Bitcoin Has The Same Probability of Going To Zero As Any Other Known Investment

 

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For years many of us have warned new investors that Bitcoin could go to zero. I think the probability of that is currently the same as investing in gold, stocks, or holding fiat in a bank account. It is possible, but highly unlikely.

Outside of the doomsday threat to a Bitcoin investment, a hack or fatal bug is most likely what prompts us to warn new users that Bitcoin is risky, or could go to zero. I think Bitcoin plummeting to zero is equal in odds to gold or Apple stock dropping to zero.

In the event of a successful attack on the Bitcoin network, we would immediately have a large group of developers working to fix it. We have options available to fight off the attack; forks, rollbacks, Proof of Work changes, etc. The price of Bitcoin would certainly fall quickly, but more than likely never reach anywhere close to zero.

The successful attack/hack would be engaged in a war with a large group of passionate developers. The community surrounding Bitcoin would be up to date via social media outlets on the "good" developers progress in countering or resolving the hack or bug.

The same hack or bug situation could happen to Apple. A bad actor could have installed a kill switch in the assembling of iPhones and iPads at the factory. It is possible, although highly unlikely.

Why is it that we are quick to point out that Bitcoin could plummet to zero when new investors jump in, but when our buddy wants to buy Apple stock we do not mention Apple devices could be hacked, and their stock fall to zero?

I think the probability of Bitcoin suffering a hack or bug and causing the price to go to zero is the same as gold. The only way gold plummets to zero, is if everyone in the world wakes up tomorrow morning and believes gold is worth nothing. The idea of Bitcoin suffering a flaw that cannot be resolved or rolled back is just as unlikely. The price would tank, but go to zero, not a chance.

submitted by /u/djLyfeAlert
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247 Bitcoin

Bitcoin & Crypto & NFT News

247 Bitcoin -1 Bitcoins -247 BTC - 1 Crypto - Kryptous

1 News - 247 News - 1 Search - 1 eBooks

 

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