Bitcoin Forum

Now & After 6 years from the creation of Bitcoin by Satoshi Nakamoto , what's the worst case scenario that could happen to Bitcoin and make it dissapear once for all in your opinion , personally I guess it will be little bit hard to get 3 billion USD market-cap business  destroyed just like that .

if some one found a way to crack our private keys probably. it might never happen, but it is a possibility. or the price of bitcoin gets down to a level where miners shut down their hardware for good.

This won't stop it, a futile attempt to halt technology.

Both China and Russia are authoritarian regimes who feel threatened by anything that challenges their control at home, hence the "anti-bitcoin" regulations

yet chinese and russian citizens are considered some of the most active in the bitcoin scene.

Bitcoin will never disappear, but the most troubling event at this stage is how "the person Satoshi left in charge of the code has now left the core team."

This has made a dire situation in terms of development, leadership, and direction. With that being said, however, Gavin does have some pretty dumb ideas from time to time. His hairbrained scheme (BIP101) to double the block size every two years is probably the worst idea since the invention of software.

The best thing that could happen would be for me to take charge of the development. It doesn't take a rocket scientist to figure out you simply raise the block size limit to 8 MB now, monitor network growth, then implement future forks/updates as needed. This is one line of code change basically.

I guess the worst thing that could happen to bitcoin at the moment is a way to crack private keys easily from the public key or just by bruteforcing.

As long as people are not losing any of their coins, I don't think bitcoin will be into a lot of troubles.

I have been thinking for a while and I don't come to a scenario that would destroy it completely.

But more scam scandals, or the fall of a big online wallet being hacked and losing their coins could be a big blow.

I agree.

BIP 106 (https://github.com/bitcoin/bips/blob/master/bip-0106.mediawiki) seems to be a more programmatic approach.

I think there is no technological dead end that could put Bitcoin in a position where I would worry about the continuity of the project. My main concern tho, is all governments allying to start a massive disinfo campaign and fearmongering all over the place so Bitcoin never goes mainstream and stays as some niche underground thing. But even then, the project would be unstopable to keep developing and improving and money would come in anyway.

worst case = BTC zero

 ;)

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BIP 106 sounds interesting.

Worst case will be a scenario in which double spending is made possible. The Bitcoin will lose all of its value, and its market cap will come down from $3 billion to $0.000. Hundreds, if not thousands of Bitcoin based ventures (including payment systems such as Bitpay and exchanges such as Bitstamp and Kraken) will become bankrupt and a large number of people will lose their jobs.

The worst case will be the lost of trust in bitcoin and I'm not talking about the value or the price... only the trust. I don't know what it will lead people to lost confidence in the btc network.

For bitcoin to drop to zero there would have to be a break in protocol or design. For example, being able to extract the private key from a public address so you can spend others coins or the ability to create 'fake bitcoins' without mining them. As long as these two things don't happen, bitcoin will not die.

i think the worst thing that can happen is if things like the bitcoin xt arguments create more and more split in the developers and they give up on bitcoin because of this.
also another thing is if the price goes lower after a couple of block halvings and makes the mining unprofitable so miners give up mining.

worst case is if the price drop around a value that is not profitable anymore for the miners, at that point, they will shutdown their asic, and the netowrk will be unsafe

there is no return from that point, bitcoin would die

So the mining of bitcoin will returned to the CPU, this is a good scenario.

This much be btc doom week! It will pass.

I guess there is no turning back at this point... bitcoin is here to stay. In this case, the worst scenario would be one that might affect the holders; a price crash! if BTC goes under $100 there will be a huge dump... could this mean that bitcoin as a currency might fail or could this mean that BTC is going mainstream?

the worst scenario for me is that governments control bitcoin and it wont be decentralized any more

The worst case scenario would be if America banned Bitcoin and the rest of the world followed, although America already decided not to ban Bitcoin in late 2013. If it was illegal everywhere no Bitcoin exchanges could legally operate, and Local Bitcoins would be closed down too. If nobody could buy and sell it without fear of arrest then it would probably result in it becoming worthless, but I don't think a worldwide ban is likely.

That's not going to happen :


https://en.bitcoin.it/wiki/Myths
https://en.wikipedia.org/wiki/Bitcoin



Only thing that make Bitcoin centralized or less anonymous is those shitty exchange that ask you for your ID , passport and residence and this kind of stuff and well .. while buying using Credit card or Bank account or Paypal or whatever , your name will be visible .
That's why people should LocalBitcoins since it's decentralized or people could trade in forums like Bitcoin between them selfs , beside that .. Bitcoin still and will remain Decentralized .

