Doubt about Bitcoin's future. Mt Gox. What happens if the bitcoin price goes to zero? The sentimental and historical value of currency.
Transcript
[AUDIENCE] I am writing for CoinTelegraph in the Czech Republic. Nice to meet you. I think I am a big believer [in Bitcoin], but sometimes I am in doubt. [Laughter] My question is, have you ever been in doubt about the future of Bitcoin?
It is very important for me [to know]. Thank you. [ANDREAS] Yes, I have been in doubt. There was a moment where I was really worried.
It was the day I received a call from [someone] I know in Bitcoin, and they said, "We have it on good information... that Mt. Gox is insolvent and they will blow up today. Get ready for it, because it will be ugly." And in those days, there was really only one exchange that [was responsible for] all of the volume.
If Mt. Gox were to blow up, we would have a big problem. And it did blow up that day. About an hour after I heard it would blow up, it blew up.
For a moment, I was scared there. I thought, "Whoa, this will be so bad." This little voice in my head [was saying], "Maybe [the bitcoin price] will go [down] to $10." Another little voice in my head was saying, "If [the price] goes [down] to $10, you could buy bitcoin at $10 again!" These voices were fighting. I wanted to panic, but at the same time I was thinking, 'No, this will all work out.' There are so many people who will not give up, no matter what the price of bitcoin is. I will not sell my bitcoin.
I would rather watch it go to zero. I don't really have much bitcoin, but that is not the point. I will be one of many thousands of people who... absolutely refuse to give up.
All it takes for Bitcoin to continue to exist is two nodes; hopefully one or both of them are mining nodes. Maybe the difficulty will go back [down] and I can mine on my laptop. I never [had the chance] to do that. It would be fun.
[Laughter] Sometimes people tell me that [the bitcoin price] will go to zero. I respond, "Really? If you travel to Rome, you can still buy Roman sesterces at a store, even though it hasn't been in circulation for [at least] seventeen hundred years." You can buy drachmas in Athens which haven't been in circulation for a decade. It is still not worth zero.
Currencies actually don't go to zero [value]. Sometimes they have sentimental value, touristic value, and historical value. I can tell you something, there will [not be a currency with] more sentimental and historical value than Bitcoin. I will not bloody sell it!
[Laughter] Nowadays, I don't worry anymore. I reallly don't.