Bitcoin during a recession

>>1635869
depends on whether the fed tries to save the stock market by sacrificing the value of the U.S. dollar. it;s the same reason the gold bugs like peter schiff and mike maloney say gold is a good investment during upcoming QE bubble burst. so just think of bitcoin as digital gold for the future. and there are a lot of reasons why bitcoin would be a better investment thank gold during a fiat currency collapse. first one being ease of trasaction obviously, and the face that there is known supply of 21 million whereas gold is unknown. also right now 95% of the bitcoin exchange volume is in china, so idk if even a USD depreciation could affect the price, i feel like it almost has to be china. not sure tho

>>1635876
Do you think the recent jump in price had to do with the problems China economy is currently experiencing? There was a documentary that China is on par to experience a recession similar to the 2008 one the US had.

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>>1635890
well i think that the perception that the yuan was depreciating quickly was definitely behind a lot of the bitcoin price hike. I don't think that most ppl in china see a depreciation in the yuan of 1% and then jump to bitcoin which is much more volatile, it just makes no sense. so just the perception and hype around the devaluing of the yuan was the cause behind it i think.


>There was a documentary that China is on par to experience a recession similar to the 2008 one the US had.
this could also be the reason too, i am just speculating.

recession (usually caused by central banking) = more low interest rates = more inflation without letting actual correction happen (U.S. kicked the can down the road in 08') = BIGGER CORRECTION COMING (just my opinion)

i am long bitcoin to 2025
https://discord.gg/z9x6YSy

>>1635916
Hypothetical question: What would it take for you to change from long BTC to short/stopping your investment?

I understand BTC gets hacked alot, but what if there was a sudden bearish route similar to the one that happened after the beginning of 2014? Would you still hold?

>>1635923
>What would it take for you to change from long BTC to short/stopping your investment?
someone finds a fault in the code and bitcoin network is destroyed or some shit


>>1635923
>but what if there was a sudden bearish route similar to the one that happened after the beginning of 2014? Would you still hold?
me personally, yea i would hold

>>1635923
>I understand BTC gets hacked alot

Exchanges get hacked, the bitcoin protocol has never been "hacked".

>>1635935
What's the best exchange regarding cyber security?

>>1635938
Exchanges are all shit.

There is no reason to ever keep any meaningful amount of coins with an exchange as opposed to a personal wallet.

>>1635968
Alright, I'll have to get a storage a new device tho

>>1635979
Consider "cold storage" for extended holding, this requires no physical device and is the most secure form of storage.

>>1635993
Alright, can I store it in two different places for backup?

>>1635995
Yes, that's recommended.

Ideally, you'll also have a "cold" (not connected to the internet) computer.

To spend bitcoin you would:

1. Recover your wallet onto the "cold" computer
2. Create the TX, sign it, save it to a USB (none of this requires internet access)
3. Import the TX from the USB onto your "hot" computer and broadcast it to the network (this will require internet access)
4. Wipe the wallet from the cold computer

This protects your bitcoin even if your "hot" computer is compromised.

Bitcoin is already a better gold. The government can confiscate your gold at any time, they can't do shit nothing with bitcoin.

>>1636138
>Internet Killswitches
>DNS blocking Exchanges and other websites
>DDoS attacks on those sites
>Seizing the hosting servers of those sites
>Targetted hacking of personal computers or servers for whatever nefarious reason "ooops sorry your wallet seems to have mysteriously disappeared"

I know fuck all about the blockchain or anything so I don't know how they could manipulate or disrupt that side of things but the US government has effectively an infinite budget and serious manpower to fuck shit up if they want to. They likely have capabilities we're not even publicy aware of too. Even a simple DNS block on every major Bitcoin related website would knock out maybe 75-85% of normie users.

At the end of the day, no computer system is free of exploits and 100% secure.

I'm From Africa and didn't know about bitcoin before my friend started to hustle bitcoin @ Paxful. Did not even know that there is some kind of Digital currency ( Less than 70 % in my country don't have a bank account) any way because of my friend now i'm making steady 200-400$ a month just hustling bitcoin trough Paxful. That is huge money here where i live. Bitcoin Kinda saved me from poverty ! Will Def hold my bitcoins.

>>1636206
> Even a simple DNS block on every major Bitcoin related website would knock out maybe 75-85% of normie users.
That is not how bitcoin works. People do not need to visit websites to use the network, though plenty do use third party wallets that are able to be DDoS'd in theory. This is really unlikely, and very expensive, not to mention probably less than half of all bitcoins are stored this way (I'd bet less than a quarter, but there's no real way of knowing, and I don't feel like doing the research to estimate - it doesn't matter as a DDoS would not corrupt the blockchain anyway, it would just delay users' access to their coins).

> At the end of the day, no computer system is free of exploits and 100% secure.
There is a reason you don't hear people say "the software, Bitcoin." Because it is a protocol. The only weakness it is vulnerable to at this stage is a double spend attack which is only possible if someone buys 51% of the network, which would cost more than the current market value of all bitcoins in circulation. This was an *actual* threat in the early stages of bitcoin, but no double spend ever happened to my knowledge. By now the hashing power of the network is such that trying to go head to head with half of the network with brute force alone is not economically viable.

>>1635890
Yes, china is making the extraction of money from the country harder so people are using bitcoin to do it.

>>1636229
Where in africa?
I had a chance to invest in a small company that intends do make bitcoin available to many african countries.

>>1636253
>That is not how bitcoin works. People do not need to visit websites to use the network
No, in the same way people don't need to visit torrent websites to use the BitTorrent network but it disrupts the system and reduces ease of access. Normies end up thinking "I can't be bothered" and give up.

>There is a reason you don't hear people say "the software, Bitcoin." Because it is a protocol.
Protocols have vulnerabilities and are open to exploit as well. See: OpenSSL et al.

>which would cost more than the current market value of all bitcoins in circulation.
$12Billion is pocket change

I just think it's a bit naive to suggest Bitcoin is untouchable even if the protocol itself proves to be. Should Bitcoin become a target for whatever reason, state actors have tremendous resources at their disposal. Failing that, they just make it illegal. If Gold being confiscated is on the table then the banning of Bitcoin is as well. Of course, that still doesn't destroy the network and it's use but then gives them remit to punish those that disobey.