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Author Topic: In what situation would Bitcoin die?  (Read 95650 times)
Minimii
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March 13, 2017, 10:51:43 AM
 #321

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.
But even if all government makes it illegal they can not decide that it will die. We have darknet and as you mention it is decentralized, meaning no one can take full control over it, unless you buy up all the BTC's there is, see my post above about that.

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March 13, 2017, 12:02:43 PM
 #322

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.
But even if all government makes it illegal they can not decide that it will die. We have darknet and as you mention it is decentralized, meaning no one can take full control over it, unless you buy up all the BTC's there is, see my post above about that.

Best Regards,

They can never really get all bitcoin it is very impossible, and nobody can never buy such amount of bitcoin by himself and you can really never tell if that's gonna happen the possibilities of a bitcoin shut down will never be because of the government, because even if they don't have control over it they can get something from it.

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March 13, 2017, 01:23:00 PM
 #323

the only thing I can think of that can make a serious impact is quantum computing....even then I think that it would take a big hit in it's value but will still hold up because of it's ability to be transferred anywhere in the world instantly.

The liquidity of cryptocurrencies is just too valuable for it to die out completely.

Digital cash is the future.
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March 13, 2017, 01:43:59 PM
 #324

In my opinion, bitcoin wont die. It wont happen . Because nowadays many people started to prefer bitcoin over fiat currencies because of its wonderful features. Bitcoin's price can crash if many countries ban the usage of bitcoin. Or if any hacking or anything similar to that happens,  definitely its price will crash. But it wont die.

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March 13, 2017, 02:10:22 PM
 #325

In my opinion, bitcoin wont die. It wont happen . Because nowadays many people started to prefer bitcoin over fiat currencies because of its wonderful features. Bitcoin's price can crash if many countries ban the usage of bitcoin. Or if any hacking or anything similar to that happens,  definitely its price will crash. But it wont die.
agreed, it can take a hit, but cryptocurrencies are here to stay. And the governments know it, so I doubt they will ban it...the sooner they can find a way to regulate it though, the quicker it will become the new standard.

Digital cash is the future.
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March 13, 2017, 02:30:20 PM
 #326

Seeing currently on the situation of bitcoin i could say it wont easily die since there are gradually increasing of users who are engage to bitcoin and the adoption is on the move which indicates it becomes more stronger and stronger no matter what.Bitcoin would totally die if there would no users of it and making transactions and normally its value would be worthless.

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March 13, 2017, 02:51:29 PM
 #327

But what is the defenition of Bitcoin being dead? Just no miners and no buy or sell power? Who desides what the defenition are as it will always be available it's just up to us, the people.

It will never die in my defenition atleast.

What's your definition of bitcoin's death? I think the scenario where bitcoin dies is when there's no more people using it or there's very little amount of people that are interested in it. I don't think it will come to a time when there's no miner at all since a regular guy can use his computer to start mining bitcoins. Combining tons of regular guys will be the same power as a decent mining farm.

I think no buy/sell power means that no one's using bitcoins at all and that means that bitcoin has already dead and it's not a situation where bitcoin will die.

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March 13, 2017, 02:57:06 PM
 #328

When the tx fee become very very high.  Bitcoin will die.  Price will drop and everything wil become history

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March 13, 2017, 03:56:29 PM
 #329

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.
No, Bitcoin wouldn't die if governments banned it.  A lot of things survive despite government bans, otherwise crimes would cease to exist altogether.   This is why the illegal drug market is still thriving, and beyond that, Bitcoin's association with illegal activity would mean that the ban would just shift the market - criminals on the Dark Web would be less concerned that Bitcoin is being taken over by traders etc.

The main thing that I think could potentially kill Bitcoin is block size issues.  If a solution isn't found soon and the number of transactions continue to grow, that would ironically result in disillusionment with Bitcoin, which in turn would result in a decrease in transactions from less technical users.  This fall in transactions would result in mining revenues falling as there would be less transactions in each block (this would apply much more in a few years when there's another halving as transactions would be more reliant on fees) and therefore if mining was not profitable less transactions would get confirmed which would theoretically create a spiral resulting in Bitcoin's death.

That scenario is pretty unlikely and I let my brain run away a bit, but it's a shame that generally Bitcoin needs continued usage now to stay afloat, or at least will in the future.

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March 13, 2017, 04:01:40 PM
 #330

I think that's no simple, but i prefer to believe that btc only grow up

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March 13, 2017, 04:24:34 PM
 #331


if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.

Even if Bitcoin is banned by every nation, Bitcoin will continue to exist.  One example is, why crime still exist when it is actually banned and illegal in all corners of the world?  Because there is always someone who is doing it, breaking the laws and commit crime.  Bitcoin, mining and running node for it is not a different thing once Bitcoin is banned by all nation.
The only time Bitcoin die is when the network stop producing blocks and that goes to the miner.  If no one mines bitcoin then the network will die.


     
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March 13, 2017, 06:07:06 PM
 #332

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.
Even if the government do ban the bitcoins yet how can they stop user's from it's trading ? I mean I can tell you any countries where the government does not appreciate or allow bitcoins transaction yet people are doing them quite happily.

