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Author Topic: In what situation would Bitcoin die?  (Read 95603 times)
Pattart
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April 01, 2017, 12:58:51 AM

One word: obsolescence
all that is obsolete will be replaced with something new, it's true .. if there are competitors that are more sophisticated than that bitcoin will become a big problem. but I think bitcoin kept always updated so it is not worn out?

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April 01, 2017, 03:16:52 AM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.

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poetra2501
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April 01, 2017, 03:37:28 AM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.
The reason Bitcoin will die if no electricity anymore I think it's impossible will be happen,
because in my opinion the electric is a major factor for us to beautiful life. Maybe Bitcoin will die
if there's no more people are interested to the bitcoin or users already sell all bitcoin without
no anyone people would want to buy Bitcoin again.

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April 01, 2017, 04:38:37 AM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.
yes there are possibilities of everything any think can happen, but i think it will not only effect bitcoin but its impact will fall on every think and not only on bitcoin. but still we can hope that nothing such like that will happen in near future.

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bhadz
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April 01, 2017, 06:16:08 AM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore.

Well this is possible to happen when most of us are going to be affected with that horrible disaster but I wish that it isn't going to happen. Also include if there's no internet connection, it will make bitcoin die but as soon as it will be retain by devs and techs it will be back again.

But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.

Virus isn't the right term for it but maybe another coin or project that can attract and will be able to satisfy many bitcoin users.

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Fatanut
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April 01, 2017, 04:10:06 PM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.

Electricity is quite renewable and can't be erased in this world. There's tons of stuffs that can be a source of energy/electricity. Even just the sun, you can get solar energy from that. From the wind, even, you get wind energy. There's geothermal energy. Tons of sources of energy so I really doubt that one day, there's just no electricity anymore. It's possible that some element or some force comes to the world that prohibits us from using electricity, but there will never be absence of electricity.

I really don't know how can someone make a virus and then it will just make bitcoin worthless. What exactly will the virus do? Take down the bitcoin network? Hmm. No. I just don't think a system or a virus can take all these down.


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st0nefish
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April 01, 2017, 04:22:09 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.

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April 01, 2017, 04:58:27 PM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.

Electricity is quite renewable and can't be erased in this world. There's tons of stuffs that can be a source of energy/electricity. Even just the sun, you can get solar energy from that. From the wind, even, you get wind energy. There's geothermal energy. Tons of sources of energy so I really doubt that one day, there's just no electricity anymore. It's possible that some element or some force comes to the world that prohibits us from using electricity, but there will never be absence of electricity.

I really don't know how can someone make a virus and then it will just make bitcoin worthless. What exactly will the virus do? Take down the bitcoin network? Hmm. No. I just don't think a system or a virus can take all these down.

This wouldn't be a virus but rather a hack

If someone finds a flaw in Bitcoin cryptography (for example, giving him an opportunity to quickly find private keys via hacking public addresses), and it becomes known, that would instantly create total chaos and render Bitcoin worthless in less than no time. Though if I were that hacker, I would just take a few thousand coins from Satoshi's stash and convert a few of them into fiat (the rest i would use for trading, obviously). I think he wouldn't be very upset. After all, these coins are still idly anyway, while I certainly wouldn't be going to butcher Bitcoin. Really, why would you ever want to kill a goose laying golden eggs?

mhd japar siregar
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April 01, 2017, 06:33:43 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
I agree. when there are no more people using bitcoin, bitcoin might disappear. I think so many examples that already exist, so much altcoin that have disappeared due to disuse, and it will happen in bitcoin if nothing else is using it.

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KingdomHearts
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April 01, 2017, 06:52:54 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
yeah if bitcoin users stop to using bitcoin then it will be dead but its impossible because a lot of people are using bitcoin and altcoin will be never rise than bitcoin because there is a lot of services are available on bitcoin.

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April 01, 2017, 11:05:23 PM

One word: obsolescence
all that is obsolete will be replaced with something new, it's true .. if there are competitors that are more sophisticated than that bitcoin will become a big problem. but I think bitcoin kept always updated so it is not worn out?

Updated, yes. But the other coins are innovating faster. The advantage of first mover network effect can only be effective for so long.

Look at Google and Facebook and their competition. These two companies are always trying to be better than and expanding more than ever before.

Quote
Big companies that fail to innovate risk extinction. That's the stark truth in the era of "digital disruption".
Image copyright (C) British Broadcasting Corporation

Just look at the likes of Woolworths, Polaroid, Alta Vista, Kodak, Blockbuster, Borders... the list goes on. All steamrollered by strings of ones and noughts and changing consumer behaviour.

But why are so many big companies so bad at it?

"Typically, big companies are much more conservative than start-ups and won't do anything that is untested or could risk future profits," says George Deeb, managing partner at business consultancy Red Rocket Ventures.

"Innovation efforts really require a very different, more entrepreneurial risk-taking mindset."

Jackie Fenn, a specialist in innovation at research consultancy Gartner, told the BBC: "Size can add to the challenges. A strong brand can have a fear that failure may damage its reputation.

