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Bitcoin price crash forces miners off network

decrypt.co

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Re: Bitcoin price crash forces miners off network

#81
post #79

Earlier quoted context omitted.

You don't think 3 people could figure out electricity and computers and networks whether local or even satellite links? That would be one hell of an apocalypse.

After the power is out, and without internet access or delivery services? As happened in parts of California last year? How are you imagining they would do it?

I dunno. Go to a library?

Re: Bitcoin price crash forces miners off network

#82
post #17

Earlier quoted context omitted.

The problem with bitcoin is specifically that it is deflationary. In over simplified macro economic terms when you have deflation it is in the consumers interest to not spend money, because the cost of a service or good will be lower in the future. So the longer you wait the more you save. You have the same issue with Bitcoin, because it is deflationary it is in the holder's interest to not spend it, because it's fut…

There is hidden inflation that comes from other crypto currencies. Once Bitcoin inflation is too strong and people are not willing to sell, it becomes profitable to start another currency. That currency will absorb liquidity and the deflation of BC stops. Like information in the internet, value flows around obstacles.

edit: Once Bitcoin deflation is too strong ...

Re: Bitcoin price crash forces miners off network

#83
post #79

Earlier quoted context omitted.

After the power is out, and without internet access or delivery services? As happened in parts of California last year? How are you imagining they would do it?

I dunno. Go to a library?

I presume you are trolling.
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