Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: DrBeer on August 26, 2024, 01:37:35 PM
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
If crypto is gone my journey would not end there in the search for financial freedom but it will have a huge impact on the progress and it will change my course and start all over again like finding real day jobs so I still have source of income but I know that is tough considering I am a college drop-out and has weak immune system maybe I will look for work from home opportunities or maybe get a vocational course for a special skill to survive.
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
If crypto is gone my journey would not end there in the search for financial freedom but it will have a huge impact on the progress and it will change my course and start all over again like finding real day jobs so I still have source of income but I know that is tough considering I am a college drop-out and has weak immune system maybe I will look for work from home opportunities or maybe get a vocational course for a special skill to survive.
That's one way of looking at it. In addition to the loss of assets, indeed some people will have to find a replacement for their main job (if cryptocurrency was the main source of income), or an additional part-time job (as for a lot of people).
For me, for example, the problem will be the loss of a convenient, comfortable investment mechanism, which is weakly exposed to external influences.
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cryptocurrencies disappearing is a make up itself. i'm sure the answers will also be a make up.
going back to what we have back when no cryptocurrency yet has been created is not so difficult but the companies we have before the covid was still running. today those companies are already gone. even the restaurants that i used to eat a few blocks away is already closed. life has changed after covid. crypto disappearing, it will affect everyone in crypt industry even the whales who already put more of their assets in crypto.
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First of all crypto currencies can't disappear, the blockchain is stored on everyone who runs the node which means anyone can retrieve the data if it's gone somewhere else and that's the decentralisation but if you still insist the only way for the blockchain to disappear completely then someone has to destroy every node from all around the world which is not realistic or something happens like asteroid hits us but we don't really worry about cryptos or anything at that time, for the fact humankind will cease to exist at that point.
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First of all crypto currencies can't disappear, the blockchain is stored on everyone who runs the node which means anyone can retrieve the data if it's gone somewhere else and that's the decentralisation but if you still insist the only way for the blockchain to disappear completely then someone has to destroy every node from all around the world which is not realistic or something happens like asteroid hits us but we don't really worry about cryptos or anything at that time, for the fact humankind will cease to exist at that point.
One possible real-world scenario is the destruction of the core infrastructure of the global Internet, when it will be defragmented into unconnected segments that will not be able to interact.... How would blockchain work in such a situation? In fact, we can think of quite realistic scenarios when cryptocurrencies will be knocked out
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I have been living my life before I got to know about crypto. If I should wake up someday and find out crypto is not in existence anymore, I will take it as one of those things one sees in life, that nothing lasts forever, and one shouldn't depend their life on what they don't have control over its future. It's better they have another source of income; in case one business closes, there are others to support them financially.
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I have been living my life before I got to know about crypto. If I should wake up someday and find out crypto is not in existence anymore, I will take it as one of those things one sees in life, that nothing lasts forever, and one shouldn't depend their life on what they don't have control over its future. It's better they have another source of income; in case one business closes, there are others to support them financially.
100% agree with you. Crypto is not the be-all, end-all of my existence. It's just an investment tool. If it's gone tomorrow then I'll just look for another way to invest.
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a lot of my saved up money if not almost all are in cryptocurrency i am also getting my salary in the form of cryptocurrency so if all this stopped and disappeared i would be in deep trouble
i would potentially lose all my money and i would have no source of income and the money i had saved for emergency purposes would not be enough to keep me alive for more than a month so hopefully nothing of that sort happens though i think that is a very unlikely scenario
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Another conclusion that can be made is that we should diversify our income or develop additional knowledge and professional skills so that in case of any incidents we will not be left without income and the ability to provide for our living needs.
By the way, one more of the scenarios, quite real, when cryptocurrencies, at least become unusable or inaccessible: my country, Ukraine, for the second day terrorist state is bombarded by ballistic missiles, guided missiles, kamikaze drones. In addition to terrorist strikes on residential neighborhoods to terrorize and intimidate the civilian population, the main strikes are carried out on infrastructure - primarily elements of power generation and energy distribution. As you understand - this can lead, among other things, to global problems related to the unavailability of the Internet, if data centers and traffic consolidation points are de-energized or destroyed for a long period of time.
I propose to expand the topic a bit, and voice other scenarios in which cryptocurrencies will be unavailable to us for a certain significant period of time
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These networks are decentralized, meaning that if you find that the Bitcoin network does not exist, you can manage a network and then start the return of Bitcoin again, as the current network is nothing but a collection of several decentralized nodes. But if we assume that a major failure occurred, the global economy will certainly not be affected, but investors will be affected, and over time, alternative investments will be found.
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
If crypto is gone my journey would not end there in the search for financial freedom but it will have a huge impact on the progress and it will change my course and start all over again like finding real day jobs so I still have source of income but I know that is tough considering I am a college drop-out and has weak immune system maybe I will look for work from home opportunities or maybe get a vocational course for a special skill to survive.
That's one way of looking at it. In addition to the loss of assets, indeed some people will have to find a replacement for their main job (if cryptocurrency was the main source of income), or an additional part-time job (as for a lot of people).
For me, for example, the problem will be the loss of a convenient, comfortable investment mechanism, which is weakly exposed to external influences.
If cryptocurrency disappears I will have a loss of assets because cryptocurrency is one of my ways to earn extra income for daily living expenses. Without crypto, I will need to seek another way to make extra income.
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I think my life will return to normal, by opening a food stall, to continue our lives, why be sad if crypto disappears, especially if we don't have any assets in crypto, but if I have assets above 10k$ and they disappear like that, I might go crazy
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One possible real-world scenario is the destruction of the core infrastructure of the global Internet, when it will be defragmented into unconnected segments that will not be able to interact.... How would blockchain work in such a situation? In fact, we can think of quite realistic scenarios when cryptocurrencies will be knocked out
If there's world wide internet blackout for few hours it will leads to certain range of destructions that includes pretty much everything not just finance or money so if that's happening then we got bigger problems to worry which means it's close to impossible to reach place we won't longer be able to access internet again, it almost like going back to the old age which I don't think can possible at all.
