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Author Topic: Fall of Bitcoin?  (Read 2213 times)
pawel7777
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November 05, 2015, 04:51:14 PM
 #41


That is exactly what I am asking.  With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective. 

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Lots of great responses here, some not so great and people seem to be just posting random nonsense

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November 05, 2015, 05:10:12 PM
 #42


That is exactly what I am asking.  With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective.

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Lots of great responses here, some not so great and people seem to be just posting random nonsense.  

Welcome to bitcointalk.org!


I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

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leex1528
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November 05, 2015, 05:34:43 PM
 #43


That is exactly what I am asking.  With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective. 

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Lots of great responses here, some not so great and people seem to be just posting random nonsense

Welcome to bitcointalk.org!

Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.

Would it be able to survive?  I am just looking at faucets, sig campaigns, mining in general all of these things would not be profitable, how would we get new people to join Bitcoin. 
pawel7777
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November 05, 2015, 11:30:56 PM
 #44


I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

You don't have to be OP to participate in discussion.

In your scenario - I don't think it would make that much of a damage. Sure, the security flaw would take away some trust, but if it was fixed right away - that would mean that Bitcoin is now stronger than it was before and that the devs and miners are able to unite and cooperate to counter the threat.

...
Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.


You can't make any meaningful prediction/simulation if you consider only 1 factor out of possible dozens or hundreds.

Assume 1BTC = $1:

Is it still the top cryptocurrency, or has it got replaced by some altcoin(s)?
Has the hash-rate significantly declined?
Was the drop to $1 sudden and unexpected, or was it slow down fall?
Have userbase, number of txs also significantly dropped?
...

Depending on the answers, you would create completely different scenarios.


leex1528
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November 06, 2015, 12:32:22 AM
 #45


I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

You don't have to be OP to participate in discussion.

In your scenario - I don't think it would make that much of a damage. Sure, the security flaw would take away some trust, but if it was fixed right away - that would mean that Bitcoin is now stronger than it was before and that the devs and miners are able to unite and cooperate to counter the threat.

...
Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.


You can't make any meaningful prediction/simulation if you consider only 1 factor out of possible dozens or hundreds.

Assume 1BTC = $1:

Is it still the top cryptocurrency, or has it got replaced by some altcoin(s)?
Has the hash-rate significantly declined?
Was the drop to $1 sudden and unexpected, or was it slow down fall?
Have userbase, number of txs also significantly dropped?
...

Depending on the answers, you would create completely different scenarios.



Okay,

BTC Is still top dog.
Hash rate has remained consistent.
It was a slow down fall to 1
Same amount of user base, maybe a slight decrease but nothing major.

Most of this stuff is the same as now, just price has been steadily decreasing.  Just curious is all.
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