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Comment by lern_too_spel | Hacker News Reader

There is no floor on Bitcoin's value.

Well it probably isn't going to go negative. Probably.

New business idea: BitDump - the easiest place to store your negatively valued bitcoins.

Although if you take into account the cost in electricity that has been turned into heat, that does kind of represent s massive negative. That sacrifice of power is only worth it (sort of) if Bitcoin retains more value than the electricity was worth. Of course if cryptocurrency really does become worthwhile as a currency, it could be an acceptable price to pay.

How many people think that cryptocurrency has a real future worth that expenditure? I would guess fewer everyday, but I could be very wrong.

it can be hacked or compromised. at which point it becomes imaginary

How exactly would you hack or compromise bitcoin?

While the cryptography might be resilient [1], in the real world people have been getting their bitcoins hacked and stolen very very commonly.

The ecosystem has some serious issues to solve for it to be ready for an everyday user.

[1] https://lbc.cryptoguru.org/about

if i knew how, you would know it by now. but you can't prove it's unhackable either

Owning >51% of the mining power for a sustained period would make it impossible to trust and presumably eventually wipe it out. The hashing power is frequently compared to small states, so a large state could presumably put together enough hashing power to sustain such an attack.

If owning bitcoin were suddenly illegal, then people might be giving you money to take their bitcoin....

Well, mining Bitcoins is a net negative of wasted energy.

Every bit of computer power beyond the minimum threshold of efficiency needed to operate the transactions and database is a net loss.

Peak efficiency of the Bitcoin mining network would be about 3-10 basic desktop computers. Instead Satoshi Nakomoto's Proof of Work will waste more and more energy with nothing to show as time goes on.

Do you have a proposal for a cryptocurrency without proof of work?

I'm pretty sure the floor is the cost of deleting your wallet, so roughly $0.

0 is the floor on Bitcoin's value, It can't go below worthless.

I personally don't believe it can go to zero (at this point that means blocks stop being mined and exchanges shut down).

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