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Author Topic: In what situation would Bitcoin die?  (Read 95367 times)
Blackdeath
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March 03, 2017, 06:31:33 AM

There were already some cryptocurrencies (very small altcoins) that "died" - that means, the blockchain doesn't grow anymore because there are no users (=users with running full nodes). Example: TGCoin.

That would be the most probable scenario for a "dead Bitcoin", too. No demand, no users, no transactions. The "why" question would not be that relevant - it could be a better cryptocurrency or - a bit sci-fi - less need to use money for everyday life, or a much better technology than cryptos (e.g. a kind of artificial intelligence which manages our needs). It would not be dramatic, just boring - "the last Bitcoiner" will power off the light, most probably without anyone noticing it.

Another scenario would be a severe software bug. That could be much more dramatic, because it's very probable that there would be still people trying to use it. Although in this case if the bug can be solved, the blockchain can be started again, although there would be, for sure, a big price crash. This also already occured in some altcoins (e.g. Slimcoin).

I think bitcoin will die in the way that there is no people that using it. No one is saving it because of its low value. If bitcoin value will fall because of some instances it will have a big impact on it. People will fall down and their bussiess as well will fall. People that are rich when it comes to bitcoin will now get poor and people that has no bussiness will work hard for their family in order to earn for their everyday need. In other words, bitcoin will die if it's value will fall down and people will stop using it and it will cause some instances that will make a certain person poor and not to sustain their everyday need. Smiley

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March 03, 2017, 07:16:36 AM

I think there are two ways Bitcoin could die:

1) Bitcoin could fail to get widespread adoption and acceptance by merchants, users, or investors so the demand could drop and then the value would drop.

2) Governments could ban Bitcoin or regulate it to the point that no one wants to use it any more.
adoption failure might happened , i just can't see the sign of it right now as everything so far run so good . a lot of new merchants popping up to accept bitcoin. and for the second reason i think there a lot of super power country like china and russia who has been ever banned bitcoin but the effort to prevent people to use bitcoin even makes the bitcoin adopter much more than before they ban bitcoin.

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March 03, 2017, 08:25:24 AM

Bitcoin would die if theres no already users on it because theres no demand then bitcoin would be useless because no one would like to buy it which means no value.We are just talking on the possibilities relating to circulation but speaking on technical if theres no internet then bitcoin cant circulate.
Bitcoin would die if the price would drop, but for not it is unlikely to happen  and I think that the demand will increase more and more as time is passing. I think that bitcoin could actually dies if nobody wants or is willing to do the mining infrastructure but it is a long long way off and the possibility of having a high transaction cost could lead to disappointments and decrease the demand. But as I can see for now,

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Przemax
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March 03, 2017, 10:32:37 AM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.


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Bitcoin0916
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March 03, 2017, 12:37:38 PM

Bitcoin would die if theres no already users on it because theres no demand then bitcoin would be useless because no one would like to buy it which means no value.We are just talking on the possibilities relating to circulation but speaking on technical if theres no internet then bitcoin cant circulate.
You are right. The primary key is the user can determine of bitcoin. Take a look the altcoin, they compete and make altcoin became uncertain. users remain while more make altcoin look dead.
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March 03, 2017, 12:41:16 PM

Bitcoin would die if theres no already users on it because theres no demand then bitcoin would be useless because no one would like to buy it which means no value.We are just talking on the possibilities relating to circulation but speaking on technical if theres no internet then bitcoin cant circulate.

If we support segwit and then adopt LN then we can even make transactions on bitcoin without internet connection or offline. The only reason that will kill bitcoin is if the users will no longer buy and accept bitcoins then its value will be reduced to zero. When that time comes it becomes an ordinary digital number because people left it.

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March 03, 2017, 02:00:24 PM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.
Yeah no digital currency is found superior to bitcoin. In the recent days ETH is the one that has become popular as well grown high following bitcoin. Bitcoin never dies. Past days a rival glorycoin got emerged based upon blockchain technology with advanced data management solutions and anonymity. In a short such coins gets vanished and bitcoin never dies.

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March 03, 2017, 02:18:14 PM

It is said that when quantum computing will be introduced,it would affect the block chain system.But, i hope it would take 20 more years to come.Devs should take appropriate measures to avoid such situations.
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March 03, 2017, 02:35:11 PM

I don't think that bitcoin will die, it will have some value even if some new technology appear, people will collect it cause it's first of it's kind.
Everything around us is evolving, bitcoin will have the same destiny, and I think bitcoin will be only better with the time. Quantum computing is also technology, and why bitcon can adopt on it? For me all mentioned scenarios are lucky guessing, I think bitcoin is strong enough to survive all upcoming problems and threats.

