It can all go to zero
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It can all go to zero
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Re: It can all go to zero
#2Maybe if you're holding a shitcoin, but Bitcoin? Nope.
Re: It can all go to zero
#3The comparison with the other company makes no sense. A company has a "single point of failure". At this point there's waayy too many actors and people who want Bitcoin to succeed.
The market is huge at this point. Like NASDAQ is like 7T IIRC. Crypto is today ~550B. It was like ~750B not too long ago.
Note how there's no glue joining the idea of the company and crypto. It could go down but it could also go really up even higher.
It's funny how the one thing that North Korea agrees with the West on is how dope Bitcoin is. Like in some sense NK, is very vested in this going well.
And re: zero. No, it will never be a literal zero. No buying or purchasing happens when things are priced at zero.
EDIT: HN seems to be really anti-crypto. I setup a slack channel right now, if anyone is interested in having a discussion about crypto beyond "what if it goes to zero".
Re: It can all go to zero
#4a lot of words with 0 facts or valuable information
Re: It can all go to zero
#5The comparison with the other company makes no sense. A company has a "single point of failure". At this point there's waayy too many actors and people who want Bitcoin to succeed. The market is huge at this point. Like NASDAQ is like 7T IIRC. Crypto is today ~550B. It was like ~750B not too long ago. Note how there's no glue joining the idea of the company and crypto. It could go down but it could also go really up…
> At this point there's waayy too many actors and people who want Bitcoin to succeed
This has no relation to whether something goes to zero (or practically zero). Political influence? Sure. But I don't think anyone expects D.C. to bail out Bitcoin.
> A company has a "single point of failure"
Companies trade after bankruptcy. There are stubs, practical and theoretical, for companies improperly wound up going back decades.
Even if a state says "XYZ failed to pay franchise taxes and is now inactive," a shareholder can sue the former directors, holders of proceeds from the company, et cetera. (Company "ownership" is de-centralised and ambiguous, a fact that becomes uncomfortably clear post mortem.)
Colloquially, we call "practically worthless," i.e. where the cost of valuing something is likely more than it's worth, zero.
Re: It can all go to zero
#6yeah, it can all go x10 as well, at least in term of total market cap.
Re: It can all go to zero
#7The comparison with the other company makes no sense. A company has a "single point of failure". At this point there's waayy too many actors and people who want Bitcoin to succeed. The market is huge at this point. Like NASDAQ is like 7T IIRC. Crypto is today ~550B. It was like ~750B not too long ago. Note how there's no glue joining the idea of the company and crypto. It could go down but it could also go really up…
Ask yourself what exactly is behind that “~550B”. The answer is nothing but faith.
You are comparing the market cap of cryptocurrencies to NASDAQ, a portfolio of the highest profit driving, real asset laden companies on earth. How is this even remotely realistic?
Re: It can all go to zero
#8The comparison with the other company makes no sense. A company has a "single point of failure". At this point there's waayy too many actors and people who want Bitcoin to succeed. The market is huge at this point. Like NASDAQ is like 7T IIRC. Crypto is today ~550B. It was like ~750B not too long ago. Note how there's no glue joining the idea of the company and crypto. It could go down but it could also go really up…
> At this point there's waayy too many actors and people who want Bitcoin to succeed This has no relation to whether something goes to zero (or practically zero). Political influence? Sure. But I don't think anyone expects D.C. to bail out Bitcoin. > A company has a "single point of failure" Companies trade after bankruptcy. There are stubs, practical and theoretical, for companies improperly wound up going back deca…
Agree. Too big to fail is a terrible, copy-pasta argument that makes no sense.
The combined worth of all the crypto-currencies put together is a drop in the global-financial bucket. The only people who would be hurt by a collapse to zero are those trying to artificially pump the price to cash out rich.
I used to be anti-FUD, but whatever the term for the opposite is - it's way more infuriating.
Re: It can all go to zero
#9So many people love to parrot the 'It'll go down to zero!' line, especially if they don't have skin in the game, but there's pretty much no way. Specific cryptocurrencies, sure they could potentially go to zero. I'm watching one right now that's looking pretty darn close. But this entire industry? I don't think so. It's too late for that.
Too many players, too much ease of access, too much of the potential has been demonstrated at this point. Could it go down 50% or more still? Yeah possibly. I sat through 2013-2015 when Bitcoin had fallen from $1200 and got stuck in the $180-$300 range for two straight years.
I don't think that's going to happen again, not least of which because there will be people like me that would be happy to buy and hold until whenever it goes back up again at that price, but sure, it's possible.
But zero, or close to zero? No. Even this guy's example of his company was only one company, not the entire stock market.
Re: It can all go to zero
#10The comparison with the other company makes no sense. A company has a "single point of failure". At this point there's waayy too many actors and people who want Bitcoin to succeed. The market is huge at this point. Like NASDAQ is like 7T IIRC. Crypto is today ~550B. It was like ~750B not too long ago. Note how there's no glue joining the idea of the company and crypto. It could go down but it could also go really up…
> At this point there's waayy too many actors and people who want Bitcoin to succeed This has no relation to whether something goes to zero (or practically zero). Political influence? Sure. But I don't think anyone expects D.C. to bail out Bitcoin. > A company has a "single point of failure" Companies trade after bankruptcy. There are stubs, practical and theoretical, for companies improperly wound up going back deca…
> But I don't think anyone expects D.C. to bail out Bitcoin.
What does it mean for Bitcoin to be bailed out? How can Bitcoin "fail"?
> But a penny price is as good as zero.
Why would it go to zero?