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Author Topic: What would happen in an economic meltdown? Bullish or bearish for bitcoin?  (Read 402 times)
bitcoinsrus
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May 22, 2014, 12:06:58 AM
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Unfortunately bitcoin was made in 2009 (the 2008 meltdown was missed).  So we did not see what would happen when that whole situation occurred during bitcoin.  What would happen to bitcoin if an economic meltdown ensued.  

Would the panic cause a rise in prices or a plummet?  Would there be something else people would pour their funds into, in order to stop further losses (besides bitcoin)?

Now I know there have been some smaller countries (that have been hit hard possibly during bitcoin), but I am talking about the larger ones.

Now I probably did overlook many things (so I hope you get the idea of what I am talking about).

Comments appreciated.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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MatTheCat
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May 22, 2014, 12:11:49 AM
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Unfortunately bitcoin was made in 2009 (the 2008 meltdown was missed).  So we did not see what would happen when that whole situation occurred during bitcoin.  What would happen to bitcoin if an economic meltdown ensued.  

Would the panic cause a rise in prices or a plummet?  Would there be something else people would pour their funds into, in order to stop further losses (besides bitcoin)?

Now I know there have been some smaller countries (that have been hit hard possibly during bitcoin), but I am talking about the larger ones.

Now I probably did overlook many things (so I hope you get the idea of what I am talking about).

Comments appreciated.

In a meltdown, vast sums of nominal wealth evaporate. Everything loses value as measured in USD. In a meltdown in the most genuine sense of the word, what you want to own is real things, and cash, providing that cash survives and you are actually able to get to it (not likely if it is in bank account with invariably insolvent bank).

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
bitcoinsrus
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May 22, 2014, 12:17:15 AM
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Unfortunately bitcoin was made in 2009 (the 2008 meltdown was missed).  So we did not see what would happen when that whole situation occurred during bitcoin.  What would happen to bitcoin if an economic meltdown ensued.  

Would the panic cause a rise in prices or a plummet?  Would there be something else people would pour their funds into, in order to stop further losses (besides bitcoin)?

Now I know there have been some smaller countries (that have been hit hard possibly during bitcoin), but I am talking about the larger ones.

Now I probably did overlook many things (so I hope you get the idea of what I am talking about).

Comments appreciated.

In a meltdown, vast sums of nominal wealth evaporate. Everything loses value as measured in USD. In a meltdown in the most genuine sense of the word, what you want to own is real things, and cash, providing that cash survives and you are actually able to get to it (not likely if it is in bank account with invariably insolvent bank).

I agree with what you said.  I wondered if people would try to acquire currencies that hold a steady value or gold or something.
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