Bitcoin Forum

Have you seen that MIT technology review explaining 3 ways to destroy Bitcoin ? It is from a month ago.

Well I won't discuss that, but briefly, imo they have too much imagination, for real, it's all biased.

So basically, even with this news the prices went up from about 7k at the time to the prices that are now. I learned that Bitcoin prices usually fluctuate due to bad news, but I started to follow prices only this year. What kind of news would make the prices decrease ? Anyone remembers one ?

this now bitcoin price down , only corection price
not crash , because nothing bad news
so don't panic you can still hold youre bitcoin

Most of us have the impression that the Bitcoin price drops after bad news but this isn't accurate most of the time. If I am not wrong I remember lately that the Chinese exchanges' ban made the price drops (i have a shitty memory btw), while when the US auctioned +3k BTC, the price wasn't affected.
Same thing goes for good news.

you have a great example of china, when bitcoin was dependent on china, anything that china did against bitcoin, that affected the price, now we have japan, South Korea and USA, if one of these countries banned bitcoin, then the price would fall a lot, but in time it would recover, Japan is a very important player so that a possible prohibition would affect much in the price. but to think about this kind of thing does not bring anything good, what we have to think is we need more countries using bitcoin as Japan uses.


I saw this and I honestly do not understand why they spent their brains and material resources to do this research, they should focus on other things

the news seems to have been released 2 days ago. https://www.technologyreview.com/s/610809/lets-destroy-bitcoin/ and to be honest it seems like any other FUD out there instead of being a real argument about "destroying" bitcoin. it is basically saying if they create altcoins bitcoin will be destroyed but they forget that for the past 9 years they have been creating altcoins and no one ever cares about centralized shitcoins when there is decentralized bitcoin available! and the government takeover thing is basically a conspiracy theory.

people no longer care about FUD like this one here anymore. this method is getting too old and see through. if they wanted to have a real effective FUD they need to come up with a better plan and fresh FUD otherwise when the same thing is repeated the first thing that everyone is going to think is the previous failed FUDs with the same subject and they simple ignore the new copycat one.

Can you link the article?

Altcoins won't destroy Bitcoin. People long enough in this space know this very well. We deal with alts since 2011 and none of them came even close to Bitcoin.
A FEDcoin isn't in any way different from the actual USD where 95% of transactions happen digital already. Nobody will fall for that kind of "stablecoin". :D
And Facebook shall coopt Bitcoin? LOL!
I mean come on. All 3 ways are totally nonsense.

Firstly, MIT explaining how bitcoin can be destroyed in 3 ways is obviously not something worth reacting to anyway. Also, I believe only those who want to care after all these years, or probably some newbies would be the one reacting to any news of some sort and panicking to sell because of that. I believe the market will always do its thing irrespective of the news and based on the perception of traders.

there's a link above: https://www.technologyreview.com/s/610809/lets-destroy-bitcoin/

Funny how this article was posted during the uptrend  ::) It's nothing but FUD, and tbh, quite an embarrassing and lame attempt to spread FUD. I don't doubt that there's going to be people who will fall for this crap because the MIT has a a sense of Authority, so the average joe must be thingking "it's the MIT, whatever they say must be true". But the article didn't blow up as I expected so I guess people saw this and realized that it was nothing more than garbage.

Yes indeed, after all the negative attacts and many other black propaganda's against it, it has stayed afloat and has proven itself how valuable it is to people and how important it is that no matter how hard they will try to destroy bitcoin it will survive. After the negative effects of those black proagandas now the price has rise back and show constant increase.

I don't think this is FUD at all. They're doomsday scenarios, and as all doomsday scenarios are, they're somewhat rooted in reality. They're also all very unlikely. The article itself says they're nothing but ways "Bitcoin could be brought down, co-opted, or made irrelevant." It's all hypothetical. His closing statement makes perfect sense too:


The author probably isn't a fan, but I don't see this as an attempt to smear, but rather to let readers take on a different perspective. None of what he says is new to us who are actually knowledgeable about the subject, but if I were new to the crypto world, I'd probably be quite amused.

I think the only significant news that can lower the price of Bitcoin is when it is news relating to World War 3 commencing, anything lesser than that is not significant. Why? Because if you are a real trader you are not looking at news feeds but of course its price charts. Remembers price changes happens faster compared than people read the news, which means the price is changing more often even before half the market has read any significant news. People trading cryptocurrencies react and based their buying and selling decisions on the price movements. Cryptocurrecies are not like a stock of a company where you can relate good/bad news directly which will really affect their prices in the future.

Coinmarketcap is a great help o this situation, in it we will be able to know the progress of our coin, in economic analysis and even hrufuds, we will all agreed that the dips btc experienced last few months were all due in bad news that throws with bitcoin.

