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Author Topic: In what situation would Bitcoin die?  (Read 101276 times)
Tyrantt
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March 04, 2017, 01:07:59 AM
 #281

If people are unable to process timely transactions and the utility becomes more difficult for services that provide transactions for users.
That or the security in the cryptography is broken and is not updated promptly.

Couldn't there be implemented a way specifically designed for businesses? Like a blockchain storage unit that will hold all transactions that are made during the day and then later on sync them with blockchain.
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March 04, 2017, 02:19:16 AM
 #282

The only way Bitcoin will ever die is if the internet dies or when the worth drops to zero. I don't think that the internet will die because it is something almost everyone uses en need.
And also that the worth of the Bitcoin will drop to zero because it is being used by more people each day.
you are right when internet dies then bitcoin will be die but it really impossible and internet would be never die and bitcoin is depend on internet and there a lot of users of bitcoin and more people adopting bitcoin.
it mean bitcoin will never die because internet technology is permanent and its true that bitcoin depend on internet and we know that bitcoin digital currency just using through internet and i am sure internet internet will be survive forever.

I dont agree with your point of Internet cannot die, what if all the servers are got crashed due to some natural calamities then what can you do, Their is always possibilities of 1% chance of anything can happen, Bitcoin relies on Internet and what if Internet got crashed due to natural calamities like their is full of unnatural floods, earth quakes nothing can stop it.
The internet was designed to give communication in the case of a nuclear holocaust, so while there is a chance the internet could be destroyed the event needs to be of such a big magnitude that not having internet will not be the greatest of our worries.
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March 04, 2017, 02:33:00 AM
 #283

If people are unable to process timely transactions and the utility becomes more difficult for services that provide transactions for users.
That or the security in the cryptography is broken and is not updated promptly.

Couldn't there be implemented a way specifically designed for businesses? Like a blockchain storage unit that will hold all transactions that are made during the day and then later on sync them with blockchain.

There are various solutions to the issue the most logical one is increasing the threshold for transactions from 1 MB to 2 MB to 4 MB to not choke micro-transaction and business growth. The problem is acquiring the consensus of enough of the network in order to do that and stop congestion.

There are other possible solutions to the case you mentioned such as Off-Chain contracts in simple terms think Net 30 in accounting and giving suppliers credit in advance of a payment.
(The issue is that you need to trust the business not to run away with your money or fake their books if it is off-chain)
https://en.bitcoin.it/wiki/Off-Chain_Transactions
http://www.businessdictionary.com/definition/net-30.html

A workable approach is using alt-coins as intermediaries for low cost transactions this works fine as long as the business and the users accept the coins to get around the delay in Bitcoin, basically this is sending Ether, Clam, Doge, Litecoin, Dash or any other cryptocurrency both parties accept instead of Bitcoin to avoid delays in the blockchain.
This works perfectly well for some gambling sites and exchanges or vendors that take Bitcoin and another altcoin.

With Bitcoin itself:
Grouping transactions together and paying a large transaction fee to cue to the front of the line is what many exchanges are already doing. The issue is that businesses may not wish to absorb the costs of these transactions and pass the transaction fee cost to the user as bitfly did. This penalizes small transactions and disincentives the use of transactions for small amounts as it would represent a greater percentage of the amount sent.

If the amount is large enough in proportion to the fee one can always cut to the front of the cue by paying a high transaction fee instead of the standard fee of 0.0001. The biggest losers are small transactions think gambling sites that use the blockchain to verify results like Satoshidice and luckyb.it have done in the past or people who want to send 10 bucks to a friend in a rush but do not want to pay high transaction fees.

Looking at luckyb.it today. Currently, the best fees to use are 164 satoshi per byte.
19.19 sat/B  is a standard fee at 0.0001 so a quick transaction costs 8.6x as much as standard 0.000855 or about a dollar vs 13 cents.
It doesn't really kill Bitcoin but it does suppress its expansion in some regards.

https://cointelegraph.com/news/nocks-gulden-drop-bitcoin-support-cite-bad-reputation-and-slow-transactions
https://bitify.com/changes-to-the-fee-system/
http://www.nigeriatoday.ng/2017/02/bitcoin-transaction-fees-are-up-more-than-1200-in-past-two-years/

 

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March 04, 2017, 02:35:38 AM
 #284

Bitcoins would never die.
Given their growth rate it seems like prize have started accepting them,
So how can you think that they can die.
Has you said this on 2009 or 2010,
It still might have sounded a bit logical but now ,
I don't think there is a use of arguing on such a lame topic.
Bitcoins  can only die,
If the human race ends ,
And until there is some better source of trading created that Bitcoin.
I don't think that there is a possibility of such things to happen in the near future.

