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> What happens if there’s a targeted attack against Bitcoin and the network goes down or gets compromised? What happens if we suddenly discovered massive depos
by RestlessMind 4y ago
> What happens if there’s a targeted attack against Bitcoin and the network goes down or gets compromised?
What happens if we suddenly discovered massive deposits of gold under some seabed, and like shale oil boom, suddenly there is a glut of gold thus killing its price? There is not much inherent value to gold, and industrial usage definitely doesn't justify the current valuation.
Do you think gold prices are in a bubble as well because no one has answered this question satisfactorily before? If you think this is a far fetched scenario, same thing has happened to various other "stores of value" over our collective history - massive stone disks, sea shells, aluminum, ..
- grapeskin 4y agoGold’s price relative to other commodities will drop, but it’ll still be useful. It might even end up maintaining value since demand could rise in electronic components. As another example, water literally falls from the sky but people still pay 2 dollars for a bottle of it. Meanwhile, Bitcoin can’t be used for anything. It’s sole purpose is putting money in and cashing it back out for money. You could also say stocks are worthless. That wouldn’t be wrong. You just have to hope that company doesn’t go bankrupt overnight.