Yes news can strongly influenced the citizens in one particular part of affected area or until the boundaries reach. When it will be validated the rapid growth will be expected. Fake news can stumble the beliefs of many people out there that doesn't want to confirm what is real. Anyway bitcoin price will goes up and down that is the activities of price in the market.

Though MIT demonstrated some ways to 'destroy' bitcoin, none of them seem to be practical to execute, Even then, the developers of bitcoin may have found a solution to negate all these exploits and loopholes just like what they did before. All in all, if these attacks are hard to do, why would anyone try to do it if they wouldn't be gaining some serious cash or anything that could benefit them? The news mattered less to the common folk and trades though I'm sure it stimulated some sleeping brain cells to some people. Any news relating to the ways to eliminate bitcoin isn't important to the traders; price and economic status matter most.

In any investment field, like stocks, bad news always sends prices dumping. Crypto is just more sensitive to that due to the nature of the community.

For MIT, their post is pretty troll. They say that Fedcoin, Facebook, and ToyotaCash (among other coins) will destroy bitcoin :/....

I dunno what they study over there, but it's probably junk LOL. Given that FB recently went down in flames.

But anyway we might as well blame twitter for being able to destroy btc too. inb4 TwitCoin

I do not see how altcoins will destroy bitcoin. Most new investors in cryptos choose bitcoin as their first foray into crypto investment.

Maybe because the btc is the only tradeable coin on the market? Bitcoin is like usd in fiat currencies, there is a euro (ethereum) which is honourable and tradeable, however it is still not the same volume.

It is never accurate as far as I am also concerned. The thing is there are some news that can actually spring up some reaction in the market, but really I just see as the whales and traders reacting to it and most of the time, the sentiments around may actually not go in hand with the movements on the chart which has made me to believe that no one can actually use news to judge the market movement unless we sure believe it is something that is worth listening to. Most investors are not actually stupid anyway.

Does anyone really care about news anymore? It is glaring that news are just some ways to make some gullible people get themselves screwed into missing out from the future in the long run. MIT technology reviewing how they can destroy bitcoin is actually absurd and I wonder why anyone would want to pay attention to such news. The market react based on how it wants to react at every present moment based on most especially how the whales and traders want to do their thing.

The bad news that always make people to dump Bitcoin are banning crypto currencies activities and regulations agency trying to regulate it. Since inception that is what has be affecting pricing negatively. MIT technology has no capacity to explain ways to destroy Bitcoin and we know that no nations, country, associations and company has that capacities to do that because blockchain technology is decentralized and we can do business with it wereever we are.

In my opinion bitcoin will not be destroy. Bitcoin is founded strongly in this crypto world. So those who are planning to destroy bitcoin I think it makes too long and hardly to achieve it.

Though this is the reality that whatever the news it will drastically gets affected the price of bitcoin and it's quite manipulated. So if you easily swayed by news and fuds then early as now expect your loss because that kind of attitude won't survive here.

So embrace the volatility because volatility can make you profit really good if you know how to play in the market.

The article isn't big news, I would have expected it to affect prices by exactly zero cents, which is what it did.

Also their ideas were pretty stupid. Makes MIT look bad. Their ideas were basically make centralized coins to destroy bitcoin or make altcoins to destroy bitcoin.  Clearly not much actual thought went into the paper.

Well, not in most of the cases. Small countries (in terms of cryptocurrencies adoption) decision to ban Bitcoin or any altcoins haven't any impact on the prices. Same goes for rumours. It is a little bit complicated and in most of cases it has many factors involved at the same time.

Most of the news that make the price bitcoin to go down have to do with some kind of government regulation or banning, in the previous years China was very influential in the price of bitcoin almost anything that China said could push the price down or up but now they are losing their influence, also news about hackings to exchanges can cause the price to go down.

This has become so cliche now .
Bitcoin gets accuse by some people and it gets a huge back lash , the prices go down and bitcoin recovers once again . For all the people who think bitcoin is a "bubble " and it will burst soon , i really want to know how many years will that "soon" be taking . Because it doesn't seem like a bubble to me anymore .
No matter what FUD is being created by the people and all the opposition , bitcoin always manage to come out of the dark.               

Well we've probably shaken most of the weak hands already at this point so negative reviews would likely have less impact that they did the first quarter of this year. But fuds can seriously start a bear market. New government bans,  the selloff of mtgox, these can snowball into panic if there are more weak hands in the market

a news like that talking about "destroying bitcoin" may seem like a new thing to you but trust me things like this have been around for a very long time. they have been creating content of this subject dating back to yearly years of bitcoin's popularity. there never is any value in any of them and throwing big names like "MIT" in it doesn't make the article any better than the rest of them.

