Interesting premise.......When the grid fails....what happens to your Bitcoin or CBDC for that matter?????

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harddriver

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https://kunstler.com/clusterfuck-nation/twilight-of-the-blobs/

HG Wells concocted a marvelous trick ending to his classic tale The War of the Worlds (1897). Remember: the colossal Martian tripod “fighting machines” swarm all over the planet zapping cities with “heat rays”. . . it looks like all-is-lost . . . but finally the darn things just quit marching, stop zapping, and stand down . . . the alien protoplasms at the controls (surprise ending) turn up dead and rotting inside from the action of our tiny invisible allies: the earth’s one-celled, disease-causing bacteria, to which the Martian blob creatures have no immunity!


The Gaian overtones in that story resound today as we Earthlings devise ingenious new methods to wreck terrestrial life, including ourselves. The planet seems to have some teleological drive to save itself, a kind of immune system. Notice: in all the ongoing debates about the wonders and dangers of A-I, and Bitcoin, and suffocating surveillance, nobody ever talks about the sketchy condition of the electric grid that all these worrisome phenomena utterly rely on. In our chatter over Peak Oil, there’s little awareness of oil production’s utter dependence on steady capital flows. In all the guff about centralized control emitted by Klaus Schwab and his World Economic Forum, there’s no mention of the centrifugal forces driving human affairs to re-localization, dis-aggregation of large states, and down-scaling of many activities. In our zeal to become Gods, we miss a lot.


Imagine: Bitcoin shoots up to a million dollars. You’re a zillionaire! Uh Oh. . . somewhere outside Zaneseville, Ohio, a squirrel takes a final chaw through some old insulation on a wire coming out of a transformer. His head blows up in a blue arc flash, and in a few seconds all the electricity goes out from Chicago to Boston. It turns out that seventeen substations in ten states have blown relays, transformers, and switchgear. Some of those components were forty years old and are now manufactured twelve thousand miles away in a country that doesn’t like us anymore. The replacement parts get held up in a Chinese port. The power doesn’t come back on for weeks. Nobody who lives in the eastern USA can get to his Bitcoin wallet, which is just a virtual entity made of computer code residing in a digital “cloud,” i.e., nowhere real.


Of course, in an event that bad, a lot of other things would fail — really just about everything that comprises modern life — but for sure you could kiss your Bitcoin goodbye, perhaps forever, because by the time the juice comes back on (if it even does), nobody will ever again want to invest their wealth in digital “money” they can’t access, and Bitcoin will go back to whence it came: zero.
 
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https://kunstler.com/clusterfuck-nation/twilight-of-the-blobs/

HG Wells concocted a marvelous trick ending to his classic tale The War of the Worlds (1897). Remember: the colossal Martian tripod “fighting machines” swarm all over the planet zapping cities with “heat rays”. . . it looks like all-is-lost . . . but finally the darn things just quit marching, stop zapping, and stand down . . . the alien protoplasms at the controls (surprise ending) turn up dead and rotting inside from the action of our tiny invisible allies: the earth’s one-celled, disease-causing bacteria, to which the Martian blob creatures have no immunity!


The Gaian overtones in that story resound today as we Earthlings devise ingenious new methods to wreck terrestrial life, including ourselves. The planet seems to have some teleological drive to save itself, a kind of immune system. Notice: in all the ongoing debates about the wonders and dangers of A-I, and Bitcoin, and suffocating surveillance, nobody ever talks about the sketchy condition of the electric grid that all these worrisome phenomena utterly rely on. In our chatter over Peak Oil, there’s little awareness of oil production’s utter dependence on steady capital flows. In all the guff about centralized control emitted by Klaus Schwab and his World Economic Forum, there’s no mention of the centrifugal forces driving human affairs to re-localization, dis-aggregation of large states, and down-scaling of many activities. In our zeal to become Gods, we miss a lot.


Imagine: Bitcoin shoots up to a million dollars. You’re a zillionaire! Uh Oh. . . somewhere outside Zaneseville, Ohio, a squirrel takes a final chaw through some old insulation on a wire coming out of a transformer. His head blows up in a blue arc flash, and in a few seconds all the electricity goes out from Chicago to Boston. It turns out that seventeen substations in ten states have blown relays, transformers, and switchgear. Some of those components were forty years old and are now manufactured twelve thousand miles away in a country that doesn’t like us anymore. The replacement parts get held up in a Chinese port. The power doesn’t come back on for weeks. Nobody who lives in the eastern USA can get to his Bitcoin wallet, which is just a virtual entity made of computer code residing in a digital “cloud,” i.e., nowhere real.


Of course, in an event that bad, a lot of other things would fail — really just about everything that comprises modern life — but for sure you could kiss your Bitcoin goodbye, perhaps forever, because by the time the juice comes back on (if it even does), nobody will ever again want to invest their wealth in digital “money” they can’t access, and Bitcoin will go back to whence it came: zero.
I routinely dig over fiber lines that will get you much more than simply fired if you hit them. Some are in the millions of dollars for every minute they’re down. I refer to them as Jesus’ personal cable line. I’ve had the FBI standing next to my tractor more than once watching me dig.
 
I know jack about computers but my son had stacks of servers for a while before cutting it down to the best ones. Short of a massive EMP burst of and permanent forever loss of power in epic proportion aka doomsday he said it's not really possible for that to happen. I only asked him cause he was backing up some music files I had that I can't lose. Even if one machine fails the hardware inside can be removed and moved to another machine.where it can be accessed. You are talking about some near bulletproof gear. The used $30 servers he had were 250k new.
 
I love when there's something happening, like I think it was 9/11 when some banks closed. So they basically decide when you get your cash. I remember when I deposited a large sum of money in the bank and went to take out $6000 in cash and got a huge fucking hassle. I'd love to go in there with a suitcase of 100's and deposit like 250k and then swing back 2 hours later and withdraw it.
 
I love when there's something happening, like I think it was 9/11 when some banks closed. So they basically decide when you get your cash. I remember when I deposited a large sum of money in the bank and went to take out $6000 in cash and got a huge fucking hassle. I'd love to go in there with a suitcase of 100's and deposit like 250k and then swing back 2 hours later and withdraw it.
They'd call the fed when you made a cash deposit of that size I bet.
 
A copy of the blockchain exists globally across millions of computers, and storage devices. So unless it's a global grid failure all at once there's no problem. Now even if that does happen, it's still stored, and would be back online at some point.

Also not all of these systems run on grid, some run on alternative energy sources like waste gas from oil wells. Common here in Texas, they used to burn eternal gas flares at the well site. Now Bitcoin miners capture that gas to run large generators.
 
A copy of the blockchain exists globally across millions of computers, and storage devices. So unless it's a global grid failure all at once there's no problem. Now even if that does happen, it's still stored, and would be back online at some point.

Also not all of these systems run on grid, some run on alternative energy sources like waste gas from oil wells. Common here in Texas, they used to burn eternal gas flares at the well site. Now Bitcoin miners capture that gas to run large generators.
If there is anyone who knows about this stuff @CrazyNutz would be the guy! What's up crazy? Glad to see you.
 
Harddriver - great writing style! Fun read and thought provoking idea.
 
Just busy as hell :) How about yourself? Good I hope!
Same. Been trying to hustle up some gig work. The SXSW is almost over, that will be a blessing. Weather is starting to look more promising for an outdoor show this weekend....
 
I'm just wondering at what point do you sell your bitcoin, or do you just go down with the sinking ship ?
 
Friends and family...wait, uhhh
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