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Sure but it's not exactly random which chains went to zero. BTC isn't going to hit $0 due to chance, not sure if that's what you're implying.
by thebean11 5y ago
Sure but it's not exactly random which chains went to zero. BTC isn't going to hit $0 due to chance, not sure if that's what you're implying.
- Retric 5y agoBy the same token, BTC or other coin hitting zero is not just a question of chance. Suppose BTC had a large dip in value and a similar drop in mining. What are the odds people would focus on repeated double spend attacks for the lulz thus dropping the value to zero? I am not saying that’s likely today, but rather that it’s easy to over estimate resilience in the case of black swan events.
- thebean11 5y agoNo need to speculate, look at the price and hash rate charts in 2017. The more recent hashrate drop was even bigger. Still no successful attacks. There's a disincentive for people with mining power to attack the network (assuming they even have enough). It makes their hardware worth less so I can't imagine anyone doing it for kicks. Agree though that something similar to what you're saying is what Bitcoin hitting $0 would look like. Certainly not impossible but I think it's extremely difficult attack. Even more so now than in 2017.
- Retric 5y agoYea, I think that’s more a risk of dropping the last 1% in value rather than a significant risk to current prices. The real issue for current owners is Crypto seems to have lost it’s grip on the popular imagination. https://trends.google.com/trends/explore?q=bitcoin https://trends.google.com/trends/explore?q=bitcoin What happens from here is likely a question of utility rather than speculation.
- thebean11 5y agoTry "web3", "smart contract", or "NFT" though. I think there's a shift from focusing on the protocols themselves to stuff built on top.