Crypto could easily go to zero if everyone agreed that is what it is worth.
I mean, FTT just went from $25 to something in the $2 range since the whole FTX thing blew up. And it will probably hit zero soon -- I have no idea why anyone still wants it.
> I have no idea
You have no idea.
Re:Bitcoin falls under $16,000
by maxerickson on Wednesday November 09, 2022 @07:22PM
(#33540344)
Lack of a meaningful consensus network would be pretty similar, in the sense that someone holding that currency wouldn't be able to get anything in exchange for it.
Well, it'd likely be worse than bankruptcy, because there wouldn't be any assets to go after in court.
That won't happen because there will never be a shortage of fools and degens who will buy crypto. Same reason why gambling will always exist. Crypto is better at attracting speculators because it's not as constrained by regulations and even if price drops 80%+, people immediately start telling themselves "I'm in it for the technology and/or social mission" and this keeps them HODLing until the next bull run.
Stock investors tend think more like "This stock just dropped 80%, I have to cut my losses. Bye."
This is because cryptocurrencies aren't even companies; they have no directors, no board members, no debt, no assets. It's impossible for them to go bankrupt.
Also, companies can become nonviable and be shut down. On the other hand, it's almost impossible for a crypto to become nonviable... There will always be some tinkerers willing to run nodes at a tiny annual loss. PoS cryptos are very cheap to operate.