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One possible real-world scenario is the destruction of the core infrastructure of the global Internet, when it will be defragmented into unconnected segments that will not be able to interact.... How would blockchain work in such a situation? In fact, we can think of quite realistic scenarios when cryptocurrencies will be knocked out
If there's world wide internet blackout for few hours it will leads to certain range of destructions that includes pretty much everything not just finance or money so if that's happening then we got bigger problems to worry which means it's close to impossible to reach place we won't longer be able to access internet again, it almost like going back to the old age which I don't think can possible at all.
From personal experience - if you find yourself in a territory under global attack, such as my country, Ukraine, suffering from a large-scale terrorist attack since 2022, there are a lot of cities and areas where you are highly likely to have no internet and no way to leave safely, much less use cryptocurrency.... This is a very realistic scenario, provided the global network is up and running
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From personal experience - if you find yourself in a territory under global attack, such as my country, Ukraine, suffering from a large-scale terrorist attack since 2022, there are a lot of cities and areas where you are highly likely to have no internet and no way to leave safely, much less use cryptocurrency.... This is a very realistic scenario, provided the global network is up and running
I understand what you're saying but it doesn't represent the global internet blackout, it's more of something that you got stuck in a place where internet is not available all the time but I am pretty much sure there's still internet available in Ukraine. Let's see the biggest picture if crypto has come to stall then it's only possible if we don't have internet at all in any part of the world even with that the cryptos will be safe but we only can't access until we access the internet.
Let me remind you something banking system will collapse completely if we don't have internet means we might be able to cash for a while but I am sure it's going downhill as well.
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For the short term, maybe I'll be busy looking for sidejobs to help me buy my daily expense. That being said, I've got a decent amount of fiat/physical assets savings so it would not affect my wealth that greatly, although losing my crypto investment would sting me a lot. Maybe I'll get headache for a while because of this but I think I'll manage for long-term. One of my sidejob probably will pay me with fiat instead so that means I'll have to pay more for conversion fees, so that sucks too.
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I propose to expand the topic a bit, and voice other scenarios in which cryptocurrencies will be unavailable to us for a certain significant period of time
what do you mean by unavailable? do you mean that the government banned and blocked anything that could allow us to use crypto or did it simply cease to exist?
not all cryptocurrencies will be permanent especially that they function over the concept of supply and demand which is very unstable at some point a lot of cryptocurrencies would not be the top cryptocurrency like how we see them now
but if you meant that it just simply is not available for quite some time like a day or so then i do not think anything bad will happen to me provided that my funds are as safe as i last saw them
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From personal experience - if you find yourself in a territory under global attack, such as my country, Ukraine, suffering from a large-scale terrorist attack since 2022, there are a lot of cities and areas where you are highly likely to have no internet and no way to leave safely, much less use cryptocurrency.... This is a very realistic scenario, provided the global network is up and running
I understand what you're saying but it doesn't represent the global internet blackout, it's more of something that you got stuck in a place where internet is not available all the time but I am pretty much sure there's still internet available in Ukraine. Let's see the biggest picture if crypto has come to stall then it's only possible if we don't have internet at all in any part of the world even with that the cryptos will be safe but we only can't access until we access the internet.
Let me remind you something banking system will collapse completely if we don't have internet means we might be able to cash for a while but I am sure it's going downhill as well.
Cryptocurrencies do not require a GLOBAL internet shutdown. It is enough, for example, to destroy intercontinental connections. Well, for example, the European segment will be on its own and will not “see” the American, Asian, Pacific,.... The GLOBAL FORK of all blockchains will start, which means that the value of cryptocurrencies will become 0, because any currency bought in the local fork - does not give a 100% guarantee that it will be in the MAIN branch.
Back to Ukraine and banks. In 2022 the situation was very difficult as terrorist troops even managed to enter Kiev. At the same time there were problems with communication both terrestrial and mobile. But the banks continued to operate through physical cash registers, as ATMs were closed to prevent looting by the Russian occupiers, which is their “norm”. And immediately after the destruction of the occupants - the banks went into full-fledged mode and the work of all ATMs. I.e. the Internet is not critically important for them, as it is for the work of blockchain
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From personal experience - if you find yourself in a territory under global attack, such as my country, Ukraine, suffering from a large-scale terrorist attack since 2022, there are a lot of cities and areas where you are highly likely to have no internet and no way to leave safely, much less use cryptocurrency.... This is a very realistic scenario, provided the global network is up and running
I understand what you're saying but it doesn't represent the global internet blackout, it's more of something that you got stuck in a place where internet is not available all the time but I am pretty much sure there's still internet available in Ukraine. Let's see the biggest picture if crypto has come to stall then it's only possible if we don't have internet at all in any part of the world even with that the cryptos will be safe but we only can't access until we access the internet.
Let me remind you something banking system will collapse completely if we don't have internet means we might be able to cash for a while but I am sure it's going downhill as well.
Cryptocurrencies do not require a GLOBAL internet shutdown. It is enough, for example, to destroy intercontinental connections. Well, for example, the European segment will be on its own and will not “see” the American, Asian, Pacific,.... The GLOBAL FORK of all blockchains will start, which means that the value of cryptocurrencies will become 0, because any currency bought in the local fork - does not give a 100% guarantee that it will be in the MAIN branch.