I wonder what the market cap of VHS was?  ;D

i think will not trust anymore bitcoin and it will die instead, like it happened to some altcoin, that tried to conquer again the trust of their users

there no going back, after you return to the initial point

Bitcoin will be more stable and stronger than ever and will be widely adopted and use in my opinion.I don't see any thing what can make Bitcoin disappear.No worry about the future of Bitcoin.

dude BTC is better currency this world just to let u know

i think that the worst thing that can happen to bitcoin is that it will be forgotten by all people in the world and its price will drop sharply to only a few dollars each

The worst thing that may affect bitcoin is satoshi nakamoto makes a new coin and give is face to the new currency ,and say that bitcoin lost his road ,soo he created another coin wich he will lead ,im pretty sure market will react very fast if the real satoshi appears with a new crypto currency.Those would mean a fight to mine the new coin and to get it the faster as possible dreaming to achieve the price of bitcoin of 200 or 1000 dollars the diference should be satoshi presence that his the huge mind of bitcoin.

 China and Russia are two diffrent worlds.ForChinise btc was gambling,legal gambling.In China gambling is iligal,so they travel to Macau to gamble.It is only for very wealthy chinise,becouse Macau isone of the most expencive place in the world.Now ordinary chinise are loosing intersted in btc,chinise exchanges are going down.No more customers

Bitcoin is loosing interest i doubt from the country which has the biggest farms on their country.Trading less bitcoin means all wanna it to gain value,soo in a medium time market will be working on supply and demand,and demand will be bigger,since no one wanna to sell it too soon.

The only thing that comes to my mind is having some major bug that would cause the people to lose their coins. But if this hasn't happened in 6 years, I don't see it happening now neither.

If Bitcoin would have to die, I see this possible death as rather slow and painful, not a quick death.

Also I don't think that if some country would ban a Bitcoin that this would destroy us. You cannot destroy decentralized movement so easy!

At this stage after 6 years, a vulnerability hack on the system is very much unlikely. Any loophole would have been found by now. What I worry is more towards the collapse of a reputable exchanger the scale of Mt gox size to again dent the trust of the people but that won't lead to a complete meltdown. It will be a slow gradual decline.

Personally I'am not worried about the exchanges at all , I think they all learned the lesson and even if they are holding few BTCitcoin online , most of them should be in cold storage , so they shouldn't get screwed all at once .

yeah but perhaps you didn't read what i've wrote, if the worst case scenario happen, you can't simply restart from zero, and believe that anyone will treat bitcoin as it is right now

I guess my worst case scenario would be, if a competing technology comes from the financial industry, that solve all of the troubles Bitcoins is struggling with now and the

incentive to use Bitcoin decline. This is not unrealistic, because they already started development of their own "Private" Blockchain technologies. At this stage Bitcoin is

still in front when it comes to innovation, but they stole the idea, and they have loads of our money to fund proper development.  >:(

Well, I remember that a "new" thing is first watched bad, then restricted, then hated, then accepted. it was like that right?
I don't know why it's being looked bad, if we all look at the criminals intents then we should ban even real world currencies.

Plus: If someone finds bad intents to act, it will always find a way of earning on the top trending currency.
No matter if its real world cash, trading object or a futuristic coin.

There's nothing under the sun that would solve the fundamental Bitcoin problems (that cannot be solved within the Bitcoin technological framework).
The main problems of Bitcoin are basically technological progress one. Namely, technology is not advanced enough to run worldwide transactions on-chain.

There'll still be warehouses filled with ASICs that can't do anything else. They'll always be with us in some form.

The worst case scenario is that bitcoin falls to such a low price that mining becomes unprofitable and the miners pack up. That would be the only death blow really. Even if bitcoin doesnt go fully mainstream I think it will survive as an alternative payment system even if the only thing people are buying with it are drugs.

The worst case scenario IMO is a panic among Bitcoin holders when the price of bitcoin is dropping. If all of the Bitcoin holders will start selling their BTC fearing that they'll lose even more if they wait a couple of days the consequences of the panic could be disastrous. Fortunately this won't happen because there are enough smart folks among BTC holders who will start buying at low price.   ;)

The problem with bitcoin is that it is purely virtual entity. It is hard to estimate assets cap of all bitcoin projects and startups.
Some say it is over 3 billion dollars market, but bitcoin companies are 'weak' they do not produce anything, they do not supply people with ideas.
They are so far only payment processor companies, wallets and financial institutions (exchanges).

Well then what is Blockstream? There are advancements of the technology happening all the time trying to improve it, Blockstream is a clear example, im sure there are more stuff happening out there, but a lot of people seems to be fighting to become the PayPal of bitcoin. I hope they all go bankrupt, Bitpay seems like it's already headed to fail. Good riddance.