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Like clockwork, every time crypto currencies experience adversity, either through price crashes, hacks or what have you. The supporters start chanting “This is

Like clockwork, every time crypto currencies experience adversity, either through price crashes, hacks or what have you. The supporters start chanting “This is good for crypto”. There’s nothing that will ever be bad for crypto in their eyes.

robot_no_419 5y ago
Plenty of things would be bad for crypto, they just don't happen. Here's a long list of things that would genuinely be bad for crypto: Financial events: - Posting lower highs and lower lows (not happening) - Decreasing trading volume, decreasing on chain activity, decreasing active address, decreasing hash rate (not happening) - Being outperformed by other commodities (not happening) Political events: - A first world democracy restricting or banning the use of crypto (not happening so far...) - Negative public sentiment against crypto preventing adoption (might be happening as we speak, too early to tell) - Fundamental incompatibility between crypto and our existing legal framework (possible, but not happening so far) Protocol/tech events: - 51% attack (not happening so far) - Exploit of core protocol resulting in instability/loss of funds at the base layer (not happening) - Failure to scale to required levels (possible, but good progress is being made here) Price crashes are not a concern at all for the long term health of crypto. In fact, price crashes are where distribution of supply happen, and that is definitely a good thing for crypto. Think of a price crash as a forest fire that allows new life to grow :)
- pestatije 5y ago
  So it's a waiting game basically.
  - robot_no_419 5y ago
    Not sure what you meant by this comment, but I don't expect any of these risks I listed to realize themselves anytime soon. If you're waiting for these events to happen, you might need to wait a few decades, or maybe you just keep on waiting and watching Bitcoin climb higher and higher...
- mikewarot 5y ago
  Missing from the list Criminal events: - An exchange simply takes the bitcoin and run (MtGox owes me a bitcoin) - Ways to work around financial rules are shut down (Tether is used to route money into sites that offer stupid high levels of leverage, and thus speculation pushes prices higher) Mass psychology: - Money flowing out of the market exceeds money flowing inward due to panic selling. (Compounded by above mentioned stupid high levels of leverage and margin calls) So why won't it go away? It is my personal belief that Bitcoin is allowed to continue because it isn't private(all transactions are stored in the blockchain for anyone to see), and thus it turned out to be a great surveillance tool for the powers that be, while seaming to work against them.

robot_no_419 5y ago

Plenty of things would be bad for crypto, they just don't happen. Here's a long list of things that would genuinely be bad for crypto: Financial events: - Posting lower highs and lower lows (not happening) - Decreasing trading volume, decreasing on chain activity, decreasing active address, decreasing hash rate (not happening) - Being outperformed by other commodities (not happening) Political events: - A first world democracy restricting or banning the use of crypto (not happening so far...) - Negative public sentiment against crypto preventing adoption (might be happening as we speak, too early to tell) - Fundamental incompatibility between crypto and our existing legal framework (possible, but not happening so far) Protocol/tech events: - 51% attack (not happening so far) - Exploit of core protocol resulting in instability/loss of funds at the base layer (not happening) - Failure to scale to required levels (possible, but good progress is being made here) Price crashes are not a concern at all for the long term health of crypto. In fact, price crashes are where distribution of supply happen, and that is definitely a good thing for crypto. Think of a price crash as a forest fire that allows new life to grow :)

pestatije 5y ago
So it's a waiting game basically.
- robot_no_419 5y ago
  Not sure what you meant by this comment, but I don't expect any of these risks I listed to realize themselves anytime soon. If you're waiting for these events to happen, you might need to wait a few decades, or maybe you just keep on waiting and watching Bitcoin climb higher and higher...
mikewarot 5y ago
Missing from the list Criminal events: - An exchange simply takes the bitcoin and run (MtGox owes me a bitcoin) - Ways to work around financial rules are shut down (Tether is used to route money into sites that offer stupid high levels of leverage, and thus speculation pushes prices higher) Mass psychology: - Money flowing out of the market exceeds money flowing inward due to panic selling. (Compounded by above mentioned stupid high levels of leverage and margin calls) So why won't it go away? It is my personal belief that Bitcoin is allowed to continue because it isn't private(all transactions are stored in the blockchain for anyone to see), and thus it turned out to be a great surveillance tool for the powers that be, while seaming to work against them.