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Author Topic: Will the Blockchain Endure if Bitcoin goes Bust?  (Read 747 times)
mcdougle (OP)
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April 15, 2015, 11:31:45 AM
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If Bitcoin dies, would the  Blockchain network  remain distributed and robust ?

I've heard more than a few Wall Street Gurus and Tech Visionaries state that while the Bitcoin concept is unique and interesting, the Blockchain Technology is where the magic happens.
If Bitcoin dies, then a million despondent miners return whence they came, and the distributed nature of the Blockchain is weakened to an unknown degree.

The way I see this, to an average Bitcoin miner, the Blockchain is the lifeblood of Bitcoin and the river from which it flows, but it is consequential to mining Bitcoin, which is the miner's primary objective.  Integrity of the Blockchain is essential for mining to occur. Conversely however, if those who would build new platforms on the Blockchain network were the primary drivers of the Blockchain due to the absence of miners, it would be in their interest to control as much of the Blockchain Network as possible. This would effectively neutralize the incorruptible, distributed nature of the Blockchain.

If Bitcoin dies, will the Blockchain necessarily die with it?
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April 15, 2015, 11:37:43 AM
 #2

Well first of I don't think that Bitcoin will go "bust". Although even if such scenario occurs, I'm pretty sure that blockchain technology will be advanced and have various implementations.
We have already had a lot of people acknowledge the benefits of if. I'm pretty sure that there are already some in development.

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April 15, 2015, 11:39:58 AM
 #3

If Bitcoin dies, would the  Blockchain network  remain distributed and robust ?

I've heard more than a few Wall Street Gurus and Tech Visionaries state that while the Bitcoin concept is unique and interesting, the Blockchain Technology is where the magic happens.
If Bitcoin dies, then a million despondent miners return whence they came, and the distributed nature of the Blockchain is weakened to an unknown degree.

The way I see this, to an average Bitcoin miner, the Blockchain is the lifeblood of Bitcoin and the river from which it flows, but it is consequential to mining Bitcoin, which is the miner's primary objective.  Integrity of the Blockchain is essential for mining to occur. Conversely however, if those who would build new platforms on the Blockchain network were the primary drivers of the Blockchain due to the absence of miners, it would be in their interest to control as much of the Blockchain Network as possible. This would effectively neutralize the incorruptible, distributed nature of the Blockchain.

If Bitcoin dies, will the Blockchain necessarily die with it?

Of course the blockchain will also die. "Blockchain technology" only works with the financial incentive of mining valuable Bitcoin. Take that away and only some idealists will continue mining, severely affecting the security of the whole network.

The blockchain as "technology" depends on Bitcoin, the currency. People that try to separate the two can not be taken seriously.

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April 15, 2015, 11:54:47 AM
 #4

If bitcoin 'dies' and the incentive dies with it, the big rig miners will die, but the 'hobby' projects and home miners will take over, the difficulty will be adjusted and we will all go on using the chain and the coin. It will never die. Ever. Being worthless maybe, but only to those who do not believe.

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April 15, 2015, 12:10:09 PM
 #5

Blockchain without bitcoin = bank vault with no security. Mining secures the network. No bitcoin? No miner rewards, no mining, no security, no network. Get it? Good.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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April 15, 2015, 12:11:28 PM
 #6

Even if it dies, the blockchain technology is something we will see in the future as banks and other financials know that they will need to implement something like this to bring the financial system to the next level.

As others already said, some enthusiasts will continue to keep the blockchain alive, but the only question is for how long. At some even they will stop with mining.
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April 15, 2015, 01:18:59 PM
 #7

If bitcoin 'dies' and the incentive dies with it, the big rig miners will die, but the 'hobby' projects and home miners will take over, the difficulty will be adjusted and we will all go on using the chain and the coin. It will never die. Ever. Being worthless maybe, but only to those who do not believe.

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April 15, 2015, 01:20:41 PM
 #8

If Bitcoin dies, would the  Blockchain network  remain distributed and robust ?