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March 04, 2017, 03:13:56 AM
 #285

Bitcoins would never die.
Given their growth rate it seems like prize have started accepting them,
So how can you think that they can die.
Has you said this on 2009 or 2010,
It still might have sounded a bit logical but now ,
I don't think there is a use of arguing on such a lame topic.
Bitcoins  can only die,
If the human race ends ,
And until there is some better source of trading created that Bitcoin.
I don't think that there is a possibility of such things to happen in the near future.
Bitcoin is not even 10 years old technology yet you are so sure that it will never die? Bitcoin is not accepted by any big company directly, they all use BitPay to process transaction.
That is the fault within human mind, we are so sure that the particular economical conjuncture we know and love will stay forever the same. This is how economic crisis is born.
Bitcoin is king of cryptocurrency right now, but what do you think will happen after 2 or 3 years with no consensus and no protocol upgrades?
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March 04, 2017, 03:30:09 AM
 #286

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Did you watch the movie NERVE? it is the same with that the system of bitcoin is depends in user of it it will just going to die when the bitcoin itself is no supporter means no one will use the bitcoin that is beyond impossible. That is the only one reason if bitcoin will going to buy if all people will sell their bitcoin. Because of the supply and demand law. If he supply will increase so large because of selling of people the demand will dump and that where the bitcoin will die. So for me that is impossible because the bitcoin is very famous now.


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March 04, 2017, 03:43:42 AM
 #287

A legend never dies
The future of money is digital currency
Even if governments keeps oppressing this coin they will never stop its growth.
If you know the history of bitcoin you'll know that it was widely use in deepweb and darknets but still it holds value even if it had countless bubbles
Now it holds great value in the market and big investors started using bitcoin to, countries had invested big amount of money in this crypto currency.
This crypto has millions of contributors and anyone can mine it this feature has been copied by altcoins and it has a unique decentralized feature thats why governments fear it.

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March 04, 2017, 04:48:25 PM
 #288

That would happen if,

The situation began to lose confidence in the bitcoin This will result in Blockchain not grow anymore because there is no user  and the most likely scenario for a great price crash making Bitcoin dead

Conclusion The more you want to have a Bitcoin He will remain a favorite and value will continue to grow on a regular basis
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March 04, 2017, 04:55:41 PM
 #289

If people are unable to process timely transactions and the utility becomes more difficult for services that provide transactions for users.
That or the security in the cryptography is broken and is not updated promptly.

Couldn't there be implemented a way specifically designed for businesses? Like a blockchain storage unit that will hold all transactions that are made during the day and then later on sync them with blockchain

That's how large systems work (e.g. banks and payment systems like Visa or Mastercard)

They are basically settling accounts at the end of the day, since otherwise their financial operations would be prohibitively expensive and devastatingly slow. With Bitcoin it might not work very well (unless something like Lightning Network gets implemented) since with Bitcoin there is no ultimate arbitrator to resolve possible disputes (e.g. a central bank) and it is assumed that no one should trust anyone. Only Bitcoin network and consensus of nodes (i.e. miners) matters but it is slow and now becoming prohibitively expensive as well (I refer to transaction fees here)
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March 04, 2017, 05:01:05 PM
 #290

A legend never dies
The future of money is digital currency
Even if governments keeps oppressing this coin they will never stop its growth.
If you know the history of bitcoin you'll know that it was widely use in deepweb and darknets but still it holds value even if it had countless bubbles
Now it holds great value in the market and big investors started using bitcoin to, countries had invested big amount of money in this crypto currency.
This crypto has millions of contributors and anyone can mine it this feature has been copied by altcoins and it has a unique decentralized feature thats why governments fear it.
I don't think Bitcoin is considered a legend or something, But I will consider Bitcoin as the Pioneer of cryptocurrency. Bitcoin is still vulnerable to the government powers and it won't change, anything that revolves around the internet can be controlled by the government, they are that powerful. The government can even ban the use of Bitcoin in their country and make the use of it illegal. Look in the darkweb the FBI have shut down already many versions of the Silk Road because they can monitor everything.

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March 05, 2017, 01:12:53 PM
 #291

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.
I totally agree, bitcoin is now more powerful than ever and the current price is attracting more and more people to the bitcoin world, which makes it become more even popular and that will make the price go even higher and that is a good thing for us, aside from that more people means more investors interested in it.

Bitcoin is still vulnerable to the government powers and it won't change, anything that revolves around the internet can be controlled by the government, they are that powerful. The government can even ban the use of Bitcoin in their country and make the use of it illegal.
But I believe this bitcoin community will find their own ways to survive among government restrictions. Because basically bitcoin does not need any support from governments. Hence its survival also does not affect with government's restrictions.
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March 09, 2017, 12:31:42 PM
 #292

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 idea about in how bitcoin will gonna die, I think if the internet in the whole world will disappear. Many businesses will get affected on it too if ever that happen. And also if all bitcoin users will disappear and stop using bitcoin in any aspect of its features . And the value of BTC will drop into zero.

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March 10, 2017, 05:19:55 PM
 #293

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

if there are no more investors in bitcoins, if they doesnt interested anymore.if new cryptpcurrency has a great value more than the bitcoin has. and if the internet connection fails.

