion of your money/wealth that was stored in Bitcoin. But as always, it's only a small minority that is able to act in advance, where you don't have any guarantees on whether or not you're right. It will be somewhat of a gamble. But one thing is sure, I will never convert my money into whatever altcoin. If I am too late, and thus missed out on selling at prices being still at a decent level, then I am just going to use Bitcoin solely as an investment tool. Because whatever happens, there is always good money to be made from panic among people that results in massive loads of volatility. I am and will always stay a trader.

[digaran]

Are you familiar with the compatibility issues in windows where a software which worked in old versions have problem to execute in new versions?
Welp, bitcoin is the solution found by Satoshi when people tried to troubleshoot financial system.
Bitcoin itself is a tool that only runs if there is no flaw in it, I'm really having problem how to explain my self here,...hmm Do you know what is gravity?
Mass creates gravity and without mass there is no gravity, now imagine bitcoin is both at the same time, what I mean if bitcoin wasn't suppose to work from inception until the end of time it wouldn't be working right now.

I will put it as simple as it gets, what happens if all the oceans vaporize and completely dry out? well we could dig wells and use under ground water reserves for a few month top but they will diminish eventually.

In mathematics if you can multiply 2x2=4(altcoins)2+2=4(altcoins/fiat), but 1111 is what bitcoin is giving us so we can decide what to do and how to do it.

[RealBitcoin]

When I say stuff like "loyalty", I am not saying to be fanatical about BTC, or anything like that. I am just simply saying that, people who choose to become economically free, and choose to go the decentralization route, should not back up from it like cowards, when something goes wrong.

If people chose freedom, decentralization and transparency, then how come 10 minutes later they change their minds, and run back to the centralized financial system? That not only makes no sense, but it also portrays Bitcoin as something ridiculous, and childish

I guess you should first explain what makes you think so, i.e. if people are using Bitcoin that necessarily means that they "chose freedom, decentralization and transparency". Traders are there for profits before anything else while being "loyal" to some asset is a dangerous idea in this field, you should be as impartial as possible in respect to what you trade. So your whole concept of "pussy traders" switching to fiat if they think Bitcoin is going down is meaningless. It is nothing more than risk valuation, it may be correct or it may be wrong but it has nothing to do with "loyalty" or "love"

In short, stop producing noise

Well they could be long term investors, because buy & hold does eliminate some trading risk and replace it with volatility right?

I mean if the price swings +-200% every half year or so, that is hard to trade successfully in my opinion. I have seen a lot of guys end up being losing after trading BTC/USD.

So even though buying and holding introduces drawdown (which if it's not leveraged, then it's not as risky) , it does make investment easier, if they think the price will go up in the longterm.

Just daytraders and technical analysts are probably losing money already. To them this is more like gambling. So that is sad.

[Arvydas77]

Code:

Traders are there for profits before anything else while being "loyal" to some asset is a dangerous idea in this field, you should be as impartial as possible in respect to what you trade. 

Very good notice. I absolutely agree because Bitcoin is mostly for speculation and not for libertarian nonsense. So, naturally, when price hits the highs traders are cashing out to fiat and no one can blame traders. Traders are only for profit and Bitcoin is only for trading.

By the way, poll shows how strong are fiat 

[iqlimasyadiqa]

I will exchange bitcoin currency to USD. I will move quickly before the disaster. when there is a decrease above 25% then I will immediately sell the entire bitcoin I have.