alt Hacker NewsThe first and most obvious target will be Bitcoin. It’s market cap today is $1.4T. That’s a gigantic reward for any state actor or entity with the resources and budget to break it.
Does this mean Bitcoin is going to $0? Absolutely not, it’s just going to take the community organizing and putting in the gigantic effort to make the changes. Frankly I’m not personally clear if that means all existing cold wallets need to be flashed/replaced? All existing Bitcoin miner software needs to be updated? All existing Bitcoin node software needs to be updated?
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goalieca • yesterday at 11:10 PM
Bitcoin value will plummet if people lose trust in it.
> It’s market cap today is $1.4T. That’s a gigantic reward for any state actor or entity with the resources and budget to break it.
The market cap of a cryptocurrency — or any commodity, really — is not its market value. If you have all bitcoins in existence and try to sell them you will crash the price to zero. The slope of that price graph — from the current market price to zero — determines how much you make in total. Most cryptocurrency exchanges have public order books, so you can see how much (and at what price per coin) you can actually sell into the market before you eat up all the bids. Last time I checked it was closer to $10bn than $1trn.