Back to Ukraine and banks. In 2022 the situation was very difficult as terrorist troops even managed to enter Kiev. At the same time there were problems with communication both terrestrial and mobile. But the banks continued to operate through physical cash registers, as ATMs were closed to prevent looting by the Russian occupiers, which is their “norm”. And immediately after the destruction of the occupants - the banks went into full-fledged mode and the work of all ATMs. I.e. the Internet is not critically important for them, as it is for the work of blockchain
We are moving digital already that some stores are not even accepting cash but cards only. Crypto such as BTC is accepted everywhere and we all have them used almost everyday so if crypto disappears I think some of the crypto company operations will stop.
If crypto disappears, then we're all back to fiat again. My life will change drastically since I rely mostl of my business n crypto also.
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We are moving digital already that some stores are not even accepting cash but cards only. Crypto such as BTC is accepted everywhere and we all have them used almost everyday so if crypto disappears I think some of the crypto company operations will stop.
If crypto disappears, then we're all back to fiat again. My life will change drastically since I rely mostl of my business n crypto also.
Yeah crypto is now inevitably part of our everyday life Now and crypto leaving the world is gonna have a huge impact on at least 40% of the world's population, in the sense that, the world is now a global village and many people are opting in to the idea of digitalization, from technology to finance. People now see crypto transactions as more secure and convenient, compared to the traditional form of payment and taking crypto out of the way would mean taking them away from civilization and taking them back to a world that lacks innovation.
Again, we all know that the emergence of cryptocurrency has provided a means of livelihood and job for thousands and millions of people around the world, so just imagine what would happen to that population who look up to cryptocurrency for their daily bread, they'll simply lose everything and it'll take them quite a long time to adapt to the current situation and a world without crypto, so yes it's really gonna affect the world immensely.
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Yeah crypto is now inevitably part of our everyday life Now and crypto leaving the world is gonna have a huge impact on at least 40% of the world's population, in the sense that, the world is now a global village and many people are opting in to the idea of digitalization, from technology to finance. People now see crypto transactions as more secure and convenient, compared to the traditional form of payment and taking crypto out of the way would mean taking them away from civilization and taking them back to a world that lacks innovation.
Again, we all know that the emergence of cryptocurrency has provided a means of livelihood and job for thousands and millions of people around the world, so just imagine what would happen to that population who look up to cryptocurrency for their daily bread, they'll simply lose everything and it'll take them quite a long time to adapt to the current situation and a world without crypto, so yes it's really gonna affect the world immensely.
40%? Are you sure? I would generously say it won't even reached 2-3%.
But it's highly unlikely that crypto can disappear, it can reach zero but it can't disappear for whatsoever,.
And Bitcoin didn't provide jobs or livelihood to people like you mentioned, it just gave an escape route for the people who were stuck with the centralized banking system for centuries and we has no alternative to trust them but 2008 made the big difference now we have bitcoin so if there is another crisis/recession most people would jump to crypto and never going back to the fiat papers.
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And Bitcoin didn't provide jobs or livelihood to people like you mentioned, it just gave an escape route for the people who were stuck with the centralized banking system for centuries and we has no alternative to trust them but 2008 made the big difference now we have bitcoin so if there is another crisis/recession most people would jump to crypto and never going back to the fiat papers.
Are you sure. Then I'll confidently say you don't have a clue of just how much Bitcoin and crypto is contributing to the loves of people. I'll say it again, there are people who depend on crypto as a means of livelihood hood because, there are lots of people 2ho live off of the profits they make from day to day crypto trading, as well as those who also rely on the incentives they obtain from carrying out some tasks within the crypto space. I've not mentioned those who are active hodlers of bitcoin, who have already established a very solid bitcoin portfolio and are living off of the profits they get from there, I know this isn't applicable for everyone and not everyone are I this class, but you'd be totally wrong to conclude that people aren't living ott of the benefits of crypto or that crypto hasn't created a means of livelihood for people.
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If everything about crypto suddenly disappears, no choice but to accept my losses if that happened before I converted everything back to fiat or gold ;D There are many things online that can be done to replace crypto activities but I'll probably miss the unimpeded moving of funds.
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If everything about crypto suddenly disappears, no choice but to accept my losses if that happened before I converted everything back to fiat or gold ;D There are many things online that can be done to replace crypto activities but I'll probably miss the unimpeded moving of funds.
Indeed there are people who can be able to move on quickly with their lives if crypto is to go away, and there are also those who it will require a very long time before they'll be able to recover from the shock of Disappearance of crypto, it depends on how committed the person is to crypto and how much the person has already invested in crypto. You can't compare a person who just entered the crypto space a couple of months ago with a holding of less a thousand dollars or a few hundreds, and a person who has already invested more than 8 years and has been able to build a Portfolio of over a million dollars or even more. Surely, if anything is to happen to crypto and it eventually leaves the market, the person who has spent just a few months and with a lesser Portfolio would feel the lesser Impact Compared to the one who has spend over 8 years and have such a huge portfolio.
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If everything about crypto suddenly disappears, no choice but to accept my losses if that happened before I converted everything back to fiat or gold ;D There are many things online that can be done to replace crypto activities but I'll probably miss the unimpeded moving of funds.
One thing that we are having no choice is decentralization and without crypto we are exposed to everything and people who is controlling the system might be very happy because we are all on their scope. I wish that this crypto thing won't disappear anytime soon or else we are left no choice.
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
This is why it's advisable for everyone to have multiple streams of income, online investments pays a lot but what is your back up plan when it fails or perhaps something happens, you should have a physical investment or business that's also putting money in your pocket. A lot of people have no other thing doing apart from crypto trade and other things online which isn't bad but you should always have a plan b, this would save you from a lot of trouble
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
I might kill myself because it took me unaware because that is where most of my extra cash is thrown into. If I was aware then I can convert my bitcoin into cash and invest in a physical asset which will not affect me. There is nothing anyone can do than to look for another means of making money, after all, there are a lot of businesses before crypto came into existence and there are a lot of wealthy people who made made without crypto.
