The thing that will destroy Bitcoin.

[Nemesis099]

Bitcoin will be destroyed by some new and innovative currency that will take birth in future, till then there is nothing that can destroy bitcoins, the future of bitcoin is safe till then.

[Jemzx00]

I think block chain being fully loaded is not that problem since blockchain could just make a lot of servers or there will be a new company from which bitcoin is being controlled and soon be combined with blockchain ... But what I think that will destroy, ruin .. bitcoin will be the internet itself since for all we know internet is an untrusted thing from which anyone who know that can manipulate it will manipulate it..

[jkrules]

I don't think anything can destroy bitcoin as it is becoming more popular day by day, and people are positively adopting it, till it keeps on getting support from the society, no one can destroy it.

[RustyNoman]

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

[AGD]

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

[phreaky]

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

I think criminals can do that. Or the world economy can do that too. It depends on the time and what is happening.
You never know what can happen later. Maybe the world is going or something. It so unpredictable to the future.

[buyinbtc]

i don't think that bitcoins will be destroyed, i mean too many people knows about them, so it would be hard to destroy it

[mtnsaa]

I'm glad more users here are actually discussing and criticizing Bitcoin current state. These are the steps that must be done in order for it to improve no so many empty praises from signature campaigners (I should know I'm one of them) praising Bitcoin like it's the second coming while at the same time it's impossible for a common person to choose it over any other method (Paypal, CCs, etc).

I think Bitcoin should reinvent itself and focus on what I think was its first intention, virtual gold. As a payment system is completely useless in my opinion, at least for everyday life. Confirmations take forever, it's a complete hassle, having to convert decimals all the time, who needs that when you have Paypal or a simple credit card swipe right? But as a commodity it has a lot of potential, so much more than we can imagine.

[blunderer]

... I think Bitcoin should reinvent itself and focus on what I think was its first intention, virtual gold. ...

FFS, read at lest THE TITLE of Satoshi's white paper.
https://bitcoin.org/bitcoin.pdf

[AGD]

If the community is not unified, there is a chance that bitcoin to be destroyed from within. Government agents or terrists can infiltrate.

Will you do a write up on "How to infiltrate Bitcoin as a terrorist"?

So IS is going to buy more miners than China to infiltrate the network? Or can you explain how they could actually DO infiltrate Bitcoin instead of spreading some smattering that you caught somewhere on the net?

I think criminals can do that. Or the world economy can do that too. It depends on the time and what is happening.
You never know what can happen later. Maybe the world is going or something. It so unpredictable to the future.

 
 
 
 

[EdenHazard]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?




Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

the only thing will destroy bitcoins is dooms day. that 4 idea is good,but not sure its can be make bitcoin long life,maybe if bitcoin regulated and accepted in some country as main currency,it will save bitcoins.

[socks435]

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?




Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

the only thing will destroy bitcoins is dooms day. that 4 idea is good,but not sure its can be make bitcoin long life,maybe if bitcoin regulated and accepted in some country as main currency,it will save bitcoins.

Yeah i think bitcoin will still alive and it will never die.. Unless if we all die or internet will be disappear so we can't use internet.
Bitcoin has a good future and it will be popular in every country. We just wait or the near future we will see the bitcoin still alive..

[Jet Cash]

Underutilisation of resources will limit bitcoin (not destroy it). Fill the blocks, and do something about selfish miners.

[hv_]

Only temporary, when China Gov. decides to do own coin and take over  existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...

After that decentralisation might be better and trust might come back by time.

[mtnsaa]

Only temporary, when China Gov. decides to do own coin and take over  existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...

After that decentralisation might be better and trust might come back by time.

That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.

[Nameless Coin]

Only temporary, when China Gov. decides to do own coin and take over  existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...

After that decentralisation might be better and trust might come back by time.

That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.

I am not sure this is going to happen.
Governements are not understanding bitcoin at all, let alone would they participate. It's just not the right sentiment now.

[PakistanHockeyfan]

Hm. I am surprised this is still up for discussion. Well, I must say that more than a million things would have to go wrong before Bitcoin is destroyed so let's keep our chins up and do what we have to do to stay positive.

[reputedchain]

I don't think there is anything that can destroy bitcoin, as bitcoin is raising at a moment and getting more popular worldwide, negative people are trying to destroy it but its never gonna happen.

[hv_]

Only temporary, when China Gov. decides to do own coin and take over  existing mining power by politcal act. Maybe in combination with a >50% attack and massive short selling...

After that decentralisation might be better and trust might come back by time.

That will create a lot of chaos and huge dumps but I agree it may be for the best in the long run. Another way to see it is that if the dumps are too big it could damage Bitcoin irreversible if many people get burned all of a sudden, including many here hehe.

I am not sure this is going to happen.
Governements are not understanding bitcoin at all, let alone would they participate. It's just not the right sentiment now.

I'm not saying it will happen tomorrow, if happens at all. But the topic here comes down to the probability of a real Black Swan event and I estimate the joint prob of all three events up in my post ito be quite high. Much more higher than e.g. the CHF event from 15th Jan 2015 where the Swiss Nat Bank removed the floor...

[Laosai]

Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

1. I agree with that

2. Working on it, it'll get it ok

3. Fees are incredibly low, just pay it xD

4. Nah with a fee it's really fast! It takes a few minutes for the first one.