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Author Topic: Will bitcoin survive the impending financial crash?  (Read 4235 times)
mmsen
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October 11, 2014, 10:23:02 PM
 #1

Sometime in the next few years the economy will crash (again).

The same mistakes made during the housing crisis are being made again - this time with so called 'bail out money'.

Is bitcoin likely to survive such a crash?

Will it fall in value and then rebound or will it go the way of the dinosaur?

Or will another cryptocurrency emerge from the ashes, a stronger, more viable (and stable) itiration?
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October 12, 2014, 02:02:49 AM
 #2

Bitcoin wont survive because you need FIAT to buy bitcoin.

THats why price is now in a permanent down swing, its too reliant on fiat and the existing banks.

Without fiat, its not possible to have bitcoin because u need to buy it from something.

Now, people are inventing new decentralized currecies without FIAT, , eg. Ethereum, probably it will take the place of bitcoin.

That's been problem with bitcoin and why it cannot replace the banks.

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October 12, 2014, 03:11:09 AM
 #3

Bitcoin was created and was successful because of the financial crash. IMO there is no question as to if bitcoin will survive the next financial crash as it will likely prosper when it happens.

Just look at when cypris has it's banking crisis, the price of bitcoin skyrocketed because of a pending potential financial crisis.

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October 12, 2014, 05:52:59 AM
 #4

Bitcoin wont survive because you need FIAT to buy bitcoin.

THats why price is now in a permanent down swing, its too reliant on fiat and the existing banks.

Without fiat, its not possible to have bitcoin because u need to buy it from something.

Now, people are inventing new decentralized currecies without FIAT, , eg. Ethereum, probably it will take the place of bitcoin.

That's been problem with bitcoin and why it cannot replace the banks.

Not true.

You can trade goods and services for bitcoin as well.

No one said you HAVE to use dollars to buy them.

Sure, it will be a little hard to sell goods on bitstamp, but we'd just return to OTC trades for bitcoin.
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October 12, 2014, 11:07:13 AM
 #5

nobody knows but:

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

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October 12, 2014, 12:39:38 PM
 #6

Exactly. This is one example as to why bitcoin would prosper when the stability and soundness of banks is put into question. A financial crisis will generally have many bank failures and it will not be known if depositors' funds will be safe in a bank, however it is known that a person's bitcoin is safe inside their wallet as long as they keep it properly secured

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October 12, 2014, 05:28:03 PM
 #7

This is my theory... as each the dollar and the euro collapses, people will rush to metals as well as Bitcoin. Because Bitcoin is such a small economy, the price will start skyrocketing. As it does, holders of Bitcoin will start purchasing assets for next to nothing - particularly real estate and businesses. BUT what this will do is get Bitcoin in the hands of everyday people... I think this will help lessen the blow of any total collapse and prevent society from deteriorating into complete chaos.
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October 12, 2014, 08:02:10 PM
 #8

Sometime in the next few years the economy will crash (again).

The same mistakes made during the housing crisis are being made again - this time with so called 'bail out money'.

Is bitcoin likely to survive such a crash?

Will it fall in value and then rebound or will it go the way of the dinosaur?

Or will another cryptocurrency emerge from the ashes, a stronger, more viable (and stable) itiration?

Basically no one knows since Bitcoin is so young that had not lived any big crisis. Next crisis will include China and will be really huge. Lets hope not so soon.
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October 12, 2014, 08:06:09 PM
 #9

Is bitcoin likely to survive such a crash?

Yes ... and explosion of value with it.
And then, people can easly "donate" to his familly and friends his mBTC = 20 000 USD ... when he has olded a "few BTC".

That why early adopter of BTC is nothing to do with "normal rich familly" over the decade.
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October 12, 2014, 11:22:26 PM
 #10

I think bitcoin will be favored by a crisis,as it is not controlled by any central institution,people will be trusting bitcoin to store its money,avoiding the collapse
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October 13, 2014, 08:41:59 AM
 #11

think btc has good chances to survive and even increase in value, since fiat isn't worth the paper its printed on in a crisis
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October 13, 2014, 10:20:15 AM
 #12

bitcoin or other decentralized currencies seem to be a good hedge against another economic crisis.

it offers a medium for exchange, which money ultimately is that can not be manipulated by messing with money supply.

also its not bound to the economic performance of a country which makes it more resistant to price swings caused by real economic development.
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October 13, 2014, 01:37:19 PM
 #13

I think bitcoin will be favored by a crisis,as it is not controlled by any central institution,people will be trusting bitcoin to store its money,avoiding the collapse

Are you serious? Bitcoin will be forever forgotten if crisis breaks the world.

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October 13, 2014, 05:00:39 PM
 #14

Bitcoin wont survive because you need FIAT to buy bitcoin.

THats why price is now in a permanent down swing, its too reliant on fiat and the existing banks.

Without fiat, its not possible to have bitcoin because u need to buy it from something.

Now, people are inventing new decentralized currecies without FIAT, , eg. Ethereum, probably it will take the place of bitcoin.

That's been problem with bitcoin and why it cannot replace the banks.

Agree with the assessment here except the Ethereum part.

How is Ethereum different than any other cryptocoin and bitcoin?

Fabrizio89
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October 13, 2014, 06:07:45 PM
 #15

If Bitcoin can establish itself and a side-economy is built upon it, it will have its chances, but it's far from saying it will survive a financial crash. It really depends on the magnitude of said crash anyway.
BTCmoons
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October 13, 2014, 10:07:02 PM
 #16

Well the past week or so hasn't exactly been a 'financial crash' however the world stock markets have declined pretty sharply in the past week or so, in the same time period the price of bitcoin has gone up by close to $100 or ~33%.

I think it is fair to say that bitcoin will generally go up in times of financial panic.
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October 14, 2014, 06:34:59 AM
 #17

The financial crash will be a great opportunity to buy bitcoin. Ppl will realize the scarcity of it and see it as a alternative to preserve value.
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October 14, 2014, 12:56:40 PM
Last edit: October 14, 2014, 01:07:25 PM by 600watt
 #18

Bitcoin wont survive because you need FIAT to buy bitcoin.

THats why price is now in a permanent down swing, its too reliant on fiat and the existing banks.

Without fiat, its not possible to have bitcoin because u need to buy it from something.

Now, people are invensting in new decentralized currecies without FIAT, , eg. Ethereum, probably it will take the place of bitcoin.

That's been problem with bitcoin and why it cannot replace the banks.

oh. and what did the ether guys want for their ether ? bitcoin. thirtythousand shiny bitcoin.  Wink




edit: imho it is possible that the stability of the bitcoin network will lead investors to the conclusion it could serve as a safe haven.
Turnkey
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October 14, 2014, 01:02:39 PM
 #19

At present, bitcoin won't survive in down economy until it is established.
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October 14, 2014, 01:05:42 PM
 #20

I think bitcoin will be more valuable during a financial crash when the value of fiat is dropping. Some people will likely shift their fiat into bitcoins as the value of fiat drops.
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