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Bitcoin (and all the crypto/NFT/web3 bullshit) crashing for good at last would be a significant upside of this recession. I hope this is for real this time, an

Bitcoin (and all the crypto/NFT/web3 bullshit) crashing for good at last would be a significant upside of this recession. I hope this is for real this time, and that it won't be replaced by something even worse.

beaned 4y ago
What would it mean to crash "for good"? The network will never go offline because it's decentralized and costs nothing to run a node (miners are different). Someone will always be willing to pay a few cents or dollars for one. The best you can get is "stable," which then makes it attractive as a store of value again, and ramps back up the demand. It will never end.
- bsaul 4y ago
  I wish i could have a dollar every time i read about how a certain bad thing « could never happen due to the technical nature of this crypto ». Of course btc could crash. Once nobody cares about it anymore, and people stop wasting cpu cycles to run the software.
  - 6nf 4y ago
    We're saying that BTC's value could crash to close to $0 but it will still keep running and working because people like myself would never allow it to actually reach $0. I will personally buy every last bitcoin on the planet before it gets close to $0.
    - pencilguin 4y ago
      Who will pay to put your transaction on the blockchain?
      - beaned 4y ago
        He will, fees come from the sender.
        pencilguin 4y ago
        As I understand it, for anything to go on the Blockchain, somebody has to be mining coins. Who will still be doing that? Or, have I misunderstood?
        RealStickman_ 4y ago
        Anybody can set up a miner and if there's no competition, it just gets cheaper as well.
    - pessimizer 4y ago
      > I will personally buy every last bitcoin on the planet before it gets close to $0. At some point during that process you will run out of the actual money you're using to buy bitcoin. It will then crash from being worth a fraction of a penny to zero.
      - 6nf 4y ago
        That can't happen, if the BTC price gets close enough to zero my money will not run out before the BTC runs out. I have plenty of money and there's less than 20 million BTC.
- stephc_int13 4y ago
  I don't think it needs to reach $0 to become irrelevant as a speculative asset. Tulips bulbs still exists and have a legitimate use if you want to grow tulips. I don't know what BTC can be used for, maybe it will be kept for historical purposes.
  - pessimizer 4y ago
    > I don't know what BTC can be used for, maybe it will be kept for historical purpose. That doesn't make sense to me. That's like keeping a phone number for historical purposes; it doesn't mean anything if it doesn't work any more. Old stock certificates are usually worth something, but a hypothetically crashed bitcoin is less like a stock certificate than it is like a memory that you once owned stock in a company that no longer exists, and a slip of paper with your old broker's number written on it.
    - pencilguin 4y ago
      Old stock certificates are worth something? I have lots of old stock certificates, would you like me to send them? And some Confederate dollars?
- wsatb 4y ago
  It will never end but interest can wane enough that it becomes obsolete. Each scam that gets exposed further destroys confidence in it and that's really all it has going for it.
Kiro 4y ago
Yeah, I'm in the same boat as you. It's embarrassing that we as tech people didn't see it and missed out. Now it's payback time. The good thing if it would just be replaced is that you and me get a new opportunity to actually get on early, redeem ourselves and avoid being the laughing stock we currently are.
- danaris 4y ago
  Is that really the only reason you can see for wanting this travesty to crash and burn? And is that really your best idea for what would be good to replace it? What we need is to get rid of all of these systems for getting a small number of insiders rich quick at the expense of the general public. We need to make the distribution of wealth more equitable, not just try to change things around so we're the ones who get to be stepping on the hapless masses.
  - Kiro 4y ago
    I wish we could blame our hatred on altruistic reasons but in the end we both know it's not true. We're ashamed and embarrassed. Every time someone presumes we got rich off Bitcoin it fuels our anger.
    - danaris 4y ago
      Speak for yourself. What I said is absolutely how I feel about it. Would I love to have another few hundred thousand dollars? Sure. That kind of money would be life-changing to me. But I don't in any way feel ashamed or embarrassed that I didn't jump on the cryptocurrency fad. Quite the contrary, in fact—I would be deeply ashamed if I had joined in enabling it.