The network is made in such a way that if a user is educated enough about bitcoins then he can use them in a totally untraceable manner.

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March 13, 2017, 06:13:40 PM
 #333

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind

That wouldn't be an end but it will certainly hit hard

The prices would likely go down dramatically if they would mean anything at all since most if not all exchanges will be closed down or denied access to (by the Greater World Firewall). Internet seems to be the weakest link where governments will likely hit first. Indeed, there is DarkWeb and things like Tor, but how many users would be using them? In other words, we would quick get back to the 10k bitcoins for a pizza times. Obviously, this is a doom and gloom scenario, and the longer Bitcoin exists the lesser are the chances for it to come true, but we still shouldn't write it off completely

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March 13, 2017, 06:22:29 PM
 #334

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind.

Even they will do this so, still bitcoin people will keep on doing transactions again and again. The only situation that bitcoin will possibly die is there are no more potential investors that has interest on investing with it. And when that happens then the whole bitcoin economy will be dead very soon because of no incoming transactions and as well interest.

It is not possible that bit coin will die, reason is there are more users joining daily, it is decentralized currency, everybody knows what the profit it gives, the technology it is uses hardly possible to end the bit coin. I disagree with the fact that bitcoin economy will be dead i mean how it is possible when the something is reaching to the highest peak will be dead and more users are trusting it.


 
 
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March 13, 2017, 06:36:26 PM
 #335

But what is the defenition of Bitcoin being dead? Just no miners and no buy or sell power? Who desides what the defenition are as it will always be available it's just up to us, the people.

It will never die in my defenition atleast.
Well technically the death of bitcoins means " there's no worth of bitcoins in the market" because then only the miners would stop, the gambling sites would stop and everything would come to a halt. The question here though is that since no one controls all the bitcoins then how can the value decrease to a zero value ? Impossible !

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tvbcof
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March 13, 2017, 06:48:25 PM
 #336

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind

That wouldn't be an end but it will certainly hit hard

The prices would likely go down dramatically if they would mean anything at all since most if not all exchanges will be closed down or denied access to (by the Greater World Firewall). Internet seems to be the weakest link where governments will likely hit first. Indeed, there is DarkWeb and things like Tor, but how many users would be using them? In other words, we would quick get back to the 10k bitcoins for a pizza times. Obviously, this is a doom and gloom scenario, and the longer Bitcoin exists the lesser are the chances for it to come true, but we still shouldn't write it off completely

That seems to be demonstrably not true in many/most instances.  Normally criminalization of a desired thing increases it's value, and the more effective the enforcement, the higher the value goes.

You may argue that BTC would no longer be 'a desired thing' if Big Brother hassled users of it.  I don't believe this is true at all, though it absolutely would change the makeup of the userbase significantly.  Mostly it would shift it to the high-end criminal enterprise space, but this class is by no means small or weak.  Such shift would be a direct consequence of government policy and no fault of Bitcoin.

I had guessed that the idiot Chuck Schumer classes would get their way and try to criminalize Bitcoin prematurely.  As it happened slightly more shrewd strategists seem to have gotten the upper hand back in the day.  Their strategy was a much better one; attack Bitcoin internally, and the most likely avenue for this would be by damaging it's fungibility.  This would entail legislative means but probably can only be done with black/white listing.  For this x-listing, Bitcoin operation needs to be centralized to a smaller number of entities who can be pressured by the realities of needing corporate providers (space, power, bandwidth, etc.)  That I see as the primary driving force behind the various efforts to bloat Bitcoin.


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March 13, 2017, 07:18:50 PM
 #337

In my opinion, bitcoin wont die. It wont happen . Because nowadays many people started to prefer bitcoin over fiat currencies because of its wonderful features. Bitcoin's price can crash if many countries ban the usage of bitcoin. Or if any hacking or anything similar to that happens,  definitely its price will crash. But it wont die.
agreed, it can take a hit, but cryptocurrencies are here to stay. And the governments know it, so I doubt they will ban it...the sooner they can find a way to regulate it though, the quicker it will become the new standard.
The beauty of bitcoins is that even if a hacker hacks half the bitcoins then still he has to sell them in market, right ?
and in doing so the hacker himself gives rise to the market as more people would buy and hence again growing community.

I agree with you completely here and bitcoins may just die in one situation if miners stop mining bitcoins, which is not gonna happen as it has become as a million dollars industrial business.

In every aspects bitcoins satisfy the basic aspects of general economics. Hence, sudden falling down not at all possible.



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deisik
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March 13, 2017, 08:00:22 PM
 #338

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind

That wouldn't be an end but it will certainly hit hard

The prices would likely go down dramatically if they would mean anything at all since most if not all exchanges will be closed down or denied access to (by the Greater World Firewall). Internet seems to be the weakest link where governments will likely hit first. Indeed, there is DarkWeb and things like Tor, but how many users would be using them? In other words, we would quick get back to the 10k bitcoins for a pizza times. Obviously, this is a doom and gloom scenario, and the longer Bitcoin exists the lesser are the chances for it to come true, but we still shouldn't write it off completely

That seems to be demonstrably not true in many/most instances.  Normally criminalization of a desired thing increases it's value, and the more effective the enforcement, the higher the value goes.

