Bitcoin Forum

i read so many topic about "what would you do if bitcoin disappear" or "what would you do if bitcoin die" etc , but do you think what will happen if blockchain collapse ? example like the previous bank L*b*rt* Reserve, will bitcoin rate drop ? or will raise because bitcoin rarity ? what do you think ??  ??? ???  and what next step ? using xapo or what web will be your bitcoin wallet ? i just curious what next step the member in here will do ,,

I think you are not asking a coherent question.

What do you mean by "blockchain collapse", the blockchain is stored on at least 10000 different systems around the world.


I think you confuse blockchain.info with the blockchain. One is a service and the other is not.

They maybe think about recent problems with unconfirmed transactions..?
But this is not failure, or bug or something. This will be fixed with enlarging of block size.

But bitcoin can face different problems, from hackings of main exchanges, to loosing of trust in it.
Also bitcoin can become obsolete one day, competition will become better over time.

This I would agree with you on. As emerging markets come and go bitcoin can be replaced. But the blockchain will always remain the same. It is the backbone of bitcoin afterall. Without it there would be no bitcoin.

My suggestion is that bitcoin will be popular as it grows, but there can also a chance that it's fame gets reduces if price decreases, anything can happen but still blockchain will be there as it is used in other applications too.

Also we can expect something completely new that can cast shadow on bitcoin and other coins..This is harsh reality, early adopters have greater chances to get rich, so  this bitcoin story influence on everything..And here it goes, greed is unleashed.

I think if blockchain will collapse it will be the end of bitcoin transactions.Because all bitcoin transactions is going under blockchain and being confirmed by blockchain.If blockchain will be down who will confirm our transfer? How can the users receive it without any confirmations from block chain.Thats what im thinking.

Okay. Help me out with your own question. What "blockchain" are we talking about here? Are we talking about the blockchain as in where all transactions are recorded, or are we talking about blockchain.info which is an online wallet? Basing from what you've written, your use of "blockchain" leans more to the blockchain.info wallet.
If that's so, then I'll do probably my daily routine? As I'm not directly related because I don't use it.

The Bitcoin price climb, and the one post wonder shill posters increase. This is pure fud being posted to create confusion.. not to be taken seriously at all. The Blockchain is most probably the biggest

decentralize network on this planet... It will take massive resources and groups to take it down, and even if they manage to do this, it will still go on as normal, once new nodes goes into operation.

There is nothing that can shutdown Bitcoin completely... it's simply too big and too decentralized.  ;D

I think that will be the end of bitcoin.Because all transactions are undergoing to blockchain and being confirmed by blockchain.If blockchain will be gone no transactions will be  confirmed and all people wont be able to receive and send bitcoins.But if blockchain will be gone i think bitcoin network will create a new transaction processor again for the bitcoin to be still alive.

i'm sure the blockchain you're asking about is an online wallet called blockchain.info not blockchain system because you're mentioning another online wallet like xapo,if blockchain collapse ,online bitcoin wallet will lost because none of bitcoin can be transacted

Well everyone running Bitcoin Core has a complete copy of the blockchain so there is very little risk of data loss. If by "blockchain collapse" you mean no internet anywhere then sure Bitcoin would be worthless because no one would be able to use it.

You cannot compare a centralized currency like L*b*rt* Reserve that can be targeted by governments and also stopped by them, with Bitcoin that is totally decentralized. The Blockchain will not be brought down, because it's running on 1000's of computers all over the world. < Like a p2p network >

Nonsense.

It's obvious that you're lacking the relevant knowledge. The blockchain can not simply "collapse" (the word is also very wrong).

It doesn't surprise me anymore.

That's just one of the possible scenarios, but things like Bitcoin would not matter much in the times of total catastrophe.

Bitcoin may be around for a while but will eventually come down in the future.

"No internet anywhere" does not necessarily equate to "total catastrophe". Granted it might be difficult at first but if everything else is working, life should get back to normal fairly quickly, after all we've survived without internet for the past 10,000 years  :P
We would just go back to good old paper money.

I hope it will not do so. and if it happened I think every thing will finished then, i think the people will renain stuck and nothing will reain behid. the peo;e will lost their confident and they will show no interest in bitcoin any more.

You can't know the future of Bitcoin. You could say that for practically anything.

I was thinking more in the lines of an event required to 'kill' the internet around the globe. It would require something catastrophic. However, just imagine the panic if everything went dark in the same second.

