Would Bitcoin recover even if it fell to one dollar? - page 3.

rikybrosh

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Quote from: YUriy1991 on August 08, 2023, 10:14:36 PM

If Bitcoin hits $ 1 is the moment that everyone has been waiting for and dreaming of. in a matter of minutes the price will shoot up again due to booming demand. but, that's impossible and doesn't enter my mind. Just people's illusions OP.

So, what's really happening right now is what you need to know, Why does the price of BTC fluctuate? Well, one of the reasons is that the whales (investors who own a large amount of crypto assets) are still free to take bitcoins at a much cheaper price than before at the expense of "rekt" traders and that is when a large number of influential traders bet on the price of bitcoins moving in one direction.

What is certain is that it will not happen. Because everyone knows that BTc is the best performing asset in the digital era.

those whales still able to manipulate the bitcoin market. me as small trader will only follow the market trend, and I am okay with it, i still can gain some profit from it. i also see BTC as the best cryptocurrency investment in this world, this is the reason why I hold most of my btc for long time without any worry. I don't even think that it will back to $1 anymore.

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If Bitcoin hits $ 1 is the moment that everyone has been waiting for and dreaming of. in a matter of minutes the price will shoot up again due to booming demand. but, that's impossible and doesn't enter my mind. Just people's illusions OP.

So, what's really happening right now is what you need to know, Why does the price of BTC fluctuate? Well, one of the reasons is that the whales (investors who own a large amount of crypto assets) are still free to take bitcoins at a much cheaper price than before at the expense of "rekt" traders and that is when a large number of influential traders bet on the price of bitcoins moving in one direction.

What is certain is that it will not happen. Because everyone knows that BTc is the best performing asset in the digital era.

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Quote from: panganib999 on August 06, 2023, 02:59:21 PM

Bitcoin's price is directly correlated to the public's opinion towards it. Right now it sits at neutral which is why there's no significant price movement. To make it fall into a dollar per bitcoin, we might need to sway 99% of the userbase to stop using bitcoin altogether, which is not going to happen lol unless an asteroid hits the planet with a hallucinogenic virus that makes people hate bitcoin and everything that's tier 2 technology. And even then I say we'll never reach that stupendously low. Banning bitcoin in entire continents will not work as well, people will use it behind the government's back just as what some of our Chinese brothers are doing nowadays. Bitcoin could stoop low especially during bear market but considering the fact that even during massive crashes it never fell from its 20k price point, there's no way it's going to fall to as low as 1 dollar as well.

There's nothing the government or anyone else can do to put negative pressure on BTC's market price until it goes all the way down to $1. It's technically impossible. The cryptocurrency is deep into the mainstream, where many people (especially companies and the wealthy) own a "piece of the pie". Demand is at its highest, even with the global economic downturn since the start of the COVID-19 pandemic.

For BTC to lose its value overnight, something catastrophic must happen. Something like WW3 (full-scale nuclear war), or a full blanket ban from all of the countries in the world could make Bitcoin worthless in an instant. But the odds of this happening anytime soon are very slim. We're talking about decades, if not centuries before this happens (if it ever does). There's only one way BTC can go. And that's all the way to the moon. Who knows how lucky we'll be once BTC hits the $1m milestone? Just my opinion

tjtonmoy

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What actually do you mean, OP? Are you referring to the value of Bitcoin? The numbers that show up as a price for bitcoin? Well, we are the ones who created this system. It is easy to determine a value using US dollars, and that's the reason why we added a value to Bitcoin using it. Other than that, the existing value has nothing to do with bitcoin. This is how thing works. You give someone 2 potatoes. He gives you back 1 potato from his side, which is equivalent to your two potatoes. A trade happens here! Now imagine the same thing happening for two different kind of things.
That's how we used to determine value in the past. Now we use a common currency, in this case that is US dollar.

But when we consider 1 BTC= 1 BTC, that value becomes nothing. Even if the price of Bitcoin falls to 0, it will still worth the value. Because we will then trade with equivalent to Bitcoin's original value. 1 BTC= 1 BTC, 0.069BTC = 0.069BTC.

