What if everyone withdrew their coin in fiat? - page 14.

StarofBTC

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Quote from: TagaMungkahi on October 09, 2017, 03:41:39 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

Not necessarily fail, Let's assume that this will happen, There will be fall at price but surely it will not result into a failure, bitcoin still there and will be there always.

It can only fail if everyone wants to pull out their funds into fiat, which is practically not possible and in that case, it may just end up in one or few person's wallet apparently, since it will definitely have to exchange hands anyway just like any other currency.

However, this cannot be possible at this stage and there will always be people willing to purchase even at a lower price unless of course something negatively huge even beyond bitcoin happens to cause the scenario the OP has painted which seems impossible.

mistanama

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We know that this is a shame now. But I will answer your question

Probably yes, If everyone is going to sell their Bitcoins holds. The value of bitcoins will definitely be 0.

Dreamchaser21

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Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

Most probably yes, but we all know this thing will not happen the price of bitcoin continues to soar high some people may sell but still people will surely want to buy more bitcoin because they believe on the future of bitcoin.

Leonbtc

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Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

some wouldnt be able to withdraw. think like this in crisis time People want to take their Money from Banks but some arent able to do this.

BitMaxz

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Quote from: mocacinno on October 09, 2017, 02:37:19 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

If EVERYBODY wanted to dump all their BTC, the price would go to ~$0/BTC... So yes, in this case there would be enough FIAT on the exchanges.
It's all supply and demand. If the supply is huge and the demand is 0, the price goes trough the floor.

But in this bitcoin this is impossible that bitcoin price will drop at zero value since there are bitcoins are stuck from wallet online or we can say lose coins so the price of bitcoin will not getting lowest price of bitcoin..
this is impossible people will not waste their investment in bitcoin they will hold them for a long time and sell in the right to get profit when the price was really expensive..

kotajikikox

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if the bitcoin are not accepting as pay in our location the coins wthdraw it into fiat money to sustained the daily expenses of the family but if in your location or nation are accepting bircoin as payment no need to withdraw the coin into fiat you can use directly payment to the store.

949miner

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Yes obviously that the price will drop a lot, but there is no way that everyone can do it, because imagine that it would be a chaos, there are billions of dollars invested on bitcoins, and making it at the same time, it will saturate the market, and there would be almost no buyers on the market for everyone.
But it is impossible, there is no way that it can happen, it is too much coincidence that everybody would like to withdraw at the same time.

bitbunnny

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In real world this is not possible scenario. In theory, if that happened, the Bitcoin price will dump terribly and no one would be interested in Bitcoin anymore, it could practicly becomes worthless. But where could such amounts of money be founded so not every Bitcoin could be converted, at least not in short period of time.

n0ne

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Such a situation never prevails around with each and every mined bitcoin getting withdrawn in terms of fiat. At present the direct usage of bitcoin keeps on increasing, so the same might help in the circulation of bitcoin rather than withdrawing it in terms of fiat. When every user withdraw an inflow in the economy of fiat increases rapidly.

Pearls Before Swine

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There should be enough money on the exchanges, but who knows? I highly doubt
an exchange like Yobit would be able to resist what what amounts to a run on the bank.
Not even banks can usually withstand a run without help, what with all the fractional
reserve lending they do....and god knows what other shenanigans they're up to.

If everyone started to withdraw their fiat from crypto exchanges, I would think that there
would be a crisis. But no, I highly doubt they'd be able to meet the redemptions. They're
all pretty shady.

steve0nz

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Ah I get you, it doesn’t matter if there is any fiat left in the exchanges. It’s how much people are willing to pay.

UCHCHILD

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The price not reach $0 you know why guys? It is because there were lost wallet out there that really cost too much and with lots of btc on it. And there lots more lost coin out there, so there will be no reason to turn this thousands of dollars into zero balance. And also people will not let bitcoin fail, so.exchange will never be worry about that because big investors will really hold their coins for long, How I wish I can be one of them, rich man with btc in my wallet. So I will.not let btc value fall so down.

phr0stbyt3

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The price can got to 0$ but to get fiat you still need a marketplace and no trader who is holding bitcoin would want the price to be pushed back. Whenever you place a sell order at the current price is will get sold and each time the price keeps getting lower many want to invest. It's not possible to push the price down to 1000$ because by then many will try to purchase more

SamsungBitcoin

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Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

There will be a big effect on bitcoin value if most of the investors start to wwithdraw their investment in every exchange or it will be dead or will be worthless, but i do not think it will happen because i always feel that bitcoin is on their progress due to continuous increasing of the demand that is why value of bitcoin is very attractive to many investors and it always profitable until it is existed.

