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by hattmall
330 days ago
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Not necessarily, the majority of Bitcoin trades, which are it's entire source of value, are never even executed in the block chain at all. Neither the block chain nor the exchanges could actually handle the volume of a significant percent of holders withdrawing in a short duration. Now I don't know what that percent is but it's likely significantly less than 20%. As long as there's unaudited exchanges minting so called stable coins at will. The entire crypto sphere is valuated fully devoid from any actual underlying fundamental. Cracking a wallet could be the catalyst for its undoing but it could also be something else or nothing at all. |
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The moment there is good reason to believe Bitcoin's on-chain accounts are vulnerable, there will be a run on the whole chain.
Nobody will buy more Bitcoin, and Bitcoin holders will be competing with every other holder to sell what they have.
Bitcoin's value will go to zero, quickly/instantly.