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Quote from: LittleBitFunny on August 08, 2023, 10:51:13 AM

If bitcoin hits 1 dollar, it will be the end of the entire crypto industry, no longer a big problem to solve, because the whole market depends on bitcoin, and it accounts for more than 50% of market capitalization. Although there have been many questions or theories about bitcoin falling to $1 or crashing, no one has been able to come up with a hypothesis with few valid arguments, most of them are just an empty assumption, unfounded. So I think it's a waste of time when we think or discuss that, I mean it's never going to happen.

If Bitcoin hits $1, it will be because of a very terrible crash that won't stop at $1.

With a good imagination, you can consider it like how Terra $LUNC dropped in May 2022. $1 will only be a very shortly lasting price and willl never be a bottom of Bitcoin when such very deep crash occurs.

I of course don't think such fiasco will happen with Bitcoin as it has no risks from minting, no centralized greedy scam intention from any team. It will never fall into fiasco like Terra.

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The recoverability of Bitcoin depends not only on the price, but also on the integrity of its underlying infrastructure and protocol, Bitcoin is based on a decentralized technology and a consensus system called the blockchain… For Bitcoin to be no longer recoverable, something would have to happen that would seriously affect these fundamentals. As could be the case with massive network attacks, critical vulnerabilities in the protocol, extremely adverse regulatory changes in multiple jurisdictions, or even a change in the general perception of its value and usefulness.

Furthermore, the price of Bitcoin generally reflects the confidence and value perception of market participants. Big drops in price could erode investor and user confidence, which in turn could affect the overall health of the network. …but a recovery would be possible if fundamentals remain strong and relevant concerns are addressed.

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Quote from: shivansps on August 08, 2023, 08:45:24 AM

There must be a strong reason for Bitcoin to be worth $1. Something serious must happen. It's hard for me to imagine it costing that much, but anything is possible.
I'm talking about serious reasons because there are so many people who are ready to buy it. Only if it's a worldwide ban on bitcoin or something like that
Probably if bitcoin collapses, it will mean that there are huge problems with the entire crypto-world

If bitcoin hits 1 dollar, it will be the end of the entire crypto industry, no longer a big problem to solve, because the whole market depends on bitcoin, and it accounts for more than 50% of market capitalization. Although there have been many questions or theories about bitcoin falling to $1 or crashing, no one has been able to come up with a hypothesis with few valid arguments, most of them are just an empty assumption, unfounded. So I think it's a waste of time when we think or discuss that, I mean it's never going to happen.

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I've seen Bitcoin drop and rise, but if some major players stop believing in it, that could be the real downfall but i dont think so.

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There must be a strong reason for Bitcoin to be worth $1. Something serious must happen. It's hard for me to imagine it costing that much, but anything is possible.
I'm talking about serious reasons because there are so many people who are ready to buy it. Only if it's a worldwide ban on bitcoin or something like that
Probably if bitcoin collapses, it will mean that there are huge problems with the entire crypto-world

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Quote from: Robert518 on July 15, 2022, 01:26:28 AM

How low would Bitcoin have to fall before it was no longer recoverable?

Price, in my opinion, would not dictate this. It would have to be something that would destroy the foundation and system on which it is built.

what you say?

Bitcoin's value before did not touch one dollar, and because of the demand for the bitcoin and its potential of it also being decentralized, as now people see the bitcoin's history and progress, I guess there's no whale will not grab this opportunity to invest even its a dollar once the bitcoin again becomes demand the price goes up again.

Quote from: rikybrosh on August 06, 2023, 08:40:52 PM

I think it will not happen, usually I don't like to think about something that worthless. I prefer like to enjoy the current situation which is very good. rather than being afraid or doubt about something is not real and only make me waste my time and opportunity, I think it will be better if I am focus to the next halving event that will be happen soon. I need to accumulate more bitcoin so I can maximize the opportunity to gain profit.

Not will happen unless the people will lose interest with the use of the bitcoin, but seems the investors and even the common people knows the bitcoin sure each of them grab the opportunity to accumulate as possible.

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Quote from: Upgrade00 on July 15, 2022, 02:17:30 AM

Quote from: Robert518 on July 15, 2022, 01:26:28 AM

How low would Bitcoin have to fall before it was no longer recoverable?

The inherent qualities of Bitcoin are what makes it valuable. It was once less than a dollar, cause of the public perception of it or lack of knowledge.

"Public perception" to me is the first determinant of bitcoin's behaviour, it is a strong factor that brings about Demand and supply because investors are influence by media blitz, crypto currency supporters, and predictions from experts.