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Quote from: fedoralite on October 09, 2017, 03:03:47 AM

Quote from: xIIImaL on October 09, 2017, 03:00:31 AM

Quote from: mocacinno on October 09, 2017, 02:37:19 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

If EVERYBODY wanted to dump all their BTC, the price would go to ~$0/BTC... So yes, in this case there would be enough FIAT on the exchanges.
It's all supply and demand. If the supply is huge and the demand is 0, the price goes trough the floor.

Supply and demand will increase the bitcoin's value all the time. I don't understand your concern that bitcoin supply stopped with the zero cost fianlly. Whenever the cost of the coins increase adoption and supply issue will only take to huge amount. Even last year halving done the reduction of supply and mining blocks reduced. That is the only way to bump the bitcoin value.
I don't support your wrong point.

Because his opinion is right since if all the holder will change there btc to fiat the bitcoins would die and became no value at all since as you said it is based in supply and demand, and if all will dump it means there's no demand of bitcoins will be get and bitcoins will be outfamed for that events.

Exactly, the OP was giving a fictional example, "what if everybody withdrew their coins in fiat"

I'm well aware of the bitcoin ecosystem, but the OP asked a fictional question, so i answered his fictional question: if everybody decided to dump their BTC, the price would fall to 0. If every HOLDER of BTC would dump their BTC, but there were sufficient new buyers (1:1) for every BTC sold, the price should stay roughly the same. If every holder sold all their BTC, but there was an increased demand from new buyers, the price would rise.

thinkdifferent

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Quote from: mocacinno on October 09, 2017, 02:37:19 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

If EVERYBODY wanted to dump all their BTC, the price would go to ~$0/BTC... So yes, in this case there would be enough FIAT on the exchanges.
It's all supply and demand. If the supply is huge and the demand is 0, the price goes trough the floor.

Before it reaches to zero many people will try to convert it to fiat and not sure how exchanges can manage that part because currently, bitcoin prices are very high.

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Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

Not necessarily fail, Let's assume that this will happen, There will be fall at price but surely it will not result into a failure, bitcoin still there and will be there always.

fedoralite

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Quote from: xIIImaL on October 09, 2017, 03:00:31 AM

Quote from: mocacinno on October 09, 2017, 02:37:19 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

If EVERYBODY wanted to dump all their BTC, the price would go to ~$0/BTC... So yes, in this case there would be enough FIAT on the exchanges.
It's all supply and demand. If the supply is huge and the demand is 0, the price goes trough the floor.

Supply and demand will increase the bitcoin's value all the time. I don't understand your concern that bitcoin supply stopped with the zero cost fianlly. Whenever the cost of the coins increase adoption and supply issue will only take to huge amount. Even last year halving done the reduction of supply and mining blocks reduced. That is the only way to bump the bitcoin value.
I don't support your wrong point.

Because his opinion is right since if all the holder will change there btc to fiat the bitcoins would die and became no value at all since as you said it is based in supply and demand, and if all will dump it means there's no demand of bitcoins will be get and bitcoins will be outfamed for that events.

xIIImaL

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Quote from: mocacinno on October 09, 2017, 02:37:19 AM

Quote from: steve0nz on October 09, 2017, 02:34:18 AM

Would there be enough money in the exchanges? Would bitcoin fail?

If EVERYBODY wanted to dump all their BTC, the price would go to ~$0/BTC... So yes, in this case there would be enough FIAT on the exchanges.
It's all supply and demand. If the supply is huge and the demand is 0, the price goes trough the floor.

Supply and demand will increase the bitcoin's value all the time. I don't understand your concern that bitcoin supply stopped with the zero cost fianlly. Whenever the cost of the coins increase adoption and supply issue will only take to huge amount. Even last year halving done the reduction of supply and mining blocks reduced. That is the only way to bump the bitcoin value.
I don't support your wrong point.

ihsanskanzaone

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I think people will pull their coins at the highest price or the price of the coins in the prediction will fall as it could be from the number of bitcoin more and more and the fewer its consumers affect the price of the coin.

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