Slightly off topic, but does economist never give the author of the article? There isn't one on this. One name mentioned on the cover art is I think the painter of the art. I find it weird that no author is mentioned.
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What if Bitcoin went to zero?
31–40 of 84 posts
Re: What if Bitcoin went to zero?
#32Earlier quoted context omitted.
Nah, we could still continue to laugh at it like we laugh at beanie babies... Or tulip mania.
In the current situation, both sides laugh. One laughs on HN, the other laughs all the way to the bank.
Funny, we never hear from the people who have lost thousand even though they exist in great numbers as they do in all ponzi schemes
Re: What if Bitcoin went to zero?
#33It’ll never go to zero, there are too many idiots in the world who will always buy into this eternal ponzi scheme
Re: What if Bitcoin went to zero?
#34The big question that big media fails to ask is what if - after infinite money printing - all fiat currencies go to zero together
Shouldn't be defensive. Crypto communities spread FUD about fiat all the time. Some of it justified. But equally justified is looking at the -real- value that BTC and other crypto assets offer. (Disclosure: As many people here on HN, I entered into the crypto space during the 2016-2017 rally. Still get paid in fiat. And my biggest assets are in real-estate.)
As for me my biggest asset was fiat until I realized how bad deal I'm getting, how much I was screwed by going to another country and saving all my money in fiat. That's why I was open to Bitcoin early on. For you, as your biggests assets are in real-estate, you're not in the danger that most people in the world are.
Re: What if Bitcoin went to zero?
#35In relation to what? US Dollar? Gold? AK-47? A loaf of bread?
I am not sure I quite follow the thinking.
If something has zero intrinsic value, does it matter which units are used to expressed that (so long as the units themselves have some non-zero value)?
Re: What if Bitcoin went to zero?
#36Earlier quoted context omitted.
Nah, we could still continue to laugh at it like we laugh at beanie babies... Or tulip mania.
In the current situation, both sides laugh. One laughs on HN, the other laughs all the way to the bank.
Exactly, people who keep honestly earned currency in a bank can probably afford to laugh on the way there—they are used to paying tax, they don’t have to worry about new KYC measures somewhere or theft of their token device invalidating their savings, etc.
They can be made fun of by cryptocurrency holders here on HN, but interacting with the financial system is much less like a warzone for them.
Re: What if Bitcoin went to zero?
#37But like other commodities can it go to negative 0?
It's actually possible. If taxes due get assigned and tracked to particular bitcoin fractions, and since taxes incur interest, we could be in a situation one day where you would get paid to accept ownership of btc. It would be surreal, but if the IRS is given hope that it's a way to get people scared of btc, and that the KYC data all these exchanges have allow accurate enough accounting and tracking, they would do it…
Hm.. if BTC is negative, then you’d be paying negative taxes on it (IRS paying you, or equivalently you paying less tax on e.g. income). A lot of people want that, so they’d want BTC, bringing it back into positive.
Re: What if Bitcoin went to zero?
#38If btc goes to zero, and it's almost certain it will. Then it means other decentralised ledger tech have fulfilled the needs initially satisfied by btc. To the point where nobody wants btc even for the equivalent of a penny. I wouldn't pay a penny to get telegraphs credits since there are no network available to me to use them for anything. And phone, then Internet supersedes all features of telegraphs.
How does it feel to be involved with technology to such a degree so as to be reading and commenting on hacker news and yet you entirely missed any opportunity so far with Bitcoin ?
Re: What if Bitcoin went to zero?
#39In relation to what? US Dollar? Gold? AK-47? A loaf of bread?
I am not sure I quite follow the thinking. If something has zero intrinsic value, does it matter which units are used to expressed that (so long as the units themselves have some non-zero value)?
What does "intrinsic value" mean?
Re: What if Bitcoin went to zero?
#40If btc goes to zero, and it's almost certain it will. Then it means other decentralised ledger tech have fulfilled the needs initially satisfied by btc. To the point where nobody wants btc even for the equivalent of a penny. I wouldn't pay a penny to get telegraphs credits since there are no network available to me to use them for anything. And phone, then Internet supersedes all features of telegraphs.
I don't own any crypto, yet I don't see BTC going to zero. It may already have network effects.