Proof-of-work coins such as Bitcoin, Monero, and Zcash will lose all their security in the coming crisis, because miners won't be able to exchange BTC for fiat to pay their electricity.
Considering how stupid that statement is, I highly doubt the answer is yes.
I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.
If the world is in such a chaos that the entire world financial system can be shut down and no one can move any fiat for some period of time, then proof-of-work miners can also be affected because they have bills to pay.
Whereas, a proof-of-stake system would not be so affected because it doesn't require consumption of an external resource. We might argue that such chaos would also shut down the entire Internet, but I tend to think the Internet is much more global, resilient and diverse than a few mining farms in China.
So please enlighten us as to which of us is stupid?
bathrobehero, are you challenging me to an intellectual contest? Do you really think you can challenge me intellectually?
So your coin will use PoS? But Proof of stake has been already discarded as safe, it has many exploitable angles such as the nothing on stake problem, it will just never be as solid as having a network of computers that is the biggest in the world backing it vs people holding coins... how do you pretend to compete with bitcoin with a PoS system? PoS coins already exist and nobody cares, they are just another altcoin, so how do you pretend to make your project just not another altcoin?
Also if financial chaos ensues, I doubt people is going to bother paying for electricity or for anything at all.