I've heard more than a few Wall Street Gurus and Tech Visionaries state that while the Bitcoin concept is unique and interesting, the Blockchain Technology is where the magic happens.
If Bitcoin dies, then a million despondent miners return whence they came, and the distributed nature of the Blockchain is weakened to an unknown degree.

The way I see this, to an average Bitcoin miner, the Blockchain is the lifeblood of Bitcoin and the river from which it flows, but it is consequential to mining Bitcoin, which is the miner's primary objective.  Integrity of the Blockchain is essential for mining to occur. Conversely however, if those who would build new platforms on the Blockchain network were the primary drivers of the Blockchain due to the absence of miners, it would be in their interest to control as much of the Blockchain Network as possible. This would effectively neutralize the incorruptible, distributed nature of the Blockchain.

If Bitcoin dies, will the Blockchain necessarily die with it?

No, the blockchain needs BTC, there's no blockchain without BTC, but BTC will never die, not unless the universe itself dies, that's what people don't seem to get.
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April 15, 2015, 01:28:41 PM
 #9

The Bitcoin block chain would die, too, yes. But the concept of the block chain would live on and could be reimplemented. Maybe it won't be funded by cryptographic tokens whose exchange rate wildly fluctuates, but by a company or consortium that pays a set amount for the compute power necessary to generate a block. But Bitcoin is the incentive for the Bitcoin block chain. You can't separate the two, only make a new block chain.
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April 15, 2015, 02:41:15 PM
 #10

I really don't think that BTC will goes to Bust.
But, if such unlikely scenario ever happen I don't believe in the future of Blockchain.
Starting from myself, I only use Blockchain because of bitcoin.
I think most BTC users thinking the same.
Maybe Blockchain technology can be used for something else, but this is completely different story.

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April 15, 2015, 03:04:47 PM
 #11

Quote
if Bitcoin goes Bust
good one
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April 15, 2015, 03:16:29 PM
 #12

You can't have one without the other.

bitcoin is the incentive for the miners.  The miners piece together the blockchain at a chance for a reward.
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April 15, 2015, 03:23:53 PM
 #13

If Bitcoin dies, would the  Blockchain network  remain distributed and robust ?



If Bitcoin dies, will the Blockchain necessarily die with it?

https://www.youtube.com/watch?v=O0oDDIy0P2s

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April 15, 2015, 03:53:43 PM
 #14

Can you even separate the two?  I thought the 2 are synergistic to one another.

Any other Blockchain creation would just be an Alt Chain.  We already have a burgeoning ecosytem with miners, developers, businesses, traders, startups, consumers...it's growing steady day by day.



Safe to say, if one dies, the other goes kaputz also.

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April 15, 2015, 04:00:45 PM
 #15

Bitcoin is decentralized so there will always be an open market. Bitcoin won't go bust since there will always be demand and supply bitcoin will have a price and miners will mine to get most of the coins. The blockchain technology is probably the most interesting thing about bitcoin but IMO a blockchain won't work without a coin or token.
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April 15, 2015, 04:18:58 PM
 #16

With respect to this blockchain, you can't have one without the other. Therefore, if bitcoin goes bust, the blockchain will as well. Specifically, the price of bitcoin drops so much that miners all have to leave, which causes the network to be less secure. That means more people stop using it, causing the price to fall farther, etc, etc, etc. But with that, the difficulty would drop a TON, which would help to decentralize the mining pool, which could allow for everything to start over again.

Fortunately, I don't see any of that happening.
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April 15, 2015, 05:49:36 PM
 #17

With respect to this blockchain, you can't have one without the other. Therefore, if bitcoin goes bust, the blockchain will as well. Specifically, the price of bitcoin drops so much that miners all have to leave, which causes the network to be less secure. That means more people stop using it, causing the price to fall farther, etc, etc, etc. But with that, the difficulty would drop a TON, which would help to decentralize the mining pool, which could allow for everything to start over again.

Fortunately, I don't see any of that happening.
This doesn't even confirm your own argument. You've talked about the price drop. Why would blockchain technology follow if Bitcoin does fall?
If you're talking about the blockchain of Bitcoin then you might be right. If you're talking about blockchain technology then you're quite wrong.

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