Comment by lrvick | Hacker News Reader

Comment by lrvick | Hacker News Reader

Parent Full thread

It will never drop to 0, barring no fundamental security flaws are discovered, because there will always be people like me that are never willing to sell and always willing to buy more.

If it hits $1, I will just stock up. Traders getting out is good for me.

I am in Bitcoin, or any really viable replacement that emerges, long term for reasons fickle speculators do not care about. I fundamentally believe a healthy society needs a reasonably private, international, censorship resistant, and open source financial system that works over the internet. I see such a thing as having more -real- value than the US dollar that a small number of people can print more of at any time for political reasons.

Could u please game this out for me (Disclosure: i do not hold or hate crypto)?

99% of crypto users sell, or abandon their wallets

Remaining users are HODL, and even have some cash left

Demand falls, prices falls, mining difficulty adjusts, HODLs keep buying

As difficulty falls, there is a real risk of something-something-51% attack

So HODLs (acting rationally) need to spend more $$ to boost prices just to protect their existing coins

So now, we have a finite asset (coins), which do not generate income, but require non trivial constant $ cost just to protect it?

> Traders getting out is good for me.

Say everyone gets out except you. You own all the bitcoins in the world. Now what?

Assuming the node network and mining remains intact... now you own a pretty valuable and difficult to replicate infrastructure. At least some people will want to own the "native token" of that network.

How is that a realistic assumption? The infrastructure goes dark as soon as the mining incentives disappear. You own an internet relic, a MySpace page

I believe that was Warren Buffett explanation on Bitcoin a while back, during Berkshire Hathaway‎ quarterly earnings report.

Use it as the family ledger ?

Reply on news.ycombinator.com