North Korea Tensions And The Price Of Bitcoin

[GreenBits]

Green here  Just wanted to ask, how many of you here actually use bitcoin as a safe haven asset, particularly against the USD? I always see the price uptick a bit (considerably, sometimes) when Trump starts tweeting about NK, the imminent threat of actual conflict with another nuclear armed country does something magical for the price.

But this seems like a pretty mature strategy; most of the market participants here are anything but. So it puzzles me why the trend would reflect on bitcoin as strongly as it does (I understand gold and silver, these are the long established "safe have assets" of traditional finance. Is this an indication more traditional investors, and large ones at that, have taken more than an academic interest in btc?

Thoughts? (the topics were bummy, wanted to talk about something legit)

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[salihno71]

Maybe it has something to do with the following news: https://www.bloomberg.com/news/articles/2017-09-11/north-korea-hackers-step-up-bitcoin-attacks-amid-rising-tensions ? If they have larger amount of bitcoins in possession, in case of nuclear war those funds would likely be lost. This would effectively reduce amount of available bitcoins. But it's more likely that investors are perceiving bitcoin as a safe haven.

[White sugar]

In case of nuclear war weapons, supplies and meds would be worth something. All virtual things, like bitcoin or the money in your bank, would be worth nothing.

I invest in bitcoins because it is the most profitable among the options I have, as any rational person would do, but I know the risk of it being worth nothing at any moment.

Of course maybe there is some correlation, because most people aren't rational 

[GreenBits]

In case of nuclear war weapons, supplies and meds would be worth something. All virtual things, like bitcoin or the money in your bank, would be worth nothing.

I invest in bitcoins because it is the most profitable among the options I have, as any rational person would do, but I know the risk of it being worth nothing at any moment.

Of course maybe there is some correlation, because most people aren't rational 

Thats the irony of a "safe haven" virtual asset. I thought safe haven meant "safe"; that is the security possession of the asset provides in lieu of the asset you replace. bitcoin is neat and all, but you cant eat a goddamn bitcoin, ive tried

Thats why I dont really understand paper gold, except for purely speculative purposes. even with the liquidity of gold (its not the best), id still rather hold something in my hand that I can trade for something vital, in case we end up in "Mad Max" times.

You dont even need a war. Take Puerto Rico for example. bitcoin isnt too useful there, atm.

in fact, gonna write a different thread about that 

[audaciousbeing]

Green here  Just wanted to ask, how many of you here actually use bitcoin as a safe haven asset, particularly against the USD? I always see the price uptick a bit (considerably, sometimes) when Trump starts tweeting about NK, the imminent threat of actual conflict with another nuclear armed country does something magical for the price.

But this seems like a pretty mature strategy; most of the market participants here are anything but. So it puzzles me why the trend would reflect on bitcoin as strongly as it does (I understand gold and silver, these are the long established "safe have assets" of traditional finance. Is this an indication more traditional investors, and large ones at that, have taken more than an academic interest in btc?

Thoughts? (the topics were bummy, wanted to talk about something legit)

The tension between North Korea and the US is just going to be a mere tension as I dont see any of them ready to go into battle considering the fact that this will not be about either military might but on the basis of missiles and counter missiles. The effect on bitcoin is what I am still trying to grasp and how people will want to use bitcoin as a safe haven. For me, I think keeping in safe haven must have happen when you have enough already then keeping the rest but over here, quite a number of people are doing several things everyday to earn something be it gambling, trading, freelancing etc. But to have enough to keep for NK war.

If the war should eventually happen, I think survival will be priority other than safe haven.

[wanderloy]

North Korea believed that they owned Bitcoins today and they're mining not only Bitcoin but Altcoins also. Somehow they have to get as much money through trades and remittances.

[A1exander]

I do not use bitcoin as a safe haven, for me now it's primarily an investment. But if (that's a big 'if') the rich are starting to consider bitcoin as a 'safe haven', like precious metals, it's a very good thing. It means that bitcoin will be more stable than it was in the past and is unlikely to experience a drastic fall.