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[Serious] What would it take for to give up on crypto entirely?

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by COINS NEWS 123 Views

One question that is incredibly effective when trying to get someone to see your side of things is to ask “what would it take to convince you of my position?” If the person has a response, he/she is more than likely reasonable and you can have an actual discussion, and if he/she says nothing will be convincing, he/she is too ideologically possessed to have anything close to fruitful discussion.

Now, I’m sure we all strive for intellectual honesty when discussing why crypto is superior to traditional finance. Because of this, I’ve been asking myself what it would take for me to give up on crypto and pursue other financial avenues. Here are a few I’ve come up with.

  • Bitcoin has a double-spend exploit (51% attack) after 1 confirmation. This has never happened. The only known double-spend occurred on a gambling site that allowed deposits of BTC with 0 confirmations.

  • Hashing and elliptic curve cryptography are found to have an exploit, rendering the current security mechanism of the entire space compromised. Even in this situation, I’d be all out for a time, but if someone figured out another 1-way function where security can be decentralized, I’d likely rejoin.

  • Forks that split most of the top networks, which dilutes the value of each chain. I’m thinking multiple forks in BTC, ETH, ADA, DOT, LINK, ATOM, etc where the nodes have a 50/50 split multiple times, so there’s essentially 4+ chains of BTC/ETH/ADA/DOT/etc.

  • A better form of international money is created that makes crypto redundant. I don’t see this coming in the form of any government fiat money, primarily because the temptation for government to not debase their currency is too strong to be sustainable long term (every form of government money have been debase throughout history). However, the trustlessness of Bitcoin means there’s an incredible amount of energy expended. If a trusted form of money could be created, not requiring the same level of energy to maintain the network, while remaining decentralized (and we haven’t seen this with any alt-coins either), it’s possible to see myself leaving crypto for the better currency.

TL;DR- I’d leave crypto only if it was no longer secure or if I believed there to be a better alternative out there that does not currently exist.

So, what would it take for you to give up on crypto?

submitted by /u/002timmy
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