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If Bitcoin goes to 0, I will buy all of it and display the Trezor that stores it in a museum
by VMG 9y ago
If Bitcoin goes to 0, I will buy all of it and display the Trezor that stores it in a museum
- jhwang5 9y agoFor a more theatrical effect, print out all the private keys on reams of A4 paper
- deleted 9y ago[deleted]
- kybernetikos 9y agoYou're right. Bitcoin was a significant and interesting technological step even if it ultimately fails in other ways. As long as we have a civilisation there will always be someone prepared to run a miner and own some for historical interest. Maybe 0 isn't right for bitcoin but it is possible for it to go incredibly low and there are altcoins for which there isn't even any historical interest....
- inyourtenement 9y ago> As long as we have a civilisation That is a crazy claim.
- deleted 9y ago[deleted]
- kybernetikos 9y agoI agree, but I don't retract it. People still occasionally perform music from 2000 odd years ago, which I would consider to belong to a different civilization to our own. https://en.wikipedia.org/wiki/Seikilos_epitaph https://en.wikipedia.org/wiki/Seikilos_epitaph
- desireco42 9y agoThat is the best idea I heard all day. :) Not that it would happen, but great idea.
- blhack 9y agoI'll pay whatever this guy is paying +$1 for the entire chain.
- sschueller 9y agoI would pay +$2. Oops, I guess BTC being worth zero is very unlikely.
- singularity2001 9y agoyou'd have the chain but not the keys
- blhack 9y agoYou can already have the entire chain for free.
- lifeformed 9y agoIt can go to 0 if people stop mining. Then you couldn't even make the transaction.
- mial 9y agoIf everybody stopped mining I would start mining.
- akvadrako 9y agoYou couldn't - the difficulty would be too high.
- kryptogeist 9y agoI can help
- tlrobinson 9y agoAnd people say bitcoins have no "intrinsic value". Gold has jewelry and industrial uses, but bitcoins are cypherpunk collectibles.
- Retric 9y agoIf people stop mining it then you can't buy it. Remember, with the current design if hash power suddenly drops enough then the network just stops.
- TwoFactor 9y agoIn that scenario there would likely be a fork of the software to do something like lower the hash power requirements and continue using the network.
- erentz 9y agoIf all the miners go away the difficulty requirement will drop on its own to maintain the 10min block rate. No need to fork anything: https://en.bitcoin.it/wiki/Difficulty https://en.bitcoin.it/wiki/Difficulty
- teraflop 9y agoAs I commented in another thread: the difficulty adjustments happen periodically after a certain number of blocks, not after any given period of time. If the hash rate decreases, the adjustment slows down along with everything else. A 5%/day sustained drop is enough to halt transaction processing entirely. https://news.ycombinator.com/item?id=16161326 https://news.ycombinator.com/item?id=16161326
- erentz 9y agoInteresting weakness! I hadn't considered that. (Potentially also an interesting attack vector for states wanting to shut it down?) It would indeed force the community to change the difficulty algo to work around it.
- deleted 9y ago[deleted]
- Sir_Cmpwn 9y agoIf the mining ceases then you could always just mine your own transaction to buy all of it. But so could everyone else!
- georgeecollins 9y agoYou could buy GM stock for months after they announced it was going bankrupt (making the stock = 0). As I recall, it was selling for more than 0.50 cents. If something really terrible did happen to a crypto-currency (and I don't know and I can't predict) there would be a lot of people that would still want them because they used to be worth so much. It is human nature. That is just an observation about human nature. I have no idea what will happen with the price of anything.