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Author Topic: In what situation would Bitcoin die?  (Read 94879 times)
choppork
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February 13, 2017, 11:43:50 AM
 #161

I guessed the most possible way Bitcoin will dies is when the government makes a full shutdown of it.  If the government tries to disable all the Bitcoin wallets it will make all Bitcoin useless, which is a strong possibility because the government has the power to control what you can do with the internet. With this broad decision it will instantly make Bitcoin valueless.

Dude what? So how come they haven't shut down websites that post all of the issues about the government. I strongly disagree that the government has "the power to control" of what you can do with the Internet because if they actually do, it would be so ironic because government websites always get hacked just so hackers would have something to laugh at.

If the government tries to disable all the bitcoin wallets, they would not succeed because they simply can't. They can't shut down anything at all except for simple websites than can be put down by simple DDoS attack of an average hacker. I don't know about other countries but my government's cyber army is so weak that it hurts. They can't trace anything online let alone take down the bitcoin network.
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February 13, 2017, 11:54:56 AM
 #162

I guessed the most possible way Bitcoin will dies is when the government makes a full shutdown of it.  If the government tries to disable all the Bitcoin wallets it will make all Bitcoin useless, which is a strong possibility because the government has the power to control what you can do with the internet. With this broad decision it will instantly make Bitcoin valueless.

Dude what? So how come they haven't shut down websites that post all of the issues about the government. I strongly disagree that the government has "the power to control" of what you can do with the Internet because if they actually do, it would be so ironic because government websites always get hacked just so hackers would have something to laugh at.

If the government tries to disable all the bitcoin wallets, they would not succeed because they simply can't. They can't shut down anything at all except for simple websites than can be put down by simple DDoS attack of an average hacker. I don't know about other countries but my government's cyber army is so weak that it hurts. They can't trace anything online let alone take down the bitcoin network.
I agree that the government cant disable the bitcoin wallets. It would be very hard for them to disable bitcoin wallets. But government has the power to ban bitcoin in every country and banning of bitcoin can make us not to withdraw bitcoin into real money. I think it is the way bitcoin will die.


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February 13, 2017, 12:00:36 PM
 #163

For me the only situation that bitcoin will die is when there will be no one to use and patronize it. That is the only thing that comes to my mind. But i think it is impossible because there are lots of new users everyday and bitcoin is being well known globally. The future of bitcoin is very promising



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February 13, 2017, 12:08:18 PM
 #164

Bitcoin could die if there is no one left who uses it. Until at least one person uses it, Bitcoin can't die. So obviously Bitcoin never die  Wink
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February 13, 2017, 12:10:43 PM
 #165

I guessed the most possible way Bitcoin will dies is when the government makes a full shutdown of it.  If the government tries to disable all the Bitcoin wallets it will make all Bitcoin useless, which is a strong possibility because the government has the power to control what you can do with the internet. With this broad decision it will instantly make Bitcoin valueless.

Dude what? So how come they haven't shut down websites that post all of the issues about the government. I strongly disagree that the government has "the power to control" of what you can do with the Internet because if they actually do, it would be so ironic because government websites always get hacked just so hackers would have something to laugh at.

If the government tries to disable all the bitcoin wallets, they would not succeed because they simply can't. They can't shut down anything at all except for simple websites than can be put down by simple DDoS attack of an average hacker. I don't know about other countries but my government's cyber army is so weak that it hurts. They can't trace anything online let alone take down the bitcoin network.
I agree that the government cant disable the bitcoin wallets. It would be very hard for them to disable bitcoin wallets. But government has the power to ban bitcoin in every country and banning of bitcoin can make us not to withdraw bitcoin into real money. I think it is the way bitcoin will die.

I see the danger also more from governments banning or regulating bitcoin and cryptocurrencies, we'll see in the near future.

there is always a light at the end of the tunnel...
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February 13, 2017, 12:11:39 PM
 #166

For Bitcoin to die only if a series of errors happen in sequence making the adoption he has today fall sharply. Or if a very large vulnerability that has gone unnoticed by everyone so far is found. In all cases it is very unlikely.
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February 13, 2017, 12:29:04 PM
 #167

For Bitcoin to die only if a series of errors happen in sequence making the adoption he has today fall sharply. Or if a very large vulnerability that has gone unnoticed by everyone so far is found. In all cases it is very unlikely.

Well the percentage of a person getting an error on his or her BTC is a 99.9 percent well that is just human error it can be in transaction errors sometime in the wrong clicking may end up pretty bad, but I think a slight error from someone will not gonna totally shut down bitcoin, there are plenty more users out there and a 40% of users that could cause a tremendous error for bitcoin is not a very big deal either.

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February 13, 2017, 12:41:57 PM
 #168

The only thing that could destroy bitcoin is the bitcoin itself. It mainly included the users which are using bitcoin at this moment and those who will join in this journey. I think we should strengthen the regulations and build awareness to avoid the usage of bitcoin for negative (a.k.a criminal) activities. The governments are willing to put restrictions on bitcoin because it is something which is out of their control and hence we should not give them a cause to do so.

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February 13, 2017, 01:04:47 PM
 #169

If people lose faith in the security of the network for one reason or another then bitcoin could die. no matter how many times i look at the numbers i always have this idea in my head that an address could finally be cracked with a super computer ie one of satoshis old addresses, this would obviously be catastrophic . Maybe after years of not achieving mass adoption price will slowly taper off and die, to me this is the most likely case.
cryptocurrency developers have people who are experts in the field of network security that many say the military class security, I think they will not allow the address to crack for years

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February 13, 2017, 01:22:49 PM
 #170

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

Bitcoin may become too expensive

I understand that this is highly debatable but still. If Bitcoin costs, say, 10k dollars per coin (let's remain realists here, more or less), people may not be very inclined to buy it. After the hike always comes the plunge, but in the latter case, the price going down will not cause enough interest to go up again (as it happens today). So, after attracting max interest at the top, the hype and hysteria will subside, and Bitcoin may start going down the hill

i can't see how this is making sense
, let's say a random stranger his buying today 1 btc at $1000 because he can afford that amount

now with bitcoin at $10k he would simply buy 1/10, which is 0.1 and spending the same amount, bitcoin is divisible for a reason...

