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By CCN.com: Bitcoiners, rejoice! Only bitcoins (and perhaps badroaches) would survive a nuclear holocaust. On the other hand, the banks and the fiduciary money would literally fall in flames. That's what Charlie Shrem, the crypto pioneer, wants you to know when you think about a hypothetical dystopian future.
"If the unthinkable happened, Bitcoin would be a very durable currency during the nuclear war, compared to the fiat currency, which would fail for many reasons," said Shrem in a message published Jan. 22 in Hacker Noon. .
Since fiduciary money exists in the physical word and is not a digital entity like Bitcoin, it would be likely to be incinerated in nuclear fireballs. Banks could instantly lose their cash reserves needed for operation.
"The banks would be vaporized"
In addition, Shrem claims that nuclear warheads would decimate centralized banking organizations and render them useless. As a result, online bank balances would be meaningless once banks and computers are destroyed.
"Bank balances would suddenly become meaningless," Shrem explained. "No one could go to the bank or an ATM to get their money because the banks would stop operating the same day the first nuclear bombs explode."
Indeed, Shrem happily reminded readers that "some banks will be completely vaporized", while others would be "contaminated with radiation". But what would survive from such an indescribable tragedy? Bitcoin, of course! said Shrem.
Shrem: decentralization makes crypto invincible
While his essay is bleak, Shrem was trying to make a remark about the cryptocurrency's anti-fragility versus cash and even gold. Shrem pointed out that unlike physical badets, Bitcoin has no physical presence, is decentralized and there is no single point of failure.
As long as at least one node is running Bitcoin, the Bitcoin network will continue to work. It is very likely that many Bitcoin nodes would survive even the worst nuclear attack because the nodes are scattered all over the world and could communicate with each other via satellite internet.
In fact, if a nuclear war happened, money would be the last concern of most people. However, Shrem raised points to ponder about the current Crypto Winter.
During this long period of economic slowdown, opponents happily proclaim that the price of bitcoin will drop to zero, while others insist that the entire market will die out.
Bitcoin is a 'walking dead man', says creative information director in creative planning https://t.co/iDSHOZJQck
– CCN.com (@CryptoCoinsNews) December 8, 2018
Traditional finance has physical limits
But Shrem says that rumors about the disappearance of Bitcoin are greatly exaggerated and that one only needs to look at the physical limitations of traditional financial structures.
"The decentralization of Bitcoin also makes it insensitive to the economic catastrophes that would result from a nuclear war," he cooed.
Thanks to the decentralization of Bitcoin, the network will continue to operate even in the event of global collapse of the electrical and telecommunication infrastructure.
Shrem is no stranger to the controversy
As a reminder, Charlie Shrem is a pioneer of crypto-computing that founded Bitinstant, the exchange of bitcoins now gone, in 2011 (see video).
In 2015, Shrem was jailed for allegedly selling bitcoin to people who were trying to use it to buy drugs on the dark canvas market today, Silk Road.
In September 2018, Cameron and Tyler, the Winklevoss twins, sued Shrem for $ 32 million, claiming that he had stolen 5,000 bitcoins in 2012.
"Shrem has had a lot of luck and success since his release from prison or, more likely, he has" acquired "his six properties, two Maserati, two motorboats and other badets representing the appreciated value of the 5 000 Bitcoins that he stole, "said the Winklevoss twins in their lawsuit.
Shrem denies the allegations, but the lawsuit is ongoing.
Featured image of Shutterstock
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