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March 03, 2017, 02:54:36 PM

I don't think that bitcoin will die, it will have some value even if some new technology appear, people will collect it cause it's first of it's kind.
Everything around us is evolving, bitcoin will have the same destiny, and I think bitcoin will be only better with the time. Quantum computing is also technology, and why bitcon can adopt on it? For me all mentioned scenarios are lucky guessing, I think bitcoin is strong enough to survive all upcoming problems and threats.

If you meant "adopt" meaning that bitcoin will survive the attack of quantum computers, then it will be because there's an algorithm that's going to counter quantum computing attacks. I wouldn't actually sweat the possibility of quantum computers finally going mainstream since it will be mainly used by other things. Bitcoin is just a small thing if you look at the bigger picture.

"Google's D-Wave 2X quantum computer can solve algorithms 100,000,000 faster than modern computing devices." (link) There's already a quantum computer and it can easily brute force its way to our accounts but it doesn't, why? Because there are far better things to do using a quantum computer.

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March 03, 2017, 06:02:32 PM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.
i do not think that still there is any other currency which can take the place of bitcoin, because still there is no such a close currency to bitcoin. we can see that the demand of bitcoin is increasing continously and hope that this trend will continue for a long time and the best proof is that bitcoin is now trading in 1290 USD level.

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March 03, 2017, 06:05:35 PM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.
i do not think that still there is any other currency which can take the place of bitcoin, because still there is no such a close currency to bitcoin.
Absolutely right. It's not the right time talking about this issue.

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March 03, 2017, 09:15:49 PM

natural disaster will not only effect internet but will also bring a big change throughout the world. it will even effect all aspect of life. but in normal routine i think there is no chance that internet will down and hope that bitcoin will continue increasing from time to time and we will get enjoyment from it.
Definitely, the world is entering a new digital era and we are relaying on internet more and more becoming a vital thing in our lives, we use for food of entertainment and for economy and I don稚 think that it is going to go away for a really long time, and bitcoin presents the best way to adopt to this new world.



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tyz
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March 03, 2017, 09:30:25 PM

I see the possibility that Bitcoin will eventually perish on his own success. As you know, Bitcoin has pretty technological limits at the current state.
Even at highs at the beginning of the year there were more than 30k unconfirmed transactions. They have all bottled-up. My transactions were confirmed at the standard fee after 17 hours. If suddenly one million more people would use Bitcoin actively, then it would be problematic for Bitcoin and its infrastructure network.

the.scientist
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March 03, 2017, 09:33:02 PM

Only if all the miners around the world stop mining. Any cryptocurrency using PoW algorithm could not survive in such a scenario. But this is very unlikely to happen.
Vikingr
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March 03, 2017, 09:35:55 PM

The time has gone when it was thought that bitcoin will ever die. Now bitcoin is a powerful currency and people from all over the world have benefit from bitcoin and they want to support it for more strength as if bitcoin will develop more we will get more benefits.

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justdimin
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March 03, 2017, 11:03:06 PM

natural disaster will not only effect internet but will also bring a big change throughout the world. it will even effect all aspect of life. but in normal routine i think there is no chance that internet will down and hope that bitcoin will continue increasing from time to time and we will get enjoyment from it.
Natural disaster is an exceptional case and I think it is not the point of discussion. I think it is hard for the bitcoin to die or decrease its popularity. I know nothing is impossible but if we see its latest progress and popularity I don稚 think it will ever going to be happened.

In extreme cases, both bitcoin and human being will not survive. Nuclear disaster must be one of that kind. When human could not survive on this planet there will be no point of discussing about survival of bitcoin along with that.

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tvbcof
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March 03, 2017, 11:23:13 PM


The ability to sign a transactions without access to the secret key in enough instances is the only thing I really worry about.  Say through an undetected weakness in the necessary cryptography and/or built in back door in some crypto and/or hardware implementations.

Absent that I don't think it possible that Bitcoin would 'die', though various things could drastically change it's trajectory.


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March 03, 2017, 11:59:45 PM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.
maybe that was the reason the most reasonable bitcoin replaced by cryptocurrency better technology and beyond bitcoin. users would be interested in something nicer maybe it's one of the reasons

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March 04, 2017, 12:56:57 AM

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 will happen if the no investors will get trust into bitcoin. After that bitcoin users will be gone at once in this industry , when it happen it will surely the value drop as like a skyrocket crashing on the ground. And centralization will be declared to all nation.



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