Bitcoin Forum

Here's how Bitcoin becomes extinct, or, like the Coelacanth, becomes very rare.

1) Price continues to drop.  BearWhale comes back and dumps a load, causing fellow whales to dump a load, causing feedback that causes a crash back to the teens

2) Media picks up on 1), says: "BTC dead"

3) Congressmen, like Charles Ellis "Chuck" Schumer, who is a BTC-hater, start zeroing in on more Bitcoin regulation, like Schumer's proposed FinCen stuff.  This might increase if the Republican's lose the Senate in November, or, if bitcoin is linked to the 'war on drugs' it might not matter if the Republicans win or not.

3b) ...FinCen will require each and every Bitcoin user that uses a US-based bitcoin exchange to file paperwork every year if the amount transacted in one year surpasses 10k USD.

4) Due to technical factors like the increasing size of the blockchain, a lot of users will start using online wallets.  This will negate privacy due to 3b)

5) other crypto-coins that have more inflation and more transparency will be seen by corporations as more stable.  

5B) Walmart and others adopt "CircleC": https://www.cryptocoinsnews.com/apple-pay-rejected-by-walmart-and-best-buy/   and they specifically reject Bitcoin

6) another major Silk Road bust occurs.  Already Silk-road substitutes are in greater demand and in greater numbers that before (source: http://www.coindesk.com/silk-road-one-year/  ).  This scares Joe and Sally Average into dumping their bitcoin, especially when Schumer attacks bitcoin holders as promoting drug use.  Drug lords switch to DarkCoin or some other cryptocurrency and this snowballs amongst actual users of Bitcoin (as opposed to the buy and hold speculators).

7) A hard fork or some technical glitch (like https://bitcoin.org/en/alert/2013-03-11-chain-fork) knocks out bitcoin, further causing big corporations to distrust it

Anything else?  I'm sure I forgot something...list your FUD and bugaboos here!

Bitcoin has died about 30 times...if the media had the ability to kill it, it would have died a long time ago.

So that's the end of Bitcoin then
http://www.forbes.com/sites/timworstall/2011/06/20/so-thats-the-end-of-bitcoin-then/

I almost expect this to happen

If it bleeds, it leads...I hear you. But when has Bitcoin had such a sustained (about 8 months or so) price decline?  That has to worry the BTC longs.

Is this a reason #8 Elwar?  Since in my original list I don't have "another Mt. Gox happens", but it's a good point.

$32 to $2 took a long time. We were down for almost 2 years from the $32 high.

In the meantime...people started working on their bitcoin businesses.

 ;D Don't forget we have " REVIVAL " word , bitcoin will survive no matter happen in this world.
couple months ago i feel bitcoin will dead because some country in the world began to banned bitcoin.
Gox problem , massive hacking , massive dumping etc .But Bitcoin still survive  8)

Regulation is not going to kill bitcoin but legitimizes it. Fall in price may hurt hoarders, but promotes mass adoption. Blockchain prunning is in the works. Besides, there are light wallets available, users do not have to use online wallets.

Bitcoin will die someday, not in the way OP described. He is spreading FUD.

With all your rosy predictions, why should Bitcoin die someday?  How do you know it will die but not in the manner I predict?  My predictions are specific, with reasons given, not vague like your "someday", "somehow" prediction.

It's scary what's happening to BTC.  (un) Happy Halloween!

The Bitcoin Economy Is Collapsing With No Sign of Recovery (http://www.theatlantic.com/technology/archive/2011/08/the-bitcoin-economy-is-collapsing-with-no-sign-of-recovery/243253/)

The only way I can see BTC die is that computing power will become so big that you can do "vanity address" any BTC wallet (full address) you want in minutes.
People will see their wallets hacked and emptied.
Hackers will dump very fast all they can.

Still, the technology will remain, at least for historic reasons.

To be honest the idea of Bitcoin dying seemed more of a possibility before the sidechains discussion started gaining traction.  I think if it turns into reality then Bitcoin will see another explosion in price (even more so if it coincides with the 2016 Halving).

The moral of that article is that bitcoin has had a very volatile past and that it's price has been (and will likely continue to be) very unstable. Even when the price crashes, bitcoin related commerce will continue

I did not make any predictions, I disproved your specific but weak arguments.

Weeereeee Dooomed!

And apple pay not a threat like itunes was to free mp3 torrents?

It would be good to make bitcoin easier to use at point of sale. Finding an app, paying with a QR code, making sure confirmations have been sent, etc are all clumsy.

Right. So long as there is usage for it, it will never die.

At worst, the price will drop a lot. But that will only hurt speculator and miner and not end consumer.

What makes you think there will always be a usage for it? The price drop hurts people who want to actually use it as a currency, because otherwise it's just a token.

I tend to agree.  Not only is Bitcoin dying, because of price decay, but also most people (mainstream people) don't care too much about anonymity, and are turning to their smart phones to do digital transactions.  You don't need a crypto-coin, just MasterCard/Visa.  See more here: http://www.juniperresearch.com/viewpressrelease.php?pr=382

A company called Monitise is already partnering with Visa/Mastercard/IBM.  http://www.valuewalk.com/2014/11/monitise-future-mobile-money/    (Note this telling quote: "Implicitly, Monitise has acknowledged the key ingredient to banking is trust between the institution and its customer. Just as a no-named ATM draws suspicion, so too does an unbranded mobile application. By providing a customizable open interface platform to banks, Monitise can leverage its technology through the customer’s trust for their financial institution. ")

I do hope Bitcoin's price recovers however...

Yeah.. It doesnt matter how many rise and fall bitcoin will experience it will be here to stay.

Looks like my condition #6 has already occurred a few days ago...

http://www.bbc.com/news/technology-29950946

7 November 2014 Last updated at 11:37
 

Huge raid to shut down 400-plus dark net sites

The BBC understands that the raid represented both a technological breakthrough - with police using new techniques to track down the physical location of dark net servers - as well as seeing an unprecedented level of international co-operation among law enforcement agencies.

Prof Alan Woodward a security consultant from the University of Surrey who also advises Europol, said that the shutdown represents a new era in the fight against cybercrime.

"Tor has long been considered beyond the reach of law enforcement. This action proves that it is neither invisible nor untouchable," he said.

People will realize another form of greed is not the solution to creating a world of peace and prosperity.

8. The launch of a real better coin.


All we love Bitcoin but we must admit that it has several defects, among which:

- 21 millions of total units is a too small amount to cover all the global population.
- Bitcoin is too difficult to use by average people
- Offline payments are difficult.


But by now the path has been traced  by Bitcoin ( and alt-coins ) and I think decentralization, deflation and blockchain tecnologies are the future of economy... the world can't go back anymore!

I highly believe it won't die and there's no such thing as real better coin than Bitcoin. It will probably stay on top of crypto currency world for so many years.

Bitcoin will not die because those that have an invested interest in it will not allow it.

As long as there is vast money to made using bitcoin it isn't going anywhere.

Of course there are ways to end bitcoin, surprisingly straight forward ways to end it actually, but really everyone ill loose and it's more worthwhile to control real money for the time being.

lol... every day I see someone saying bitcoin is dead.. lets not forget how much btc was 2 years ago. I remember the days when btc dropped below $300 and everyone was saying BTC is dead. sell your bags... i'm glad i did not listen.

Yawn.

not really think it will die .... but maybe

I think after this step bitcoin will never die totally

something which is that usefull, can be just replaced by something more usefull. but bitcoin is complete. its having everything for its purposes and the rest is  developed by companies.