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> But isn't that one of the hopes of cryptocurrency -- that it can survive a state collapse, because the relatively normal currency manipulation leading up to s
by stinkytaco 9y ago
> But isn't that one of the hopes of cryptocurrency -- that it can survive a state collapse, because the relatively normal currency manipulation leading up to said collapse would be less (or not at all) viable?
I've always wondered about this argument. It seems to me that a state collapse would be accompanied by the collapse of things that make bitcoin possible: electrical grid, Internet, mobile networks, and so on.
- cloverich 9y agoThat's definitely a good point and I think it would probably apply in some cases. From my standpoint I"m most interested in the leadup to a collapse where governments start manipulating currency to greater degrees, destabilizing the countries economy (to the eventual point of temporary collapse) further than it otherwise would. I'm not sufficiently well read on the subject to argue deeply about it, just always seemed like if cryptocurrencies were viable they could perhaps alleviate or improve those situations. Maybe modern Venezuela is a good example. I'm not well read enough on either topic to take a strong stance but if it holds water, it's always seemed like a very promising thing for humanity.
- sireat 9y agoI remember when many alt coins collapsed in 2013/2014 one problem was that with miners dropping off, difficulty stayed. Many coins with longer difficulty adjustments couldn't get back to reasonable confirmation times. So let's say BTC difficulty drops 10x (China cracks downs on farms or simply miners moving to a different more profitable coin, who knows) Currently this would be ruinous, as difficulty adjustments are every 2 weeks, so that would be 140 days until things get back to normal.