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Author Topic: In what situation would Bitcoin die?  (Read 99973 times)
Absentis
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September 01, 2017, 10:18:45 PM
 #1501

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

Actually i dont see any situations that bitcoin and other top seeded cyptocurrency will die now or end except will if there will be a World War III which is described that will be the most fatal of all war histories. Ofcourse no more digital transactions will be process and all digital system and facilities might be destroyed even fiat will be hardly to excess. But still it will be restored as soon as peace will achieve again. So lets hope this assumption will not happen.
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September 01, 2017, 10:37:48 PM
 #1502

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 bitcin will not die just because of other cryptocurrency existence because for this era, even though there are lots of alternative coins that are present in the market that offers large count of income online, many people are still holding into their bitcoin because we all know that bitcoin is a fast growing currency online that makes many people have an opportunity to earn an income even without stable work to be a source  I think bitcoin death will be possible if there will be another sprout of world war that will probably result to a massive destruction on properties that can affect people's life that they will not prioritize bitcoin anymore added by the fact that it can be useless because money has no say in a war especially if it is online because on that time there will be no internet connection to generate and operate bitcoin usage.

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September 01, 2017, 10:44:08 PM
 #1503

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.

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September 01, 2017, 10:57:25 PM
 #1504

My post here is more of a question or summary I suppose, but in considering what it would take for bitcoin to die, there is of course the concept that people stop finding interest or value in it. But have there not already been a whole bunch of different circumstances in the news that would have already taken a strong shot at bitcoin's viability:

Different scenarios that threaten bitcoin
- A hack and theft of a major exchange - this obviously happened with Mt. Gox. And while it is an unfortunate issue, bitcoin's price has clearly recovered. And of course there are more secure ways to store bitcoin (wallets) so holding on an exchange should not be something that people do regularly.
- Negative news - there has been a ton of this. The Silk Road issue and different forks. I am not crazy on the forks happening, since it can be confusing for a user who is not aware of bitcoin. But even with these the price continues to climb. And even if one of bitcoin or bitcoin cash were to be killed off, then it could just represent non-usage of the failed version, and the other version would have continued usage (assuming that the entire ecosystem continues to be used).

So while people buy more because the price continues to climb, more people can buy more because the price continues to climb, and so on. And then the finite element of it comes into play and allows bitcoin to be a viable store of value. So people not wanting to invest in it anymore and not holding anymore or valuing it is one of the only ways it could not succeed?Huh

I suppose there could be a big sell-off from a major holder which triggers more and more selling. But then that would entail the major holder wanting to cash out when it would be in their interest to keep holding and allowing the price to have a continued chance to rise.

Any thoughts? Am I on the right track?
 
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September 01, 2017, 11:10:27 PM
 #1505

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.
You're right.I think that will be the main reason why bitcoin would possibly die.Everyone will be panic for sure because there will be a total block out for internet connection,and if it will happen for a prolong time,bitcoin will surely die.




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September 01, 2017, 11:15:12 PM
 #1506

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.
I agree, this is one of the reasons bitcoin will die if no internet connection. Also, no one will use bitcoin anymore people stop to use btc. But for now bitcoin will never die as the value is going strong and keep increasing means btc still in demand.

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September 01, 2017, 11:18:46 PM
 #1507

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.
You're right.I think that will be the main reason why bitcoin would possibly die.Everyone will be panic for sure because there will be a total block out for internet connection,and if it will happen for a prolong time,bitcoin will surely die.
so actually if the internet is die then bitcoin will also die, yes I guess that's a very sensible reason. but I was wondering, what would cause the internet to die? if only because of a major disaster may be in a few days, weeks or months the Internet network can still be repaired, if so we will still be able to use bitcoin. correct?

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September 01, 2017, 11:55:19 PM
 #1508

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.
You're right.I think that will be the main reason why bitcoin would possibly die.Everyone will be panic for sure because there will be a total block out for internet connection,and if it will happen for a prolong time,bitcoin will surely die.
so actually if the internet is die then bitcoin will also die, yes I guess that's a very sensible reason. but I was wondering, what would cause the internet to die? if only because of a major disaster may be in a few days, weeks or months the Internet network can still be repaired, if so we will still be able to use bitcoin. correct?
Even if the internet will die or shutdown for a few days, weeks or even months then bitcoin is not dead because if you will realize, bitcoin is just dependable in the internet because it needs internet to do things like transaction or to access bitcoin but its life is not dependable in the internet because it has its own way to support its life.

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September 02, 2017, 02:48:01 AM
 #1509

i think bitcoin will say goodbye if evey countries ban every bitcoin situations ! if someone was caught of using bitcoin would go to jail , like that ! or the internet services is broke down for like 2-3 days or even more ! bitcoin price will drop and drop to 0 ! Or people stop using bitcoin ! Annother good coins talk over bitcoin spot on market ! Hackers , bug coin ! many things can happen on internet so we can't not see the bright future yet

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September 02, 2017, 02:54:23 AM
 #1510

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

Value decrease may be a big factor for a coin to wither away but it is basically just an effect of a team that is not working or functioning well anymore. For as long as the team is working hard, innovating, and promoting properly, the value will go along well. Legality is not a problem for me. Bitcoin as well as other coins for that matter may remain largely underground. That's not a problem for as long as people can have access to it. The last one concerning about new technologies and ideas are the most probable reason why cryptocurrencies will probably die. But I hope they will be able to cope with the times.

