A simple guide to assessing alleged threats to Bitcoin

schnozzenstein
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I'm reading it more and more (including on this subreddit): An exchange goes down crashing, a developer loses all his bitcoin, or a mining company files for bankruptcy. The same questions always come up: Is Bitcoin dead? How does that affect the price now? Has the idea of Bitcoin failed? Is the network collapsing?

So far, the answer has always been no.

So before you see Bitcoin as a whole as failed or seriously endangered the next time a "bad" news makes the rounds, ask yourself the following questions:

  • Has something fundamental about the Bitcoin code taken a turn for the worse? Has the code been seriously negatively changed by this event?
  • In response to this event, did all the miners shut down their devices?
  • Has everyone who runs one or more nodes stopped doing so?
  • Were your private keys compromised or made public as a result of this event?
  • Have your self-custody bitcoin (or your access to them) been stolen solely due to the aftermath of this event?
  • Has the bitcoin network stopped finding a valid block every 10 minutes on average?

If your answer to these questions is "no" (and it will be; anything else you and everyone else would have realized by now), then you can rest easy. Your funds are safe, and so is the network. Yes, the price may have been negatively impacted by this event, but that in no way means Bitcoin is "dead" or "failed."

Stay humble, stack sats.