Yeah, all it would do is drive the price incredibly high. It's true that if the price gets high enough pretty much everyone would sell. I can't imagine not selling them at $1million a coin...
But as long as there's even 1 Bitcoin left, the whole thing could still run. Remember, the basic unit is actually the Satoshi, which is 0.00000001 of a Bitcoin. So each bitcoin is 100-million Satoshis. If each Bitcoin is worth $1billion, then each Satoshi would be worth $10. Still manageable to run the entire economy off of 1 Bitcoin, but it becomes a hassle at that point as it would need to get divided further down. I'm sure the protocol could be adjusted to further divide it down though.
The biggest problem with that scenario is that whoever is doing the attacking is obviously anti-Bitcoin. Yet what they just did is commit a massive transfer of wealth from anti-Bitcoin individuals, to a bunch of pro-Bitcoin individuals, who now have the knowledge and the incredible wealth behind them to create Bitcoin2.0 (if each 1BTC is a Billion dollars, then literally anyone who's pro-Bitcoin is now a Billionaire). And since Bitcoin is open-source, making a Bitcoin2.0 would be trivial, and this time a hell of a lot more powerful with a bunch of Billionaires backing it.
They would have to keep going until everyone who's anti-fiat is a Billionaire. Personally, I sure hope they do that
Excellent reply! This actually makes a lot of sense because the last few people to stay in the game will have huge fiat reserves with which to show the attacker a taste of their own medicine. By inflating the $%&* out of the fiats by spreading it around. Etc etc.
Good one, Thanks
I need to get some sleep now lol it's 5 in the morining.
Did i say that i have another bitcoin?