I’ve discouraged friends from investing in CC as I could never see a material basis for value, present or future. I wonder what if anything exists that is similar that is not a Ponzi scheme.
Ask yourself this: if you woke up in the morning to find BCs value had zeroed out, how surprised would you be
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I would be absolutely shocked if Bitcoin's value ever dropped to zero.
I can't see any conceivable way that happens at this point. Even a coordinated effort by the world's governments to "ban" it (they can't really ban it) would not drive its price to zero... if anything it might even have the inverse effect.
Can you provide any conceivable way this would actually happen? Maybe an asteroid hitting Earth and wiping out all human life on the planet?
You asked for any possible way.
1. Tether defaults.
2. People panic and sell at whatever price they can get. Let's say Bitcoin drops to $10k.
3. All miners that don't make a profit at $10k shut down.
4. With most miner's shut down, block times go from 10 minutes to 1 hour.
5. The fees to transact Bitcoin go up exponentially as people rush to get out. 10 Bitcoin to make it into a block, sure!
6. The price drops further.
7. More miners stop mining.
8. Block times go up so much that it will take the miners YEARS to reach the difficulty adjustment point that normally hits every 2 weeks.
9. Blocks stop being created, and the price is essentially 0.
With China shutting down a lot of their mining, this is less likely than in May. The higher it goes, the more likely that a sudden shock can destroy it all. Eth has shorter block times and would be able to stabilize better. The block fees going up might actually save the system to keep enough miners mining, but I also think they will scare users away from buying at cheaper prices.
I think some of these are a stretch. I think some of these would definitely happen if the things up to them happened.
at step 8, node operators and client devs would recognize that there is a crisis and there would be a hard fork
if the stakes are high enough, code is not law, even in btc land
I'm with you here, but anytime you have code changes of this magnitude you get political splits and people pushing for more than just fixing the issue to give power to their position.
I have no idea how that would end up, how quickly they could organize, and what would happen in the mean time.
I got in to crypto years ago, I'm still holding a bag of BTCs right now, but not that much anymore, from 100% back then, now down to 20%ish, majority of my assets right now is in altcoins. Why? Aside from the waining market dominance, there is this nagging feeling of fear that it might signifficantly drop in value.
I am little bit paranoid of holding 100% in BTC, the reason for this is because of Satoshi Nakamoto still holding 1 million BTCs. Nobody knows who this guy is, if he's going to spend all his bag, that's a sure fire way of bringing down BTC significantly.
Anyway, I'm still in to BTC, it significantly changed my life. I wish Nakamoto would publicly burn most of what it is in his bag.