If BTC/USD went to $0.00 tomorrow or diff = ∞ how would it affect you ?

goosoodude

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Quote from: adaseb on March 29, 2015, 12:39:15 AM

I keep reading many many threads here and I am starting to realise that Bitcoin is becoming much more then a hobby for some.

This statement wouldve been correct two years back. BitCoin has since become big business with large mining farms and investors.

If Bitcoin collapsed tomorrow due to a flaw in protocol, my life will go on as usual. The only difference is that I will lose my pocket money and my big dreams. To compensate for that I will be able to upgrade my graphics for cheap due to the large increase in supply and play at a higher resolution.

ShetKid

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If this was to happen, then I would take apart my miner and sell each part individually starting with the power supply, boards , and other individual components as probably no one would be buying the miners anyways.

PS: If it were to ever happen, we will have another altcoin take its place. The government will never be able to put an end to it.

ACCTseller

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no longer selling accounts

Quote from: jimmothy on March 29, 2015, 01:46:06 AM

Quote from: adaseb on March 29, 2015, 12:39:15 AM

Suppose hypothetically that tomorrow the price of Bitcoin became $0 due to some blockchain hack or economic event or that for some reason the difficulty went to infinity and you couldn't make a penny mining.

I keep reading many many threads here and I am starting to realise that Bitcoin is becoming much more then a hobby for some. There are people who constantly keep buying new equipment at retail when they pay alot for electricity and still have old unpaid hardware. And yet they still keep buying hardware

I keep seeing people who constantly keep buying more and more Bitcoin on margin or who empty out their 401K and reinvest it into Bitcoin. I see many individuals who max out their credit cards and trying to buy Bitcoin either thru Paypal or some merchants.

For myself. If bitcoin went to $0, I probably would be very sad and a little pissed off. Economically I would be hurt slightly but nothing that would make me suicidal.

How would it work out for you?

Your scenarios are impossible. Bitcoin difficulty cannot go to infinity, and the blockchain cannot be "hacked".

It is possible that some flaw is found in the protocol that cannot be easily fixed via a hard fork (and this flaw is exploited). IMO this scenario is unlikely but still plausible.

Quote from: jimmothy on March 29, 2015, 01:46:06 AM

Also I've been on these forums for ~3 years now and I've literally never heard of someone maxing out their credit cards to buy btc.

I am sure that people have done this, they probably haven't had to admit it though as for most of Bitcoin's history, this kind of bet would have paid out handsomely given enough time, and people would just claim that they purchased it and left out the fact that they borrowed money to do so

I have recently sold the only miners that I have ever owned, so I wouldn't have any immediate need for money to pay for current expenses (electricity) related to anything bitcoin related. Although it would certainly hurt morale as it would have essentially made my recent project more or less a waste of time.

It would likely cause the majority of the corporate miners to take their miners offline which would both cause a huge drop in the network difficulty, and one likely large enough to cause the need for a hard fork to change the difficulty ahead of schedule.

redsn0w

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#Free market

Quote from: adaseb on March 29, 2015, 12:39:15 AM

...snip...
How would it work out for you?

I think the unique for bring the bitcoin price to zero dollar is to shutdown all the hardware machines (asic) at the same time, because I think you know without the mining the various transaction will be not confirmed and this will generate a stuck in the bitcoin blockchain (and especially a crack and huge dump). However I don't think it will never happen and the price will not never drop to 0 dollar, but if we suppose only for a few minutes that (this thing) could happen I think I will hold my btc and wait the rebalancing of all the eco-system.

This was just my personal opinion, thanks.

Biodom

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Quote from: adaseb on March 29, 2015, 12:39:15 AM

For myself. If bitcoin went to $0, I probably would be very sad and a little pissed off. Economically I would be hurt ~~slightly~~ but nothing that would make me suicidal.

same as ^^
mostly sadness that another ostensibly good thing did not pan out

cramved

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It would not effect me at all as I am not heavily invested in bitcoin at this point in time.

Snipe85

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Infleum

Quote from: sidehack on March 29, 2015, 11:31:42 AM

I bet the folks who bought in at $1100 a year and a half ago are pretty upset right about now.

Not many people did it, as the price peaked there. People just waited for others to go in, but nobody did and the dumping started. I also sincerely doubt any of those people are still holding, most probably sold at $800 or $700.

