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OmegaStarScream
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August 13, 2015, 06:58:50 AM
 #1

I saw that someone linked to this link and I have to say that's it's interesting for real http://qntra.net/2015/01/the-hard-fork-missile-crisis/
I joined bitcoin and btc community in late 2014 so I'am not sure when all this happened but this quote really attracted me and make me think :

Quote
There have only ever been two hard forks of the blockchain in the history of Bitcoin, and both nearly killed Bitcoin. The first was overseen by Satoshi in an attempt to fix the worst Bitcoin bug seen to date, and an unforeseen fork in which BerkeleyDB was replaced with LevelDB to allow for blocks greater than 512kb to be accepted by the network. The latter fork however didn't disenfranchise older clients by forcing them to use LevelDB over BerkeleyDB – a one line workaround resolves the bug in clients still running with BerkeleyDB.

Are my concerns justified or not? could something bad happen , I feel that all this BitcoinXT story and the censorship about it on Reddit etc ... will make bitcoin die just like that

This is an open discussion feel free to post your opinions and comments but let's keep this clean and no need to start fighting and insulting other members .

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August 13, 2015, 07:07:17 AM
 #2

Short answer is:
No bitcoin will not die.

Ask the stranger he knows who you really are.
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August 13, 2015, 07:08:54 AM
 #3

"die" is a word which is too strong, we can see that at worst there will be a dump, bitcoin is still here despite all the old fork, bug, exploit and whatnot

and also the price is still increasing since the beginning of bitcoin, you should look at the average increase per day, i see no real sign of a departure of bitcoin, its technology is surely immortal
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August 13, 2015, 01:35:00 PM
 #4

Short answer is:
No bitcoin will not die.

I'am not convinced then , I would like to hear the long version .


"die" is a word which is too strong, we can see that at worst there will be a dump, bitcoin is still here despite all the old fork, bug, exploit and whatnot

and also the price is still increasing since the beginning of bitcoin, you should look at the average increase per day, i see no real sign of a departure of bitcoin, its technology is surely immortal

If by "it technology"we mean Blockchain here then yes Blockchain is used in most of the alternative coins now and banks also i guess but bitcoin it self ? I wouldn't be so sure

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August 13, 2015, 02:11:47 PM
 #5

Well I will continue using it. If someone can second that, then we will know it will keep going. Anyone?

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August 13, 2015, 02:13:04 PM
 #6

I staying in.
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August 13, 2015, 02:16:13 PM
 #7

Those days of fearing a hard fork will kill BTC are long gone. At the beginning it was true, not the software and project is way too widespread. Too big too fail situation.
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August 13, 2015, 02:20:07 PM
 #8

Those days of fearing a hard fork will kill BTC are long gone. At the beginning it was true, not the software and project is way too widespread. Too big too fail situation.
Roll Eyes

Technically, at least one chain will continue.  Socially, the fight over which chain is in fact Bitcoin may well destroy confidence in both.  Hard forks were easier when there were less people to upset by changing the rules.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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August 13, 2015, 03:40:28 PM
 #9

Well I will continue using it. If someone can second that, then we will know it will keep going. Anyone?

If you think that everything in use today will continue being used forever, you're in for a rude awakening.  Haven't fired up my Betamax in quite a while, and even my Super8 projector is colecting dust Sad

Not talking about everything, just bitcoin. Betamax came out in 1975 and, as you point out, it's dead. However in 1974 something called "the internet protocol" came out and I use it more today than ever.

I staying in.
Hoo-ah air cavalry! That makes two of us. So I think we are good.  Wink

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August 13, 2015, 05:57:49 PM
 #10

Camparing Bitcoin to the internet?  Can't blame ya, always good for a laugh!

If you wanna force analogies to TCP/IP, it would be the blockchain, a technology freely available to everybody.
Bitcoin is more like Prodigy or AOL, or pets.com -- shit built ON TOP of the blockcahin tech Sad

And Betamax isn't dead, as long as there are a couple of Betamax zealots trading tapes.  Which is why I never suggest that bitcoin will die.

I see a great deal of similarity between the IP and BTC protocols. Both are base code that can be built upon and integrated by businesses. I see no resemblance between BTC and the companies who adopted the early internet protocol.  BitPay or an exchange would be a real analog with something like AOL.

