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What good is Bitcoin if the Internet fails?

15 pointsby HipGeeksover 5 years ago

7 comments

jraceover 5 years ago
What happens to traditional banking in if the internet fails?
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aSplash0fDerpover 5 years ago
Data will always be the most valuable asset, with or without the Internet (TCP&#x2F;IP makes it easy to move, but is not required).<p>Once the 2-way links are available, running your own node without meshing would likely be a requirement for retail shops, miners and investors that will help grow the footprint.<p>If they could code liquidity modes into wallets (ie. Spendable vs not spendable modes), they could possibly limit the losses during disruptions by having wallets that are in a non-spendable state stay safe from manipulation, while only the crypto in spendable state wallets that are in circulation being vulnerable to loss or fraud during catastrophic events.<p>I think something like that was proposed with one of the alt-coins a few years back.
closetohomeover 5 years ago
In some countries I could see this being an issue, as the Internet can be shut down entirely for any number of political reasons.<p>In the US, if the Internet is out everywhere for an extended period of time, Bitcoin will be the least of anyone&#x27;s worries.
kim0over 5 years ago
You can now sync the blockchain via satellite, and send transactions via SMS gateways
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mtnGoatover 5 years ago
this is a very interesting and good question.<p>for people that love decentralization... they sure are dependent on a centralized internet infrastructure.
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Shorelover 5 years ago
This is one of the infrequent cases in Hacker News where the article is far better than the comments (so far).
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tutfbhufover 5 years ago
no good