When Crypto has replaced Fiat, but then the internet is shutdown!!! - Page 2 - Crypto World - CryptoTalk.Org Jump to content
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When Crypto has replaced Fiat, but then the internet is shutdown!!!

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I don't think people will ever build such a system which can be destroyed so easily, it is too risky. And fiat won't be destroyed by crypto, they will both exist I suppose. That would be the best way 

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On 26.11.2019 at 18:01, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

Cryptocurrencies will not be able to replace the fiat. How is it possible if the price of cryptocurrency depends on fiat. The entire capitalization of bitcoin is fiat money

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8 hours ago, duncun007 said:

well ever since online payment came to existence the general people started asking this important question what will happen if the internet got shut down worldwide? and that would be a problem to bitcoin because you can take your money out of banks but cant take it out of bitcoin.

But i think it is really useless to ask this nonsense question because we can't go back to the old generation especially now people become smarter day by day.

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Then everybody will use the old "currencies" like gold, sex and weapons. Actually after WW2 in Europe the situation was somewhat similar. Almost all means of communication and transportation was broken, supply chain didn't work and official currencies were worthless. Still people found ways to get food, medications, clothes and whatever else they needed by bartering their stuff or using gold jewellery as currency (e.g. one gold chain link = one potato). Others found other ways to do their shopping. Humans are innovative and highly adaptable. 

 

BTW such a complete breakdown of the internet is nearly impossible. WW3 or a series really huge solar flares what keep hitting Earth can cause such a breakdown but in such scenarios money will be our least concern.

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For that matter, plenty of people may well suffer from therefore condition. It is recommended to produce a large amount of necessity to our so they accelerate for the world wide web and therefore the Word wide web cannot eliminate. Afterward, most people will be able to turn into fascinated with art.

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Lol this is post is just a useless, no one can shutdown the internet and also in terms of crypto, it will not replaced to fiat currency in fact it will be used together soon, all people hope that this crypto and fiat will used in the future because thjs two are profitable and also it can be adopted the crypto by the people like they are using fiat in their daily life activities.

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If internet is shutdown, no nation will be able to do their single days. Obviosly all nation will make the internet more powerful before making crypto fiat.

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Well it's a big problem of course because we cant able to access our wallet if that would happens.But as long internet existed,the technology upgrading will continue because people had also upgraded their knowledge as times passes by.Theres always a room for improvements and as we can see Bitcoin was a product of high technology advancement and the advantages that we experienced right now.

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I have never even thought about this before. because if this really happens I think it's very bad for all

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The fact is, most people might put up with for that reason challenge. You must present loads of benefits to that so the quickness of your online, as well as Online, would not prevent. In that case people today may easily develop into serious about the repair.

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On 11/26/2019 at 9:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

I think what happened is that we go back to a long time ago in terms of transactions. Where we will use goods to pay to get other items. Gold will again become the main medium of exchange for sure ... If that happens it means that all people who lived at that time will look for a solution all over the world. Certainly the system will change completely later

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Yes so that I can see that there are a lot of disadvantages of it compare to its advantages. It is risky for us to put our money in a digital way without having a 100% guaranteed that we won't lose connection to it.

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7 hours ago, SyntaxEr. said:

But i think it is really useless to ask this nonsense question because we can't go back to the old generation especially now people become smarter day by day.

i think its less about old or new generation and more about a real question of what if the power goes off from the whole world and we lose connection to the internet for any reason possible...what then?

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On 11/26/2019 at 3:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

People will definitely go back to trade by barter but i don't see such thing because you totally misunderstood the concept and the reason why bitcoin was implemented cause crypto currency was an alternative not to take over fiat.

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Then we cannot use crypto for the transaction, and maybe at that time, we will use a barter system like what we did in the old times. We will not have the ability to use any digital payment, or we cannot make a transaction, but I am sure that we will find a way to make a transaction. But I don't think that the internet will be shut down because if that happens, we will see a big demonstration that occurs in all countries. The government for each country will make sure the internet still operates and serves what people need so that the internet will be like this, and even it will grow more than now.

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You dreamer, why the Internet will be closed, then if we assume that your words will happen and the Internet is closed, people will not die of hunger will be gold and will be dealt with again, and even if there is no gold people will not be able to find money other than Fiat and cryptocurrencies, Necessity is the mother of invention.

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11 hours ago, duncun007 said:

i think its less about old or new generation and more about a real question of what if the power goes off from the whole world and we lose connection to the internet for any reason possible...what then?

Like what i said it is not possible because people today are more smarter than the past generation even you shutdown the internet and power they will just keep inventing it because they are smart. The proper question should be what if the people go extinct and new generation of people born what will happen to crypto world?

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I think hard to think cryptocurrency replace fiat. Because cryptocurrency now is still based fiat. If crypto replace fiat, so how to calculate the price, also every transaction need 1 confirmation and taking fees! The big problem, yes it is need internet to pay, that is not comfortable. 