beaned 4y ago

What would it mean to crash "for good"? The network will never go offline because it's decentralized and costs nothing to run a node (miners are different). Someone will always be willing to pay a few cents or dollars for one. The best you can get is "stable," which then makes it attractive as a store of value again, and ramps back up the demand. It will never end.

bsaul 4y ago
I wish i could have a dollar every time i read about how a certain bad thing « could never happen due to the technical nature of this crypto ». Of course btc could crash. Once nobody cares about it anymore, and people stop wasting cpu cycles to run the software.
- 6nf 4y ago
  We're saying that BTC's value could crash to close to $0 but it will still keep running and working because people like myself would never allow it to actually reach $0. I will personally buy every last bitcoin on the planet before it gets close to $0.
  - pencilguin 4y ago
    Who will pay to put your transaction on the blockchain?
    - beaned 4y ago
      He will, fees come from the sender.
      - pencilguin 4y ago
        As I understand it, for anything to go on the Blockchain, somebody has to be mining coins. Who will still be doing that? Or, have I misunderstood?
        RealStickman_ 4y ago
        Anybody can set up a miner and if there's no competition, it just gets cheaper as well.
  - pessimizer 4y ago
    > I will personally buy every last bitcoin on the planet before it gets close to $0. At some point during that process you will run out of the actual money you're using to buy bitcoin. It will then crash from being worth a fraction of a penny to zero.
    - 6nf 4y ago
      That can't happen, if the BTC price gets close enough to zero my money will not run out before the BTC runs out. I have plenty of money and there's less than 20 million BTC.
stephc_int13 4y ago
I don't think it needs to reach $0 to become irrelevant as a speculative asset. Tulips bulbs still exists and have a legitimate use if you want to grow tulips. I don't know what BTC can be used for, maybe it will be kept for historical purposes.
- pessimizer 4y ago
  > I don't know what BTC can be used for, maybe it will be kept for historical purpose. That doesn't make sense to me. That's like keeping a phone number for historical purposes; it doesn't mean anything if it doesn't work any more. Old stock certificates are usually worth something, but a hypothetically crashed bitcoin is less like a stock certificate than it is like a memory that you once owned stock in a company that no longer exists, and a slip of paper with your old broker's number written on it.
  - pencilguin 4y ago
    Old stock certificates are worth something? I have lots of old stock certificates, would you like me to send them? And some Confederate dollars?
wsatb 4y ago
It will never end but interest can wane enough that it becomes obsolete. Each scam that gets exposed further destroys confidence in it and that's really all it has going for it.

Kiro 4y ago

Yeah, I'm in the same boat as you. It's embarrassing that we as tech people didn't see it and missed out. Now it's payback time. The good thing if it would just be replaced is that you and me get a new opportunity to actually get on early, redeem ourselves and avoid being the laughing stock we currently are.

danaris 4y ago
Is that really the only reason you can see for wanting this travesty to crash and burn? And is that really your best idea for what would be good to replace it? What we need is to get rid of all of these systems for getting a small number of insiders rich quick at the expense of the general public. We need to make the distribution of wealth more equitable, not just try to change things around so we're the ones who get to be stepping on the hapless masses.
- Kiro 4y ago
  I wish we could blame our hatred on altruistic reasons but in the end we both know it's not true. We're ashamed and embarrassed. Every time someone presumes we got rich off Bitcoin it fuels our anger.
  - danaris 4y ago
    Speak for yourself. What I said is absolutely how I feel about it. Would I love to have another few hundred thousand dollars? Sure. That kind of money would be life-changing to me. But I don't in any way feel ashamed or embarrassed that I didn't jump on the cryptocurrency fad. Quite the contrary, in fact—I would be deeply ashamed if I had joined in enabling it.