I see that you are very new to bitcoin and it can get confusing. For an explanation of protocols you may want to read this:
https://en.wikipedia.org/wiki/Internet_Protocol
And to learn more about bitcoin you may want to read Satoshi's white paper linked below in my sig.
  

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August 13, 2015, 06:14:48 PM
 #11

Hiii guys .. I wanted to another thing, Iwas reading this article about Fiat wallets and stuff on CoinDesk and speaking about our subject related to BitcoinXT wanted to know aswell If we all switch to BitcoinXT does it mean that all Hardware wallet will become useless   Huh or they do have control on server-side and they could switch aswell to the new blockchain ?

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August 13, 2015, 07:20:34 PM
 #12

Hiii guys .. I wanted to another thing, Iwas reading this article about Fiat wallets and stuff on CoinDesk and speaking about our subject related to BitcoinXT wanted to know aswell If we all switch to BitcoinXT does it mean that all Hardware wallet will become useless   Huh or they do have control on server-side and they could switch aswell to the new blockchain ?

As I understood, whatever is done with Bitcoin code, all the BIPs etc, hardware wallets will be fine as they will just be updated with another update.

I am a Trezor owner, and somebody started a thread few weeks ago by saying that after some future  update, Trezors will become useless and will have to be exchanged for the new ones. This turned out to be nonsense and a FUD.

Now, this is my understanding, someone correct me if I am wrong.
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August 15, 2015, 01:19:51 PM
 #13

Hiii guys .. I wanted to another thing, Iwas reading this article about Fiat wallets and stuff on CoinDesk and speaking about our subject related to BitcoinXT wanted to know aswell If we all switch to BitcoinXT does it mean that all Hardware wallet will become useless   Huh or they do have control on server-side and they could switch aswell to the new blockchain ?

As I understood, whatever is done with Bitcoin code, all the BIPs etc, hardware wallets will be fine as they will just be updated with another update.

I am a Trezor owner, and somebody started a thread few weeks ago by saying that after some future  update, Trezors will become useless and will have to be exchanged for the new ones. This turned out to be nonsense and a FUD.

Now, this is my understanding, someone correct me if I am wrong.

But logically ... and if I understood right If it's called "Hardware wallet" then it should all should be coded on Hardware , no ? so how in the world they will update it unless you bring it to them

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August 15, 2015, 06:24:30 PM
 #14

I really hope BitcoinXT gets their way. They are linking the nakamotoinstitute.org site at the frontpage, I mean what's not to like?
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August 15, 2015, 08:21:32 PM
 #15

Hiii guys .. I wanted to another thing, Iwas reading this article about Fiat wallets and stuff on CoinDesk and speaking about our subject related to BitcoinXT wanted to know aswell If we all switch to BitcoinXT does it mean that all Hardware wallet will become useless   Huh or they do have control on server-side and they could switch aswell to the new blockchain ?

As I understood, whatever is done with Bitcoin code, all the BIPs etc, hardware wallets will be fine as they will just be updated with another update.

I am a Trezor owner, and somebody started a thread few weeks ago by saying that after some future  update, Trezors will become useless and will have to be exchanged for the new ones. This turned out to be nonsense and a FUD.

Now, this is my understanding, someone correct me if I am wrong.

But logically ... and if I understood right If it's called "Hardware wallet" then it should all should be coded on Hardware , no ? so how in the world they will update it unless you bring it to them


Well it's called a hardware wallet because wallet is separate "mini computer" and not a software like electrum or multibit. Well even this "mini computer" is running its version of software. Well all the Satoshis Labs need to do is update this software side of the Trezor and we will be good to go.

I am pretty sure they haven't imagined Trezor to be replaced every time a major fork happens, this would be insane and very impractical, for the end users and for the Satoshi Labs.
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August 17, 2015, 12:41:35 AM
 #16

Well there might be new bugs discovered later who knows.

But as the current situation is, you can never be safe enough, thats why diversification is the best thing you can do.

Put some LTC, NXT, Monero and other stuff too in your basket, so if BTC for some reason dies, another will quickly takes its place, and you wont lose all your money only a small % of it.