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September 02, 2017, 03:00:56 AM
 #1511

Bitcoin will never die, unless all governments outlaw bitcoin unilaterally, and find a way to filter bitcoin web traffic. This is the main caveat of bitcoin; you have to get every last node to kill the whole network (decentralization FTW). But people could largely stop using bitcoin; this would only happen if the price took a major, epic dive ( im talking back to 1000). This would indicate a lack of trust/confidence. The only way I could see that happening is if a major exploit/vulnerability is found.

Even then, there would be die hards that would patch it, fork it, and keep it moving LOL.

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September 02, 2017, 03:40:49 AM
 #1512

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 never die. The most important thing for a commodity to gain recognition as money is trust and acceptance of society. Bitcoin is such as miracle in millennium century and people are love it. So as long as people are need it bitcoin will never die. People will always need bitcoin.

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Nakakapagpabagabag
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The best ico: DITCOIN!


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September 02, 2017, 03:53:18 AM
 #1513

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 never die. The most important thing for a commodity to gain recognition as money is trust and acceptance of society. Bitcoin is such as miracle in millennium century and people are love it. So as long as people are need it bitcoin will never die. People will always need bitcoin.

Indeed.  Bitcoin will never die.  Its price right now is $5000 so it is hard to think that it will die.  It will die obviously if there would be no internet, which is also impossible to happen.

kevinzxz
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September 02, 2017, 04:32:03 AM
 #1514

the situation that makes bitcoin die is the absence of internet network again in this world, so people can not access bitcoin, and that's where bitcoin will die  Grin

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September 02, 2017, 05:19:50 AM
 #1515

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 bitcoin will only die if there will be no internet in the whole world. That will be one reason, the other reason I think is that btc will die if there will be no people to invest in it. Which explain that it will never die.
Bitcoin will not die if there will be no internet connection because bitcoin is still alive and the only thing that we know is, bitcoin is just in sleep since there is no internet connection and for the second reason that you listed, it is possible to happen if there will be no people invest in bitcoin then it will die because we all know that the difficulty is keep on rising and the price is getting more expensive and making it not affordable anymore for some people so the possibility of investors is getting lower and lower.
Sleep is half death, if you know what I mean. Without internet, BTCs are as good as gone dude. And if you ask my opinion on the second point, it is just impossible. People even buy trash like China do and recycles it and we are talking about the foundation of crypto currency world. It's an idea and it will never die.
first I said it might be the internet can die but it will be very difficult to happen. many say that the world war will make the internet die, but surely there are some countries that do not interfere in war and of course the internet can still be accessed there, I think the first reason will not happen, second bitcoin will not die even though the price is very expensive though, the rising price will surely occur along with the growth of the user but it will not make the bitcoin die

TIDOVEE
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September 02, 2017, 05:33:20 AM
 #1516

bitcoin can die if it stops getting better in value and technological advancement, if other cryptocurrency come with better characters and bitcoin could not meet up, it will definitely die




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wurth
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September 02, 2017, 05:36:25 AM
 #1517

In my opinion the only situation that Bitcoin could die is when we face a major disaster wherein we will have a global lose of internet connection. Internet Connection is our only way to access Bitcoin without it Bitcoin is useless.
You're right.I think that will be the main reason why bitcoin would possibly die.Everyone will be panic for sure because there will be a total block out for internet connection,and if it will happen for a prolong time,bitcoin will surely die.
Do you think other jobs on the world need not use internet for work? The worst situation internet disconnect forever is impossible with the development of science and technology today.
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September 02, 2017, 01:48:59 PM
 #1518

The biggest threat to Bitcoin, is another Altcoin with Bitcoin's problems solved. When people get used to use cryptocurrency, it will use the best. One of today's bitcoin's problem is the slow confirmation. DASH has an instantX, transaction mode with a transaction fee payed to DASHe's special nodes masternodes. So DASH can be used over the counter today. If a similar technology is not added to bitcoin, there is one reason to use something else.
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September 02, 2017, 02:05:56 PM
 #1519

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
In my opinion,Bitcoin can die in only 1 situation.Certainly not price decrease,because people would still use it.Also  Bitcoin is the mother of cryptocurrency,even if a new potential concept superseding Bitcoin,there will still be people interested in Bitcoin no matter what.

The only situation where Bitcoin can die is,if somehow the internet shutdown worldwide (which is mostlikely impossible to happen because most of human being became more and more dependent on internet)

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September 02, 2017, 02:05:59 PM
 #1520

For me. Bitcoin will die without internet because this is indispensable for the world economy but this will never happen because internet is the most important thing in our daily life.

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