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First it will never fall to 1 dollar mate , if that happened then considered it dead completely , and also the whole crypto market as well.

but one thing here is that Bitcoin will not let to go that low , or else no one will get close to that level.

I don't know what comes to your mind asking this but trust me , this is senseless .

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Quote from: Robert518 on July 15, 2022, 01:26:28 AM

How low would Bitcoin have to fall before it was no longer recoverable?

Price, in my opinion, would not dictate this. It would have to be something that would destroy the foundation and system on which it is built.

what you say?

Yes, I guess you're right. I honestly can't think of an event which could potentially lead to Bitcoin going to $1. Or actually not: I can think of many such catastrophic events but in case it happens you wouldn't care about Bitcoin price much. Like for example nuclear war or asteroid hitting Earth, alien invasion etc. In most cases, an unexpectedly long internet outage (like from a powerful solar flare for example) may lead to Bitcoin dropping really low, I'm just not sure if it could reach $1 but that would be nasty.

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Quote from: darkangel11 on August 06, 2023, 03:11:09 PM

The thing is, at the current market it's impossible for bitcoin to fall to $1, because the mining industry is worth enough to give every single bitcoin the value of thousands of dollars. Think of it like this, if you have a factory that makes a product and that factory in itself is worth a billion dollars, with every single piece of its product being worth a thousand dollars, there's no way for it to go to $1, unless that product either becomes tainted somehow, like someone drops a nuke on the factory and all the products stored inside get irradiated... As long as the products remain the same, even if another factory starts making better ones, or the company goes bankrupt, the product will have a fraction of its value, maybe even grow in value as a collectible. It's possible for a bitcoin to drop in price, but not to $1. Even as a collectible with no use, it should be worth at least 1% of its peak price so close to $700.
It's pointless to debate over something that will never happen. Better to ask if it would recover from a price of 1k, because that's more of a challenge.

So, you're essentially saying that Bitcoin is a massive factory, huh? Being so valuable, the mining industry prevents Bitcoin from falling below $1. It is a valuable form of digital treasure. Like a factory that cannot simply disintegrate because... reasons? I suppose that is how things work in this complex universe.

Bitcoin is more than a digital asset; its a symbol or something. It is not something that can simply disappear. No, its here to stay and will likely expand. It certainly has its ups and downs, but to reach $1? Never gonna happen. Now, the subject of whether it will recover from a price of $1,000 is intriguing, isnt it? It is more realistic and perhaps worthy of consideration.

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Quote from: rikybrosh on August 06, 2023, 08:40:52 PM

I think it will not happen, usually I don't like to think about something that worthless. I prefer like to enjoy the current situation which is very good. rather than being afraid or doubt about something is not real and only make me waste my time and opportunity, I think it will be better if I am focus to the next halving event that will be happen soon. I need to accumulate more bitcoin so I can maximize the opportunity to gain profit.

Good point here. I mean it is highly impossible for it to happen so why bother and waste time and effort into thinking about such a thing, right? Instead, it is truly better to just spend those time and effort on maximizing what we have and turning that into opportunities to gain profit and attain financial freedom. However, I do get where OP is coming from as sometimes it makes you wonder about those things, but it really isn't worth pondering over.

rikybrosh

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I think it will not happen, usually I don't like to think about something that worthless. I prefer like to enjoy the current situation which is very good. rather than being afraid or doubt about something is not real and only make me waste my time and opportunity, I think it will be better if I am focus to the next halving event that will be happen soon. I need to accumulate more bitcoin so I can maximize the opportunity to gain profit.

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Quote from: Robert518 on July 15, 2022, 01:26:28 AM

How low would Bitcoin have to fall before it was no longer recoverable?

Price, in my opinion, would not dictate this. It would have to be something that would destroy the foundation and system on which it is built.

what you say?

If I'm going to think about it probably it is going to recover in just a few second if the market fall to around 1$ per Bitcoin that's for sure, I mean from 30k$ right now and falling to 1$ I have no doubts that it is going to back up to around 30k$ in just a few second or probably around 20k$-30k$. I mean just ask some trader if they are going to buy Bitcoin if the market price of it is just 1$ im sure that 100% of them is just going to say yes because they know the potential and capability of Bitcoin that it is going to skyrocket in the next Bullrun.