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I propose to expand the topic a bit, and voice other scenarios in which cryptocurrencies will be unavailable to us for a certain significant period of time
what do you mean by unavailable? do you mean that the government banned and blocked anything that could allow us to use crypto or did it simply cease to exist?
not all cryptocurrencies will be permanent especially that they function over the concept of supply and demand which is very unstable at some point a lot of cryptocurrencies would not be the top cryptocurrency like how we see them now
but if you meant that it just simply is not available for quite some time like a day or so then i do not think anything bad will happen to me provided that my funds are as safe as i last saw them
1. We're not talking about “shitcoins” :)
2. We are talking about bitcoin, ether and other DECENTRALIZED cryptocurrencies.
3. Stablecoins do not belong to them - they are centralized and in fact are not cryptocurrencies in the full sense.
The reasons for inaccessibility may be different:
- legal regulations prohibiting the circulation of cryptocurrencies
- technological problems (e.g. destruction and fragmentation of the Internet, hacking of underlying crypto algorithms, ....).
- global cataclysms (natural disasters, global warfare,...)
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
I might kill myself because it took me unaware because that is where most of my extra cash is thrown into. If I was aware then I can convert my bitcoin into cash and invest in a physical asset which will not affect me. There is nothing anyone can do than to look for another means of making money, after all, there are a lot of businesses before crypto came into existence and there are a lot of wealthy people who made made without crypto.
If things like that happened like suddenly I don't think still have choice to get all our funds from our wallets whether centralized, non-custodial or hardware we're totally done. Not unless we have some fiat or other centralized assets we can use to survive then it's all good to go but if not I don't know how it's gonna go in the long run.
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What can possibly make it disappear? We may have no CEX in the future due to the strict regulation applied by the government. However, I can't find a logic reason to lose blockchains and DEX. :-\
However, if everything about crypto disappears, I'll focus on my jobs in real life. There are many things to be done in real life, we don't only have digital assets but we have physical assets. Before crypto digital assets will be gone, I'll switch the assets to physical assets if it is still possible. I'm very sure, it won't disappear suddenly. There should issues or rumors that we may reach the end of crypto world. So, we must have time to convert our crypto digital assets into fiats or physical assets.
:D
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Is that not one of the reason why we should have diversification in whatever we do that bring in money and food to our table, when we don't have a single source of income, then we may not be scared of facing any challenges of life because we are independent on our own, i don't think we should except cryptocurrency to disappear and fade away like that, because bitcoin is involved and already recognized as a digital currency and investment asset, while we can have other sources as an addition investments apart from crypto.
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Is that not one of the reason why we should have diversification in whatever we do that bring in money and food to our table, when we don't have a single source of income, then we may not be scared of facing any challenges of life because we are independent on our own, i don't think we should except cryptocurrency to disappear and fade away like that, because bitcoin is involved and already recognized as a digital currency and investment asset, while we can have other sources as an addition investments apart from crypto.
Very clever conclusion ! Diversification is the principle we should always use when it comes to our income. And being dependent on only one revenue channel is an unjustified risk ! Judging by the responses of the respected public - there is a group of people who have cryptocurrency as their main channel of income, if not the only one, and therefore it is worth thinking about diversification
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Very clever conclusion ! Diversification is the principle we should always use when it comes to our income. And being dependent on only one revenue channel is an unjustified risk ! Judging by the responses of the respected public - there is a group of people who have cryptocurrency as their main channel of income, if not the only one, and therefore it is worth thinking about diversification
You are right mate, economists will always advice against having just one source of income and it's riskier when a person's only source of income is just cryptocurrency. I heard of someone that his only source of income is trading, at some point he became broke because he lost all his money to crypto trading and after he managed to rebuild his portfolio again, he then start investing on real world asset and even opened a big business.
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Very clever conclusion ! Diversification is the principle we should always use when it comes to our income. And being dependent on only one revenue channel is an unjustified risk ! Judging by the responses of the respected public - there is a group of people who have cryptocurrency as their main channel of income, if not the only one, and therefore it is worth thinking about diversification
Indeed, that's why we need to diversify our assets and don't solely rely on crypto investment only. Diversification isn't for crypto coins only, but we should diversify into other types of investment. I also divide my funds to physical investment such as Gold, lands, and real estate/property.
Yep. Nowadays, we can't have a single source of income. It is unsafe if we only get the income from crypto only. We need to have real life jobs as well. We don't forget that digital jobs can dissapear at any time. We don't know how long we will have internet. Someday this may be gone permanently.
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If the crypto currency is closed then maybe we will lose a lot of money but in reality we will have to re-establish ourselves through other businesses. We always spend part of the money we earn from the crypto market on trading in real life, and many do. Moreover, not only digital assets we also have physical assets. Also if we know before the crypto is gone we will convert our assets into physical assets quickly. The sudden disappearance of the crypto world is completely unrealistic. We will never find such a problem and we are sure it will never disappear.
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Hmmmm.. if crypto disappeared tomorrow, it will shake things up oo. For those who have invested a lot of time and money in the space, it would mean loss of assets and income streams, which will be hard and almost impossible to recover from. People who rely on crypto trading, mining, or staking will need to find new ways to make money. Still though, daily life for most people might not change much, since crypto is not yet fully mainstream, the impact will just be on those who built businesses and communities around blockchain technology, as they would need to pivot really fast.
