The Risks Of Bitcoin Going To Zero Has Gotten More Lower Than Ever - page 2.

Cryptoreflector_666

member

Activity: 728

Merit: 24

Quote from: Chris Barth on November 09, 2020, 04:26:37 AM

Renowned fund manager Bill Miller told CNBC on Friday "Bitcoin's supply is growing at around 2.5% a year, and the demand is growing faster than that and there's going to be a fixed number of them" He also said that the risks of the currency going to zero are "lower than they've ever been before". Truth be told, in as much as bitcoin is volatile (like its been jumping around in the past few hours), what he said is really true. Bitcoin grows on a daily basis. Investors come in on daily basis. Look at PayPal, look at square, look at JP Morgan. I mean these are big. One of things Bill Miller said which I've always told people is this "I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what's like it, which is gold or some kind of commodities"

See here

They can say anything. I would not believe the words of even the most trusted person in the field of cryptocurrency. Remember the first boom, when everyone shouted that bitcoin is the most reliable and profitable investment, and then everyone had a shock after the collapse. Why can't the same thing happen now? I believe that the situation is completely similar, except that now there is no such huge hype that was then.

In any case, I believe that you need to be reasonable about investing and not believe every person who speaks from the TV.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: mk4 on November 09, 2020, 05:04:47 AM

The chances of bitcoin going to zero has been pretty much next to impossible anyway. For bitcoin to go to literally zero, literally everything should go wrong, along with the zero nodes running and such. Sub $1000? Though highly highly unlikely(and getting a lot more unlikely as time goes), it's still possible. But zero?? Nah man.

Let me quote how it would be for everything to go wrong. Not that I believe that bitcoin will go to zero but if it happens then the below scenarios are most likely to happen

Every country in the world would ban the usage of bitcoin
Every crypto user will accuse bitcoin for some reason
Every person holding bitcoin will start selling it for dirt cheap prices
All the miners will stop mining bitcoin
All the exchanges will stop functioning since they themselves would be selling their coins to someone
The network will get congested at peak and no transactions will be confirmed
There would literally be no buyer at this moment

Basically the above scenarios are very very unlikely to happen which is why bitcoin is very very unlikely to go to zero.

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

That is happening as demand has risen exponentially. Bitcoin has earned the respect not just of a small group of weird individuals but even of large companies around the world. This has made Bitcoin very valuable now. It cannot just fall with this kind of support coming from a lot of people.

Unlike before when Bitcoin is easily threatened, now it is going to be the other way around. Bitcoin has now threatened the traditional markets, the traditional banking system, the traditional currency, etc.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: traderethereum on November 14, 2020, 08:54:58 AM

There are many possibilities for bitcoin to go to zero, IF:
1. There is a world war that attacks the internet connection and everything, so that makes people can not access crypto aka bitcoin.

A real world war will most likely mean a nuclear winter. You won't have to worry about Bitcoin but how many years you have before you get cancer from radiation.

Quote

2. The government blocks all access to the internet, so people can not use the internet as usual.

A government? Which one? If the US gov does it people will flood the streets. It's possible in China or North Korea AFAIK there's no world government yet.
Also, if you can't use the Internet you can't sell your Bitcoins and make the price go to 0.

Quote

3. There is another technology that will be more potential than bitcoin.

There are already altcoins that are faster and more anonymous, but it's Bitcoin that is worth 15k USD.

Quote

4. All of the whales sold all of their bitcoin at once in all markets.

No, this would not cause the price to go to 0. All that it would do is create a temporary flash crash.
The concept of whales owning most bitcoins in the world is greatly exaggerated. There are billionaires who own Bitcoin but none of them would want to tell others that they're planning to sell because the first gets the best price and the last seller loses the most.

Quote

5. etc.

traderethereum

hero member

Activity: 2870

Merit: 574

Vave.com - Crypto Casino

There are many possibilities for bitcoin to go to zero, IF:
1. There is a world war that attacks the internet connection and everything, so that makes people can not access crypto aka bitcoin.
2. The government blocks all access to the internet, so people can not use the internet as usual.
3. There is another technology that will be more potential than bitcoin.
4. All of the whales sold all of their bitcoin at once in all markets.
5. etc.

