Would Bitcoin recover even if it fell to one dollar? - page 9.

Doan9269

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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?

Point of correction, bitcoin cannot fall to an extent of not being recoverable, what we often refers to as fall i s actually the volatility being experienced in bitcoin which determines the rise and fall in price base on demand and supply principles,

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

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.

Are you saying drop in price will destroy the reputation in bitcoin value? Well either of the ways, what you need to understand about bitcoin price is that it cannot be fix and that's how it operates right from onset, base on the above illustrations from members, you could deduce how the price has been rising and falling from previous years, which take nothing away about the reputations in bitcoin, all you needed is to know when to set in.

ChrisPop

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If the reason of the failure is a major flaw in the Bitcoin code that gets exploited (which is highly unlikely) than Bitcoin could probably be seen as a failure, but even then the network might decide to fork the network. However the trust in the cryptocurrency would be highly affected at least in the short-medium term.

On the other hand if the network works flawlessly as intended and the price gets to that absurd $1 mark due to a hypothetical worldwide ban on Bitcoin which is again practically impossible. But it is interpretable if that could be considered a failure. Even in that case I don't see it dropping to such a low level.

yazher

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Quote from: sbrys on July 15, 2022, 02:34:22 AM

There are so many people waiting at the sideline to buy in it would be nearly impossible to drop that low.

If it would happen there will be probably some major malfunction in Bitcoin itself and probably means it’s over and won’t recover

It would create a flock of buyers even if the price will not go down that low because investors are just waiting for right now to buy low and they patiently do not rush to buy right now because the uncertainty of the price getting higher is pretty low. now if the price will go even that lower, I think the price will gonna rise not long after that scene because everyone has the same vision to think bitcoins will gonna recover after some years to come. So in conclusion it might be possible but it will gonna recover anyway.

cheezcarls

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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?

Realistically it would be unlikely for us to see Bitcoin going down to that amount again. It will eventually stay for a very long time despite the uncertainty and volatility swings from here and there.

I am pretty sure that there is a strong support wall already for those who are praying to buy Bitcoin that low.

slackovic

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The only way the Bitcoin price will ever reach $1 is if someone found some catastrophic bug in the Bitcoin's code that would enable double spending or something like that. However, I think that a bug like that would already be found.

I think that even Satoshi showing up and dumping all his coins could cause the price to fall that hard. But if it would fall to $1, I think it would be the end of Bitcoin.

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Quote from: landheer on July 15, 2022, 06:42:30 AM

I think it will definitely recover and there will also be a higher price jump, imagine? In the past, people who didn't know much about bitcoin, the price of bitcoin could be high, especially now that many people know bitcoin. so my prediction is definitely the price of bitcoin will soar. but my estimate would not be possible for the price of bitcoin to fall that deep to reach 1 dollar. because if the price of bitcoin fell to 1 dollar there would be a lot of people who bought it, including myself too, would buy it. and the conclusion is that bitcoin is difficult to drop, because even if it falls, it will rise even higher.

For it to reach $1, it's likely the case that no one wanted to buy bitcoin even at higher prices in the first place because of a significant reason (a security problem or something super not good and is pretty much unfixable). Bitcoin dropping to $1 isn't going to make the people forget about that certain problem and suddenly look at bitcoin as an attractive buy.

bitzizzix

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Impossible but I don't know in the future although I don't think it's possible because I think bitcoin will continue to be popular and much better.
unless Satoshi shows up and dumps his entire deposit (about 1 million) BTC on the market, in which case BTC will not reach $1 and quickly rebound, but panic will set in.
or some catastrophic event such as a world war or a major environmental disaster in which access to the internet is drastically disrupted.
These are of course all very unlikely scenarios but the only scenario I can foresee to cause a dramatic crash of not only bitcoin but all currencies in general as a survival in all respects.

Leviathan.007

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Regarding bitcoin price falling to lower levels and 1 dollar that's too impossible but the chance is quite low because whenever the price falls down there are some bitcoiners and investors who will buy bitcoin even if they know the price will fall lower so the chance is quite low, but even if that happens and even if the bitcoin stop getting traded for some time the price can recover but this will take more time for the bitcoin to recover the price because we had faced with all these situations but still we could see bitcoin ath above 60K in a few years. So according to the history, I can see this can recover the price but it will take some more time.

Lucius

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I am never fooled that despite the decentralized power that Bitcoin possesses, those on the other side have undeniably great power and the ability to make Bitcoin illegal and hard to reach for the average person through laws and regulation. Maybe at this moment Bitcoin is not a danger for them, but what China has done regarding Bitcoin is not something that is impossible to expect anywhere else in the world, even in the so-called largest democracies of the world such as the US or the EU.