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August 17, 2015, 07:02:16 AM
 #17

Well there might be new bugs discovered later who knows.

But as the current situation is, you can never be safe enough, thats why diversification is the best thing you can do.

Put some LTC, NXT, Monero and other stuff too in your basket, so if BTC for some reason dies, another will quickly takes its place, and you wont lose all your money only a small % of it.

I guess that's another issue becauseI 'am not really used on alternative coins so I'am not sure which one of them have big potentials on the future to succeess .

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August 17, 2015, 09:40:30 AM
 #18

Well there might be new bugs discovered later who knows.

But as the current situation is, you can never be safe enough, thats why diversification is the best thing you can do.

Put some LTC, NXT, Monero and other stuff too in your basket, so if BTC for some reason dies, another will quickly takes its place, and you wont lose all your money only a small % of it.

I guess that's another issue becauseI 'am not really used on alternative coins so I'am not sure which one of them have big potentials on the future to succeess .

Thats why invest what you can afford to lose cos you dont know what will happen..

Bitcoin wont die in the next coming of years..
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August 17, 2015, 09:55:16 AM
 #19

Are my concerns justified or not? could something bad happen , I feel that all this BitcoinXT story and the censorship about it on Reddit etc ... will make bitcoin die just like that

Yes, something bad could happen, but bitcoin can and will likely bounce back from this uncertainty. I think this mess is going to affect the price and the biggest issue for me is if people who switch between bitcoin and bitcoinXT will be roughly split so it's kinda 50/50 adoption, and that I think will cause the biggest problems. Hoepfully xt will fail and die off though and not bitcoin.
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August 17, 2015, 09:57:53 AM
 #20

sorry dude i'm not agree bitcoin price can crash or up just wait and see. where the way bitcoin will go Wink

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August 17, 2015, 01:29:03 PM
 #21

Well there might be new bugs discovered later who knows.

But as the current situation is, you can never be safe enough, thats why diversification is the best thing you can do.

Put some LTC, NXT, Monero and other stuff too in your basket, so if BTC for some reason dies, another will quickly takes its place, and you wont lose all your money only a small % of it.

I guess that's another issue becauseI 'am not really used on alternative coins so I'am not sure which one of them have big potentials on the future to succeess .
Well there might be new bugs discovered later who knows.

But as the current situation is, you can never be safe enough, thats why diversification is the best thing you can do.

Put some LTC, NXT, Monero and other stuff too in your basket, so if BTC for some reason dies, another will quickly takes its place, and you wont lose all your money only a small % of it.

I guess that's another issue becauseI 'am not really used on alternative coins so I'am not sure which one of them have big potentials on the future to succeess .

Thats why invest what you can afford to lose cos you dont know what will happen..

Bitcoin wont die in the next coming of years..

I should perform all bitcoin's functions (perhaps even better), have a lot of innovation in it (we dont want copycats) and be trendy and easy to market.

I think this is the attributes a succesful altcoin should have but even this doesnt guarantee that it will succeed, perhaps a little luck is needed too!

Bitcoin is ok for the next 10 years in my view, if until then a better one doesnt come out, then bitcoin will remain forever, if it will then my guess is that they will share market cap 50%-50% and bitcoin will lose in 20-30 years.

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August 17, 2015, 03:16:42 PM
 #22

As long as someone still hold it and the transaction still ongoing, bitcoin may never die.
This currency is unique and it will difficult to get removed from market. But some factor that cause bitcoin existence like security breach , major hack , etc will deeply decrease bitcoin holder trust

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.IMO Ecosystem.
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August 17, 2015, 03:42:30 PM
 #23

I guess after halving bitcoin can dump quite radically
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August 17, 2015, 03:44:34 PM
 #24

I guess after halving bitcoin can dump quite radically

What ? since when the price decrease when the supply decrease ?

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August 17, 2015, 08:17:19 PM
 #25

I guess after halving bitcoin can dump quite radically

What ? since when the price decrease when the supply decrease ?


Correction, its not the supply that is decreasing, its the rate at which the supply is increasing is decreasing Smiley

Or in other words the yearly inflation halves.

I think he meant pump not dump, probably a misspelling.

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