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I think these central banks really underestimate the Bitcoin maximalists. These people will hold and buy Bitcoin for the rest of their lives. Half of all Bitc

I think these central banks really underestimate the Bitcoin maximalists. These people will hold and buy Bitcoin for the rest of their lives. Half of all Bitcoin hasn't been moved in 2+ years, despite multiple -50% moves. The price went from 20k to 2k and most wallets didn't even have a coin move from it.

KptMarchewa 5y ago
Let them hold all the way to zero.
- dave_sullivan 5y ago
  If bitcoin keeps dropping 50% every week for the next 5 years, it still won't be zero. And every 50% drop, someone's thinking "Now could I double my money?" I dunno, there are feedback mechanisms that could keep this thing alive for a long time. And if not BTC then certainly some crypto based on the concepts.
  - hawk_ 5y ago
    > 50% every week for the next 5 years That's 1/2 pow 52*5! There are not enough atoms in the universe to sustain such a fall.
  - KptMarchewa 5y ago
    >someone's thinking "Now could I double my money?" You could always try to find the bigger fool unless you block the conversion between crypto and real money. Anyway, this kind of schemes always come crashing down. There will be not a lot of people willing to catch a falling knife after some point.
  - klodolph 5y ago
    If you owned the entire US, some $270 trillion in assets, and your position decreased in value 50% each week, after one year, you’d have just enough left to play one game at the nickel arcade… but not two. At some point you have to round something to zero.
md_ 5y ago
> Half of all Bitcoin hasn't been moved in 2+ years, despite multiple -50% moves. Presumably a big chunk of this is permanently lost due to lost keys, etc.
ghiculescu 5y ago
If it never moves, that actually makes it worthless.
- em3rgent0rdr 5y ago
  Gavin hypothesized a potential bitcoin future where all bitcoin becomes locked down on the main chain and doesn't move, with all the trading of bitcoin done on other chains. [1] http://gavinandresen.ninja/a-possible-btc-future http://gavinandresen.ninja/a-possible-btc-future
  - Ekaros 5y ago
    So will we end up with all the tricks of modern financial sector, just denominated in BTC instead of fiat?

KptMarchewa 5y ago

Let them hold all the way to zero.

dave_sullivan 5y ago
If bitcoin keeps dropping 50% every week for the next 5 years, it still won't be zero. And every 50% drop, someone's thinking "Now could I double my money?" I dunno, there are feedback mechanisms that could keep this thing alive for a long time. And if not BTC then certainly some crypto based on the concepts.
- hawk_ 5y ago
  > 50% every week for the next 5 years That's 1/2 pow 52*5! There are not enough atoms in the universe to sustain such a fall.
- KptMarchewa 5y ago
  >someone's thinking "Now could I double my money?" You could always try to find the bigger fool unless you block the conversion between crypto and real money. Anyway, this kind of schemes always come crashing down. There will be not a lot of people willing to catch a falling knife after some point.
- klodolph 5y ago
  If you owned the entire US, some $270 trillion in assets, and your position decreased in value 50% each week, after one year, you’d have just enough left to play one game at the nickel arcade… but not two. At some point you have to round something to zero.

md_ 5y ago

> Half of all Bitcoin hasn't been moved in 2+ years, despite multiple -50% moves. Presumably a big chunk of this is permanently lost due to lost keys, etc.

ghiculescu 5y ago

If it never moves, that actually makes it worthless.

em3rgent0rdr 5y ago
Gavin hypothesized a potential bitcoin future where all bitcoin becomes locked down on the main chain and doesn't move, with all the trading of bitcoin done on other chains. [1] http://gavinandresen.ninja/a-possible-btc-future http://gavinandresen.ninja/a-possible-btc-future
- Ekaros 5y ago
  So will we end up with all the tricks of modern financial sector, just denominated in BTC instead of fiat?