"what does a total failure scenario even look like, in terms of symptoms?"
The value of Bitcoins is determined by what other people are willing to pay for them, which is determined by their confidence people will exchange them for tangible goods or services, or other forms of money, in the future.
Total failure means people lose confidence in the system, due to technical flaws, regulation, competition, etc.
The value would approach $0/bitcoin, though I don't think it would reach zero for a long long time. I'd happily pay $10 for a million bitcoins just for the hell of it.
Comments
"what does a total failure scenario even look like, in terms of symptoms?"
The value of Bitcoins is determined by what other people are willing to pay for them, which is determined by their confidence people will exchange them for tangible goods or services, or other forms of money, in the future.
Total failure means people lose confidence in the system, due to technical flaws, regulation, competition, etc.
The value would approach $0/bitcoin, though I don't think it would reach zero for a long long time. I'd happily pay $10 for a million bitcoins just for the hell of it.