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taradiddletrope t1_iy74l70 wrote

Reply to comment by thetensor in How FTX 'death spiral' spelled doom for BlockFi, according to bankruptcy filing by renome

Can we just have a major coin like ETH or BTC go to zero next?

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thetensor t1_iy75zfu wrote

What you have to remember is that cryptocurrencies can't just "go to zero" because of the solid fundam—

/snort

BWAH-HAH-HAH-HAH-HAH!

/deepbreath

BWAH-HAH-HAH-HAH-HAH!

/wipetear Sorry, I thought get there but I just couldn't hold it together long enough.

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Sorge74 t1_iy82xs3 wrote

Fiat currency is bad because it's not backed by anything, see Bitcoin will keep value because.

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danielravennest t1_iy8cg6s wrote

They won't, because their natural function is replacing wads of cash in the underground economy. So long as people want to hide what they are doing, there is an actual use for dodges like crypto coins. So they will have some value, just like people pay Western Union to move more legitimate funds.

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MazzIsNoMore t1_iy8kgrw wrote

Some value could be a fraction of a cent and it could be in any of the various crypto.

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danielravennest t1_iycoav5 wrote

True. There are 21,888 cryptos. Most of them are "shitcoins" (i.e. they ain't worth shit). The top 5 account for 75% of the total value, and two of those are tied to the US dollar. Five is enough. The reason for more than one is swapping among different coins is part of how people hide what they are doing.

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