151–160 of 361 posts
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In that scenario there would likely be a fork of the software to do something like lower the hash power requirements and continue using the network.
If all the miners go away the difficulty requirement will drop on its own to maintain the 10min block rate. No need to fork anything: https://en.bitcoin.it/wiki/Difficulty
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Comparing cryptocurrencies to actual companies isn't fair. A lot of companies that went bankrupt (aka worth $0) had assets. Those assets were worth something and were probably sold off and used to pay debtors. What assets does a cryptocurrency have? What value is actually there?
It's also not fair because a company can actually "go away" as in they sell the building and stop operating. You can't really do this with bitcoin. It's never going to "shut down".
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The way I understand it bitcoin is guaranteed to go to zero by design because there is a fixed limit on issue and so eventually there will be no incentive to mine and the network will collapse.
You understand wrong. And are naive to think that such a simplistic flaw would not be considered by the substantial number of intelligent programmers involved in the Bitcoin project. The transaction fees on the network are incentives for miners to pass transactions in addition to block rewards.
Time for the monthly cryptocurrency panic thread. While I fully agree that most cryptocurrencies are grossly overvalued, these articles always pretend a 20% selloff is the beginning of the end, when, in crypto land, 20% selloffs are a pretty standard bad day for the market.
The way I understand it bitcoin is guaranteed to go to zero by design because there is a fixed limit on issue and so eventually there will be no incentive to mine and the network will collapse.
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> these articles always pretend a 20% selloff is the beginning of the end There are individuals in this thread claiming "there will always be buyers" and that the probability of Bitcoin becoming worthless is zero. The point of the article isn't that Bitcoin is doomed. It's that there is a substantial non-zero probability it ends up worthless. That such an elementary claim about a volatile asset is controversial almos…
Ok can you talk more about your failure case then? What are the conditions like what exactly is the end result. There are 0 exchanges?
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If people stop mining it then you can't buy it. Remember, with the current design if hash power suddenly drops enough then the network just stops.
If the mining ceases then you could always just mine your own transaction to buy all of it. But so could everyone else!
Often what happens after a massive price drop is people stop trading instead of a larger nominal price drop. AKA, you still get some high value beanie baby transactions, but the market is not large enough to really liquidate a collection at even close to the nominal clearing price.
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Ok can you talk more about your failure case then? What are the conditions like what exactly is the end result. There are 0 exchanges?
Someone announces they have had a large quantum computer for a while and have cracked every public key on the blockchain. That'd probably do it. Quantum Jubilee, y'all. The year of decryption, all private keys revealed, all captive coins set free. It's just a matter of engineering at this point. Give it roughly 10 years.
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Ok can you talk more about your failure case then? What are the conditions like what exactly is the end result. There are 0 exchanges?
Someone announces they have had a large quantum computer for a while and have cracked every public key on the blockchain. That'd probably do it. Quantum Jubilee, y'all. The year of decryption, all private keys revealed, all captive coins set free. It's just a matter of engineering at this point. Give it roughly 10 years.
Earlier quoted context omitted.
Ok can you talk more about your failure case then? What are the conditions like what exactly is the end result. There are 0 exchanges?
Someone announces they have had a large quantum computer for a while and have cracked every public key on the blockchain. That'd probably do it. Quantum Jubilee, y'all. The year of decryption, all private keys revealed, all captive coins set free. It's just a matter of engineering at this point. Give it roughly 10 years.