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March 10, 2017, 06:21:37 PM
 #294

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

if there are no more investors in bitcoins, if they doesnt interested anymore.if new cryptpcurrency has a great value more than the bitcoin has. and if the internet connection fails.
How are those iffy situations you cited ever going to materialize? Which investors do you know that are presently sustaining Bitcoin and given all the good attributes of Bitcoin, what exactly do you think is capable of making everyone lose interest in Bitcoin? So far we are yet to see that new coin that will kill Bitcoin, because everything so far took a cue from Bitcoin, so until that new coin arrives, that is not an issue for now. Again how would internet connection fail globally, when situation like that was the main reason behind the invention of the internet?

As it stands, the one thing that has the potential of killing Bitcoin is inside Bitcoin itself and it is the lack of one voice on many solvable issues that are beginning to snowball. The size of the blockchain is one of them and so also is the regrettable delays in transaction.

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March 10, 2017, 06:32:43 PM
 #295

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 idea about in how bitcoin will gonna die, I think if the internet in the whole world will disappear. Many businesses will get affected on it too if ever that happen. And also if all bitcoin users will disappear and stop using bitcoin in any aspect of its features . And the value of BTC will drop into zero.
yeah bitcoin is depend on internet if internet disappear in the whole world then bitcoin will be die.

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March 10, 2017, 11:06:22 PM
 #296

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.
I totally agree, bitcoin is now more powerful than ever and the current price is attracting more and more people to the bitcoin world, which makes it become more even popular and that will make the price go even higher and that is a good thing for us, aside from that more people means more investors interested in it.

Bitcoin is still vulnerable to the government powers and it won't change, anything that revolves around the internet can be controlled by the government, they are that powerful. The government can even ban the use of Bitcoin in their country and make the use of it illegal.
But I believe this bitcoin community will find their own ways to survive among government restrictions. Because basically bitcoin does not need any support from governments. Hence its survival also does not affect with government's restrictions.
yes it people are not ready to stop using bitcoin, then not a single government can stop people from using bitcoin. i think bitcoin will continue to survive for a long time because the community of bitcoin is increasing from time to time and making bitcoin more and more stronger that its previous position, therefore i will like to say that there are no chances in present time that bitcoin will die.
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March 11, 2017, 11:10:46 AM
 #297

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

if there are no more investors in bitcoins, if they doesnt interested anymore.if new cryptpcurrency has a great value more than the bitcoin has. and if the internet connection fails.
How are those iffy situations you cited ever going to materialize? [1]Which investors do you know that are presently sustaining Bitcoin and given all the good attributes of Bitcoin, [2]what exactly do you think is capable of making everyone lose interest in Bitcoin? So far we are yet to see that new coin that will kill Bitcoin, because everything so far took a cue from Bitcoin, [3]so until that new coin arrives, that is not an issue for now. [4]Again how would internet connection fail globally, when situation like that was the main reason behind the invention of the internet?

As it stands, the one thing that has the potential of killing Bitcoin is inside Bitcoin itself and it is the lack of one voice on many solvable issues that are beginning to snowball. The size of the blockchain is one of them and so also is the regrettable delays in transaction.


[1] The whales, of course. You will not let your investment die if you can defend it, right? If you put a huge buy order at around $1000, it would be hard for the dumpers to get past that price. Even if they do, they wouldn't have that much coin left to dump even harder.

[2] Bitcoin becoming centralized, not anonymous, etc. Just think of the opposite of one of the major benefits that you get from bitcoins.

[3] Everyone's waiting for that "new coin" that will kill bitcoins. In fact, there have been a lot of coins that have much better use than bitcoin, faster transactions too. But it doesn't kill bitcoin at all since bitcoin has all the attention, and we all know that the hype about the coin is what makes it strong.

[4] World war 3 or some calamity/disaster.

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March 11, 2017, 11:37:11 AM
 #298

Bitcoin has already been spread to different parts of the world, only it will die when governments will ban in the online industry.
Once people stop using bitcoin and once people stop mining the bitcoin, it will automatically die.
So no trades, no mining, it will raise the difficulty in transferring the coins.
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March 11, 2017, 12:06:58 PM
 #299

Bitcoin has already been spread to different parts of the world, only it will die when governments will ban in the online industry.
Once people stop using bitcoin and once people stop mining the bitcoin, it will automatically die.
So no trades, no mining, it will raise the difficulty in transferring the coins.

Take online gambling as an example. A lot of countries don't allow younger people to gamble and some prohibit online gambling. Have you seen anyone that got to jail because of that? I've never seen one. It's because it's online, it's hard to trace people especially if your government don't have a big cyber army.

People wouldn't just stop using bitcoin because the government said so. Once people stop mining, or at least the major miners, people will start mining at their homes since it's their chance to shine. That makes bitcoin even more decentralized.

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March 11, 2017, 12:14:42 PM
 #300

I think it will be the legality issue that will be a problem first but would not kill bitcoin, it will still go on. The thing about the new development of a new coin that will surpass bitcoin will take more years. We know it is too good now and cant be replaced just like that, add up the high value of it now.
Back to legality, almost all countries wont accept it and others just regulate. How many years have bitcoin been here and yet not a lot changed regarding countries accepting it.


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