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Author Topic: In what situation would Bitcoin die?  (Read 95677 times)
grermezter
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July 02, 2017, 01:31:56 PM
 #1241

If mining isn’t profitable, this means Bitcoin is dead already. The profit comes from offering a useful service to the public - if the public doesn’t think it’s useful anymore, then there will be no profit.

So, it’s the other way around - if Bitcoin dies, then mining won’t be profitable anymore
If the last ever bitcoins is eventually mined and there isn't any others left to mine again,  that's when bitcoins is going to die because the miners wouldn't be getting lots of profits from just the transaction fees alone and thus will make alot of people abandon it.

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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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July 02, 2017, 01:57:43 PM
 #1242


The only situation where I see this happening is where the development and improvement of Bitcoin stalls and doesn't keep up with other technology that is coming - the biggest threat right now is quantum computers that could render encryption useless if we don't find answer for it.

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July 02, 2017, 04:08:08 PM
 #1243

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?


I think the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die
Yeah the governments can not kill Bitcoin, if the governments don't accept Bitcoin, people will still use it (secretly), the price should be lowered but Bitcoin users will still exist
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July 02, 2017, 04:16:15 PM
 #1244

When the government forbids and makes illegal bitcoin
The government may not ban transactions with bitcoin. Exchange which are engaged in the exchange are located in different jurisdictions and the government of one or several countries will not be able to influence them. Additionally, the bitcoin exchange takes place between user computers so it is very important to develop trade with bitcoins. Then the government will definitely be powerless.

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July 03, 2017, 02:40:39 PM
 #1245


The only situation where I see this happening is where the development and improvement of Bitcoin stalls and doesn't keep up with other technology that is coming - the biggest threat right now is quantum computers that could render encryption useless if we don't find answer for it.

Yeah, trivially breaking sha256 encryption will bring bitcoin mining to a halt.    The landscape of computing and security will undergo a massive evolution in general.   Though quantum computers has been within 5-10 year grasp for ages, depending on who you talk to, be skeptical it will happen as soon as advertised by those with an agenda.   I'm still waiting for graphene to do something cool.

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July 03, 2017, 02:54:20 PM
 #1246

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

Bitcoin would end up only, if all users will be gone away or disappear in this industry, and that will happen only if the features of bitcoin will no longer be implement and not function properly which might cause of the community be get disappointed unto it. which will lead the value goes down into zero.

If the user is lost then it is likely to disappear in the industry today, and if bitcoin is not productive then bitcoin will die and its users will also feel disappointed if the bitcoin price will be zero value.

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choppork
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July 04, 2017, 10:29:29 AM
 #1247

When the government forbids and makes illegal bitcoin
The government may not ban transactions with bitcoin. Exchange which are engaged in the exchange are located in different jurisdictions and the government of one or several countries will not be able to influence them. Additionally, the bitcoin exchange takes place between user computers so it is very important to develop trade with bitcoins. Then the government will definitely be powerless.

I think you have to do your own research. Exchanges fall under a jurisdiction of a country, right? Then the government totally has a power above it. In my country, the exchanges have to pay taxes to the government. The users don't have to because it's included in every cash out that you do. Just like when you buy bread in the convenience store. There's already tax added to the price of the item.

If you ever notice that the price of bitcoin is lower in your exchange than trading sites or other exchanges, it might be because they already added the fee. The government has a power against exchanges. You should look it up. And even if you're using an exchange outside of your country, you still have to declare your cash-outs on your annual tax report because otherwise you will be evading tax.
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July 04, 2017, 11:05:36 AM
 #1248


The only situation where I see this happening is where the development and improvement of Bitcoin stalls and doesn't keep up with other technology that is coming - the biggest threat right now is quantum computers that could render encryption useless if we don't find answer for it.

There's always a solution to every problem and every little thing in this world has their own weakness. Bitcoin might be weak against quantum computers but even quantum computers have their weakness. Quantum computing can be countered by post-quantum cryptography. Today, the algorithms are breakable by a large enough quantum computer. It's good that they just don't sell quantum computers to people. Quantum computers are only used for much better stuffs. Breaking bitcoin down will just lead to the price of bitcoin going down. Thus, using a quantum computer to hack bitcoins will result to nothing but bitcoin itself going down. There's no gain in money or anything.


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July 04, 2017, 11:09:10 AM
 #1249

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

Bitcoin would end up only, if all users will be gone away or disappear in this industry, and that will happen only if the features of bitcoin will no longer be implement and not function properly which might cause of the community be get disappointed unto it. which will lead the value goes down into zero.

