[halfcat]

> they speculate that someone will pay more for it further down the line

The greater fool is not required when one asset is inflationary and the other is deflationary. A falling denominator is all you need.

> There is no reason for bitcoin to hold its value.

It holds its value for the same reason as fiat. Because the chance of anyone executing a successful attack on it is prohibitively small.

And if someone does, as you said, then it goes to zero.

In your view, how would bitcoin go to zero without a compromise in encryption?

[Ekaros]

Now what makes bitcoin special and different from any other coin? Take something like Litecoin, far below previous peaks. Surely it is not worse with encryption than bitcoin?

[halfcat]

At this point, market cap, i.e. the cost to execute an attack against it.

[dools]

> In your view, how would bitcoin go to zero without a compromise in encryption?

Everyone realises that it’s worthless and new buyers stop turning up to buy it for more money than the last round of fools