The Ultimate Bitcoin Question

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Avatar for michellhilton
4 years ago

If everyone in the world "fairly understood" the nature of bitcoin, the strengths, and weaknesses, would Bitcoin's price decrease to 1) less than 10% 2) less than 50% or increase 3) to 150% or 4) more than 300%?

Straight to zero. It’s backed by nothing, it’s highly manipulated, it’s not cryptographically secure due to mining centralization, many exchanges are weak and/or fraudulent, it consumes exhorbitant amounts of electricity in an age of conservation. It’s not a currency, it’s not a store of value. At best it’s a nice proof of concept for something much better to come in the future. Actual value is zero.

The price, on the other hand, is a function of what players are willing to gamble. Could go to $100k before it finally hits zero. You’re betting on what other people think other people will do. Exercise in mass psychology.

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Comments

A well written and well described article. Thanks for this information. Never knew about a lot of them.

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4 years ago

Haha. Long live the HODLs and their reliance on people buying Bitcoin. But yeah, Bitcoin and other cryptocurrencies don't really have any "inert value" because it's an attempt to make decentralized money. That didn't work out for the Bitcoin name. (Except Bitcoin Cash.)

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4 years ago