Market noise.
If Bitcoin crashed, there would be a big ass panic sell on all things crypto, no doubt. Of course it doesn't mean eventually some other coin would take the spot or Bitcoin would rise again. As a concept crypto is not going away, but a legitimate crash of Bitcoin means a crash in all things crypto.
Topic: If Bitcoin fails, all cryptos fail? - page 2. (Read 2291 times)
100% yes
We're not talking about major flaws of encryption algos, etc. I have updated the OP to clarify that.
Realistically speaking, Bitcoin can't fail. It's not like all the services and all merchants adopting it would stop doing so in a second. Bitcoin has gone too far to fail now.
yeah, i share thisa major flaw seems also impossible to me [1], because its software, it will be fixed and it will be fixed very fast (because of the vetted intrests)
[1] = even when quantum cryptography is finally broken, we have Post-quantum cryptography ready, PQ crypto is already 20 years old
[1] = We have end 2014: Just look at this strong support of influential people of Silicon Valley and Wall Street that are committed now to Bitcoin. Or look at this: just about any technology expert, futurologist or innovation researcher has made VERY positive statements about Bitcoin, they cant be all wrong out of the sudden.
Once they start "buying to the moon" I'm interested again. Until that we should settle upon averaging down, down into oblivion.
In a case (I don't think that it is possible, unless a major flaw destroys it) where Bitcoin would fall, it is most likely that all cryptos would be proclaimed as unsafe and fall. The whole system would collapse.
Why? That was my question. Suppose it's not an encryption/algorithm failure.
Naturally (here) people would see Bitcoin fail if the price dropped to $1 for example.
Realistically speaking, Bitcoin can't fail. It's not like all the services and all merchants adopting it would stop doing so in a second. Bitcoin has gone too far to fail now.
In a case (I don't think that it is possible, unless a major flaw destroys it) where Bitcoin would fall, it is most likely that all cryptos would be proclaimed as unsafe and fall. The whole system would collapse.
Realistically speaking, Bitcoin can't fail. It's not like all the services and all merchants adopting it would stop doing so in a second. Bitcoin has gone too far to fail now.
In a case (I don't think that it is possible, unless a major flaw destroys it) where Bitcoin would fall, it is most likely that all cryptos would be proclaimed as unsafe and fall. The whole system would collapse.
I dont think at current stage Bitcoin [1] can not fail anymore, so I won't discuss your question.
[1] = We have end 2014: Just look at this strong support of influential people of Silicon Valley and Wall Street that are committed now to Bitcoin. Or look at this: just about any technology expert, futurologist or innovation researcher has made VERY positive statements about Bitcoin, they cant be all wrong out of the sudden.
[1] = We have end 2014: Just look at this strong support of influential people of Silicon Valley and Wall Street that are committed now to Bitcoin. Or look at this: just about any technology expert, futurologist or innovation researcher has made VERY positive statements about Bitcoin, they cant be all wrong out of the sudden.
what "Bitcoin failed" means for you and why
Means nobody "buying to the moon", no more mining at homes (which is the mass market out there. 1 monster collocation located somewhere in china ain't be the same), nor any useage at let's say "Silkroad" which is quite true right now.if indeed you think it would be fatal for other cryptos?
Naturally not. Take a look at the huuge amount of Doge traded at Bter. Or LTC at BTC-E. Those are inflationary (due to insane mining amounts each day) currencies that nobody in a right state of mind would HODL. But they are traded in the millions, so why?Because they cross the political barriers. I think there will always be a use like that, for even the shittiest crapcoin. It just means you cannot "invest" into that very shittiest crapcoin, without breaking your neck.
edit: but you could still mine that coin
My opinion isn't popular. I think a crypto has a bright future. But it's not going to be bitcoin or any others that have a limited number of coins with inevitable extremely high transaction fees.
Not many (ethereum as far as I know is the only ... maybe doge?) That have this economic philosophy. Making a currency a pyramid scheme is as bad as the way things work in fiat. Rich get richer off the backs of new blood.
Just my 02
Not many (ethereum as far as I know is the only ... maybe doge?) That have this economic philosophy. Making a currency a pyramid scheme is as bad as the way things work in fiat. Rich get richer off the backs of new blood.
Just my 02
Let's seriously discuss if this argument has any validity, because it sounds more like a biased idea with only a grain of truth to it. My personal opinion is if Bitcoin fails, this can have short-term effects for the adoption of cryptos, but the concept will survive. As well it's not quite clear what proponents of that idea mean exactly. What is failure? As long as someone mines and uses a crypto, it's not failed. Suppose, no encryption is broken, as then obviously I wouldn't ask this question.
Can we define failure of Bitcoin as "market cap below 50% of total market cap of the crypto industry"? It still wouldn't be a failure though, but we need a starting point of sorts to be able to tell that it's started to decline. Anyway, let me know what you think on these two points: what "Bitcoin failed" means for you and why if that technically happens would it be fatal for other cryptos if indeed you think it would be fatal for other cryptos?
Please refrain from pumping your favorite altcoin in this thread. Thank you.
Can we define failure of Bitcoin as "market cap below 50% of total market cap of the crypto industry"? It still wouldn't be a failure though, but we need a starting point of sorts to be able to tell that it's started to decline. Anyway, let me know what you think on these two points: what "Bitcoin failed" means for you and why if that technically happens would it be fatal for other cryptos if indeed you think it would be fatal for other cryptos?
Please refrain from pumping your favorite altcoin in this thread. Thank you.
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