Side thought though;
If i'm being honest, to summarise and based on my intrusive thoughts, "There might be war"
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Very clever conclusion ! Diversification is the principle we should always use when it comes to our income. And being dependent on only one revenue channel is an unjustified risk ! Judging by the responses of the respected public - there is a group of people who have cryptocurrency as their main channel of income, if not the only one, and therefore it is worth thinking about diversification
Indeed, that's why we need to diversify our assets and don't solely rely on crypto investment only. Diversification isn't for crypto coins only, but we should diversify into other types of investment. I also divide my funds to physical investment such as Gold, lands, and real estate/property.
Yep. Nowadays, we can't have a single source of income. It is unsafe if we only get the income from crypto only. We need to have real life jobs as well. We don't forget that digital jobs can dissapear at any time. We don't know how long we will have internet. Someday this may be gone permanently.
Of course we are not talking about giving up crypto because “what if something happens”. But it is always worth reinsuring yourself and securing your assets. “You can't keep your eggs in one basket” - this saying is hundreds of years old and people have long realized that diversification is necessary. And this decision allows you not only to protect your assets but also to improve your financial performance by compensating losses/not making profits at the expense of profits from other assets.
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“You can't keep your eggs in one basket” - this saying is hundreds of years old and people have long realized that diversification is necessary. And this decision allows you not only to protect your assets but also to improve your financial performance by compensating losses/not making profits at the expense of profits from other assets.
Exactly. We can't rely on crypto only, we must have some options for our investment. That's why diversification is needed to do, we must have other assets that may be safer than crypto investment. Those physical investments will be good options for diversification assets. However, we must choose the physical investments which have quite low risks. The lands, gold, and real estate are the type of safe investments. So, even if we may get difficulty to get profits in crypto, we have other assets which are relatively safe for keeping any time.
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It's more better that we don't dash our hope on what is not it, because right from the begging, we already know about bitcoin that it has come to stay, we don't have to panic around with others and get moved by fear of uncertainty demands, other cryptocurrencies may be going as well as coming to be, but bitcoin will always remain and stay, this is where our confidence lies.
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Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
Based on how much I have trusted cryptocurrency and it has made me believe in the digital world, I will completely loose trust for anything online, and then try to structure my life again to fix myself in an offline business so that I can support my way of life. I will also now only consider offline investments no longer think of anything online.
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We cannot disguise from saying that crypto has been the major sustainability of many individuals today, now that we have everyone been involved and eager to do crypto, they have the intention of learning more and going deeper in cryptocurrency because its now the order of the day in which the people can rely on and faithfully engage in giving them the required expectations they want.
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The disappearance of cryptocurrency would undoubtedly result in significant financial losses for some individuals who have invested heavily in it. However, it's essential to recognize that the loss of cryptocurrency is not the end of the world. People who have invested in cryptocurrency often have other assets and means to recover from their losses. It may take time, but they can adapt and find alternative ways to manage their finances.
Moreover, the disappearance of cryptocurrency would not affect everyone equally. Some people might not be significantly impacted, as they never invested in cryptocurrency or have diversified their investments. Life will go on, and people will find ways to adapt and thrive without cryptocurrency, just as they did before its introduction.
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Not much if I must be honest.
I will loose some money, which anyway I have left alone for good and I don't intend to use anytime soon.
If they don't disapear and they took over FIAT, then at least I will have something good in my accounts.
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Very clever conclusion ! Diversification is the principle we should always use when it comes to our income. And being dependent on only one revenue channel is an unjustified risk ! Judging by the responses of the respected public - there is a group of people who have cryptocurrency as their main channel of income, if not the only one, and therefore it is worth thinking about diversification
You are right mate, economists will always advice against having just one source of income and it's riskier when a person's only source of income is just cryptocurrency. I heard of someone that his only source of income is trading, at some point he became broke because he lost all his money to crypto trading and after he managed to rebuild his portfolio again, he then start investing on real world asset and even opened a big business.
It was always nice to hear your reply and your opinion !
Yes, everyone should realize that to fixate and live with one idea is a bad option, even if the idea looks perfect !
The example you gave is the best way to prove it. You should always look not only in front of you, but also around you, and even look back - a broad outlook and taking into account past mistakes is a great option for development !
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
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If crypto should disappear like that, then all of us into bitcoin just loosed our financial control and have to go back to where we are coming from, but i don't think this is possible in the first place, because bitcoin has come to stay, there is nothing we can do for that because its been decentralized as well as the blockchain network or technology, all designed for the suitability of financial freedom and the world appreciates that.
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
I hope it will not have catastrophic consequences as you described, but you touched on a very subtle topic “they keep most of their assets in cryptocurrency”. no matter how much we trust cryptocurrency, one should always be pragmatic, and assess the risks including “mono-asset”. Asset diversification is a must , as a minimum for asset preservation ! Otherwise, the scenario described by you can really happen.
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If crypto should disappear like that, then all of us into bitcoin just loosed our financial control and have to go back to where we are coming from, but i don't think this is possible in the first place, because bitcoin has come to stay, there is nothing we can do for that because its been decentralized as well as the blockchain network or technology, all designed for the suitability of financial freedom and the world appreciates that.
No one will be able to erase the Blockchain and the transactions in it because it is decentralized,
even the government even if it has the authority will not be able to control it.
People who thought that bitcoin was going to be wiped out,
only those who were hurt and disappointed when the price of Bitcoin and other altcoins experienced an incredible rise.
Bitcoin and other cryptocurrencies will be valuable future digital assets,
with many innovations emerging to overcome the payment problems that occur, Crypto will be the best option.