But anything can happen in the future, also fiat can not trusted again, for example in Venezuela, they don't believe their currency. Trust in fiat can decreased because inflation going up too high. So i think no any currency is safe. 

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15 hours ago, SyntaxEr. said:

Like what i said it is not possible because people today are more smarter than the past generation even you shutdown the internet and power they will just keep inventing it because they are smart. The proper question should be what if the people go extinct and new generation of people born what will happen to crypto world?

so to you the probability of humanity to extinct is higher in chances to happen than a internet shutdown worldwide? oh man you have some very dark point of view....

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10 hours ago, duncun007 said:

so to you the probability of humanity to extinct is higher in chances to happen than a internet shutdown worldwide? oh man you have some very dark point of view....

Haha you really don't get my point. I said even the internet was shut down worldwide people today are smart enough to invent the internet again. 

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Fiat foreign money is, in fact, the common community foreign money? Nonetheless, have you considered without the need for them? As it happens to receive food items, most people need to deliver the results. It is really fairly illogical, the fact is most people settle for age-old instances when people today previously worked to have food items perfectly, very

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13 hours ago, SyntaxEr. said:

Haha you really don't get my point. I said even the internet was shut down worldwide people today are smart enough to invent the internet again. 

no i get you but the matter is not about inventing the internet again its more about if the internet is shutdown it will take time to invent the replacement for it and throughout this time bitcoin will be untouched so you technically cant buy or sell for a while which will render bitcoin pointless.

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3 hours ago, duncun007 said:

no i get you but the matter is not about inventing the internet again its more about if the internet is shutdown it will take time to invent the replacement for it and throughout this time bitcoin will be untouched so you technically can't buy or sell for a while which will render bitcoin pointless.

Bitcoin can be worthless for a couple of days but once the invented again the bitcoin transaction will resume it is like they experienced maintenance for pausing the transaction on bitcoin so the value of it will remain the same.

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22 hours ago, SyntaxEr. said:

Bitcoin can be worthless for a couple of days but once the invented again the bitcoin transaction will resume it is like they experienced maintenance for pausing the transaction on bitcoin so the value of it will remain the same.

well it might not seem like a problem to you because you might be trading with small amounts but some people out there are trading with millions and imagine being cut of your money for weeks like that.

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9 hours ago, duncun007 said:

well it might not seem like a problem to you because you might be trading with small amounts but some people out there are trading with millions and imagine being cut of your money for weeks like that.

Nope that is not a problem for them too because like what you said total internet shutdown means no one can access their bitcoin so the price and market movement will not change the time when internet was shutdown.

