Are cryptocurrencies going to collapse? 3 replies

Please wait...

FileTrekker Über Admin

I'm spending a year dead for tax reasons.

269,304 XP

15th December 2002

85 Uploads

22,518 Posts

1,747 Threads

#1 2 years ago

Given how it seems to me that the requirements to mine Bitcoins, for example, is getting higher and not lower, isn't it eventually going to get to the stage where it becomes a useless currency?

For anything other than clandestine transactions, that is?

It seems flawed and non-sustainable to me? But I don't fully understand how it works.

Danny King | Community Manager |

Serio VIP Member

The Dane

149,931 XP

11th November 2006

3 Uploads

12,511 Posts

38 Threads

#2 2 years ago

They might collapse, but not for the reason you mention.

Requirements growing higher is natural; it causes fewer coins to enter circulation. You don't keep adding currency to your economy. It devalues the currency. It's a natural process that the "mint" would grind to a halt over time.

However, with the association of cryptocurrency and the black market, as well as numerous thefts and instability, I really can't see this lasting. The salespitch is also its greatest curse. Without a proper, stable sponsor, there's just no way the bloody thing can keep alive.

Mikey Über Admin

Caffiene Fuelled Ravings of an undiagnosed Sociopath.

45,910 XP

13th June 2008

1 Uploads

3,880 Posts

218 Threads

#3 2 years ago

I'm the kinda guy who would naturally like this shit, but i never got into the cryptocurrency buzz.

It just feels like a lot of work for very little reward. Like I missed the initial gold rush boom of it and now I'm scraping for pennies.

Mikey - - Lead Developer

Lindale Forum Mod

Mister Angry Rules Guy

241,129 XP

1st February 2010

0 Uploads

23,429 Posts

2 Threads

#4 2 years ago

I must agree. Bitcoin is a fake currency.