5 ms·
cool, but it will never happen. There are people like me that will buy at any price, regularly. If BTC goes to zero, I will buy the remaining 14 million floati
by rfd4sgmk8u 5y ago
cool, but it will never happen. There are people like me that will buy at any price, regularly.
If BTC goes to zero, I will buy the remaining 14 million floating coins for $0.00000001/BTC.
Of course, there are others like me, and this will bootstrap value >$0
What we need to brace ourselves for is it going to infinity. There are not that many coins left, and when people realize this, they will run for the exchanges.
The exchanges, of course, are all actually insolvent, as over the years fraud, loss, theft and just plain being a dumbass has made their liabilities impossible to satisfy. There is not enough coins.
Not your keys, not your coin. Stash em away asap!
- gizmo686 5y agoThinking about dropping to 0 is a useful thought experiment, but everything in the article applies to a sufficuently small positive value. On a practical matter, a sudden drop in the value of bitcoin could make it literally impossible to by, as the resulting drop in hash power could mean that no new block is ever mined, so the bitcoin transaction giving you ownership is never proccessed.
- BayAreaEscapee 5y agoIf there was a severe drop in hash power, the mining difficulty would also drop. If it dropped very low, a single computer using CPU mining would be enough to mine a block every ten minutes (as Satoshi himself did after he first created Bitcoin). In the long run, as long as even a single person has an interesting in mining, a new block will be mined (on average) every ten minutes.
- gizmo686 5y agoDifficulty adjustments happen ever 2016 blocks. Normally that is about once every 2 weeks. However with a large enough drop in hash power, that is a very long time.
- noch 5y ago> However with a large enough drop in hash power, that is a very long time. We recently saw a 50% drop in hashrate. Bitcoin kept on producing blocks. https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-... Further, as miners turn their machines off, even before a difficulty adjustment, it becomes profitable (in btc terms) for those of us with ancient machines to resume mining. Our unprofitable machines suddenly become profitable. > On a practical matter, a sudden drop in the value of bitcoin could make it literally impossible to buy. Nope. Most buying happens on exchanges. The flood of liquidity wouldn't suddenly evaporate. And blocks would still be produced as explained above. Btw. We've had ~90% drops in ₿ price before. https://twitter.com/ChartsBtc/status/1418395476190064645?s=19 https://twitter.com/ChartsBtc/status/1418395476190064645?s=1...
- asdff 5y agoI remember when beanie babies were supposed to go to infinity too
- bequanna 5y agoThis is such a tired and lazy comparison. Especially when there are so many more apt things to compare Bitcoin with: early 2000’s tech stocks, pre-crash housing prices, East India Company.