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Among the trend indicators on D1, 65% are on the side of the bears, 35% – are coloured green. Among the oscillators, a third are on the side of the bears, a third – on the side of the greens, and a third – are painted in neutral gray. The nearest support for the pair is located in the zone of 1.0680, then 1.0600-1.0620, 1.0560, 1.0495-1.0515, 1.0450, 1.0375, 1.0255, 1.0130, 1.0000. Resistance zones are located in the areas of 1.0710-1.0725, 1.0740-1.0750, 1.0795-1.0805, 1.0865, 1.0895-1.0925, 1.0965-1.0980, 1.1015, 1.1050, 1.1100-1.1140.    The coming week promises to be quite turbulent and volatile as it is filled with various important events. On Monday, April 29, preliminary data on consumer inflation (CPI) in Germany will be released. The next day, another batch of German statistics will be released, including GDP and retail sales figures. On the same day, we will learn the preliminary volume of GDP and the level of inflation in the Eurozone as a whole. On Wednesday, May 1, Germany and many other EU countries will have a holiday – Labor Day. However, the United States will continue to work on this day. First, the ADP report on employment levels in the private sector of the country and indicators of business activity in the manufacturing sector will be published. The most important event will undoubtedly be the meeting of the FOMC (Federal Open Market Committee) of the US Federal Reserve on Wednesday, May 1, and the subsequent press conference of the management of this regulator. In addition, on Friday, May 3, we traditionally await another batch of very important statistics from the American labor market, including the unemployment rate and the number of new jobs created outside the agricultural sector (NFP), as well as revised data on business activity (PMI) in the US services sector.   GBP/USD: US PCE Hindered the Strengthening of the Pound   The preliminary statistics on business activity in the United Kingdom released on Tuesday, April 23, were mixed. The PMI in the manufacturing sector of the country crossed from above to below the growth/fall boundary, and with a forecast and previous value of 50.3 points, it actually fell to 48.7. In the UK services sector, on the other hand, there was growth in April – the indicator rose from 53.1 to 54.9 (market expectations 53.0). As a result, the Composite PMI reached 54.0 (52.8 a month earlier). However, all these figures did not attract much attention from investors.   On April 22, GBP/USD fell to 1.2300. The bulls on the pair took advantage of the dollar's overbought condition to return it to the lower boundary of the medium-term corridor of 1.2500-1.2800 in which it had been moving since the end of November last year. However, they did not have enough strength to consolidate within the corridor. The two-week maximum was recorded at 1.2540, after which, pushed by US PCE, the pair went down again and ended the five-day period at 1.2492.   According to specialists from United Overseas Bank, as long as the support at 1.2420 is not broken, there is still a possibility of the pound breaking through the 1.2530 mark. The next resistance, according to them, is at 1.2580. The median forecast of analysts regarding the behaviour of GBP/USD in the near future looks maximally uncertain: 20% voted for the movement of the pair to the south, the same amount – to the north, and the majority (60%) simply shrugged their shoulders. As for technical analysis, the trend indicators on D1 point south 65% and 35% look north. Among the oscillators, the picture is mixed: 25% recommend selling, 25% – buying, and 50% are in the neutral zone. In case of further decline of the pair, it will encounter support levels and zones at 1.2450, 1.2400-1.2420, 1.2300-1.2330, 1.2185-1.2210, 1.2110, 1.2035-1.2070, 1.1960, and 1.1840. In case of growth, the pair will encounter resistance at levels 1.2530-1.2540, 1.2575-1.2610, 1.2695-1.2710, 1.2755-1.2775, 1.2800-1.2820, 1.2885-1.2900.   No significant statistics on the state of the UK economy are planned for the week.   USD/JPY: Reached the Moon, Next Target – Mars?     We called the previous review "Higher and Higher". Now, it is worth asking at what altitude will this flight into space end? When will the Bank of Japan (BoJ) finally decide on a radical change in its monetary policy?   At the meeting on April 26, the members of the Japanese Central Bank unanimously decided to keep the key interest rate at the previous level of 0.0-0.1%. Moreover, the regulator removed from the statement the reference that it is currently buying JGB bonds for about 6 trillion yen per month. The statement after the meeting states that "the prospects for the development of the economy and prices in Japan are extremely uncertain," "if inflation rises, the Bank of Japan will likely change the degree of easing of monetary policy," however, "it is expected that the eased monetary policy will be maintained for some time."   The market predictably reacted to such decisions of the Japanese Central Bank with another Japanese candle on the chart of the USD/JPY pair. The maximum was recorded at 158.35, which corresponds to the peak values of 1990. There were no currency interventions to save the national currency, which many market participants feared. Recall that strategists from the Dutch Rabobank called the level of 155.00 critical for the start of such interventions by the Ministry of Finance of Japan. The same mark was called by 16 out of 21 economists surveyed by Reuters. The rest predicted such actions at levels of 156.00 (2 respondents), 157.00 (1), and 158.00 (2). USD/JPY has long exceeded the levels at which the intervention took place in October 2022 and where the market turned around about a year later. It now seems that 158.00 is not the limit. Perhaps it is worth raising the forecast bar to 160.00? Or immediately to 200.00?   USD/JPY ended the past week at 158.32. The forecast of analysts regarding the near future of the pair looks as follows: fear of currency interventions still prevails over 60% of them, while the remaining 40% are waiting for the continuation of the flight to Mars. Technical analysis tools clearly have no concerns about interventions. Therefore, all 100% of trend indicators and oscillators on D1 point north, although a third of the latter are in the overbought zone. The nearest support level is located in the area of 156.25, then 153.90-154.30, 153.10, 151.00, 149.70-150.00, 148.40, 147.30-147.60, 146.50. And it is practically impossible to determine resistance levels. We only note the reversal maximum of April 1990, 160.30, although this target is quite conditional.   No significant events regarding the state of the Japanese economy are expected in the coming week. Moreover, traders should keep in mind that Monday and Friday in Japan are holidays: April 29, the country celebrates the birthday of Hirohito (Emperor Showa), May 3 – Constitution Day.   