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Author Topic: In what situation would Bitcoin die?  (Read 94878 times)
markyminer
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March 13, 2017, 08:34:37 PM

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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March 13, 2017, 08:45:47 PM


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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March 13, 2017, 10:48:16 PM

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.

We are talking about "What situation bitcoin will die" and if there's no more investors coming in, no more users spending it. Then do you think that the bitcoin economy will be keep on operating. We are just assuming this but we know that bitcoin will never be dead because of the popularity and it's decentralization as well as billions of dollars in it's market cap.

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March 13, 2017, 11:27:23 PM

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.

We are talking about "What situation bitcoin will die" and if there's no more investors coming in, no more users spending it. Then do you think that the bitcoin economy will be keep on operating. We are just assuming this but we know that bitcoin will never be dead because of the popularity and it's decentralization as well as billions of dollars in it's market cap.
bitcoin able to create a shortcut for a person to be rich to those who can use it. if in mind is normal, then the bitcoin users will always grow, and it makes it never dies. but, a condition that can make it die is when the internet in the world disappear, because bitcoin need for internet access. but, it will not happen.

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March 14, 2017, 12:04:44 AM

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.
I think it still will not make bitcoin die dude. bitcoin for decentralization and is in the internet even though the government banned bitcoin. but the government will not be able to withstand the user not to use bitcoin

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March 14, 2017, 12:12:10 AM

It ia so impossible to happen.
Bitcoin will never die because it is supported by many people around the globe.

RENATA612
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March 14, 2017, 01:24:28 AM

bitcoin will die when it is no longer the Internet, so users can bitcoin is no longer connected to the market and their wallets as well as with other users
Qunenin
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March 14, 2017, 03:52:54 AM

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.
I think it still will not make bitcoin die dude. bitcoin for decentralization and is in the internet even though the government banned bitcoin. but the government will not be able to withstand the user not to use bitcoin

I agree with you dude, government cannot easily banned the bitcoin because internet access cannot hold by anyone unless they let their country cut the access of internet which is so impossible. Other than that, you cannot stop the bitcoin usage.

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March 14, 2017, 08:47:36 AM

It ia so impossible to happen.
Bitcoin will never die because it is supported by many people around the globe.

Indeed for now bitcoin has many supporters and it could only provide a positive thing for bitcoin in future. But do you also not perpikir about how that would happen if bitcoin experienced a problem, whether they are from the very beginning supported the bitcoin will still be mendukungnnya or even move..??. Try it so someone who isn't just being someone savvy in talking but also so smart people in analyzing
 
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March 14, 2017, 09:09:29 AM

It ia so impossible to happen.
Bitcoin will never die because it is supported by many people around the globe.
Indeed for now bitcoin has many supporters and it could only provide a positive thing for bitcoin in future. But do you also not perpikir about how that would happen if bitcoin experienced a problem, whether they are from the very beginning supported the bitcoin will still be mendukungnnya or even move..??. Try it so someone who isn't just being someone savvy in talking but also so smart people in analyzing

Never say never. Change, change.. changes! Adapt, or perish.
"mendukungnnya" sounds like Sepuku, I doubt one would have to do on a level of four times like 2015 levels. Did we not just made another ATH?

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March 14, 2017, 09:11:18 AM

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.
I buy your explanation, though in my opinion it can never die, it can just be unactive.

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March 14, 2017, 09:19:15 AM

If a serios security flaw pops up that causes real damage to the user's coins so people will lose faith and trust in cryptocurrency as a whole.

That would be the doom day of all digital currencies.

Let's just hope that doesn't happen 😅


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March 14, 2017, 09:21:09 AM

I think the main reason when bitcoin dying if all bitcoin hoder are selling all their bitcoin. That is the situation would bitcoin die panic selling and no one can invest on it.  But bitcoin now is hard to gone or die because everyday have many people invest in bitcoin.


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Slow death
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March 14, 2017, 09:25:02 AM



very scary Grin




On the day no one uses bitcoin, you can say that bitcoin died

Bitcoins is growing at a very large pace, more and more people are using bitcoin so that in the future it will have a lot of value.

While bitcoin has acceptance by people it will not die.



Minimii
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March 14, 2017, 09:29:38 AM



very scary Grin




On the day no one uses bitcoin, you can say that bitcoin died

Bitcoins is growing at a very large pace, more and more people are using bitcoin so that in the future it will have a lot of value.

While bitcoin has acceptance by people it will not die.



But Bitcoin will not die. It may be unactive but can always be picked up again, right?

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March 14, 2017, 10:14:07 AM

If the transaction delay keeps on increasing and increase in fees may kill Bitcoin some day. Although it may not be killed but will not be used widely as the present situation.

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danherbias07
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March 14, 2017, 10:20:06 AM

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.
I buy your explanation, though in my opinion it can never die, it can just be unactive.

Best Regards,

A simple but better explanation. Inactivity will be the only reason for it to be forgotten.
Look at other coins that have boomed for a while and so much are talking about the certain coin. Now what?
This is what happens with the internet. You become popular then you get old and forgotten.
Keeping up new projects that is bitcoin related will really make a difference for people not to get bored with it. We are needed to be upgraded, because bitcoin wont.

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March 14, 2017, 10:23:25 AM

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.
I buy your explanation, though in my opinion it can never die, it can just be unactive.

Best Regards,

A simple but better explanation. Inactivity will be the only reason for it to be forgotten.
Look at other coins that have boomed for a while and so much are talking about the certain coin. Now what?
This is what happens with the internet. You become popular then you get old and forgotten.
Keeping up new projects that is bitcoin related will really make a difference for people not to get bored with it. We are needed to be upgraded, because bitcoin wont.
This is true,without any activity would really make bitcoin popularity would lessen and i do agree on what you have said is that all things have its own hype and time but it gets older as the time goes by and becomes boring in longer runs which causes for people to lose its interest until it is forgotten already.

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March 14, 2017, 10:25:59 AM

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.
However, the situation is unlikely to happen since the internet has been a part of people for many years. People know how to maintain the internet and do their best in order to keep the Internet survive. In general, the Internet can not be destroyed. Therefore, Bitcoin can not be affected by this issue. Altcoin will be the main problem. It can replace Bitcoin Cheesy  

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vnvizow
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March 14, 2017, 10:33:53 AM

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.
However, the situation is unlikely to happen since the internet has been a part of people for many years. People know how to maintain the internet and do their best in order to keep the Internet survive. In general, the Internet can not be destroyed. Therefore, Bitcoin can not be affected by this issue. Altcoin will be the main problem. It can replace Bitcoin Cheesy  

Yup, that's the benefit of p2p network. It's like how they can't kill ThePirateBay
IMO the only way it'll die is if all coins are mined and no one uses it anymore. No miner = dead coin but that's far away
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