POLL: How die hard are you?

[PolarPoint]

I will sell most of my bitcoins before your stated scenario happens. I am not a die hard fan, do not flame me for it  

I see bitcoin as a payment system, like my credit card. If the credit card company is closing down. What will you do with the cashback money on the card? Spend it surely.

[beetcoin]

I will sell most of my bitcoins before your stated scenario happens. I am not a die hard fan, do not flame me for it  

I see bitcoin as a payment system, like my credit card. If the credit card company is closing down. What will you do with the cashback money on the card? Spend it surely.

i see it as the same. people who think btc will replace currency are just crazy. as of now, i see bitcoin, at least for me, as a lottery ticket. if i win, i win big.. if i lose, then i just lose.

[alani123]

[quote
 author=beetcoin
link=topic=619621.msg6900858#msg6900858 date=1400875256]

I will sell most of my bitcoins before your stated scenario happens. I
am not a die hard fan, do not flame me for it  

I see bitcoin as a payment system, like my credit card. If the credit
card company is closing down. What will you do with the cashback money
on the card? Spend it surely.

i see it as the same. people who think btc will replace currency are
just crazy. as of now, i see bitcoin, at least for me, as a lottery
ticket. if i win, i win big.. if i lose, then i just lose.
[/quote]

To me bitcoin is more of a powerful network and payment protocol rather
that a currency. It a long way to come until there is technology in
place to help it replace FIAT

[keithers]

Ok, let's assume that the following scenario is actually possible, I would like to know how you feel when all these thing happen at the same time:

Bitcoin is under a 66% attack (double spends are happening)
Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.
The real satoshi (proven by something) is found dead, killed.

If the top two things happened at the same time, I think it would be safe to say that it is time to sell lol.   No matter how much you want to support BTC, it is parachute time if you are heavily invested...

[btcton]

I don't like the fact that there's no middle ground. I personally spend just enough as to make the economy healthy.

[Pobre]

Well ill do many of these things, ill exchange some for goods, some for fiat and will hold some.

[Cryptocoinrank.com]

Ok, let's assume that the following scenario is actually possible, I would like to know how you feel when all these thing happen at the same time:

Bitcoin is under a 66% attack (double spends are happening)
Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.
The real satoshi (proven by something) is found dead, killed.

Uh, you mean 51% attack?

No actually 66,6% attack

Whats the difference between a 51% attack and 66.6% attack?

15,6%

 

I would just hold cause what I've invested into BTC is what I could afford to loose

[Ron~Popeil]

I will never convert btc to fiat. I am more interested in the philosophical ideas behind it than as a speculative asset so if the good ship BTC goes down I will be on the deck as it slips beneath the waves. 

[bryant.coleman]

If this scenario actually happens, then the exchange rate of Bitcoins will crash until it becomes near zero. At that point, there is no use in exchanging your Bitcoins to fiat or bullion.

[phillipsjk]

Under a 66% attack divesting is impossible, so the first option is the only rational response.

[fryarminer]

If all of those things are happening, then things have frankly gotten out of hand.

With the double-spend issue, unless it's reconciled in some fashion, it's hard to make a case for continuing on.

As for the prison issue, the moment that owning BTC becomes a more severe crime than killing a family of 5 due to intoxication, something is terribly wrong with the system and likely all hell has broken loose.

Admittedly, the death of Satoshi shouldn't factor too much into the decision. After all, like I said the prison thing kinda implies a canon of zeal and possibly anarchy.

Actually good point! If all those things happen, THEN is the time that BTC was made for!

[findftp]

Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.

Look the process is in the making:
http://www.theguardian.com/technology/2014/jun/04/life-sentence-cybercrime-queens-speech

[Ron~Popeil]

Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.

Look the process is in the making:
http://www.theguardian.com/technology/2014/jun/04/life-sentence-cybercrime-queens-speech

Life sentences for non violent crimes? 

I hate the ddos people and hackers in general as much as everyone else but wow.

[findftp]

Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.

Look the process is in the making:
http://www.theguardian.com/technology/2014/jun/04/life-sentence-cybercrime-queens-speech

Life sentences for non violent crimes? 

I hate the ddos people and hackers in general as much as everyone else but wow.

bitcoin people will be declared hackers because:

The law would have a maximum sentence of 14 years for attacks that create "a significant risk of severe economic or environmental damage or social disruption".

[beetcoin]

so far almost 70% of the people who voted would hold their coins, even if it were under a 51%+ attack. i think i'm calling bullshit. the truth is that people care about their own wealth more than they do the development of bitcoin. not that there's anything wrong with that.

[cbeast]

Hanging on to the Bitcoin train.

[findftp]

so far almost 70% of the people who voted would hold their coins, even if it were under a 51%+ attack. i think i'm calling bullshit. the truth is that people care about their own wealth more than they do the development of bitcoin. not that there's anything wrong with that.

The "problem" is, most people have a large amount of BTC in cold storage which is not easy to access.
My largest stack is also very unaccessible.
That means that I'm always too late to sell for a reasonable price.
And also I invested not more than I'm willing to loose 100%.
For me it is a binary bet, zero or (close to) infinite value.
I'm already more than happy to be involved in this experiment.
The money I've spend could not buy me more happiness and excitement for such a long time.

[Swordsoffreedom]

Well since your scenario pretty much spells Armageddon
I would get stuff and then go back later to reinvest in Bitcoin using said stuff

[cenixentor]

Ok, let's assume that the following scenario is actually possible, I would like to know how you feel when all these thing happen at the same time:

Bitcoin is under a 66% attack (double spends are happening)
Is also banned by the US, Russian, EU and China government by threat of 30 years jail time.
The real satoshi (proven by something) is found dead, killed.

Satoshi is my god 

[cbeast]

so far almost 70% of the people who voted would hold their coins, even if it were under a 51%+ attack. i think i'm calling bullshit. the truth is that people care about their own wealth more than they do the development of bitcoin. not that there's anything wrong with that.

The nice thing about open source communities is the human connections and communication. No social technologies are flawless where people are concerned. While Bitcoin is mostly a trustless system, it is not completely independent from the trusted people that work hard to continuously improve its service. With Bitcoin, you are not investing in a corporation owned by nameless stockholders, you are investing in a  revolution whose stockholders are the people that believe that the smartest people can outsmart greedy people. Even if greedy people think they can outsmart some of us, smart people tend to stick together and do what is right for the greater good.