You may argue that BTC would no longer be 'a desired thing' if Big Brother hassled users of it.  I don't believe this is true at all, though it absolutely would change the makeup of the userbase significantly.  Mostly it would shift it to the high-end criminal enterprise space, but this class is by no means small or weak.  Such shift would be a direct consequence of government policy and no fault of Bitcoin

I certainly understand your point

And I in advance agree with the examples you are likely going to bring forward proving the cases where the forbidden fruit is the sweetest. But these cases are obviously not applicable to Bitcoin. How come? Because Bitcoin has no value of its own. Right now its value comes from its use as an excellent vehicle for speculation and profiteering. But if it gets universally banned there will be no longer such use, and its utility will return to where it had been when Bitcoin was primarily used as a means of payment in the DarkWeb. How high it will cost in dollars would remain to be seen, but in any case you can safely forget about the first two digits in its price tag as of today

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March 13, 2017, 08:34:37 PM
 #339

if all the governments of all the world joint hands together to banned bitcoins ,then only would bitcoin can come to an end.otherwise it is not gonna happen no where soon. because of its decentralization and no technology could beat because it is the first of its kind

That wouldn't be an end but it will certainly hit hard

The prices would likely go down dramatically if they would mean anything at all since most if not all exchanges will be closed down or denied access to (by the Greater World Firewall). Internet seems to be the weakest link where governments will likely hit first. Indeed, there is DarkWeb and things like Tor, but how many users would be using them? In other words, we would quick get back to the 10k bitcoins for a pizza times. Obviously, this is a doom and gloom scenario, and the longer Bitcoin exists the lesser are the chances for it to come true, but we still shouldn't write it off completely

That seems to be demonstrably not true in many/most instances.  Normally criminalization of a desired thing increases it's value, and the more effective the enforcement, the higher the value goes.

You may argue that BTC would no longer be 'a desired thing' if Big Brother hassled users of it.  I don't believe this is true at all, though it absolutely would change the makeup of the userbase significantly.  Mostly it would shift it to the high-end criminal enterprise space, but this class is by no means small or weak.  Such shift would be a direct consequence of government policy and no fault of Bitcoin

I certainly understand your point

And I in advance agree with the examples you are likely going to bring forward proving the cases where the forbidden fruit is the sweetest. But these cases are obviously not applicable to Bitcoin. How come? Because Bitcoin has no value of its own. Right now its value comes from its use as an excellent vehicle for speculation and profiteering. But if it gets universally banned there will be no longer such use, and its utility will return to where it had been when Bitcoin was primarily used as a means of payment in the DarkWeb. How high it will cost in dollars would remain to be seen, but in any case you can safely forget about the first two digits in its price tag as of today
i am hopeful that not a single country is going to banned bitcoin. still they do not have any any statement about bitcoin so we can say that bitcoin is still legal and hope that it will remain legal and all the countries of the world will start accepting bitcoin as legal currency.


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tvbcof
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March 13, 2017, 08:45:47 PM
 #340


I certainly understand your point

And I in advance agree with the examples you are likely going to bring forward proving the cases where the forbidden fruit is the sweetest. But these cases are obviously not applicable to Bitcoin. How come? Because Bitcoin has no value of its own. Right now its value comes from its use as an excellent vehicle for speculation and profiteering. But if it gets universally banned there will be no longer such use, and its utility will return to where it had been when Bitcoin was primarily used as a means of payment in the DarkWeb. How high it will cost in dollars would remain to be seen, but in any case you can safely forget about the first two digits in its price tag as of today

'currency' is magical in that it shape-shifts into anything one wishes it to be.  At least within it's sphere of operation.  This is completely irrespective of any 'value in it's own right', and indeed, most successful currencies have this 'native usefulness' attribute only to a very limited degree if at all (e.g., gold.)

Put another way, Bitcoin (or any workable 'currency') has the magical ability to turn an illegal drug into and illegal gun which is a very valuable capability indeed.

As a user who can, has, and does use Bitcoin for 'speculation and profiteering', criminalization would suck.  For someone who is already a criminal the suckage is much less.  Even between these two classes there are areas of overlap.  The set of things I am interested in include, for instance, certain kinds of equipment.  Say, an airplane.  A drug-runner has a different set of interests but an airplane is in many cases one of these.  The upshot is that there will always be this overlap between the black market and the mainstream.  Bitcoin could easily help in this such transactions due to it's historic acceptance and usability.  If not Bitcoin than something else.

In any environment the value of the currency will be largely associated with 'velocity' an 'propensity to hodl' (Satoshi having simplified the currency base part of the equation in the design phase.)  The reality of black markets is such that we are probably at a tiny fraction of where Bitcion _could_ be in fiat denominated terms.  Bitcoin is eminently 'hodleable' and the value flows within black (or simply non-mainstream) markets are huge. 


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