But, I don't think people will leave bitcoin right now as bitcoin already grows fast than a few years ago. People see Bitcoin as another solution to make money, although their government does not give the right statement to regard the bitcoin. Bitcoin now is worth as the other commodity, and many people now use bitcoin as their investment, so that will not be possible if bitcoin will go to zero. But bitcoin price can go down as the bitcoin price is not stable and always fluctuate from time to time.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: Clement Kaliyar on November 14, 2020, 04:10:53 AM

Quote from: coolcoinz on November 13, 2020, 10:28:20 AM

It will not go to 0 as long as there's use. It can be speculative, or as a darknet market currency. It really doesn't matter. Even old RPG game tokens have some value, but when game servers get disconnected this value goes to literal 0.

According to your view bitcoin will be valuable even if it is not pegged with fiat currency but there is a problem with that as you cannot use bitcoin as currency in the darknet market place and how can you speculation without having a valuation pegged to it Tongue

. If you are going to tell that bitcoin will be pegged with altcoins then you are claiming that even if bitcoin becomes worthless altcoin will move forward Cheesy

.

I do not foresee a situation where the price of bitcoin becomes worthless and hence there is no point in discussing this even for speculation.

I did not say anything about fiat currency. I said that it will never be worth 0 as long as there is use. By use I mean any case where the currency is needed. If you need it just to fulfill a dream of owning it, it is a use. Trading and speculation is of course a use. As for altcoins, on the contrary. I believe that if Bitcoin ever goes to 0 they will disappear as well.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

Quote from: Chris Barth on November 09, 2020, 04:26:37 AM

Renowned fund manager Bill Miller told CNBC on Friday "Bitcoin's supply is growing at around 2.5% a year, and the demand is growing faster than that and there's going to be a fixed number of them" He also said that the risks of the currency going to zero are "lower than they've ever been before". Truth be told, in as much as bitcoin is volatile (like its been jumping around in the past few hours), what he said is really true. Bitcoin grows on a daily basis. Investors come in on daily basis. Look at PayPal, look at square, look at JP Morgan. I mean these are big. One of things Bill Miller said which I've always told people is this "I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what's like it, which is gold or some kind of commodities"

See here

It will never go down to zero of course. Not even Warren Buffett could convince a lot of people that Bitcoin will go down to zero anytime. For sure one day, he will be on board and I can feel that despite no guarantees on what I am trying to say. I just don't know if it will indeed happen after all of the 21,000,000 BTC supply is completely mined after 2140.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: Pito001 on November 14, 2020, 02:28:41 AM

Bitcoin will never go to zero but it really can go to ±5k level. This may kill the industry too

Why do you think it will happen? Bitcoin go as low as $3k read this https://www.google.com/amp/s/markets.businessinsider.com/amp/news/bitcoin-price-lowest-level-of-year-2019-1-1027900747 but the industry didn't die instead many people accumulate to gain since at that point the bitcoins price is more cheaper. And look what happen know if those people buy at that figure and hold until today they earn thousands of bucks yet they could earn more if they choose to hold for even more longer.

Genemind

sr. member

Activity: 1596

Merit: 335

With the current demand and the number of growing users and investors, as said by many people in this forum for it to go to zero is for it to fail to be functional and useless, which means it's close to almost zero possibility. With the growing trend and our fast-paced community, we need innovation like bitcoin. Cryptocurrency is still in continuous development and many ideas and different kinds of innovation using crypto are coming as time goes by. Bitcoin will remain and will always be on top among cryptocurrency.

Clement Kaliyar

hero member

Activity: 1302

Merit: 532

Quote from: coolcoinz on November 13, 2020, 10:28:20 AM

It will not go to 0 as long as there's use. It can be speculative, or as a darknet market currency. It really doesn't matter. Even old RPG game tokens have some value, but when game servers get disconnected this value goes to literal 0.

According to your view bitcoin will be valuable even if it is not pegged with fiat currency but there is a problem with that as you cannot use bitcoin as currency in the darknet market place and how can you speculation without having a valuation pegged to it Tongue

. If you are going to tell that bitcoin will be pegged with altcoins then you are claiming that even if bitcoin becomes worthless altcoin will move forward Cheesy

.

I do not foresee a situation where the price of bitcoin becomes worthless and hence there is no point in discussing this even for speculation.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Pito001 on November 14, 2020, 02:28:41 AM

Bitcoin will never go to zero but it really can go to ±5k level. This may kill the industry too

5k level and kill the industry ? lol . didnt you read most of the replies in btc speculation threads ? most of the guys that are into btc are wishing that btc can go on to that point so that they can be able to buy again but with bigger volumes at this time because that low level are now rare to witness .

people dont need to wait for more lows or they can miss the boat because some are actively waiting for any dips , thats why the chance of btc turning to zero is also zero percent .

