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