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EMP can wipeout electronics inside and outside earth depending on the severity of such attack and Bitcoin is one of those that will seize to exist if that will happen as we all know electronics plays a very important role with Bitcoin transactions though the idea will never die as it is decentralized but if worst will gonna happen just like what had happened to dinosaurs from an asteroid impact theory I don't think mankind will ever survive maybe still depends upon the situation. If we will survive maybe we'll be back to stone age. 😅
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
That won’t happen and won’t simply happen but when we still talk about the impossible and what the envision it to how it will affect our lives and way of living, I would say we will almost all be doomed financially and have to go back to our usual way of owning, earning and saving money. The internet will not stop to exist because the life we live now depends solely on it and if such should happen to bitcoin, that means everything will stop to exist and will affect the entire well being of the people. So that alone signifies why cryptocurrencies can never disappear because its disappearance will be a catastrophe to many.
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A lot of us can't imagine whatnot would be like if crypto disappears. I think b cause we see this as the future already, can't remove It from our lives anymore even just for pretending it disappear.
New industries due to internet somehow slows down. The Search engine optimization (SEO) was new back in 2006 I believe? The industry I think was just accidentally created by the competition of business websites. Somehow, it's not disappearing.
Crypto disappearing, I guess the knowledge we invest into it will be useless and our side jobs will be gone too. ;D
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
That won’t happen and won’t simply happen but when we still talk about the impossible and what the envision it to how it will affect our lives and way of living, I would say we will almost all be doomed financially and have to go back to our usual way of owning, earning and saving money. The internet will not stop to exist because the life we live now depends solely on it and if such should happen to bitcoin, that means everything will stop to exist and will affect the entire well being of the people. So that alone signifies why cryptocurrencies can never disappear because its disappearance will be a catastrophe to many.
Yes, as of today, this scenario is becoming more and more fantastic, as the rise of Trump and his team to power, could give cryptocurrency, at least bitcoin, a “second wind”. And by recognizing this asset as one that can be in the state reserve, it will change the status of cryptocurrencies around the world. And it will reduce the risks of making cryptocurrency a pariah in the financial world. I hope so !
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
A large number of people will experience extremely negative emotions about the situation. However, I am not optimistic about the outcome. In fact, I predict that things will worsen. Some individuals, who have invested substantial amounts of money in cryptocurrency, will feel utterly devastated and frustrated, to the point where they might even feel like losing their minds.
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A large number of people will experience extremely negative emotions about the situation. However, I am not optimistic about the outcome. In fact, I predict that things will worsen. Some individuals, who have invested substantial amounts of money in cryptocurrency, will feel utterly devastated and frustrated, to the point where they might even feel like losing their minds.
I think all of us who invested heavily into cryptocurrency will feel the same way if crypto will disappear no doubt about that. The importance of diversification of asset will enter here it also protect us from possible stuck up or colapse if I am not wrong as we all know putting all the eggs in one basket might be right for some and wrong for some depends on our personal preferences.
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
A large number of people will experience extremely negative emotions about the situation. However, I am not optimistic about the outcome. In fact, I predict that things will worsen. Some individuals, who have invested substantial amounts of money in cryptocurrency, will feel utterly devastated and frustrated, to the point where they might even feel like losing their minds.
Nobody that loses substantial money on investments that feels the same. They will feel heartbroken and have a regretful thought of what they have lose in crypto investment before they can be able to forget it. Although crypto investment will be rigging like a bell to them when it is been mentioned to them, which they will not have anything to do with it again, causing some individuals not to trust on crypto again
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A large number of people will experience extremely negative emotions about the situation. However, I am not optimistic about the outcome. In fact, I predict that things will worsen. Some individuals, who have invested substantial amounts of money in cryptocurrency, will feel utterly devastated and frustrated, to the point where they might even feel like losing their minds.
I think all of us who invested heavily into cryptocurrency will feel the same way if crypto will disappear no doubt about that. The importance of diversification of asset will enter here it also protect us from possible stuck up or colapse if I am not wrong as we all know putting all the eggs in one basket might be right for some and wrong for some depends on our personal preferences.
I think that it will be very prefer and excellent topic in this time. Because we know that any time crypto currency market will remove from crypto world. So I think that it will be very worried for us. Because we know that in this time we can earn best benefits from cryptocurrency world. I think that gradually it's popularity will increase all over the world. But if crypto currency market will disappear then we can fall very problem for economy. But if I face this problem, I started a little job for me and my family.
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
This is why it's said that you should only use the amount of money that you can afford to lose to invest in crypto so that if it goes north, you wouldn't feel it that much and will move on with life. However, I will be the most affected, because I make a living from crypto and my savings is in crypto. It will be a double blow for me.
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It will come as a shock to everyone, most people will die as a result of that because they have most of their assets stored in crypto. For some that's not the end of the world. They would take it as one of those things someone gets to see on their way to financial success. Life should continue living despite their financial loss. It will be hard to digest the sad experience anyway but someone who believes in the future has to move on because someone who has life has a hope for better tomorrow for the recovery of their financial losses
This is why it's said that you should only use the amount of money that you can afford to lose to invest in crypto so that if it goes north, you wouldn't feel it that much and will move on with life. However, I will be the most affected, because I make a living from crypto and my savings is in crypto. It will be a double blow for me.
Even as you are making a living and saving in crypto, I will still advise you to have a side hustle, just in case of the unknown factor that comes someone's way that we can't predict how and when it will come like, you will be able to withstand it even at that, than all depending your whole life and saving in crypto when the crypto market is not always favorable to us(the bearish and bull run market).
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Even as you are making a living and saving in crypto, I will still advise you to have a side hustle, just in case of the unknown factor that comes someone's way that we can't predict how and when it will come like, you will be able to withstand it even at that, than all depending your whole life and saving in crypto when the crypto market is not always favorable to us(the bearish and bull run market).
There are some people that have been in crypto for years and they have never venture into any business and they are doing very well to do because even as they try, it never work for them. You can be in crypto and be doing variety of things you know. There some people that trade most of the time and still run nodes to make extra money from different projects, they also do retroactive airdrops where you spend money to get more money.
