Being a major Bitcoin proponent, I'm often asked, Ok but say Bitcoin fails. What would be the reason?
I've gone through many versions of what my answer is as I learn more about the strengths and weaknesses of the network and how global fiscal policy could impact adoption.
Early on, the main concerns I had were technology related.
1. What if someone hacked Bitcoin?
This is usually everyone's first "what if" question and rightly so.
People are constantly trying to hack Bitcoin.
If you can hack Bitcoin and create your own out of thin air, you have a 1 trillion dollar market at your finger tips.
It is the biggest honey pot that has now been running for 13 years and no one has been able to hack it.
As the network grows and hash rate increases, it becomes exponentially harder to attempt a 51% attack or any ledger debasement for that matter.
You can't say that there will NEVER be a vulnerability.
All you can go off of is history and Bitcoin has the longest record of success with the greatest marketcap making it the biggest target among all other cryptos
2. What if an EMP or solar flare erases the Bitcoin ledgers?
EMPs are real.
Solar flares are real.
However, the complete Bitcoin ledger is currently distributed across more than 10,000 nodes across 6 different contents.
Step your game up Antarctica!
Not to mention we have a node floating around in low orbit space!
Many of these nodes are likely stored behind faraday cages for added protection against an increase in electromagnetic waves.
If an even happened that took down ALL 10,000+ nodes, Bitcoin, gold, cash etc. would be the least of societies worries.
Therefore, to use that argument as to why you shouldn't invest in Bitcoin would be the same for why you shouldn't buy a computer or a cell phone.
Love me some Amish furniture but can't get behind that lifestyle.