Bitcoin Forum

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What if people start using some completely anonymous coin to buy drugs with instead of bitcoin?

The only way I can see to force bitcoin crashing to zero is a double spending attack by some big trusted companies like ghash.

why would a such big company doing this

And dont forget the USA does equal the world, its a much bigger place  ;)

Ehm dude, i'm with you in bitcoin's bullishness (long term only), but those are not the best arguments I would have used...

The going to zero mania is spreading among the speculation forum, but in my opinion they are writing FUD just to buy cheap coins.

I could see the price of bitcoin going to $0.


I mean, how many people would pay bitcoins for confederate currency?

When I was in Iraq there would be stacks of old Iraqi currency sitting on the shelves. They were practically giving it away.

Fiat currency will be free, no need to pay bitcoins for it. Unless it comes in a cool frame or something...but then you are just paying for the presentation of it.

They'd have to be worthless to go to 0, so we'd be talking about a complete failure of the technology for whatever reason.  51% attack, bug, unforeseen hack, etc.
Lack of popularity or government bans could cause the price to fall, but no way to 0.

So basicly you are saying, it wont go to zero in that case, it will hold in single digits?

http://static.comicvine.com/uploads/original/11/111254/3368020-6030718803-false.jpg
Every time someone gives away free bitcoins, the price goes to zero for a nanosecond.

Not only is it possible for Bitcoin to go to $0, it is inevitable. Do you think bitcoin will exist in a trillion years time?

Oh, yeah, sure. Always. Because trends never change. And innovation never happens.


http://www.techhive.com/article/155984/worst_tech_predictions.html (http://www.techhive.com/article/155984/worst_tech_predictions.html)

It could trade around like a lot of penny stocks.
I am willing to buy $10 worth of bitcoin if it falls to 1cent.  ;D
I am sure there will be lots of people like me, if that ever happens.

If it goes to $1, Tim Draper will probably be ready to buy the entire outstanding.  ;D

bitcoin, bitcoin is the mother of all altcoins, and the alt-markets now.

Long live to the king queen.

correct, this is going to happen, darkcoin was the way

That would depend on conflating the conditions of no one remaining in existence to perform a valuation and valuation actually be performed at $0. Like the difference between {} and 0.

Dollars would be gone centuries before bitcoin goes away.

That's a very good point.

if there is a serious threat to the protocol (hashing algorithm, encryption methods broken, for example), there would eventually be no demand for bitcoins. if no one will buy them from you, the effective price is $0.

Why not? It can change and adapt, whenever humans exists to do so... or aliens ;D

There is already a coin called aliencoin, which I'm sure any aliens out there would prefer to use because it's named after them.  ;D

Should BlackCoin be used by blacks then?

The politically correct use ColoredCoin instead.

bitcoin is perfectly anonymous if used with a mobile phone, you just move on the next location after a transaction

Obviously it isn't possible. As long as there is someone willing to buy, it will not. If it went to $1, you think I would be the only person to think "fuck, im going to take a good position now just in case..." exactly.

Darkcoin is legit shit. No wonder you are FUD'ing Bitcoin. If at least you recommended the correct anon coin that will win (XMR), but not even that. It's like you get everything wrong.

Darkcoin has the 7th largest market cap among all crypto-currencies.

I have bought only few coins so I don't care much about a possible drop to 0$, but I think that it can't happen.

yeah and litecoin is the second best shitcoin, it doesn't mean much you know

It is indeed, not possible for Bitcoin to have zero value. If it does I would be the first to acquire every single one of them out there. And I'm sure I'm not the only one. So yes, it is not possible. If people only realize what Bitcoin is and will be worth, they would've sold their kidney for it

The point isn't about bitcoin going to 0. Between 0 and 500 there are a lot of prices that will ruin all miners and will affect every bitcoin merchant and investor.

It's possible that aliens showed up on earth, conquered human and forced us to use some kind of inter-stellar/galaxies monetary system.

People have not allowed the price even to go below 400 , why would you think it can go to that price?

It did go to $310 at one exchange.  :)
All it takes is enough people selling....

I don 't suppose btc will fall down to 0 $

You should discuss the serious possibility of bitcoin going to -100 (negative value).  ::)

It is very much possible for bitcoin to go to "$0.00", just because BTC is used in online drug sales does not mean that it will continue to be used for as such. If some better coin were to be introduced that is somehow better then bitcoin (I would personally doubt this is possible) then people would likely start to use this altcoin. In terms of what would need to happen in the market, if there are so many sellers in the bitcoin market that there are no buyers willing to buy bitcoin then the price would essentially be $0.00.

correct, bitcoin will → $0.0000x

Bitcoin can go $0.0000 without any problem and can also go more than $1000 without any problem!  ;D

Bitcoin can't go to 0$ easily, the adoption isn't huge yet but there are too many people using it.