Pito001

sr. member

Activity: 301

Merit: 250

Bitcoin will never go to zero but it really can go to ±5k level. This may kill the industry too

abderrazak belkhir

full member

Activity: 1100

Merit: 169

I think that not just 0 but even 1000$ or 500$ became almost impossible

The only thing that can lead to this is a world war or a deep Economic crisis

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: ScamViruS on November 11, 2020, 06:39:35 AM

It is impossible for me to imagine that the price of Bitcoin will ever go zero. Because the price of Bitcoin is 1 BTC = 1 BTC, so bitcoin should never be zero.

This thread is about BTC price in USD. At least that's what almost all posts focus on. You could say that the value 1BTC is 1BTC, but when we talk about its price we mean fiat currencies. Bitcoin is exchangeable so going to 0 means 0 USD, EUR, GBP...
It will not go to 0 as long as there's use. It can be speculative, or as a darknet market currency. It really doesn't matter. Even old RPG game tokens have some value, but when game servers get disconnected this value goes to literal 0.

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

Over the years there have been many theories about the downfall of Bitcoin, but in fact, Bitcoin gets stronger and stronger as the demand for Bitcoin keeps increasing over time while Bitcoin has a limit.
Take a look at Bitcoin's monthly chart, which is mostly green candles instead of red candles. Bitcoin is arguably the most powerful asset I have ever known.

Chris Barth

member

Activity: 569

Merit: 88

Credibility: 999

Quote from: 24Kt on November 12, 2020, 02:32:49 AM

With about a decade old history, btc already achieved this price level and considering all the hiccups that it encountered, I don't think going back to zero will happen. We may experience up and down movement, but going to low level not gonna happen anymore. We surpassed this pandemic with good price, now what would be another major reason why it will crash?

Talking about the pandemic, I think bitcoin was also created for such a situation. I'm sure a lot of people have gotten to know bitcoin during this pandemic as it was one of the only means of making payments.

24Kt

member

Activity: 1092

Merit: 67

Quote from: oktana on November 12, 2020, 02:11:45 AM

Quote from: ?? on ??

In the next 5-10 years, you should not even think about it. It is unlikely that anything will change so much.

Lol, you're making it sound like in the next 5-10 years, it's not possible but maybe after that time it's possible. If bitcoin survives the coming 10 years, then I don't see anything stopping it. Also, I don't see the price being this low in the next 10 years. Maybe around $50k or more.

With about a decade old history, btc already achieved this price level and considering all the hiccups that it encountered, I don't think going back to zero will happen. We may experience up and down movement, but going to low level not gonna happen anymore. We surpassed this pandemic with good price, now what would be another major reason why it will crash?

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: ?? on ??

In the next 5-10 years, you should not even think about it. It is unlikely that anything will change so much.

Lol, you're making it sound like in the next 5-10 years, it's not possible but maybe after that time it's possible. If bitcoin survives the coming 10 years, then I don't see anything stopping it. Also, I don't see the price being this low in the next 10 years. Maybe around $50k or more.

Yamust

newbie

Activity: 16

Merit: 0

I also believe with that, I'm sure bitcoin will never go to zero as long as there are people supporting it. Although at some point of time or at some reason value will get low but will never going to zero. Bitcoin can still recover if ever value of it will drop down.

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: mk4 on November 09, 2020, 05:04:47 AM

The chances of bitcoin going to zero has been pretty much next to impossible anyway. For bitcoin to go to literally zero, literally everything should go wrong, along with the zero nodes running and such. Sub $1000? Though highly highly unlikely(and getting a lot more unlikely as time goes), it's still possible. But zero?? Nah man.

Well if Bitcoin goes to anything under $100 from where it is today it's just equivalent to going to zero. It would lost almost 99% of its value what is left in it to mourn? But I don't think we would see this day coming anytime soon. It's because even if the demand completely goes down the corresponding decline in value would make it stable. For example if I use 10 people today use 1 Bitcoin to pay off their $15000 obligation today. If price goes down by 10 times to $1500 then these users would instead have to use 10 Bitcoin to pay off the obligation of $15000. So value of bitcoin's to be specific won't go that down because it's demand won't.

Topic: The Risks Of Bitcoin Going To Zero Has Gotten More Lower Than Ever - page 2. (Read 735 times)