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It is wrong to assume that crypto is broken if it doesn't have a high value in some arbitrary currency like the USD. Crypto works just as well even if the price
by bouncycastle 4y ago
It is wrong to assume that crypto is broken if it doesn't have a high value in some arbitrary currency like the USD. Crypto works just as well even if the price 0. It will still process transactions, still create new blocks, and it will still have a use for someone somewhere, even non-financial.
- AlexandrB 4y agoThere's little incentive to mine if the price is zero. It would be much easier for a single entity to undermine the integrity of the chain with a 51% attack if the only miners are true believers not motivated by money.
- bouncycastle 4y ago0 here is a figure of speech. Chains never go to zero if they are still alive, they are always worth something to someone, even if they are test-nets. Also, high price of a token does not mean the security is high! What matters is that the participants stay honest. See section 6 of bitcoin.pdf, also nowhere in the paper it mentions about price!
- Zanfa 4y agoAll mainstream cryptocurrencies rely on the high cost of attacking the network to ensure consistency. If the price is 0, there’s little incentive to participate (mine, validate etc), reducing the cost to attack the network, resulting in the entire network becoming useless.
- bouncycastle 4y agoCounterpoint, the Goerli network is not useless.
- jqpabc123 4y agoCrypto works just as well even if the price 0. No. See other comments on this. Validation will most likely start to cease as the price drops below a certain motivational level.