Since January 2018, the prices of almost all the cryptocurrencies have been declining. Certainly, this gradual decline in the values of top cryptocurrencies has shocked the crypto experts as well as crypto investors. Most of the investors fear to lose their wealth due to this slump in their values. Bitcoin pioneer Charlie Shrem has given a rejoicing statement. Shrem says that Bitcoin is the only cryptocurrency that would survive the nuclear attack on Earth. He says that Banks and fiat currencies would disappear in flames.
Charlie Shrem is the person who founded Bitcoin exchange Bitinstant in 2011. He went to jail in 2015 for selling Bitcoins to drug traders. In September 2018, Shrem also has to face a $5000 sue. It is most noteworthy that Shrem has won all the properties after releasing from Jail.
A Hacker Noon post yesterday revealed that Shrem seems quite optimistic about the future of Bitcoin. He compares Bitcoin with cash and gold and considers it superior. Fiat currencies have physical existence and could incinerate in nuclear explosions. There are also many other reasons for their failure. Bitcoin has no physical existence and is only a digital asset that can survive the attacks. He also mourns the helplessness of the banking system during nuclear war. Charlie fears that it would lose the currency needed for operation.
He did not stop here and went a step further to say that online banking system would become meaningless. The nuclear warheads would destroy banking organizations, computers, and banks around the world. People would even be unable to withdraw their funds from ATMs. The banks would stop working from the day the first nuclear bomb hits the planet. Their bank balances would become meaningless. He expressed in rejoice that fire flames will vaporize some banks. The radiation bursting out of the nuclear weapons will also contaminate many others. Only, the digital currencies will survive because these have no physical existence.
Shrem wanted to speak against the anti fragility of the cryptocurrencies. Because, anti fragility is the biggest reason of slump in the values of cryptocurrencies. He says that Bitcoin is fragile and will survive because it has no physical existence. It runs on blockchain technology that records transactions. Each block stores a separate transaction and has links with preceding block in the form of nodes. It would keep running until the last node keeps running. These nodes are present in different parts of the world. Some nodes may survive in spite of severe nuclear attacks. These surviving nodes could communicate with the help of satellite internet.
Now if the nuclear war hits the world, the biggest concern of the people would be their wealth. Shrem considers the news about Bitcoin demise exaggerated. He urges people to invest in Bitcoin if they want to survive such an attack on the Earth. There is no truth in the people’s saying that Bitcoin price would tank to zero. He considers governmental regulations the biggest hurdle in the progress of cryptocurrencies.
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