Topic: What set of conditions can crash blockchain or bitcoin to zero USD? - page 3. (Read 541 times)
January 24, 2020, 04:56:37 PM
I think the only thing that can bring down Bitcoin at this point is if everyone abandons Bitcoin for a better cryptocurrency that has faster transactions and lower fees. I don't think this will happen, but to me it's the only way that Bitcoin could fail at this point.
January 24, 2020, 03:47:07 PM
Well, first of all blockchain itself doesn't have a value. This is simply the technology that is used as the data structure of modern cryptocurrencies like Bitcoin, Ethereum and most other crypto assets.
Bitcoin, on the other hand, could be crashed to zero. In order to achieve this, it would need to have either zero liquidity due to being dropped from every single exchange platform, including decentralized ones, and it would need to be untransferrable without these platforms.
In order to achieve this, it would need to be both compromised on a cryptographic scale, and banned from a regulatory standpoint. Only then, would its utility value drop to zero and become worthless.
Though even then, there are still likely to be collectors that would pay for private keys, which could help it maintain some nominal value.
Bitcoin, on the other hand, could be crashed to zero. In order to achieve this, it would need to have either zero liquidity due to being dropped from every single exchange platform, including decentralized ones, and it would need to be untransferrable without these platforms.
In order to achieve this, it would need to be both compromised on a cryptographic scale, and banned from a regulatory standpoint. Only then, would its utility value drop to zero and become worthless.
Though even then, there are still likely to be collectors that would pay for private keys, which could help it maintain some nominal value.
January 24, 2020, 03:38:04 PM
The most important thing to bitcoin is the internet. At the very worst, If the internet got shut out allover the globe.
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
January 24, 2020, 03:26:09 PM
Sending civilization back to the Stone Age would be the answer you're looking for. Not that I'm implying that bitcoin is too big to fail, it's just that as of right now, that's the only thing we could think of that could render bitcoin worthless.
Even if a brute-forcing method was introduced the next day, an immediate patch would be dispersed immediately in order to salvage the situation. Quantum computing as well isn't that of a threat either. A new and better version of bitcoin could oust bitcoin as the top dog for value but BTC would still have its value anywhere.
Now if we're forced to use things at hand and our tech is useless, say, on an event of a global pandemic, an upcoming extinction-level event or any other catastrophic disasters there are, do you think people will still bother tending at their bitcoins, let alone money if there are far more important things than money? I think not.
Even if a brute-forcing method was introduced the next day, an immediate patch would be dispersed immediately in order to salvage the situation. Quantum computing as well isn't that of a threat either. A new and better version of bitcoin could oust bitcoin as the top dog for value but BTC would still have its value anywhere.
Now if we're forced to use things at hand and our tech is useless, say, on an event of a global pandemic, an upcoming extinction-level event or any other catastrophic disasters there are, do you think people will still bother tending at their bitcoins, let alone money if there are far more important things than money? I think not.
January 24, 2020, 03:17:54 PM
Nuclear war or other similar-scale disaster that results in destruction of the Internet is the only scenario when Bitcoin can literally crash to zero. Other scenarios can lead to Bitcoin's price tanking significantly, but Bitcoin would still exist, even in your example of some superior cryptocurrency Bitcoin will still be used and as the result have value.
Now, about a better cryptocurrency - it should be fundamentally overall better than Bitcoin to dethrone it - so far various shitcoins say that having faster/bigger blocks makes them better than Bitcoin, but that's a lie aimed at people who don't understand the basics of cryptocurrency technology. If you don't educate yourself, you will not be able to truly tell if a coin is better than Bitcoin or not, so you will leave yourself vulnerable to all these scammers with their marketing teams who try their best to sell shitcoins.
Now, about a better cryptocurrency - it should be fundamentally overall better than Bitcoin to dethrone it - so far various shitcoins say that having faster/bigger blocks makes them better than Bitcoin, but that's a lie aimed at people who don't understand the basics of cryptocurrency technology. If you don't educate yourself, you will not be able to truly tell if a coin is better than Bitcoin or not, so you will leave yourself vulnerable to all these scammers with their marketing teams who try their best to sell shitcoins.
January 24, 2020, 12:45:59 PM
What set of conditions (technical or socio-economic) can crash blockchain or bitcoin to zero USD? Is this notion of bitcoin crashing inconceivable at this point 10 years into its existence (so long as there is electricity and the internet)? My corollary question is: Can bitcoin be obsoleted by another cryptocurrency? What would that path of obsoletion look like for bitcoin? For example, I hear about other crypto currencies like Etherium or Lightcoin or Bitcash or Altcoin or Bitgold. What would be signs to look for that would make it prudent to cash out of Bitcoin to buy Etherium, for example.
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