Is he right Veeky Forums
>biggest bubble in human history
>800B at peak
guys a moron
Literally impossible to drop to 0 unless every government on the planet decided to outlaw all exchanges. This guy is a fucking moron.
The US government just said they expect $20 trillion marketcap by 2020.
not to mention he says bitcoin specifically, not crypto making his statement even more retarded.
sure, because people will give their btc away for free :)
is he wrong, what value has that 800 b peak MC brought to the world?
Western Union has a MC of 8 billion, crypots are 100 times higher then that, how much money has moved around in crypto relative to Western Union.
who else buying at zero?
if the price of mining btc drops below the cost of btc is this exactly what the miners would be doing?
bitcoin will never reach zero because past a certain drop there is no incentive to sell
bro it adjusts on hash rate less miners will mine so the diff goes down dus u earn more bitcoin did u even read the whitepaper faggot?
let me rephrase this
Bitcoin can very easy reach of point of being worthless as the cost to mine new bitcoin surpasses the BTC price creating no incentive to mine.
The dot com bubble was about $5-$8 trillion so, it's basically microscopic compared to that...
you are fucking stupid
literally would buy the entire 21 million
I have heard it gets exponentially more expensive and complicated to mine new BTC, I bitcoin? I think you are wrong? Any other anons want to chime in?
one day everything will be worth nothing
Sticks and stones mother fucker, answer the question and show me how I am stupid.
would pay 0.00000001
everything you stated demonstrates a fundamental lack of understanding of the technology you're discussing
you are just a fucking dumbass and there's no point in even replying to you really
o total moron. good example a chimpanzee could win a nobel in economy which is not a real science. majority of theories that won a nobel prize in econ are laughable and thousand times debunked
the fact that bitcoin will always be a way to pay for drugs means it's value will never drop to zero.
this is why it will never go to zero. There is more buy orders on exchanges at those lows than there is bitcoin lol.
It gets so hard when people stop mining that even Trump thinks its hard... and he's like really smart
Even the shittest, inactive, scammy coin never goes to 0.
This fucking retard - like almost all in his psuedoscientific field - doesn't even have a half decent track record at economic predictions but yeah we should def listen to him making vague (no period/timeline provided) predictions on a technology he doesn't understand. He has a fake pseudo-nobel prize after all.
everyone uses that total MC figure, Imo apples and oranges. Arguably there was a lot more "value" to society or at least potential value being created during the dot com bubble, then what crypto can do.
Miner fag here, I'll give you a quick rundown
Bitcoin is setup so that no matter what the hash rate is, every 10 minutes 2016 coins are emitted. 99% of miners could stop today and there will still be just as many transactions getting processed. The difficulty will automatically adjust.
If it gets "unprofitable" people will stop mining. However, this leaves a bigger piece of the pie for the remaining miners which ends up making it more profitable. There is a careful equilibrium that ends up happening.
Nobody knows how it will get there and you know it pajeet.
do your homework before posting boyo
I am an open minded retard trying to figure this out. I obliviously do lack a fundamental understanding that is why I am asking, you and calling names makes me wonder if you have an answer our are just chimmpimg out because I am questioning your faith coin.
Being a gen xer and not bathed in the safe space special snowflake environment of menials I dont give a fuck what names you throw at me, could someone just answer the fucking question so I can go back to my retard pride.
someone answered you above with some technical info
if you dont know then dont talk about it asshole, just ask querstions and stand back
Don't you mean 25 coins get "emitted"?
Weed will be legal everywhere soon and then you won#t have anyone care about ay other drug, including alochol.
Anyone saying it's going to zero is a fucking moron. The market has already voted on that. It won't go to infinity, but the value will never come close to zero. How are supposed to buy drugs and fund terrorism. Paypal?
Same way you always used to. Cash and bearer bonds.
I wish i could send him pizzas
Brainlet pride, dude this makes no sense, or at least I think info is left out.
% of miners could stop today and there will still be just as many transactions getting processed. The difficulty will automatically adjust.
