Since we started at zero, do you think its possible to go back to zero?

[bitcoinsrus]

Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win  Any suggestions?

[twiifm]

Yes thats true. Does BTC have features that would keep it from going to zero?

Except a competitor could have the same features

[precrime3]

Yes thats true. Does BTC have features that would keep it from going to zero?

Except a competitor could have the same features

By competitor you mean coin? Well yeah, basically all coins are btc coins, but no company allows basically fee-less transactions, instantly around the world.

[twiifm]

Yes thats true. Does BTC have features that would keep it from going to zero?

Except a competitor could have the same features

By competitor you mean coin? Well yeah, basically all coins are btc coins, but no company allows basically fee-less transactions, instantly around the world.

I mean altcoins or ripple

[Kenshin]

I don't think it will ever go back to zero.

[precrime3]

Yes thats true. Does BTC have features that would keep it from going to zero?

Except a competitor could have the same features

By competitor you mean coin? Well yeah, basically all coins are btc coins, but no company allows basically fee-less transactions, instantly around the world.

I mean altcoins or ripple

Ripple is going be huge, its a payment system which was meant to complement coins, not compete. Personally, Ripple has much promise and so does Nxt, just gotta wait for the corporates to get a hold of it.

[twiifm]

Yes thats true. Does BTC have features that would keep it from going to zero?

Except a competitor could have the same features

By competitor you mean coin? Well yeah, basically all coins are btc coins, but no company allows basically fee-less transactions, instantly around the world.

I mean altcoins or ripple

Ripple is going be huge, its a payment system which was meant to complement coins, not compete. Personally, Ripple has much promise and so does Nxt, just gotta wait for the corporates to get a hold of it.

I agree.  Better to invest in businesses because there is cash flow.  Thats why you dont park your money in USD.  You buy JP Morgan or Visa Mastercard stock

[CoinDiver]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

[precrime3]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

Why don't you just buy at the bottom, and get more btc for your fiat?

[Meman]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

I think, once the bottom is reached, you may have sold all your bitcoins in desperation.

[cbutters]

I am totally bullish on bitcoin, but as a thought expirement. It can go to zero... all of the posters here fail to realize that once bitcoin falls into a certain level of disinterest, the blockchain hashrate would fall so far, that it would almost surely be forked, and all bitcoin would become worthless at that point.

[precrime3]

I am totally bullish on bitcoin, but as a thought expirement. It can go to zero... all of the posters here fail to realize that once bitcoin falls into a certain level of disinterest, the blockchain hashrate would fall so far, that it would almost surely be forked, and all bitcoin would become worthless at that point.

That's when I would start mining again xD

[jamesc760]

It's possible but extremely, highly, improbable. I'd bet on a bitcoin going to $100000 than $0.

[DubFX]

It will prob happen in few years but not that soon for sure.

[amencon]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

Why don't you just buy at the bottom, and get more btc for your fiat?

If he knew for sure where the bottom was ahead of time, then sure I'm relatively certain he'd do just that.

On topic to your post, I don't really get why having some marginal "use value" is comforting to PM bugs.  If PMs or Bitcoin crash to some very low floor value (2% of current value, or whatever), the odds are the investor will dump it at some point in either case at some point in it's plummet to zero or near zero. 

If speculative value of Gold goes away your friend's 10k investment in Gold might be worth a few hundred dollar, whoopty-doo?  Can't see how that trumps all the advantages Bitcoin brings as a decentralized network of near instant value exchange.

[precrime3]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

Why don't you just buy at the bottom, and get more btc for your fiat?

If he knew for sure where the bottom was ahead of time, then sure I'm relatively certain he'd do just that.

On topic to your post, I don't really get why having some marginal "use value" is comforting to PM bugs.  If PMs or Bitcoin crash to some very low floor value (2% of current value, or whatever), the odds are the investor will dump it at some point in either case at some point in it's plummet to zero or near zero. 

If speculative value of Gold goes away your friend's 10k investment in Gold might be worth a few hundred dollar, whoopty-doo?  Can't see how that trumps all the advantages Bitcoin brings as a decentralized network of near instant value exchange.

Yeah that's true, and I consider the bottom when prices/ hype starts going up again when the prices have crashed for a while.

[atp1916]

The Bitcoin ecosystem is far mature even now than it was 6 months ago, and lightyears ahead of where it was a year or years ago.

Bitcoin will never go back to 0, ever.

[amencon]

I'm just waiting for the bottom to buy more. I've been buying the whole way down. I'll buy the whole way back up too.

Why don't you just buy at the bottom, and get more btc for your fiat?

If he knew for sure where the bottom was ahead of time, then sure I'm relatively certain he'd do just that.

On topic to your post, I don't really get why having some marginal "use value" is comforting to PM bugs.  If PMs or Bitcoin crash to some very low floor value (2% of current value, or whatever), the odds are the investor will dump it at some point in either case at some point in it's plummet to zero or near zero. 

If speculative value of Gold goes away your friend's 10k investment in Gold might be worth a few hundred dollar, whoopty-doo?  Can't see how that trumps all the advantages Bitcoin brings as a decentralized network of near instant value exchange.

Yeah that's true, and I consider the bottom when prices/ hype starts going up again when the prices have crashed for a while.

If you can time it right you can make a lot of money.  

So far I've been pretty bad at it when I've tried though (one good call worth a bunch of bitcoins has pretty much let me break even on a further string of bad trading calls, I've since stopped trying since I'm not willing to put enough work into it not to get slaughtered in this market).

[precrime3]

You could always set your own "bottom". Just be like "okay, if it makes $xxx, then I will buy"

[TERA]

When EC is broken and I have the ability to steal any bitcoin I want for free, does that count as trading at $0?