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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). S
by 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 agoI 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 agoWe'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 agoWho will pay to put your transaction on the blockchain?
- beaned 4y agoHe will, fees come from the sender.
- pencilguin 4y agoAs 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 agoAnybody 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 agoThat 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 agoI 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 agoOld 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 agoIt 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.