So if 99% of miners stopped what would that look like? Are you saying that all the extra miners are doing is wasting a ton of energy and resources and contributing anything to the block chain in hopes a betting bitcoin?
question for you as a miner: If hypothetically 99% of miners stop tomorrow, what does your reality look like. Any how would that effect the block chain?
Thank a lot btw user. Trying to figure this out.
I'll pay 0.0000001
The cost of mining isn't fixed, as the difficulty of mining isn't fixed. If bitcoin were to drop below a point where the miners found it a worthwhile enterprise, and many miners switched off to mine a different coin, the difficulty to mine a block would scale down and thus the energy cost per coin would drop.
Why do you think the price of Bitcoin/alts is important to people who may use Bitcoin/alts to actually trade? It could be $1 per 1BTC, or $0.01 per 1BTC, the exchange rate isn't important at all. Yen is 100 times cheaper than Euro, does it make it the Yen 100 times worse?
In fact, Yen going down made it that much better for the Japs now that their goods are becoming more competitively priced.
What's important is price stability, which cryptos lack big time. As a vessel for illegal transactions, the actual exchange rate (aka what the speculators are betting at to earn a quick buck) is irrelevant.
Maybe its a bubble, maybe it's not lets find out
The remaining miners end up getting all the coins that are emitted.
Yes, the extra miners are literally wasting energy. This is why newer coin technologies are moving away from "Proof of Work" type cryptos.
If 99% of miners stopped all at the same time it'd be a problem since the difficulty takes a while to scale, but given a ramping down over weeks, it would not be a detriment. It'd go back to hobbyists running their desktop GPUs overnight.
I wish I could send him to the oven
Bitconnect didn't drop to zero
You could have 1 miner running all of the bitcoin network, but not at this difficulty. If there was only 1 miner running at this difficulty, no block would ever be found and a soft fork would need to occur in order to reset the difficulty level.
Why not? It can be easily replaced by some better alternative or simply discarded because of broken implementation.
He's an economist.
His opinions are utterly worthless.
>So if 99% of miners stopped what would that look like? Are you saying that all the extra miners are doing is wasting a ton of energy and resources and contributing anything to the block chain in hopes a betting bitcoin?
yes, its all "wasted" so to speak. Nothing would look any different no matter how much or how little computational power is in it.
>question for you as a miner: If hypothetically 99% of miners stop tomorrow, what does your reality look like. Any how would that effect the block chain?
if 99% of miners stopped, the remaining miners would be making 99x as much money. Obviously with such a high profitable, people would try to start mining until the profitability is back to where it is now.
>BTC will crash to zero
shoulda let alexander kill every sandnigger in near asia
Looks like he is accumulating
Thanks user. this makes sense, never knew this.
>>If bitcoin were to drop below a point where the miners found it a worthwhile enterprise
Do you know what the price point for this would be?
This is the opposite of the truth. That gateway drug shit isn't a myth.
Right now its around $4000 but it will ramp down with the price of BTC if it crashes down there as miners react.
we listen to guy's spreading fud wearing fucking scarfs now?
funny that cunts like him and Buffet always come out and spout the same horseshit every time btc comes down hard for a few weeks
While XLM and ETH moon hard.
I'm ok with that.
what kind of fucking fruity shit is that?
people should be laughing at this guy
Even confido has had a hard time dying completely after it's exit scam.
> Is he right Veeky Forums
Of course he's right.
BAT isn’t dying either after the exit scam. Go figure!
DavorCoin still holding on too with a market cap of
Ok entertaining me Goys, the more I question the smaller my brainlet gets.
So 99% of the mining of BTC is "useless" and waste energy. But the current cost to mine BTC is 4000 dollars.
Does this mean
A the total among of energy used to mine a actual btc coin is actually $4000 x 99 so approx $396,000 worth of energy mines a btc which thinking about that makes no sense.
The total amount of energy to actually mine a bitcoin is 4000/99 so $40.40 dollars?
Fuck forget about money how does this work in terms of KWH required to mine a BTC?