The same way you think there is risk in crypto is the same way there is risk outside crypto, there are juts level to each of them and similarly, crypto is more profitable if you do it well compare to other projects.
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This is why it's said that you should only use the amount of money that you can afford to lose to invest in crypto so that if it goes north, you wouldn't feel it that much and will move on with life. However, I will be the most affected, because I make a living from crypto and my savings is in crypto. It will be a double blow for me.
Exactly. We only invest in crypto with the amount of money that we can afford to lose. So, if something bad happens in the future, it won't bother our life. And we must also diversify our assets in other kind of investment such as in physical assets. In this way, we don't rely on the crypto investment only. It is not safe to invest in a single asset, it is better to invest in some kind of investments. It can decrease the potential risks, it also can raise the chance of getting higher profits.
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Exactly. We only invest in crypto with the amount of money that we can afford to lose. So, if something bad happens in the future, it won't bother our life. And we must also diversify our assets in other kind of investment such as in physical assets. In this way, we don't rely on the crypto investment only. It is not safe to invest in a single asset, it is better to invest in some kind of investments. It can decrease the potential risks, it also can raise the chance of getting higher profits.
Yeah I agree and I know that I will be messing up with my financial assets in the future because the way I gain my income is purely in just one source which is not that good and it was all in crypto and nothing else. This actually happened to me once when we were hit by the pandemic in 2019 and a supertyphoon way back in 2021 all of those really caught me off guard and that was really a heartbreaking experience and hopefully it will not happen to me once again.
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I will not be adversely affected because the majority of my investments are physical. As much as I believe in the cloud economy, I also consider a variety of scenarios that could occur, and these thoughts have always prompted me to make physical investments.
When it comes to investing in cryptocurrencies, I only invest in bitcoin because it is so promising; however, even if it disappears today, I would only lose 5% of my total investment, which I believe is insufficient to change my life.
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Let's model one situation - tomorrow morning, all cryptocurrencies cease to exist, there are no blockchains, no crypto exchanges, no P2P exchanges, no gates and other things inherent to the crypto market.
Question - what changes will happen in your life ? Just a request - let's be honest and not make things up, but objectively assess how the “disappearance” of cryptocurrencies can affect us?
Do I get to cashout today?
If no I lose three maybe four years pay. Plus I need a job as my pension is too small without the money I earn from crypto.
I would likely do uber or lyft to make money.
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This is a simple question because just as people's lives were normal when cryptocurrency did not exist, people's lives will continue to be normal even if cryptocurrency does not exist in the future. However, since people's lives are now familiar with Bitcoin, if Bitcoin does not exist in the future, it will have a negative impact on people's lives to some extent. When I consider this in my case, I can confidently say that my life will be affected to some extent. Because I am now involved with Bitcoin, it will be affected, at least temporarily.
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When it comes to investing in cryptocurrencies, I only invest in bitcoin because it is so promising; however, even if it disappears today, I would only lose 5% of my total investment, which I believe is insufficient to change my life.
Then of course you need to keep the savings strategy in mind and you should start a job or business as well. There are many who accept crypto as the second source of income because they think that if the crypto is a big loss, then it will fulfill it with the profit of his business. Again, if you work for monthly or weekly pay then you will go ahead to manage your life. If you invest in crypto then you will never be free nind, but if you do a job or business then you will be a lot of free mind.
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There are many who accept crypto as the second source of income because they think that if the crypto is a big loss, then it will fulfill it with the profit of his business. Again, if you work for monthly or weekly pay then you will go ahead to manage your life. If you invest in crypto then you will never be free nind, but if you do a job or business then you will be a lot of free mind.
Yes, most people only consider crypto as their additional income. People still focus on their main jobs in real life. I think it is a good way because we can't rely on crypto for monthly income. Sometimes we can get losses in crypto although we often get profits. Trading and investing in crypto will be safe if we only make it as the second source of income. Moreover for crypto investment, we should wait for several years to take profits. We can't expect to get monthly income from crypto investment, specifically for a long-term crypto investment.
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Horrible, yes right now I am quite dependent on cryptocurrency to earn extra money which is quite a lot... if cryptocurrency is lost, it will make me have to find another side job to earn extra money and retirement savings... I feel helped by crypto, such as trading, campaigns and what I do most often is DCA for long-term investment... therefore, I pay more attention to cryptocurrency...
And if it were to suddenly disappear, it would take a long time to get something similar like cryptocurrency again. it's really quite a serious problem
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Horrible, yes right now I am quite dependent on cryptocurrency to earn extra money which is quite a lot... if cryptocurrency is lost, it will make me have to find another side job to earn extra money and retirement savings..
Yeah and I I am sure you are not alone on this path mate, I am also dependent on crypto when it comes to source of income and right now signature campaign is my only hustle though I am also practicing trading but still I am in a paper trade for now. We are one of those who really are affected when that tragedy will happen but I know we still can find ways to survive.
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Yeah and I I am sure you are not alone on this path mate, I am also dependent on crypto when it comes to source of income and right now signature campaign is my only hustle though I am also practicing trading but still I am in a paper trade for now. We are one of those who really are affected when that tragedy will happen but I know we still can find ways to survive.
Of course there will be new ways where everyone can make a lot of money for free. In the past there are many people have earned a lot of money only in bounty and airdrop. Later, a lot of scam projects emerged in ICO, IDO, IEO, which caused people to refrain from bounty, airdrop. However, Notcoin community created a big hype through telegram gaming where many people made money. Many people are leaning towards telegram gaming over this journey and people have made money from just a few projects. Currently this telegram gaming hype is about to end so everyone will find some different ways with the purpose of making money for free.
