Quote from: 20kevin20 on November 07, 2020, 10:52:06 AM

Quote from: Bergkampsballs on November 07, 2020, 09:48:38 AM

I was wondering what you guys think is the most likely instances that would cause the price of bitcoin would sink back below say the $5,000 or the $10,000 mark?

A strong push against Bitcoin by top world powers such as the US. This would heavily impact the price and I think it's the most likely thing to happen.

Things such as Quantum Computers are repairable. I'd have to guess if QCs turned out to be a real danger, we'd just fork off Bitcoin to a QC-resistant fork. There are ways to go around it, even if the impact's already been done. Same goes for software bugs: they existed before and were fixed very quick. Solar flares really do create way larger issues than Bitcoin though, although the article says this shouldn't be the right way to think. Like, I'm sorry but I think the world would immediately go absolutely crazy if all communication was suddenly cut by such an event. It's similar to EMP attack scenarios - I would care more about my safety and life than about all those devices that'll be affected by it.

I agree with this, people worry about quantum computers but even if they damaged the network repairing the issue will be as simple as forking the blockchain to the moment before they made their impact and change to a quantum resistant algorithm, those will be hard weeks for the price of bitcoin but technically everything will return to normal after the fork is over, as such the biggest challenge for bitcoin is political, if governments really decide to implement heavy penalties for the use of bitcoin many people will shy away from it and the only scenario in which this will not happen is if at the same time a huge crisis was happening, in that case many people will be willing to take the risk of using bitcoin even with the heavy penalties.