Obviously, it is only you

Strictly speaking, I don't see much sense in that either, but I have to throw away my personal opinion and consider this point of view impartially. After all, we can't deny the magic of numbers (round numbers, more specifically) on human mind and perception. In this case, it doesn't matter if you can easily buy 0.1 BTC instead of a whole bitcoin, what matters here is that the price is still quoted per unit of currency (i.e. how much is 1 bitcoin) and that can be frightening if 1 Bitcoin is worth 20k dollars (since people know how much is that)

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February 13, 2017, 01:59:18 PM
 #171

I think because of security problems, when no one believes anymore with security wallet so bitcoin missing without any apparent reason will certainly have an impact on users of the bitcoin. So the most important thing is the confidence of users with bitcoin wallet.
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February 16, 2017, 06:39:53 AM
 #172

First download and watch "revolution" a TV series, then you'll understand that only way for demise of bitcoin is lack of electricity, with more than 7B people be assured that the demand and support will always be here.
Q-In what situation we'll no longer need to drink water to stay alive?
A-When we find a replacement for water.

There will be no need to find any replacement for bitcoin because it has the potentials and flexibility to be whatever we want it to be.
So the only scenario for the failure of btc is the nanobots preventing the current of electricity Cheesy.
Maybe we will run out of fossil fuel while that wont stop the production of electricity completely it could stop the expansion of bitcoin since we will be left only with renewable sources to fulfill our needs.

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February 16, 2017, 06:51:03 AM
 #173

Probably quantam computer would have power to kill the network. Some said that quantum computing would have enormous power as compared to modern super computer but our luck is that quantum computing system would come may be after 20 30 years and it's just a dream of techie to make it reality.
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February 16, 2017, 07:02:52 AM
 #174

The governments didn't anticipate the digital currency to grow to this extent and if the wanted to kill it they should have done that when it was in the coding stage but now its an off the shelf product its too late to stop it! But the best(worst) the can do is have it regulated.

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February 16, 2017, 07:09:07 AM
 #175

The governments didn't anticipate the digital currency to grow to this extent and if the wanted to kill it they should have done that when it was in the coding stage but now its an off the shelf product its too late to stop it! But the best(worst) the can do is have it regulated.
But for any reason, I do not find the governments will be capable of killing a system which is proven as a freedom and beyond the control of their reach. Moreover, if governments start regulating bitcoins then it will boost bitcoin adoption and its value levels. I guess that is the only possibility in front of governments as of now.

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positivezero
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February 16, 2017, 07:22:31 AM
 #176

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

if no one, as in no one users will bitcoin, if government would banned bitcoin(maybe), yes they have the power to do that but we have also the right to fight against banning, government is out for that(bitcoin), if the price would fall down into the bottom then no people will used it, or even if no users believe about bitcoin. Bitcoin is all about the people behind it, so if no users, then no bitcoin

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February 16, 2017, 07:38:43 AM
 #177

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

The only reason I think that bitcoin will die is, if the internet in the whole world will disappear but its gonna happen. Then if all the users of bitcoin and whale investors in the entire world will also exit in this industry it will surely bitcoin value will crash quickly down to zero from trading market to crypto currency will downfall to bankruptcy.


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February 16, 2017, 07:39:41 AM
 #178

The governments didn't anticipate the digital currency to grow to this extent and if the wanted to kill it they should have done that when it was in the coding stage but now its an off the shelf product its too late to stop it! But the best(worst) the can do is have it regulated.

The government is aware bitcoin is something that is associated with many users worldwide. Just like drugs, no one can kill the bitcoin system, because this sort of positive virus will continue to spread in financial business. And there is no other way than to use it in the right track.

Regulation is not the right solution, but it makes sense to open the gates of business community that can be utilized on a massive scale.

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
if no one, as in no one users will bitcoin, if government would banned bitcoin(maybe), yes they have the power to do that but we have also the right to fight against banning, government is out for that(bitcoin), if the price would fall down into the bottom then no people will used it, or even if no users believe about bitcoin. Bitcoin is all about the people behind it, so if no users, then no bitcoin

It is too early to discuss all possibilities of it, but I'm sure the community will be greater, and even able to be total currency adopted by countries that wants it.

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February 16, 2017, 11:32:05 AM
 #179

Probably quantam computer would have power to kill the network. Some said that quantum computing would have enormous power as compared to modern super computer but our luck is that quantum computing system would come may be after 20 30 years and it's just a dream of techie to make it reality.

They probably would simply have to increase the difficulty to solve bitcoins and have some anti-quantum computing algorithm. The problem is, when quantum computing goes out before someone figures out how to counter it. I wouldn't sweat it that much. There are other things that are far more important in the society that can be massively affected by quantum computing. I'm sure they wouldn't start their destruction with bitcoins.

There's no given time frame when is quantum computers going to be released but we might already be dead by the time it comes out, so.. no point thinking about it right now.

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February 16, 2017, 11:58:19 AM
 #180

There might be alot of reason that may cause bitcoins end if will happen so.But most likely the biggest threath that may cause bitcoins end is system failure on bitcoin and blockchain network or getting hijacked by huge hackers association online.Also may be a cause is a price depletion.We all know that bitcoins is known as a huge valued cryptocurrency and bitcoins price is not stable at all and may go down in any days from nowm

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