46 upvotes, 3 direct replies (showing 3)
View submission: Don't invest recklessly
We're all pooling our "wealth" into bitcoin and as long as only some of us takes it out at a time it works.
You're almost correct. However, there's no pool to take money out of. It's already taken, all of it. For anyone to sell bitcoins for money, somebody else must be willing to buy them, essentially putting some money in the pool which the seller immediately takes. There is no buffer. If there are no more buyers, no more bitcoins can be sold and the price goes to zero.
Comment by flux8 at 30/11/2017 at 19:38 UTC
42 upvotes, 2 direct replies
The price doesn't go immediately to zero. It just goes down. Until there IS a buyer. It only goes to zero if there are no buyers at **any** price. Short of some miracle hack that renders Bitcoin useless, this won't happen.
Comment by awoeoc at 30/11/2017 at 14:15 UTC
1 upvotes, 0 direct replies
You're completely right, I put wealth in quotes because I was thinking in a longer term sense. Once/if bitcoin is accepted as a direct currency by enough people the quotes go away. But right now today, bitcoin has no pool of wealth as it depends on someone else to give in for you to take out.
Comment by McJew87 at 20/12/2017 at 21:59 UTC
1 upvotes, 0 direct replies
Navcoin launches the NAVPay app today Dec 20th. Why Navcoin? 1) 30 second transact time 2) Earns u 4% interest using a regular PC, no special mining equipment needed 3) Double blockchain technology