I think it is not just a phrase people are using but sometimes it seems like it is a bubble and that bursts after a while. I am not complaining about bitcoin but the whales are here to prove it. It reached in a quarter from 6K to 19K and then all of a sudden in no time it was around 11k and remained for some time and then back to 6K and below. This has formed a kind of chaos but at the same time with each recovery it grips its position upwards. People will definitely say things about BTC when they don’t know to how to react, only patience will allow you to achieve your goals.

Determining the cause of the problem especially about the value of Bitcoin has no definite answer. As we all know, there are many factors that could affect its price and still peoples answer were purely speculation and don't even have strong evidence to support the statement. Anyway, Bitcoin will always increased every year and investing in this coin for long-term will give us a better profit.

It's pretty much a good karma for bitcoin to have such a name in crypto currency that despite all the criticisms thrown,still it could stand and can regain trust from other people who haven't or will be part of bitcoin. Social media is a worse enemy for bitcoin for it can give bad information into people and the dangerous part is,some people easily believes on unrealistic news about bitcoin. Afterwhich,it gains more popularity that's why prices went up.

It's basically a simple matter of those who don't contribute to growth, won't be missed when they withdraw themselves from this market entirely. That's exactly why the market initially went nuts over China's exit, but as time went on, it became more clear that China was made to look big with all their volumes and exchange activity, while in reality they didn't even account for 10% of what we were believing they accounted for. It was one big troll show that once the show was over, left everyone else with a bad taste in their mouth. Just look at the market and developments right now, we progressed further than ever before, and that without 'super power' China.

We've been too often to read information like this, and this is part of the FUD, it's too classic. Just go on, we would not think too much about this kind of information. The OPs are just like they ask 'bitcoin will end'. Now the bitcoin prices have started to recover after a few months slump, just a few months away bitcoin prices will return to high prices.

I still do not know why we tag some previous months of this year as destroying bitcoin and that was how some market usually  rise and fall. Last year we had a huge rally up and it was expected to see a turn out in this way. It is normal in every market but the fact here is that, there is no down that does not end upward. Fake news of course may have been some cause, but greed actually added to it as well with weak hands entering the market.

As expected, market started showing some recovery hence I will not call bitcoin got destroyed in last few months. It is just part of any market and moreover it is like market showed another very good buying levels. I have made use of those opportunities as I never worried about the futures of bitcoins.

If you have noticed a trend in when these sort of articles always come out, it is always when bitcoin isn't doing well, probably in a bear market, and someone publishes negative news surrounding bitcoin. Never in a bull market will you hear these types of things.

Not all news articles will influence prices, and none of them, especially opinion pieces like this that speculate on BTC's future, will have a longlasting effect on bitcoin. If you're talking about bullish news, it could be a well known public figure getting into bitcoin, a major institution starting to trade BTC, any of these things.

The rally right now is created by the fact that support at $6600 levels are tested and they seem to be quite steady, which made this rally possible. It's also fueled somewhat by Tom Lee's predictions of a bull market.

At the end of the day, try not to be influenced by market sentiment or news articles like this that is created in the spur of the moment.

Yes I remember one time when there was a news of bitcoin ban in India and the price fell quiet significantly after that news but the next day when the FUD cleared off then the price started to rise and went back to previous day's price.

Source is here: https://www.technologyreview.com/s/610809/lets-destroy-bitcoin/

Again, this is completely speculative and they are merely suggesting what could happen. Without any degree of certainty. I believe that bitcoin markets have grown to be less and less sensitive to speculative news pieces, compared to previously where the markets aren't as mature. That's why this news piece didn't have an effect on bitcoin prices at all.

However, insensitivity doesn't mean complete ignorance to news. As you said, there are some media coverages that make traders panic still. One of them is obviously government regulaiton. If governments come out with a new regulation that restricts access to bitcoin, even though we all know bitcoin is decentralized and they will never be able to do anything to the core of the network but only to third party bitcoin services, will likely cause prices to decrease in the short term.

I tend to skip over any sensationalist, clearly fabricated or exaggerated headlines straightaway. Don't get affected by them.

Any type of FUD can affect the price of bitcoin,  I personally didn't pay attention to the MIT news when I saw it.  If you have been keeping tabs lately on the price fluctuation of bitcoin,  you would notice that sometimes, there might be a price dip or the price might go down even without any circulation of FUD. So it's also keen to know that, not all FUDs can cause a decrease and an increase in BTC price.

i think this kind of news is the really cause why bitcoin price always  decrease and sometimes suddenly plunges back to the bottom price which is  (banning issues such countries ,  hacking etc , and sometimes fake news which made by fud's to manipulate the price ) . But no need to worry about it which if you already bought then suddenly that factors happen,  just control your emotions and wait for it because it will jump again gradually so keep holding put some patience on it 'cause that is the best ways to avoid regrets .