8up
Hero Member
*****
Offline Offline

Activity: 618
Merit: 500



View Profile Personal Message (Offline)

Ignore
March 01, 2016, 09:01:48 PM

assuming there are 5 million active bitcoiner of which 1 million decide to sell a small medium or big part (this doesn't matter in this case).

these 1 million people (in a market exodus) will meet with a constant demand of transactions (>1MB/block). in fact this will be a classic bankrun scenario (extremely congested network) - be aware: this will not be for very long (hence i wrote exponential price rise - i better would have added a subsequent collapse in fee prices) but a time periode of 1/2 day up to 4 days, when transacting is only possible by bidding ones transactions fee up and up and up...

have you traded on mt.gox while the market crashed? have you tried to get out your funds of mt.gox when it collapsed. it will feel this way for many more users than @ mt. gox. this will by no means be the end of bitcoin. but the end of the domination of bitcoin. and maybe this is what is best for the ecosystem. maybe another crypto takes the torch from bitcoin there on.