"But you cannot afford to stay still - business is a moving escalator. The world is moving around you - customer expectations are changing, competitors are always catching up and threatening to take away your business."
http://www.bbc.com/news/business-28865268

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April 01, 2017, 11:42:31 PM

Maybe bitcoin will die when a horrible disaster attack the whole world and make all the system down or if you want the good reasons maybe it will die if there's no electricity anymore. But the greatest possibility that can happen is when some people success to create a system or virus to make bitcoin worthless.

I dont think it will die in a horrible and lame way. And even if the whole world has no electricity, people will do their best to get back up these electricity. It is not even a major problem for a country, so much for the whole world. Virus may be a good reason why because there are a popular bitcoin address virus that youcan't paste your bitcoin address normally, though it is still curable.



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andron8383
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April 02, 2017, 12:02:36 AM

there is few scenarios :
a) people will not use it because it will be too outdated vs competitors
(in free market new produckts are selling much faster than old one )
b) block are too big like 1000MB (Visa tx/s lvl ) and will be 1-2 datacenters
govermets raided them and close.
Noone is able to start even new node bouse chain data have like 100 000TB
c) govemets allsows people buy drugs/guns/gambling/no capital control leggaly all is leggal
d) CENTRAL bank stop printing HAHHAHAHA

there is many factors that will push BTC lower.

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April 02, 2017, 07:38:48 AM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
yeah if bitcoin users stop to using bitcoin then it will be dead but its impossible because a lot of people are using bitcoin and altcoin will be never rise than bitcoin because there is a lot of services are available on bitcoin.
That's about right because we the people are bitcoin, nobody owns the technology and we the users and miners control it, no governments involved and that is how is was designed for use from the start.

But we must also use it as an everyday currency as much as we can i think, the more the word get out there then the more retails will be willing to accept it, online shops especially are always want to offer their customers the latest thing before their competitors.

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April 02, 2017, 09:27:37 AM

b) block are too big like 1000MB (Visa tx/s lvl ) and will be 1-2 datacenters
govermets raided them and close.
Noone is able to start even new node bouse chain data have like 100 000TB

We will never get even close to something like that

Mark my words, if Bitcoin will be able to survive these few troubling years (if not months really), the block size will be made irrelevant as such. Massive off-chain transactions are obviously the only possible thing in the future, this is the only way that Bitcoin can scale up in any meaningful degree. Therefore, the blockchain transactions will be far and few in between, while mining as we know it today will sink into oblivion pretty soon (together with Bitcoin or separately is another question, though). That seems to be the next major milestone or landmark in Bitcoin's biography

Pattart
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April 02, 2017, 12:38:59 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
yeah if bitcoin users stop to using bitcoin then it will be dead but its impossible because a lot of people are using bitcoin and altcoin will be never rise than bitcoin because there is a lot of services are available on bitcoin.
users like heart for bitcoin. if the user is no longer using bitcoin or all users away from the bitcoin bitcoin will die and will live again when the user comes back

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April 02, 2017, 06:43:05 PM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
It may happen when quantum computing will be introduced.But it would take around twenty years from now for quantum computing to be introduced.Appropriate developments should be made to face such situations.

I doubt that the problem is in quantum computers. Bitcoin has other more important problems. For example, government failure, the possibility of a split, long transactions
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April 02, 2017, 10:43:25 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
yeah if bitcoin users stop to using bitcoin then it will be dead but its impossible because a lot of people are using bitcoin and altcoin will be never rise than bitcoin because there is a lot of services are available on bitcoin.
That's about right because we the people are bitcoin, nobody owns the technology and we the users and miners control it, no governments involved and that is how is was designed for use from the start.

But we must also use it as an everyday currency as much as we can i think, the more the word get out there then the more retails will be willing to accept it, online shops especially are always want to offer their customers the latest thing before their competitors.

There are some problems for daily shopping. Especially the process of confirmation time is a problem. This problem can be corrected by entering high fee values. But it takes a while for people to change their habits.
Beyond that, we can advertise bitcoin through our social media accounts. The more people have knowledge of bitcoin, the more they become used.

MyIdeas
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April 02, 2017, 10:58:20 PM

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

If people stop using bitcoin, bitcoin will be dead. We see it in many altcoins. Some new altcoins are rising in price when demanded. Later, when people stop using it they dead.

Apart from this, the bitcoin system will always be.
yeah if bitcoin users stop to using bitcoin then it will be dead but its impossible because a lot of people are using bitcoin and altcoin will be never rise than bitcoin because there is a lot of services are available on bitcoin.
users like heart for bitcoin. if the user is no longer using bitcoin or all users away from the bitcoin bitcoin will die and will live again when the user comes back
yes that is right but if the users will leave bitcoin then it will then take too much time to recover when the users start to work again so from the start everyone have to support bitcoin for their success and for the strength of bitcoin.

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April 02, 2017, 11:01:50 PM

if ppl stop buyn btc  then bitcoin will die or if government does not accept ppl using bitcoin..

i wish bitcoin never die Smiley Smiley Smiley Smiley
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