Bitcoin will never go to zero. Why? There are too many billionaires that will buy the total available supply long before it can get to $0.
Just like all the billionaires that bought the total supply of tulips when they were falling, right?
What if Bitcoin went to zero?
41–50 of 84 posts
Re: What if Bitcoin went to zero?
#42In 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)?
Are you sure that US Dollar or Gold or bread have some intrinsic value? Day to day they do have some stable price but on a longer time scale that changes a lot.
Let's take EURUSD for example - both currencies are loosing purchasing power but EUSUSD ranges from 0,9 to 1,6 within last 50 years.
In some sci-fi scenario US Dollar could also go to zero if for example USA looses major war with China as is left with crushing debt. This is a possibility. What would be the value of Bitcoin then?
Re: What if Bitcoin went to zero?
#43The big question that big media fails to ask is what if - after infinite money printing - all fiat currencies go to zero together
It’s clearly possible for a particular currency to go to go to zero with unlimited money printing as demonstrated in history - Germany, Serbia, Zimbabwe etc.
But it’s almost certain that not ALL countries would be that stupid to print infinite new money eg Switzerland.
Bitcoin will probably go to zero, when we have the next major crisis, such as when China invades Taiwan or before when the Tether Ponzi scheme inevitably implodes.
Re: What if Bitcoin went to zero?
#44I would love to see Bitcoin crash to close-to-zero levels: I'd buy as much as I can afford short of actually starving. I suspect I'm far from the only one with that outlook, and therefore ... BTC going to zero is unlikely.
If btc goes to zero a lot of stuff may have to happen, why do you think it would be so attractive to you then? Think of it this way: Are you rushing to buy forks that are dropping to zero now?
Re: What if Bitcoin went to zero?
#45Earlier quoted context omitted.
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.
I'm sorry, what? In many, possibly most jurisdictions, and certainly in the United States, there is nothing in the law that specifically stops you from having made a perfectly legal, legitimate fortune by holding bitcoin or other cryptocurrencies and then cashing them out into fiat through the same formal banks that any other investor uses with no worries about dodging KYC as long as they followed reporting requirements.
Unless they're actively evading taxes or laundering money, cryptocurrency holders on HN or elsewhere can interact with many parts of the financial system without any warzone traumas at all. You're blatantly misrepresenting the nature of how it's possible to make money with Bitcoin et al. The majority of it is a legal market and its completely legally possible to hold, gain, sell and cash out successfully.
Re: What if Bitcoin went to zero?
#46If bitcoin went to zero it would imply some exploit in bitcoin allowing creation of an unlimited number of coins. If this happened, then someone would hard fork the chain before the exploit and fix the issue and anybody who had not transacted since the exploit would keep their coins, albeit at diminished (but not zero) value.
Re: What if Bitcoin went to zero?
#47What if the dollar went to 0 (as it has been going ever since Nixon took us off the gold standard)?
Presumably a lot worse than bitcoin to zero. And crypto fans get to advertise infinite percentage growth even if its value is a few pennies of todays dollars. But at least you can burn todays paper dollars. Cannot do that to bitcoin.
Re: What if Bitcoin went to zero?
#48In relation to what? US Dollar? Gold? AK-47? A loaf of bread?
Why would it have value in relation to some of those and not others? Sure, state action could make it hard to exchange bitcoins for other currencies, but we could still infer a $ value by looking at the btc and $ prices of goods they can both buy. (And yeah there can be complications and imperfections in that process, but not enough to make the statements 'bitcoin does/doesn't have 0 value' particularly vague or ambiguous.)
Re: What if Bitcoin went to zero?
#49The only case i see it goes to zero if there's a breakthrough in ECC (Elliptic curve cryptography). Then everyone owns everyone's coins.
Re: What if Bitcoin went to zero?
#50not to sound moronic, but the news cycles on cryptocurrencies is funny to watch
a nice stream of useless hyperbolic and very well timed pieces
on a more serious note, who thinks distributed supply chain management could really help things on large scale ? (supposedly free, consistent, 24/7 tracking of items and data) I see so much friction for that in companies .. it made me wonder.