So I have a real question and would appreciate serious at least half thought out responses.
How can anyone invest a great amount of their wealth into Bitcoin, when a small solar flare or power grid problem would wipe it completely out?
Paper Wallet.
>>2021290
> How can anyone invest a great amount of their wealth into the stock market if a meteor or godzilla would wipe it completely out?
Also, there are paper BTC wallets, voltage regulators. If a solar flare is big enough to kill your drive, losing bitcoins is the least of your problems as you should probably be worrying for an apocalyptic scenario and living like a caveman for a while.
Do you actually think all banks are safe from an event this scale? All it takes is one copy of the blockchain to be unaffected. You could actually argue that a blockchain would actually be more effective in a scenario like that. There are many more copies of the blockchain than there are database backups for any given bank.
>>2021290
You know this would / should be a real concern for big time miners, not so much losing their coins but necking all their hardware. I'd imagine they'd have a reasonable level of safeguards in place.
As for an event wiping out all machines worldwide? Golders might think they're covered, but I'd be loading up on pointy sticks.
>>2021290
lol uh huh solar flares. member india? yeah the PM kinda just waved his hand and all of a sudden all high denom rupees are declared worthless. the threat improves from a single dude waving his hand to .. solar flares. fiat is junk. secondly, a solar flare wouldn't necesarily destroy all blockchain data which is by design copied on thousands of nodes with probably more in backups