If the user is lost then it is likely to disappear in the industry today, and if bitcoin is not productive then bitcoin will die and its users will also feel disappointed if the bitcoin price will be zero value.

Such situation never arise. Bitcoin is always productive and this is growing just because the emerging competence is very high. In my view this never gonna die, because as people mentioned it happens only when the usage becomes nil. As it began it will continue if people stop using it. As a gambling token.it will be used and this causes it to have certain value. So death of bitcoin is not the one that we need to discuss. What we need to discuss is all about the growth.

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July 04, 2017, 11:18:38 AM
 #1250

Bitcoin can end when there is a new technology. But if bitcoin is still used I'm sure bitcoin can survive.
So the toughest threat today is from bitcoin users. If no one uses bitcoin again then bitcoin will disappear forever.
So when there are still people who use bitcoin then bitcoin will continue to remain present and valuable.

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July 04, 2017, 11:38:16 AM
 #1251

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin will die if people no longer need it or get hacked by a group of hackers. But I think it will be very difficult for bitcoin to not exist because bitcoin is now a pretty strong network.

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July 04, 2017, 01:40:35 PM
 #1252

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin will die if people no longer need it or get hacked by a group of hackers. But I think it will be very difficult for bitcoin to not exist because bitcoin is now a pretty strong network.

Bitcoin is unhackable and it was meant to be like that. There are large institutions out there that are totally hackable because of their centralized technology yet we rarely see hackers attacking. Hackers are just behind the shadows. We don't hear any news about them at all. Sometimes I start to think that hacking groups are just a bunch of wannabes trying to spread FUD and trying to look cool to other people. There's even a twitter post back then. They say that they are a hacker group and they will hack each and every ISIS social media accounts yet we don't see any of those in the headlines.

An account in social media is obviously a lot easier to hack than bitcoin. If they can't even do that, then it's pretty obvious that they can't never get to bitcoin.
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July 04, 2017, 02:12:01 PM
 #1253

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?


I think the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die
I don't think the governments can make Bitcoin die. In the first moment, Bitcoin was made to work without any dependence so that without any government's permision, Bitcoin will still alive.
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July 04, 2017, 03:10:50 PM
 #1254

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?


I think the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die
I don't think the governments can make Bitcoin die. In the first moment, Bitcoin was made to work without any dependence so that without any government's permision, Bitcoin will still alive.
maybe the governments can ban or monitor you, aply Penalties and fines if you use btc

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July 04, 2017, 03:21:33 PM
 #1255

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?


I think the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die
I don't think the governments can make Bitcoin die. In the first moment, Bitcoin was made to work without any dependence so that without any government's permision, Bitcoin will still alive.
maybe the governments can ban or monitor you, aply Penalties and fines if you use btc


Their is no chance of a death to the bitcoin.As long as internet is alive, bitcoin is alive.
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July 04, 2017, 03:33:02 PM
 #1256

Bitcoin die when in this world is not available internet network,
Maybe it's an unreasonable thought but I think that's one of the reasons.

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July 04, 2017, 05:11:59 PM
 #1257

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
I think that the end of the bitcoin will be declared by the regression of the confidence of people in this currency, or even completely ignore !!
However, in my opinion the end of the bitcoin is very very far from being and that we are in the spring of the bitcoin!
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July 04, 2017, 05:21:10 PM
 #1258

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin has already survived eight years despite legalization.
Till now,there is no such technology to supersede bitcoin.Since adoption of bitcoins is increasing day by day,its  value would not decrease more.
Only when quantum computing will be introduced in future after twenty years,the security of bitcoin might get compromised and bitcoin may die in such a situation.
naughty1
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July 04, 2017, 05:35:49 PM
 #1259

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
I think that the end of the bitcoin will be declared by the regression of the confidence of people in this currency, or even completely ignore !!
However, in my opinion the end of the bitcoin is very very far from being and that we are in the spring of the bitcoin!


The bitcoin bubbles are gradually getting bigger, this can lead to the risk of exploding, not just bitcoin, most other altcoins will also collapse. That's a bad thing, so they're trying to adjust things.

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fullypak
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July 04, 2017, 06:21:34 PM
 #1260

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin has already survived eight years despite legalization.
Till now,there is no such technology to supersede bitcoin.Since adoption of bitcoins is increasing day by day,its  value would not decrease more.
Only when quantum computing will be introduced in future after twenty years,the security of bitcoin might get compromised and bitcoin may die in such a situation.
Yes the adoption of bitcoin is increasing, and users of bitcoins are also increasing day by day. So I think the bitcoin will never die forever and the price of the bitcoin also stable after few years. Nobody will give assurance, but according to the present situation, Bitcoin will lead this digital world min next 10 years.
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