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Slightly off-topic: with currency being mostly digital and now crypto-currency being more common, it'll be interesting to see what happens in the event of a mas

Slightly off-topic: with currency being mostly digital and now crypto-currency being more common, it'll be interesting to see what happens in the event of a massive power failure (e.g. coronal mass ejections, mega-earthquakes, super-hurricanes, etc.). I imagine if you had a bank statement as support, you could at least withdraw money from the bank in the form of cash. Where with crypto you don't have that potential safety-net and any mining operations will take a huge hit, possibly causing catastrophic volatility in its worth.

liuliu 6y ago
Isn't that the entire plot of Mr. Robot (S1)? :)
arthurcolle 6y ago
Not really - you can have a cold wallet that contains your private keys. Unless every single computer lost a copy of the blockchain blocks dir simultaneously, this seems pretty much of a non-issue
RamshackleJ 6y ago
so you're saying a black swan event might affect the price? gee well Im glad that doesn't currently happen with USD, CNY, JPY.... you can also use bitcoin like a physical bearer asset (gold bullion) by using things like https://opendime.com/ https://opendime.com/ so even if the network was 100% down transactions could still happen IRL. You'd just be exchanging a hidden private key that can move UTXO's on the blockchain. considering that I'd say bitcoin is much more anti-fragile than a bank statement, in most of the natural disasters you're talking about im not so sure banks will be letting you withdraw any significant amount of $
whytaka 6y ago
It's irresponsible to hold your assets in any one vehicle. Your 6 month buffer savings should be in cash or something equally liquid. If I had all my safety net in real estate or paper gold, it'd be the same problem.
majewsky 6y ago
If your threat scenario is a long-lasting large-scale power outage, the correct answer is a stash of canned food and clean water. Cash money is going to be less useful than you think when the grocery store supply chains collapse.
jtsiskin 6y ago
No, this makes no sense. No bank would allow you to withdraw cash. Because what is stopping you from withdrawing cash at one branch and then again at the same branch down the road, or a different branch a state away?

liuliu 6y ago

Isn't that the entire plot of Mr. Robot (S1)? :)

arthurcolle 6y ago

Not really - you can have a cold wallet that contains your private keys. Unless every single computer lost a copy of the blockchain blocks dir simultaneously, this seems pretty much of a non-issue

RamshackleJ 6y ago

so you're saying a black swan event might affect the price? gee well Im glad that doesn't currently happen with USD, CNY, JPY.... you can also use bitcoin like a physical bearer asset (gold bullion) by using things like https://opendime.com/ https://opendime.com/ so even if the network was 100% down transactions could still happen IRL. You'd just be exchanging a hidden private key that can move UTXO's on the blockchain. considering that I'd say bitcoin is much more anti-fragile than a bank statement, in most of the natural disasters you're talking about im not so sure banks will be letting you withdraw any significant amount of $

whytaka 6y ago

It's irresponsible to hold your assets in any one vehicle. Your 6 month buffer savings should be in cash or something equally liquid. If I had all my safety net in real estate or paper gold, it'd be the same problem.

majewsky 6y ago

If your threat scenario is a long-lasting large-scale power outage, the correct answer is a stash of canned food and clean water. Cash money is going to be less useful than you think when the grocery store supply chains collapse.

jtsiskin 6y ago

No, this makes no sense. No bank would allow you to withdraw cash. Because what is stopping you from withdrawing cash at one branch and then again at the same branch down the road, or a different branch a state away?