How would it affect me? $5000 down the drain, but I'm sure it won't happen. Cool

Amph

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it would affect me too much economically speaking(even considering that i didn't invest anything into it), and technically speaking too, i love bitcoin as a new tech of trasnfering money

philipma1957

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'The right to privacy matters'

If it fully zeroed out It would be annoying. BUT MY Loss for this year would be 5-6k

overall I would still be 5-6k ahead.

gentlemand

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Welt Am Draht

Quote from: jimmothy on March 29, 2015, 01:46:06 AM

Also I've been on these forums for ~3 years now and I've literally never heard of someone maxing out their credit cards to buy btc.

As with any potential gold rush, there was lots of talk in late 2013 of people going more than all in and I'm sure it's happened in plenty of cases. One guy was looking into getting a loan into the hundreds of thousands and there's a long running thread in the speculation forum about someone who sold a house for BTC. People do it with every opportunity when greed blinds them. There's no reason BTC is exempt.

sidehack

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Curmudgeonly hardware guy

I bet the folks who bought in at $1100 a year and a half ago are pretty upset right about now.

I've been making a living for the last year and some selling power supplies and hosting services to miners. If the bitcoin economy disappears I'll have to find something else to do, but other jobs are coming in so we'd probably be okay for a while regardless. It'd certainly be a lot easier to buy gear for the museum shelf if suddenly it was all good for nothing but scrap value.

jimmothy

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Quote from: adaseb on March 29, 2015, 12:39:15 AM

Suppose hypothetically that tomorrow the price of Bitcoin became $0 due to some blockchain hack or economic event or that for some reason the difficulty went to infinity and you couldn't make a penny mining.

I keep reading many many threads here and I am starting to realise that Bitcoin is becoming much more then a hobby for some. There are people who constantly keep buying new equipment at retail when they pay alot for electricity and still have old unpaid hardware. And yet they still keep buying hardware

I keep seeing people who constantly keep buying more and more Bitcoin on margin or who empty out their 401K and reinvest it into Bitcoin. I see many individuals who max out their credit cards and trying to buy Bitcoin either thru Paypal or some merchants.

For myself. If bitcoin went to $0, I probably would be very sad and a little pissed off. Economically I would be hurt slightly but nothing that would make me suicidal.

How would it work out for you?

Your scenarios are impossible. Bitcoin difficulty cannot go to infinity, and the blockchain cannot be "hacked".

I don't mean to sound rude but this seems like an incredibly pointless discussion. It's basically "what if the thing you all care about became useless/worthless".

Also I've been on these forums for ~3 years now and I've literally never heard of someone maxing out their credit cards to buy btc.

Minerjoe

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Financially not so much, emotionally, yes, big time. I consider BTC as a fun and hopefully lucrative hobby and I would simply have to find something else to do.

notlist3d

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It would effect my electricity bill greatest

. But In all seriousness it would not be fun to lose money, but I have made sure to follow the rule never risk more then you can afford to lose.

I personally have not seen anyone with proof buy bitcoin with maxing out credit cards. But the interesting thing if someone did that and BTC went to zero they might get away with not paying for it. They would have to declare bankruptcy and it would follow them the rest of their life (after a while yes it would be less but still on report).

adaseb

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Suppose hypothetically that tomorrow the price of Bitcoin became $0 due to some blockchain hack or economic event or that for some reason the difficulty went to infinity and you couldn't make a penny mining.

I keep reading many many threads here and I am starting to realise that Bitcoin is becoming much more then a hobby for some. There are people who constantly keep buying new equipment at retail when they pay alot for electricity and still have old unpaid hardware. And yet they still keep buying hardware

I keep seeing people who constantly keep buying more and more Bitcoin on margin or who empty out their 401K and reinvest it into Bitcoin. I see many individuals who max out their credit cards and trying to buy Bitcoin either thru Paypal or some merchants.

For myself. If bitcoin went to $0, I probably would be very sad and a little pissed off. Economically I would be hurt slightly but nothing that would make me suicidal.

How would it work out for you?

Topic: If BTC/USD went to $0.00 tomorrow or diff = ∞ how would it affect you ? (Read 1174 times)