Paper money is the only reliable method after Bitcoin. Credit cards are not really reliable (e.g. I've just witnessed a traveler's CC failing at a shop and they had to return a few items due to not having enough cash). This can not be the case with Bitcoin (unless the merchant is using a 3rd party service and something is wrong with it).

There's this great book  (http://www.amazon.com/English-Grammar-Dummies-Geraldine-Woods/dp/0470546646)that you should read.

Blockchain is designed so it's hard for it "collapse." I guess anything is possible though if someone was trying hard enough.

thats true and i doubt that it will ever happen that blockchain is going to collapse, in my opinion this will exist as long as the internet exist i hope im right

Yeah the developers will struggle hard to remain it alive and if any issue occurred they will put all of their energy in maintaining it to fix, I have believe on bitcoin and blockchain, it will live long.

Yes, you are right. We have seen every possible threat being discussed on this forum... from Solar flares to Nuclear attacks, and none of these pose a real threat, because Bitcoin is too decentralized.

You would have to see some Global Apocalyptic event, for it to collapse 100% .... If that happens, people would not bother to worry about Bitcoin, they would worry about survival / food / shelter and

basic things like that. Let's just stop with all the Doomsday scenarios for Bitcoin... Hell, if the internet goes down, all other digital networks goes down too.  ;)  

IF that should happen, which is almost impossible, then everyone would loose with the exception of those who already converted their bitcoin into cash.  The issue is that the blockchain is on everyones computer when they have a wallet.  There are too many copies of it out there to just die. 

i think every thing is around blockchain and if block chain collapse i think that will be such a big problem then. so can hope that blockchain will will in good position and will never collapse.

I'm not preparing anything because the blockchain as it is cannot collapse unless there's a total destruction of the Internet which could only come from something like a global nuclear explosion which would wipe off the human race.

What I fear, though, is the blockchain being clogged with the block size limiting transactions. That could really happen.

First of all this is not even coherent question. Op, clearly hadno idea what exacly he want to know and how formulate this question.
It is exactly like Shorena said, Op confused blockchain.info an online wallet provider with bitcoin network backbone - also called the blockchain.

Any online service provider can fall, we saw it happen in the past and will see it in the future, but bitcoin fail is very unlikely, almost impossible.
It is not even worth talking about it and spread rumors in the process.

Your effort in making this question is appreciated, but can you really cite what are you really referring to. Your question is vague since there are two entities involved in what you are asking. First maybe you are referring to the website blockchain.info and second probably to the blockchain as a system and not a website. If blockchain as a system of bitcoin transactions breaks down its simple logic its the end of bitcoins.

I guess I would be confused, trying to figure out how a virtual construct managed to actually collapse. Seeing as this is data, and not bricks and mortar, there can be not 'collapse'. Copies of the ledger are stored all over the world on millions of devices; until every single one of those records is destroyed, the blockchain will continue to persist. This is the core of the technology, decentralization.

You are retarded

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Guys its abundantly clear that OP is talking about blockchain.info. @OP if the site crashes or goes down, it shouldnt be a problem for most as they have their private keys stored elsewhere and can import their address onto another wallet. Also, most people will just download and use an offline wallet, no-one trusts xapo to hold their money

No one knows exactly , what is surely the future as bitcoin will always grow and will be a lot of people who know bitcoin but there will be opportunities
that the fame will reduce if the price reduction . I think the problem is always the same blockchain will always are the backbone of bitcoin afteral . without it there would be no bitcoin

I don't think your question make sense. The blockchain is quite very well secured. It has a very low even any possibility of collapsing.

If somehow it does, like you said there will be no more Bitcoin or decentralised currencies until a new Blockchain is made.  :)

I think it is impossible to blockchain could be a collapse or bankruptcy they do not incur huge costs for the maintenance of their sites. I'm sure they will not become insolvent or bankruptcy maybe I would think if blockchain be a scam? is it possible?

Thinking of blockchain collapse?, wow, this will be the most hurting experience ever in the history of crypto-currency. I know many people have invested in bitcoin and when you talk about the collapse of the blockchain, then be ready to have many suicidal cases worldwide. This is something which can happen especially where there are many people involved. One day you wake up and find that someone has hacked the blockchain and stole all the bitcoins. there will be future for bitcoin just like what happened to Liberty Reserve.