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These articles come in like clockwork every time Bitcoin's price moves upwards (or downwards, or plateaus... you get it) to the point I'd take all of them with

These articles come in like clockwork every time Bitcoin's price moves upwards (or downwards, or plateaus... you get it) to the point I'd take all of them with a truckload of salt. It's been over 10 years since Bitcoin came out and it's still here. It'll still be here long after most loud detractors (and supporters, for the matter) have moved on, whether it's $1 or $1 million per BTC.

tptacek 7y ago
This article is investor advice, so the distinction between $1/BTC and $1MM/BTC is, to say the least, material.
chrisco255 7y ago
It definitely will never go to $1 again. This would imply trivial rewards for miners and would destroy the network's security. A lot of people don't realize that Bitcoin is as much about incentives and game theory-based security as it is blockchain technology.
- idlewords 7y ago
  What in your opinion is the mechanism that puts a floor on the price of bitcoin? Where is that floor, roughly?
  - chrisco255 7y ago
    Since BTC's security is dependent on hashing power, and you need money to purchase hashing power and run mining machines, the floor must be high enough that rogue parties cannot easily perform 51% attacks. If the price were to dip to say, $100, then the incentives for miners to mine for new coin would dissipate along with it. It would cost more to mine a coin than a coin sells for on the market. Presumably, network hashing power would drop until profitability was met. Problem is, since all that idle hashing power would exist, there would be a feasible attack vector to take down BTC. I can't venture to guess where that imaginary floor is without some in depth research and analysis, but I would guess it's got to be at least $1K if not higher. And it will continue to rise as the network gets more valuable.
    - solveit 7y ago
      That doesn't mean that BTC can't go to $1, it just means that BTC will die if it does go to $1.
      - chrisco255 7y ago
        Right. OP predicted it would be around whether at $1 or $1M and this is no longer possible. The chain would die if it ever falls below a cheap attack price. But, that's part of the reason holders have a vested interest in holding, and thus available supply on the market is restricted, and the price remains high. Game theory keeps the chain alive.
- fjsolwmv 7y ago
  If Bitcoin's security is compromised, would 1BTC be worth more or less than $1?
xs83 7y ago
I was just thinking this - must be on the cusp of a new bull market as I am seeing the word "Bubble" again!
dmitriid 7y ago
Yeah, and 10 years later there are still no use cases for butcoin except: - moving money illegaly (even if some of it is with good intent) - speculation And yes. It’s not just the most loud detractors who’re moving away. The loud and not-so-loud supporters are either moving away or never starting the actual support (e.g., look up why Steam stopped accepting bitcoins).

tptacek 7y ago

This article is investor advice, so the distinction between $1/BTC and $1MM/BTC is, to say the least, material.

chrisco255 7y ago

It definitely will never go to $1 again. This would imply trivial rewards for miners and would destroy the network's security. A lot of people don't realize that Bitcoin is as much about incentives and game theory-based security as it is blockchain technology.

idlewords 7y ago
What in your opinion is the mechanism that puts a floor on the price of bitcoin? Where is that floor, roughly?
- chrisco255 7y ago
  Since BTC's security is dependent on hashing power, and you need money to purchase hashing power and run mining machines, the floor must be high enough that rogue parties cannot easily perform 51% attacks. If the price were to dip to say, $100, then the incentives for miners to mine for new coin would dissipate along with it. It would cost more to mine a coin than a coin sells for on the market. Presumably, network hashing power would drop until profitability was met. Problem is, since all that idle hashing power would exist, there would be a feasible attack vector to take down BTC. I can't venture to guess where that imaginary floor is without some in depth research and analysis, but I would guess it's got to be at least $1K if not higher. And it will continue to rise as the network gets more valuable.
  - solveit 7y ago
    That doesn't mean that BTC can't go to $1, it just means that BTC will die if it does go to $1.
    - chrisco255 7y ago
      Right. OP predicted it would be around whether at $1 or $1M and this is no longer possible. The chain would die if it ever falls below a cheap attack price. But, that's part of the reason holders have a vested interest in holding, and thus available supply on the market is restricted, and the price remains high. Game theory keeps the chain alive.
fjsolwmv 7y ago
If Bitcoin's security is compromised, would 1BTC be worth more or less than $1?

xs83 7y ago

I was just thinking this - must be on the cusp of a new bull market as I am seeing the word "Bubble" again!

dmitriid 7y ago

Yeah, and 10 years later there are still no use cases for butcoin except: - moving money illegaly (even if some of it is with good intent) - speculation And yes. It’s not just the most loud detractors who’re moving away. The loud and not-so-loud supporters are either moving away or never starting the actual support (e.g., look up why Steam stopped accepting bitcoins).