Although it is very unlikely that the market price is going to drop to 1$ anymore, because there were just a lot of people that is already holding Bitcoin,we might not even see Bitcoin around 10k$ anymore, But it would be great if that's going to happened because I could buy bitcoin again at that market price which probably not going to happen anymore so its a good opportunity for me to buy or invest on Bitcoin so that I could accumulate more in the next Bullrun and make more profit,.

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Quote from: WatChe on August 06, 2023, 02:21:11 PM

Quote from: Abiky on August 01, 2023, 12:00:42 PM

I don't think quantum computers will "break" Bitcoin. Developers will introduce a quantum-resistant algorithm before quantum computers become a threat to the Bitcoin blockchain. It's very likely the community will approve such a decision as it's in everyone's best interests. With how solid BTC is right now, I wouldn't expect it to dip in price now nor in the distant future. The only way it could fall to $1 is if there's a full-scale nuclear war or the whole Internet is shut down for good. We may be decades or centuries away from seeing this become a reality.

If you've missed the "Bitcoin train", there's still an opportunity for you to strike it rich in the future. Go check out altcoins to see what I'm talking about. Most of the new ones begin trading at cents of a USD, only to end up being worth hundreds if not thousands of dollars (USD) in an instant. There's only one way BTC can go. And that's up. Who knows if BTC finally goes to $1m? Just my opinion

Quantum computer is not only threat to bitcoin but to whole current security system like AES encryption, VPN etc. Every new technology is not welcomed in the start, same happened with bitcoin and is also happening with Quantum computing. But Quantum computing is a reality and it will be here in few years.

Bitcoin is itself based on so many crypto concepts like SHA 256, ECDSA signatures and they do have threat from quantum.

Before Bitcoin gets hacked by these quantum computers, we might be hearing breaking news that several government and company security had been breached by these so called quantum computers. I believe Bitcoin security is far more advanced than any other security used by government institutions and other major companies. So we might be hearing these institution securities got breached first, then Bitcoin developers have time to improve the security making it quantum computing resistant.

Quote from: Casdinyard on August 06, 2023, 05:11:47 PM

There's no question about bitcoin's tendency to recover from even the worst valuations over its life, the question should be about if bitcoin would even go so low as to be valued to a single dollar. Volatile as bitcoin may be, for it to drop in that low of a value there has to be a global financial collapse in the cryptocurrency industry that would cause people to literally dip 99% of their investments and move it to somewhere else. We all know how improbable that could be considering the fact that more and more countries nowadays are becoming more accepting of the idea of bitcoin and other cryptocurrencies operating within their borders, and the slow but steady increase of people who actively use bitcoin in their daily uses too.

In case Bitcoin goes down in a one dollar value, this only means that the trust of people goes elsewhere and Bitcoin needs a major campaign to regain the trust. We will never know if Bitcoin will recover from that state since it does not happen yet,so I am saying, we will know if that thing happens (which I think is impossible at the current adoption rate of BTC)

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There's no question about bitcoin's tendency to recover from even the worst valuations over its life, the question should be about if bitcoin would even go so low as to be valued to a single dollar. Volatile as bitcoin may be, for it to drop in that low of a value there has to be a global financial collapse in the cryptocurrency industry that would cause people to literally dip 99% of their investments and move it to somewhere else. We all know how improbable that could be considering the fact that more and more countries nowadays are becoming more accepting of the idea of bitcoin and other cryptocurrencies operating within their borders, and the slow but steady increase of people who actively use bitcoin in their daily uses too.

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Quote from: RewFrew on August 06, 2023, 03:36:34 PM

I Strongly believe that bitcoin will never destroy. Bitcoin is now well established. And bitcoin is very popular now. And which you told i think it never possible. Never Bitcoin price will fall to $1. It is not possible now a days. Now Bitcoin marketcap is $564,789,812,030. It is very high volume. And day by day it"s volume increasing. So i think Bitcoin price could be down but never will come $1. It is just impossible.

That's a good conviction. I know that the likelihood of such happening is negligible even though it's like 0.00001% but still not completely ruled out. It would take a really difficult situation to tank the price that hard. It's the beauty of decentralized technologies. To attack a network this big means wasting resources that might not work. Realistically speaking, to crash the price to that level would mean everybody selling off including wallets that have been inactive for years but holding Bitcoin. Possible but very much unlikely.

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