4 ms·

Sure, definitely. There are many possible scenarios, like a major exchange like Coinbase, Bitfinex, or some chinese exchange going down / getting hacked. Would

Sure, definitely. There are many possible scenarios, like a major exchange like Coinbase, Bitfinex, or some chinese exchange going down / getting hacked. Wouldn’t even have to be all the worlds central banks: could just be one new regulation or rule in China.

sah2ed 9y ago
MtGox was a major exchange and it went down but it didn't deter people from investing in bitcoins, they merely moved their business to other exchanges. Your original comment talked about a scenario where people decide against bitcoin and such a scenario can only play out if there is too much uncertainty to make them a viable investment. Because bitcoin is decentralized, the only way major governments can try to influence it and related activities like exchanges is by acting in concert. Anything short of this will not work against it as has happened repeatedly with past attempts by individual governments like China.
- omarforgotpwd 9y ago
  "They merely moved their business to other exchanges" The price crashed from like $1200 to $200 and it took years for it to recover. All those Moms and Dads and Grandmas who bought $10,000 of Bitcoin after Thanksgiving dinner hoping it would turn into $100,000 within a month will certainly get hit if the price falls to $1600 and doesn't recover for 3 years. All it takes is a change in the media narrative that scares away a sizable chunk of the market (say, institutional investors or mom and pops, or Chinese people)
  - mitchellberry 9y ago
    > All it takes is a change in the media narrative. Every article I read in the media has huge negative sentiment already. Can you point to some positive articles about bitcoin? Seems to be very few going around, it's all bubbles, energy consumption, hackers, ransomware and terror funding. Wondering how the narrative can change for the worse from here.
    - kgwgk 9y ago
      You might have missed the articles about people getting rich...
    - lagadu 9y ago
      The nearly weekly articles about btc hitting all-time high milestones would count as the positive articles about bitcoin in my opinion.
      - mitchellberry 9y ago
        Fair enough though I'd contend such articles are the motivation for the bubble commentary.
- omarforgotpwd 9y ago
  A scenario where the government makes crypto currencies completely impossible is unlikely, as that would mean that you essentially controlled all communication. There are many ways they can make it difficult, cumbersome and risky however, even on an individual basis. That could lead to a short term dampening effect on the global price until people figure out effective ways to get around the regulation in question.
  - notyourday 9y ago
    No, the scenario is that the governments tell banks: "Deal with BTC and lose your license. Kay, bye!"
    - CloudYeller 9y ago
      Yep. It would be like what happened after they made online poker illegal: anyone sufficiently committed will either have to cut their losses or leave the country.

sah2ed 9y ago

MtGox was a major exchange and it went down but it didn't deter people from investing in bitcoins, they merely moved their business to other exchanges. Your original comment talked about a scenario where people decide against bitcoin and such a scenario can only play out if there is too much uncertainty to make them a viable investment. Because bitcoin is decentralized, the only way major governments can try to influence it and related activities like exchanges is by acting in concert. Anything short of this will not work against it as has happened repeatedly with past attempts by individual governments like China.

omarforgotpwd 9y ago
"They merely moved their business to other exchanges" The price crashed from like $1200 to $200 and it took years for it to recover. All those Moms and Dads and Grandmas who bought $10,000 of Bitcoin after Thanksgiving dinner hoping it would turn into $100,000 within a month will certainly get hit if the price falls to $1600 and doesn't recover for 3 years. All it takes is a change in the media narrative that scares away a sizable chunk of the market (say, institutional investors or mom and pops, or Chinese people)
- mitchellberry 9y ago
  > All it takes is a change in the media narrative. Every article I read in the media has huge negative sentiment already. Can you point to some positive articles about bitcoin? Seems to be very few going around, it's all bubbles, energy consumption, hackers, ransomware and terror funding. Wondering how the narrative can change for the worse from here.
  - kgwgk 9y ago
    You might have missed the articles about people getting rich...
  - lagadu 9y ago
    The nearly weekly articles about btc hitting all-time high milestones would count as the positive articles about bitcoin in my opinion.
    - mitchellberry 9y ago
      Fair enough though I'd contend such articles are the motivation for the bubble commentary.
omarforgotpwd 9y ago
A scenario where the government makes crypto currencies completely impossible is unlikely, as that would mean that you essentially controlled all communication. There are many ways they can make it difficult, cumbersome and risky however, even on an individual basis. That could lead to a short term dampening effect on the global price until people figure out effective ways to get around the regulation in question.
- notyourday 9y ago
  No, the scenario is that the governments tell banks: "Deal with BTC and lose your license. Kay, bye!"
  - CloudYeller 9y ago
    Yep. It would be like what happened after they made online poker illegal: anyone sufficiently committed will either have to cut their losses or leave the country.