People say Veeky Forums is intolerant, thanks for tolerating my retardation.
Some mental chink said "he who ask a question is a fool for five minutes, he who does not is a fool forever"
Now that's some sweet action
This is the dumbest thing I have heard in a looooooooooongg time
the difficulty gets adjusted.
if the price crashes and mining becomes unprofitable, guess what happens? miners leave, some miners stay, and the block reward will naturally become profitable for those who stay (and have the best electricity/equipment margins) due to market forces
if you don't understand this and attempt to invest in cryptocurrency, please read a book. this is not the stock market. there are metrics that are unique to crypto and even specific coins that you would do yourself a service looking into.
27k EOY btw. can't reveal much more :)
He is one of those boomer economists who completely missed the crypto boom, and it's taking its toll on both his reputation and his ego.
What better way than save both than swoop in during a crash and claim that the entire reason you missed the crypto boom to begin with was that it was propped up by fake money?
That salty faggot was right once in 2007, but he's been wrong a thousand times before.
Serious question here.
I've been buying bitcoin since it was 100$ (back in the day to pay for weed)
Since they you heard a lot of people saying bitcoin is worthless and it will never do anything.
Over the years we could see a huge rise of bitcoin and the interest in blockchain.
When do these people stop this fud? Like honestly, at what point will they say "ok bitcoin is not so bad".
It's a coping mechanism to fight the depression about the thought of what could have been if they only had bought in. If they buy, it they have to face the reality.
Does not apply to the majority of normans, though. A lot of people I know shat on BTC from 2013-2016, but not a single one continued their negativity in 2017. They chose to detach themselves from the coping mechanism, so they either bought in late, or lie awake at night thinking of what could have been.
You are stupid because you can’t think for yourself you are just repeating a meme. Miners will continue to make money even if btc reaches $20, its all supply and demand. As some miners leave then it will be easier to mine cheap coins as oppose to now when it’s hard but they are expensive.
Just think about this faggot: how did people managed to mine bitcoin when it was $20? Do you think btc was invented with a $4K praise tag? Go suck a dick bitch, if you don’t know shit at least ask, don’t act all bullish and cocky when you clearly don’t know shit.
You are not very good at math and such are you?
Most of the energy you use to mine coin is wasted due to unproductive blocks. You quoted a number of 99% so we will go with that one but the percentage does not matter.
1% is the percentage of blocks that produce. The 4k amount is factored into the unproductive blocks as well.
>Crash to zero
The fact that he thinks it can go to zero is in itself just retarded.
Its because people are figuring out the blockchain is really shitty
What caused the crash in the first place?
but its not shithead
How can something trade for $0? can you even sell something for $0 on an exchange?
>“We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination.”
- J. Christopher Giancarlo, Chairman of the CFTC
Today at the Senate hearing.
>27k EOY btw.
I hope you're not talking about that outdated coin with insane fees and slow transactions, because I doubt anyone will pump that monstrosity to that level ever again
you know crypto isn't limited to just moving money around, right? dapp platforms, supply chain, gambling, etc. only shitty blockchain v1 shit like bitcoin competes with western union
I agree EXCEPT Bitcoin will drop to double digits to reflect it's true value; being a payment method for illegal shit on Darkweb
Crypto bubble popped at 20k
the smart whales cashed out after the buying slowed resulting in an avalanche of sales by the normals. soon the autists will start selling too lol
bubble went Pop
>Jews giving other Jews award for being the most Jewish
No, that would be Monero.
Autist here wont be selling willing to go down with the ship and i got 500k i truly believe that cryptos will change the world
The magnitude of the bubble isn't just the total value you stupid mongrel, it also takes into account the real value of the services and products involved, which for BTC is less than $30 a piece.
>The dot com bubble was about $5-$8 trillion
And the inherent value was in the billions. The dotcom bubble was small compared to the BTC bubble. It's like comparing 20% of a country with 1000% of a tatami mat, and claiming that the second is bigger.
as hashrate falls, difficulty adjusts, it becomes cheaper to mine