I wouldn't go as low as $1 at all, because if the price of 1 BTC ever fell below $1000, it would shake the market to the point that it would be very difficult to regain the trust that Bitcoin has at this point. Bitcoin was conceived as a decentralized currency, and any prohibition to use it in such a way harms it - and apart from some countries that legally prohibit Bitcoin, there are those that have prohibited the use of the same for payment (Turkey and Thailand), which opens up space for some other countries to do the same.

Eternad

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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 will need to suffer catastrophic event for Bitcoin to reach that level and no one here can predict how and when. Obviously if Bitcoin can go that low, it means no one will gonna trust it again since the current price is very far from that and all people already established trust to Bitcoin. It’s very hard to break it unless something happened like what I described.

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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?

Well your conclusion was very far --why?
Because the bitcoin system works decentralized and no one even changes its protocol, if ever it will be changed --that is not bitcoin anymore.
About the price prediction, no one can predict it and there are no people who predicted it --unless if, you have a special power to come in the future. But remember this --bitcoin has proved itself that there will be always an all-time high ^[ATH] without a specific time when it will happen, but will surprise that at the end of the day we have a bull market trend and everyone's yelling on it while you are regretting because you sell your bitcoin at a low price. ^{[poor mindset]}

sunsilk

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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?

I'll compare this with most traditional markets that no matter what happens and how low it would go, it will always have that time to recover. I wouldn't compare it though with many alts since we know that market is truly overcrowded and many alts don't recover.

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

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?

A nuclear destruction?

I don't know what has to happen for bitcoin to lose that capacity of recovering. But to think of it, it has pretty stability today and no matter how low it can go, many will be quick in buying it so that goes the reversal.

tranthidung

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Long story short, let's look at a chart

Will Bitcoin fall to zero? Be woke with changes of No. of BTC with $ 1 million
These charts were plotted months ago but a general picture is the same so I don't think I must plot a new chart just to send you my message.
In addition, read and watch The purchasing power of US. dollar. US dollar loses its purchasing power, a lot.
Lastly, read the article The bullish case for Bitcoin
Then spend few minutes to deeply think of it

teosanru

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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?

It has to fall the ladder of people's trust to be irrecoverable. This would happen not with any price fall but when the very basic concept or technology of bitcoin can be challenged by anyone or when it is no longer secure enough to make any transactions, this is when people will perceive bitcoin as irrecoverable and that day even if it's price is 1000$ I'll still sell all my holdings and will consider this as dead end for bitcoin other than that I am hodling even if it goes a 100$.

landheer

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I think it will definitely recover and there will also be a higher price jump, imagine? In the past, people who didn't know much about bitcoin, the price of bitcoin could be high, especially now that many people know bitcoin. so my prediction is definitely the price of bitcoin will soar. but my estimate would not be possible for the price of bitcoin to fall that deep to reach 1 dollar. because if the price of bitcoin fell to 1 dollar there would be a lot of people who bought it, including myself too, would buy it. and the conclusion is that bitcoin is difficult to drop, because even if it falls, it will rise even higher.

dragonvslinux

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Not that I think it will happen, maybe on one illiquid exchange or two, but if it did then probably not, at least not for many decades. Imagine an asset going from $1 trillion to $19 million evaluation. Such an enormous decline (99.99%) would likely leave many to believe Bitcoin has failed and never recover. It would just end up being traded like a shitcoin; heavily shorted and trading dead cat bounces.

Yaunfitda

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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?

I agree on certain points, yeah it could not be the price but how bitcoin and blockchain is going to be break, like quantum computer perhaps? But then again, we will also stay one step ahead of the game, for sure if there is a treat about QC, bitcoin will have to re-adjust it's cryptography.

Banning will not do it, stopping mining as well. It could be the basic foundation, but then again as a I have said, we might not see the price going to $1 because the we will make SHA256 immutable to QC attacks.

PX-Z

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Well, you will only hear speculations from us and it's difficult to predict on such incidents.

Bitcoin back at $1? It will not happen in the next 10 years and banning it in US or EU is near impossible right now.

hZti

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Since bitcoin is decentralized it can possibly be around forever. It only needs one (or better two) miners and somebody running a full node. We can never know what happens in the next centuries but I could imagine that for some reason there could be a real crypto winter lasting for a very long time. In this time most of the coins will be lost forever which will make the remaining coins more valuable again. So at some point I could see it even recover from 0 USD, since at the point where it is 1 USD or even 0 USD many coins will be forgotten.

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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?

It's incredibly hard to say with so small amount of data. It depends greatly on what causes the price drop and whether Bitcoin still has a future after that or not. Also it depends if it's caused by some better alternative (although even then the drop should not be that big).

However, we both know that this is pretty much a worthless speculation, so any idea is just as good (or bad) as the next one.

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