How could it go to zero, the only way would be to declare bitcoins illicit in the whole world.

I don't think that OP marks the only reason. People have invested heavily in BTC and will do all they can to keep it alive. Those overnight millionaires still have a lot of BTC and would hate to see their net worth crumble either. It will never reach that. At least not in the free market.

I think I can fulfill the dream of any person willing to see Bitcoin at 0 (well, at 1 satoshi: 0.00000001).

We agree on a very low volume exchange of BTC-USD, I insert a bid order at this price (it can be big, just say how much) and you just dump all your bitcoins on it.

The best thing of all: it will be free. No commission from me for realizing your dream!!

even then it will be not zero his value, it's simply impossible

OP, the price for Hashlet of 1 MH/s it's not $15.99 anymore ! It's $19.99  :P

If won't go under $0.001 because I would own every single bitcoin before that.

It's so easy to talk with bitcoin at 500.

If Bitcoin went under 100 usds, there would be so much panic that most people would dump them like hot potatoes without looking to the price at which they were selling.

Coinfan, you are wrong. If you have been holding from like $600, $700, or higher, why would you even bother selling at $100? Sure some people would, but the vast majority would not even bother.


Kind of like if you had purchased 10 litecoins at $48 and then logged in to see them a couple months ago at $3.50. There really is no point in selling - your $480 has turned into $35, it can't really get much worse.

Also I will offer $100 for all circulating bitcoins right now assuming someone can amass them all if they hit $0.

As price goes down, even if the amount in USDs or CNY keeps the same, the number of bitcoins traded will go up.

That means that there will be hundreds of thousands of bitcoins bought between 450 and 200/100. Most of those buyers will dump them if certain support lines are breached (and that is a rational behavior, if they have the guts to buy again below).

And yes, many people that bought at 1200, 1000, etc., would dump like if there was no tomorrow for bitcoin at 100 and, especially, at 84, if the infamous price of the silk road crash of 2/10/2013 is breached. I'm not expecting these prices, but if we went there, we would see what is real panic. Actually, we will see it below 340-318.

And that will be easy to check, taking in account the days destroyed: https://blockchain.info/charts/bitcoin-days-destroyed
In this chart, we can see that many smart old traders sold in January, February and March. Since them, the less smart have been holding. But I can bet that if btc breaches the 440, and then the 340/318, we'll see a jump again in days destroyed.

A bear market is even worst than a zero sum game. The profit of one has necessarily to be made at the expenses of others. And fear, much more than greed, is the major redistributor of wealth on the trading markets.

Remember this thread, if you start dumping yours like crazy.

Impossible for bitcoin to go $0. The cheapest it will go is 1 cent each..

aren't people buying drugs and other illegal stuff with USD?
so they should ban USD also

come on man
it depends how you using it
bitcoin never promote such illegal activities

no way

yeah there would be so much panic, but not what panic you are talking about but PANIC BUY, price won't go under 100 ever, many will buy long before that

Still waiting for the panic buy.

Target, perhaps after a retrace to around 250/260: the horizontal support zone of 125/129. We'll see if that holds.

i think no but maybe under $100

The panic buy doesn't seem to be happening.
People seem convinced that even if there is a bull run, it will be a slow move upwards

It depends, someone can give free btc to anyone or someone can sell it for 10000$ at the same time.

If bitcoin went to zero I would buy an  http://i1062.photobucket.com/albums/t497/Proudxkatycat/tumblr_m6310kxXzi1qghwxto1_500.gif   amount of coins.

It is definitely possible, but highly unlikely if you ask me! There'll always be people willing to pay a very small amount of money on the off chance that something will be worth more at some point in the future, may it just be a hardcore Bitcoin enthusiast. But if certain one-way mathematical functions go bust, we may see prices very close to $0 still!

It's possible that it goes to 0 and it's possible that you end up owning the entire Bitcoin supply, but realistically it isn't possible. It would mean there are 0 people in the world willing to buy your coins, then the price would be 0.

only to BTC reach 0 is if for some reason send and receive bitcoins turns out to be impossible.

Like BTC price was 0 in Bitstamp for few days

Realistically it can go to zero if it becomes impossible to do transactions. And that becomes plausible if mining difficulty can not adjust after an avalanche effect of miner dropout.
It has been demonstrated with Namecoin.

For sure I'll place a huge buy order. Already allocated funds on standby. And people who bought right now at 220 have no reason to panic sell when it goes to 100. What do they have to lose anyway if continue to hold on to it