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Are you trying to describe a panic such as a run on a bank? Because that only makes sense with fractional reserves. Bitcoin has a known and fixed supply with no
by Sammi 6y ago
Are you trying to describe a panic such as a run on a bank? Because that only makes sense with fractional reserves. Bitcoin has a known and fixed supply with no fractional reserves.
There have already been three separate huge "panics" where the Bitcoin price has gone down 90%. But these don't even register any more if you look at the long term price chart. Zoom out. The Bitcoin price is going up and to the right like nothing else. It just keeps on going.
- lamontcg 6y agoBitcoin is fractional reserve. There isn't $982B in currency backing it. If everyone tries to sell at the same time it'll collapse after $10B or so leaves. Prior collapses have been from small enough heights that individual Billionnaires like Jack Ma have been able to rescue it. At some point its going to hit a crash where a billion here or there won't be enough to bail it out when it goes down.