CRYPTOCURRENCIES: Where Will Bitcoin Fall?   As expected, the fourth halving took place in the bitcoin network at block #840000 on April 20. The reward for finding a block was reduced from 6.25 BTC to 3.125 BTC. Recall that halving is a halving of the reward size for miners for adding a new block to the bitcoin blockchain. This event is embedded in the code of the first cryptocurrency and occurs every 210,000 blocks – until the moment when the mining of 21 million coins (presumably in 2040) ends the emission of cryptocurrency. It should be noted that the fourth halving will provide for the mining of approximately 95% of the entire bitcoin emission, about 99% of all coins will be mined by 2033-2036. Then, the emission will gradually move towards zero.   In the previous review, we promised to tell how the market would react to this important event. We promised – we report: the market reaction is close to zero. For several days after the halving, there was no growth in volatility. The price of bitcoin slowly and lazily moved first upward, reaching $67,269 on April 23, and then returned to where it began its weekly journey: to the $64,000 zone. It seems that market participants froze in anticipation of who would be the first to start buying or, conversely, selling the main cryptocurrency massively.   According to experts from Bitfinex, the post-halving supply restriction stabilizes the price of the first cryptocurrency and may contribute to its growth. "The reduction in the pace of bitcoin issuance after halving, which will amount to $30-40 million per day, contrasts sharply with the daily net inflow of $150 million into spot ETFs. This emphasizes a significant demand and supply imbalance, which may contribute to further price growth," stated the Bitfinex report.   However, analysts from QCP Capital believe that bitcoin optimists will have to wait at least two months before assessing the effect of the past fourth halving. "The spot price grew exponentially only 50-100 days after each of the three previous halvings. If this pattern repeats this time, bitcoin bulls still have weeks to create a larger long position," their report stated.   Anthony Pompliano, the founder of the venture company Pomp Investments, believes that within 12-18 months, the coin is expected to grow to $100,000, with chances of reaching $150,000-200,000. However, before moving to a bull rally, BTC/USD, in his opinion, is waiting for a correction down. At the same time, Pompliano believes that the price will not fall below $50,000. "I think we have already crossed this Rubicon," – he wrote.   The possible upcoming decline of the main cryptocurrency is probably a topic currently much more discussed than its subsequent growth. Many agree that bitcoin coins will appreciate in the long term. But how will quotes behave in the more foreseeable future? Fidelity Digital Assets, the leading issuer of one of the spot BTC ETFs, has already revised its medium-term forecast for bitcoin from positive to neutral. The reason for abandoning optimistic sentiments is several worrying trends in the crypto market. Fidelity analysts noted the growing interest in selling from long-term hodlers. Among them, there is currently a large percentage of profitable addresses, as noted in the company's report. This means that holders may want to lock in profits and start selling BTC. On the other hand, on-chain data indicates that small investors, on the contrary, continue to accumulate the first cryptocurrency. Since the beginning of the year, the number of addresses on which BTC is stored for at least $1,000 has increased by 20% and reached a new historical maximum. "Such a trend may indicate the growing dissemination of bitcoin and its acceptance among 'average' users," – Fidelity noted.   Specialists from CryptoQuant examined the SOPR indicator readings for these categories of investors and made conclusions similar to those of their colleagues from Fidelity. Investments in Bitcoin by "new" whales (owners of coins "aged" less than 155 days) almost doubled the indicator of "old" large players (more than 155 days). At the same time, the increased value of the metric showed that the profits of the "old" hodlers significantly exceed the indicators of the "newcomers". And if the "old-timers" move to fix profits, this may lead to the formation of price peaks. An analysis of the current picture, according to CEO of CryptoQuant Ki Young Ju, also speaks of the need to exercise caution in anticipation of possible corrections and increased volatility.   Recall that earlier, specialists from JPMorgan noted that digital gold is in a state of overbought. And co-founder of CMCC Crest Willy Woo noted that if the price of the first cryptocurrency falls below the support level of short-term holders at $58,900, the market risks moving into a bearish phase.   As of the evening of Friday, April 26, the BTC/USD pair is trading in the region of $63,950. The total capitalization of the crypto market is $2.36 trillion ($2.32 trillion a week ago). The Bitcoin Fear & Greed Index remained in the Greed zone, although it rose from 66 to 70 points.   Finally, in conclusion of the review, our long-forgotten crypto-life-hacks column. It turns out that in order to become a crypto millionaire, it is enough to have a marker and a piece of paper. The possibility of such a way of enrichment was proven by Christian Langlois, also known as Bitcoin Sign Guy. This guy made headlines in many news outlets after showing a notebook sheet with the inscription "Buy Bitcoin" behind the back of the Chair of the Federal Reserve System Janet Yellen. At that moment, the head of the Fed was giving testimony about the state of the US economy. This image instantly spread across the network and became one of the symbols of the emerging crypto industry.   For his misdemeanour, the 22-year-old intern Langlois was disgracefully expelled from the hearings. But after this episode was shown on television, enthusiasts sent 7 BTC to his crypto wallet to thank the guy for his bold move. Four years ago, Christian sold 21 copies of the "cult" sheet at an average price of 0.8 BTC, earning another 16.8 BTC. Thus, his total earnings reached 23.8 BTC, which is more than $1.5 million at the current exchange rate. And a few weeks ago, Langlois was offered another 5 bitcoins for the original, but he refused to sell the sheet. Nevertheless, Christian liked the idea of further monetizing the self-created object of "artistic and historical heritage", and he decided to sell it at an auction, directing the proceeds to finance his startup Tirrel Corp. On April 25, 2024, the auction house Scarce.City reported that the lot, which became a popular meme, was sold for 16 BTC (more than $1 million). NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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