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It's certain that crypto currency can't disappear, but if it does, it will only affect me based on the money generated from it, the investment opportunities and safe place to keep my money, away from native banks which is under the government control.
I have a life on both worlds, just that it had more impact financially in supporting my real life existence. But one thing for sure, life must carry on, when one door closes, another opens.
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It's certain that crypto currency can't disappear, but if it does, it will only affect me based on the money generated from it, the investment opportunities and safe place to keep my money, away from native banks which is under the government control.
I have a life on both worlds, just that it had more impact financially in supporting my real life existence. But one thing for sure, life must carry on, when one door closes, another opens.
what you said is absolutely right, when one door closes, another opens. I firmly believe that everything happen for a reason. I know that cryptocurrency has really had a greatest impact on our lives. but if it disappear and doesn't exist again what can we do. I know that something better will not slipped away from your hand unless something greater is going to replace it.
However, if cryptocurrencies were to disappear, I trust that something better would emerge. As they said "something greater is needed to replace something good" I have faith that even if cryptocurrency disappear today, something greater that will be more beneficial to us than cryptocurrency will be introduced. Although I know that the disappearance of cryptocurrency is going to be a disaster to some people who trade, hold, and invest heavily in cryptocurrency.
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It's certain that crypto currency can't disappear, but if it does, it will only affect me based on the money generated from it, the investment opportunities and safe place to keep my money, away from native banks which is under the government control.
I have a life on both worlds, just that it had more impact financially in supporting my real life existence. But one thing for sure, life must carry on, when one door closes, another opens.
what you said is absolutely right, when one door closes, another opens. I firmly believe that everything happen for a reason. I know that cryptocurrency has really had a greatest impact on our lives. but if it disappear and doesn't exist again what can we do. I know that something better will not slipped away from your hand unless something greater is going to replace it.
However, if cryptocurrencies were to disappear, I trust that something better would emerge. As they said "something greater is needed to replace something good" I have faith that even if cryptocurrency disappear today, something greater that will be more beneficial to us than cryptocurrency will be introduced. Although I know that the disappearance of cryptocurrency is going to be a disaster to some people who trade, hold, and invest heavily in cryptocurrency.
that something better is already here long before Bitcoin which is gold and its price surge recently.
but how would crypto disappear at this time while Trump is supporting it? would it be because the internet is cut off like the cables under water that connects us all. we really are going to the medieval times when every transactions will be gold coins.
it will be chaotic before internet goes down and if they say this recession is going to be worse than 2008 where this could be an apocalyptic days, i think people will be relying on security and guns and ammo and food might just be move valuable than gold.
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It's certain that crypto currency can't disappear, but if it does, it will only affect me based on the money generated from it, the investment opportunities and safe place to keep my money, away from native banks which is under the government control.
I have a life on both worlds, just that it had more impact financially in supporting my real life existence. But one thing for sure, life must carry on, when one door closes, another opens.
When money was not invented, primitive people introduced a system of barter instead of money. After the invention of money, the system of barter disappeared. Therefore, people are constantly discovering new things contrary to necessity, and people are becoming so updated that they are no longer dependent on any specific thing. When there was no cryptocurrency, people's lives were normal and people trusted banks and kept all their assets in the bank. The history of the discovery of Bitcoin is not long, that is, before 2009, people did not know Bitcoin but their lives were normal, they also did business and trade and they also deposited money in the bank. That is, life is normal before something is discovered, and life will remain normal after it is discovered. That is, if at some point a thing disappears, human life may be temporarily affected, but it will be restored later.
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Currently I even know that cryptocurrency cannot just disappear like that, this has come to stay, some coins may come and go, but Bitcoin and cryptocurrency will always remain, but we cannot fully vouch on all these, but they are just our expectations with them base on our convincing their networks operates, however, we should also think about a possibility for anything created by man, it may change or got altered with time, but before then, we must have been well prepared for the worst scenario ahead, that is why it is very important that we have our asset diversified.
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Yeah I agree and I know that I will be messing up with my financial assets in the future because the way I gain my income is purely in just one source which is not that good and it was all in crypto and nothing else. This actually happened to me once when we were hit by the pandemic in 2019 and a supertyphoon way back in 2021 all of those really caught me off guard and that was really a heartbreaking experience and hopefully it will not happen to me once again.
You can try to have other financial sources if you realize that it is not enough to have single source only. There are too many side jobs that can become an alternative income source. Crypto asset is high risk, we can try to divide to physical assets for the safety. Having lands, Gold, or properties are good way to diversify assets. The pandemic era should be the big lesson for us, it learned us to have many ways of dividing assets. If something bad happens again like pandemic era, we aren't too confused with our assets if we have divided them into some types.
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Hmmmm.. if crypto disappeared tomorrow, it will shake things up oo. For those who have invested a lot of time and money in the space, it would mean loss of assets and income streams, which will be hard and almost impossible to recover from. People who rely on crypto trading, mining, or staking will need to find new ways to make money. Still though, daily life for most people might not change much, since crypto is not yet fully mainstream, the impact will just be on those who built businesses and communities around blockchain technology, as they would need to pivot really fast.
Side thought though;
If i'm being honest, to summarise and based on my intrusive thoughts, "There might be war"
I totally agreed with you, there shall be a lot of war and crime and corruption will still be multiply if crypto disappear today because most people life depend on it for survival, because some people turn a new leaf ( that is from there negative way) which we have been enjoying peace of mind and as for me, I have been benefitting and it has also saves me from a lot of financial issues, which I'm always thankful to God for giving us the knowledge to know about bitcoins.
So I never think or imagine of that to happen and I'm always praying to God, not to allow crypto to disappear, if it disappear today, there shall be absence of harmony, more of suffering etc and most people might be those all sorts of things just to survive.