Bitcoin prices could have gone down to Zero - True or False?

[Juggy777]

The CEO of Hong Kong-based crypto derivatives exchange FTX has speculated that if BitMEX had not gone offline on account of “hardware issues” Friday morning, the price of Bitcoin could have crashed to zero.

Sam Bankman-Fried, a.k.a. SBF, mused in a thread on Twitter Friday morning that BitMEX may have pulled their exchange offline out of fear their liquidation engine could collapse the XBTUSD order book all the way down to zero, under the false flag of hardware issues.

What do you’ll think of this two theory’s: 1) that bitcoin prices would have crashed to zero, and 2) that BitMEX intentionally suspended trading at their exchange. In my personal opinion both are false, but I’m keen to know what the community thinks of this and do have a look at BitMEX response below before you form your opinion on this.

BitMEX responded to SBF’s allegation on Twitter, rejecting it as a “conspiracy theory,” and that in fact the exchange had been prepared for such an event.

Source:

https://cryptoslate.com/ftx-ceo-bitcoin-price-might-have-gone-to-zero-if-bitmex-hadnt-gone-offline/

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[davis196]

1.I don't think the Bitcoin price could crash to zero only because of one big crypto exchange platform going down.This might have a negative impact over the price,but going down to zero is highly unlikely to happen.
2.Yeah,maybe Bitmex stopped their service intentionally.I don't know whether this is true,nobody outside Bitmex knows.It makes sense to stop your platform,if it's about to collapse due to immense panic selling.
If I was the owner/CEO of Btimex,I would do something to stop the trading for a while,so the panic levels could drop down a little bit.

[mk4]

Price down to zero on one exchange due to liquidity issues and other potential issues? Sure. Price down to zero in general on all exchanges? Hell nah. Literally everything could go wrong and bitcoin wouldn't still be literally priced at zero.

[Little Mouse]

It is possible to vary price in different exchange and location. Due to price fall in one exchange can not be the reason of BTC going zero.
In my local, BTC price is more than $7000 now. After getting some suggestion from some forum member, I had checked price on localbitcoins and it was same there too. But that doesn't make BTC price $7000 globally.
So, it is problem with an exchange, not a problem with BTC.

[TravelMug]

I don't think that just because of the Bitmex debacle, that the market will crash or go to zero. If bitcoin price will go to zero, I think the closest we can get is during the Mt. Gox heist, it was close but the market continue to move forward. You can argue that it is different back then, however, I think the mentality of investors or traders are more volatile than today.

So if that Mt. Gox negative news didn't dent the market and push it close to extinction, why would the Bitmex issue be looked as the one who will bring the "end game"? doesn't make any sense.

[UserU]

What do you’ll think of this two theory’s: 1) that bitcoin prices would have crashed to zero, and 2) that BitMEX intentionally suspended trading at their exchange. In my personal opinion both are false, but I’m keen to know what the community thinks of this and do have a look at BitMEX response below before you form your opinion on this.

Bitcoin prices will never crash to zero naturally but don't rule off fat-fingers and drunkards that miss out on those extra numbers

Just like how ETH crashed to 10 cents for just mere seconds because someone forgot to check the sell orders properly:
https://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html

[minairia3]

No dont agree. One exchange cannot drag the whole market with the issues they are facing. Yes I know bitmex is a huge platform and many are using this due to their potential for future tradings. In comparison with Binance, I think bitmex is more useful in terms of marginal and future trading. Their platform is designed for its purpose so many users are fond of them. Too many have been liquidated and lots of them loses big funds. Regarding the issue, even though it happened very fast. I believe market will still be able to recover.

[pooya87]

they can pull the price down but never all the way. the lower price goes the bigger the resistance is going to become thanks to all the buy support that increases exponentially as price goes down. same goes for price rises, you can't expect price to continued to rise to $10 million overnight there is going to be resistance against that also (the sells).

[Jating]

Lol, bitcoin going to zero? I can't think of any reason at all the will pull the price to that level, even if all 21 millions BTC are mined, bitcoin will still be price. it could be Bitmex intentionally pull the plug, but it doesn't mean that they have intentions to bring the price to its knee, and I don't think that they will succeed if that is their original plan.

[dothebeats]

It can always come close to that, but with the amount of infrastructure and development bitcoin has seen over a decade, it is safe to say that it being priced to 0 is somewhat impossible.

We have had deep crashes like these in the past years, and we have successfully recovered from all of them and bounce back higher. What we are experiencing is just part of the market movement--with or without manipulation, this is bound to happen. BitMEX alone cannot bring the price down to zero no matter how heavy the selling pressure is. It's only a single exchange, and each exchange in the market has its own ecosystem, but still roughly follows the same pattern across the board. If anything, arbitrage traders would see this as an opportunity rather than to go with the fud.

[Oasisman]

One big exchange can't pull Bitcoin down to zero. Even if you think of some ciritical circumstances or crisis, It's still almost impossible for that to happen (at least for a few years ahead). I know Bitmex isn't the biggest issue and threat to cryptocurrency, we experienced several crashes and I know this time is one of the biggest crashes, but definitely not the worst.

[DeathAngel]

Bitcoin is very, very & I mean very unlikely to ever have the possibility of falling to zero. The only way for this to happen is something like the end of the world. There are too many people involved in bitcoin to pass up on super cheap prices to allow it to go to zero. Buying volume would be insane around $1000 & lower.

[Janation]

It is not that it is the only exchange,

Remember the Mt Gox incident? At that time the price of Bitcoin is not that high but it did not go at the price of zero. Right now, there are a lot of other exchanges and it can affect the price negatively but it would never make the price that low.

[Wexnident]

The market doesn't revolve on a single exchange, no matter how major it may be. The condition for BTC to actually reach zero value is pretty much the same condition required for the Internet to disappear. It is that, all people must, somehow, one way or another, disconnect all devices from the internet and that's it.

As for BitMex doing it intentionally, I don't really know much about the exchange itself, but as an observer, there's a possibility. But it isn't done out of fear of Bitcoin prices going to zero, but rather bitcoin prices going down massively in a single moment because of fear and panic. Naturally, as an exchange, you wouldn't want that to happen right?

[Broly46]

I had always know CME has something to do with the recent gold plunge and bitcoin plunge, that’s what future are built for, to dictate your plan of peaceful retirement, with CME lurking around, nobody can save money for retirement, they would crash any retirement fund/assets you could have saved, and they would always pump the one asset/wealth that they’re entitled, I don’t think they even need money anymore since they can literally print through the air, without ink without paper needed, without restrictions, they dictate everybody, they’re so full of themselve.

[carlisle1]

Theory or joke?back to zero?this will never happen because we must admit that this Virus is really making market falling and also about that Bitmex issue but those are not enough to bring the price to zero.
How i am looking for the price of bitcoin to fall at least 1k usd so i can purchase  more lol.
And don’t worry this will never come and bitcoin price will go higher and higher for the next years .

[fiulpro]

I don't think bitcoins prices will ever go to zero . One should understand that there are accounts which are forgotten , unused since centuries, there are accounts where people don't even remember that they had .
Therefore at times like these one should understand that , those inactive accounts holds a descent amount of bitcoins and cannot make it exactly zero for sure .
Also there are miners , people who soley depends on bitcoins for their day to day jobs and stuff , so they would never leave bitcoins for sure .

[lepbagong]

sometimes a bombastic news has to be carried out for a certain purpose, for example, to profit from the news that is spread.
all methods can be done for certain purposes and we cannot blame, back to us whether we will believe? clearly until now I would not believe it and the day would pass by normal course.
bitcoin will waltz well and goes to the best place.