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I think you are lacking imagination here, would you still pay 1 cent for BTC that everyone has completely abandoned and doesn't care about any more? I am prett

by sidibe 9y ago

I think you are lacking imagination here, would you still pay 1 cent for BTC that everyone has completely abandoned and doesn't care about any more? I am pretty confident this will happen at some point in the (maybe distant) future.

elliotec 9y ago
Everyone wont completely abandon it and not care anymore. That is basically beyond the realm of reality. I bet the majority of the people reading this would jump on buying thousands of bitcoin at that price, thus raising the price. It is very difficult, nigh impossible to actually imagine bitcoin not being worth anything.
- notahacker 9y ago
  Why not? There's plenty of other dead currencies that can't be practically exchanged for money. Or if they are, it's because they're interesting looking enough to attract collectors, which is not something that could be said for Bitcoins. Non-negligible value of BTC also depends on constant investment of electricity in mining more Bitcoins and companies dedicating resources to maintaining payment/exchange infrastructure
  - elliotec 9y ago
    This is a really interesting point, and I could see the parallel with currencies such as Confederate or Deseret money, or pre-Euro/pre-WWII currencies, but even those have insane values now that they are defunct. Look at the price of this old Utah territory money that existed as long as their own language (not very long) http://www.rustcoin.com/Deseret-Currency/ http://www.rustcoin.com/Deseret-Currency/
ve55 9y ago
I can imagine a situation where it would completely collapse and fail to have a market price at all, but it takes a lot more than just "people selling it because it's going down". I can imagine similar scenarios for other assets like gold or the euro, but they are very far-fetched and I don't expect them to ever happen.
- sidibe 9y ago
  Gold has a history of being a currency as long as civilization so it probably will always be accepted as valuable, and it has actual uses as well, but mainly history. Euro Governments will always accept Euros for taxes, so they will always be useful, and if they stop they will still have a transition plan so you can turn your Euros into something they will accept. At this point if Bitcoin's value isn't going up a lot of people will use interest since honestly that has been its main appeal. And if it isn't technically better than some other cryptocurrencies out there there isn't a reason to think anyone will be using it long term.

by sidibe 9y ago

elliotec 9y ago

Everyone wont completely abandon it and not care anymore. That is basically beyond the realm of reality. I bet the majority of the people reading this would jump on buying thousands of bitcoin at that price, thus raising the price. It is very difficult, nigh impossible to actually imagine bitcoin not being worth anything.

notahacker 9y ago
Why not? There's plenty of other dead currencies that can't be practically exchanged for money. Or if they are, it's because they're interesting looking enough to attract collectors, which is not something that could be said for Bitcoins. Non-negligible value of BTC also depends on constant investment of electricity in mining more Bitcoins and companies dedicating resources to maintaining payment/exchange infrastructure
- elliotec 9y ago
  This is a really interesting point, and I could see the parallel with currencies such as Confederate or Deseret money, or pre-Euro/pre-WWII currencies, but even those have insane values now that they are defunct. Look at the price of this old Utah territory money that existed as long as their own language (not very long) http://www.rustcoin.com/Deseret-Currency/ http://www.rustcoin.com/Deseret-Currency/

ve55 9y ago

I can imagine a situation where it would completely collapse and fail to have a market price at all, but it takes a lot more than just "people selling it because it's going down". I can imagine similar scenarios for other assets like gold or the euro, but they are very far-fetched and I don't expect them to ever happen.

sidibe 9y ago
Gold has a history of being a currency as long as civilization so it probably will always be accepted as valuable, and it has actual uses as well, but mainly history. Euro Governments will always accept Euros for taxes, so they will always be useful, and if they stop they will still have a transition plan so you can turn your Euros into something they will accept. At this point if Bitcoin's value isn't going up a lot of people will use interest since honestly that has been its main appeal. And if it isn't technically better than some other cryptocurrencies out there there isn't a reason to think anyone will be using it long term.