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It can all go to zero

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Re: It can all go to zero

#101

Post by logicallee »

sputknick wrote: post #14
whiskyant wrote: post #2

Maybe if you're holding a shitcoin, but Bitcoin? Nope.

What value does Bitcoin add to society? IF you don't add value, what's the point of having you around? Bitcoin could absolutely go to zero. I say this as a holder of some.

>What value does Bitcoin add to society?

the value is that you can have anyone in the world murdered without it ever conceivably getting back to you.[1]

(that value is obviously negative.)

Therefore the appropriate value of bitcoin is $0 because literally all of society is set up for the exact and sole purpose of ensuring that the availability of bitcoin is $0.

This is literally the only purpose for which the past 100,000 years of society have been set up.

That's it. 1) technology. 2) rule of law.

briefly 1 has surpassed 2 but not for long. social progress is worth way more than technological progress.

My price target for bitcoin is $0. That said, an appropriate target is trillions in market cap and it is likely to get to that price.

----

[1] While producing greenhouse gasses robbing our children and their children of the sole habitable habitat in the universe - but that is not enough to make it illegal.

Re: It can all go to zero

#102

Post by FLUX-YOU »

surrey-fringe wrote: post #44

I've been thinking of starting a Medium account lately. All I have to do is wait for something bad to happen in crypto and give a first grade interpretation of events and compare them to some money movie I saw recently. I don't need to understand anything about crypto, and I can feel superior to all my friends who aren't working because they made money.

>All I have to do is wait for something bad to happen in crypto and give a first grade interpretation of events and compare them to some money movie I saw recently.

Stock analysts have been doing this forever, and probably pays better than medium.

Re: It can all go to zero

#103

Post by JackFr »

cableshaft wrote: post #9

So 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 d…

> But this entire industry?

What industry is that? Don't confuse a handful of exchanges, speculators, con-men and marks with an 'industry'.

Re: It can all go to zero

#104

Post by hateduser2 »

Sorry but his was just a bad article. I like it for generating discussion about the topic but it’s contents were without insight and seemed mostly just to promote the author. Made me lose most or all respect for them instead.

Re: It can all go to zero

#105

Post by shawabawa3 »

stcredzero wrote: post #36
fortythirteen wrote: post #25

At this point, Bitcoin is not much more than a phantom object. Too overpriced to use for any reasonable purchase, people are literally trading nothing but zeros and ones, no more or less valuable than the bits making up this comment. All that can change, but only if the price drops back down to its 2016 to early 2017 values, and there are too many people invested at this price to let Bitcoin survive as an actual curr…

Too overpriced to use for any reasonable purchase Could one have a cryptocurrency which is always subdividable? Are there any which already have this feature?

Some are so sub-dividable they might as well be.

One in particular has 128bits of divisibility (3.4e+38 raw units)

(Disclaimer: I'm invested in it and don't want to shill)

Re: It can all go to zero

#106

Post by tlrobinson »

VMG wrote: post #32

If Bitcoin goes to 0, I will buy all of it and display the Trezor that stores it in a museum

And people say bitcoins have no "intrinsic value".

Gold has jewelry and industrial uses, but bitcoins are cypherpunk collectibles.

Re: It can all go to zero

#107

Post by Jtsummers »

colemannugent wrote: post #67
maxxxxx wrote: post #31

This reminds me so much of the .COM bubble. Same kind of discussions. I think there will be a place for cryptocurrency but before that has been established there will be a lot of people taking a lot of pain. People who have bought them a few years ago will only take paper losses but now there is real money flowing into this.

Yup. AMZN traded at around $100 in 1999, then $12 just a few months later. Now if you believed in Amazon's business model and bought at that low you could have made about 120 times what you invested if you sold today. For me I look at crypto the same way. Crypto's value is going to fluctuate over time, but I think that over the long term (5-10 years) it will become more stable and more valuable. A huge dip is a great…

These currencies, as they like to call themselves, will only become stable when there's a basket of goods you can exchange them for at a consistent price. Right now it's all speculative investing and a little bit of spending as a currency.

Once you can buy $10 of goods, consistently, for 0.0001 BTC (or whatever) then the price will be stable and the currency can establish itself.

The same is true for the other cryptocurrencies. Being unpegged from any other currency or any goods, and nearly useless for conducting business transactions means the value will remain wildly unstable with a significant non-zero risk of failure or effective failure (going to $0 or something not much above that with little interest in conducting business using the currency).

Re: It can all go to zero

#108

Post by Retric »

VMG wrote: post #32

If Bitcoin goes to 0, I will buy all of it and display the Trezor that stores it in a museum

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.

Re: It can all go to zero

#109

Post by dnautics »

seannyg wrote: post #60

Bitcoin and many other cryptocurrencies are fiat currencies, nothing more. Bitcoin's value is dependent not on underlying fundamentals, but rather on supply and demand. Its supply is limited and will be fixed, but its demand is based on on its perceived usefulness, either for storing value or making purchases (maybe other things?). Until we see that it is useful for these things, we should assume its fundamental valu…

you're describing currencies, not fiat currencies. Even gold has limited 'intrinsic' value. Pretty much all of it 'real' applications have acceptable, cheaper substitutes. Anyone buying gold-plated connectors for their audio equipment is basically an idiot (source: in high school I used to work for radio shack)

Re: It can all go to zero

#110

Post by teraflop »

adamnemecek wrote: post #73
Joeri wrote: post #66

Earlier quoted context omitted.

A bug is discovered allowing fraudulent creation of bitcoins, and no easy or timely fix is possible. That or governments outlaw it entirely.

You are fundamentally arguing that cryptocurrencies, all of them, will be gone? That like 30 years from now, there will be 0 things that are basically cryptocurrencies or something that replaced them?

It's a possibility. Maybe they'll still be here, maybe they'll be totally gone; maybe they'll exist, but only in certain niches, or in a form that's unrecognizably different than what they look like now.

By analogy: two decades ago, US consumers were buying almost a billion dollars' worth of photographic film a year [1]. Photography hasn't gone anywhere -- people are taking orders of magnitude more photos than they used to -- but if you had invested your entire net worth into Kodak in 2000, you'd be penniless now.

[1]: http://blog.keh.com/the-evolution-of-photo-lab-life/

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