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Author Topic: In what situation would Bitcoin die?  (Read 95644 times)
DoublerHunter
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April 11, 2017, 10:54:51 AM
 #641

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 bitcoin is the most popular and widely used currency of the online world and its value and demand is increasing day to day, so it would not die.but the reasons if the government strictly ban it or if the other technology or cryptocurrency replace its value. it also depend on users of bitcoin if a large number of people stop using bitcoin then there is danger to bitcoin.
If the demand will continue and if it will become an over demand then it will make the bitcoin network very slow and it will eventually make the users think to just abandon bitcoin because of the slow network and longer confirmations that may take up to about a day or even longer. Whatever will happen bitcoin still has a chance to die because it has a limit and we need to remember that always.

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April 11, 2017, 10:58:13 AM
 #642

I think the only way to illiminate bitcoin and other crypto currencies in the market is by banning it by the whole government in the world. Prohibit people from withdrawing it. Making all Internet Service provider block all ports used by Bitcoin clients. Banning all website domains. This would end up everything.

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April 11, 2017, 06:01:58 PM
 #643

The key is the trust of users, when all users believe with bitcoin then bitcoin never die. Anonymous issue should be completed so there's no reason the Government prohibits bitcoin.
You are right, bitcoin never die if people still trust it . because the power of this cryptocurrency is the peoples who use it. this factor play a big role for bitcoin life. I think the only situation that would ban bitcoin is when all the government  rejects virtual currencys.

IMO, only major disaster such like internet shut down that caused by major catastrophe ( massive earthquake , satelite being hit or broken ,etc )
and when people lost interest over bitcoin , it can happen really fast and in unexpected way

I don't think so. Why lose interest over something that's lucrative? People love money and people will only stop being into bitcoins when bitcoins doesn't give them any money anymore. Internet shut down will be fixed very quickly in most places because people depend on it especially in the city. How are the people including the government going to talk to each other when the Internet is gone? Internet has become a necessity to all of us that if it shuts down, people will fix it right away.

You have to elaborate more as to why people will lose interest fast and in an unexpected way, imo.
As long as people can make money with bitcoin most users are not going to lose interest in bitcoin since there are not many users that are in bitcoin because they believe in the ideas behind the creation of bitcoin, they are here to obtain profits out of bitcoin.



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April 11, 2017, 08:37:03 PM
 #644

One thing is sure that might killed bitcoin totally and wipe it out.Its the world government,if world government consider bitcoins threat in many aspects of the world and the government government will totally ban bitcoin in each and every country in the world causing bitcoins to die,
If they could, they would have gladly done so well before now, but the truth is that, this one is beyond them. So far, there is no known way to ban something that is free, borderless and decentralized. That aside, we have never seen all the governments across the globe having one voice on any matter - good or bad, the horrible situation in Syria can tell better!

What to the best of my understanding that can kill Bitcoin, right now lives inside of Bitcoin - it is like a cancer and only early detection and thorough treatment is the only way out.

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April 11, 2017, 10:22:30 PM
 #645

IMHO both Bitcoin and ETH/ETC are doomed to fail in the long run as they suffer from following fatal design flaws that stem from Blockchain technology itself:

The blockchain distributed ledger pioneered by Bitcoin is effective at preventing double-spending, but inherently attracts (1) user cartels in the form of mining monopolies and (2) incompressible delays, as a result oflinear verification and a winner-takes-all incentive lottery.

We propose to forgo the “blocks” and “chain” entirely, and build a truly distributed ledger system based on a lean graph of cross-verifying transactions, which now become the main and only objects in the system. Our new cryptocurrency codenamed “Substar” under active development will be the world’s first unchained (Blockchain-free) decentralized cryptocurrency capable of hyperfast validation (< 1sec) and built-in resistance to 51% and 33% attack vectors that plague all contemporary decentralized cryptocurrencies e.g. Bitcoin and Ethereum. Unlike Bitcoin and Ethereum, Substar will not be constrained by hardwired slow validation of transaction.

You may view our story here: https://medium.com/@sebrebel2070/humanitys-post-catastrophic-backup-system-a-blockchain-free-decentralized-cryptocurrency-and-a-35817be116dd
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April 11, 2017, 10:38:21 PM
 #646

I think the only way to illiminate bitcoin and other crypto currencies in the market is by banning it by the whole government in the world. Prohibit people from withdrawing it. Making all Internet Service provider block all ports used by Bitcoin clients. Banning all website domains. This would end up everything.

Banning bitcoin and other crypto's by the government is not enough to make them die. Because as long as we are still here, the market is there and people will still use it, that isn't going to die. And even ISP's will block all the websites and everything about bitcoin, there will be solution that will be made by bitcoin experts.

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April 11, 2017, 10:43:02 PM
 #647

In a situation that all transactions are blocked, bitcoin would die. When I say blocked, I mean really blocked for several days. This is not like a 1 or 2 day long delay.


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April 12, 2017, 12:22:10 AM
 #648

I think the think that bitcoin will be totally wiped out is the time when no one is buying it. As we all know, the life of the coins depends on the people who patronize it. There are lots of factors to consider for the people not to buy it.



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April 12, 2017, 12:59:03 AM
 #649

One thing is sure that might killed bitcoin totally and wipe it out.Its the world government,if world government consider bitcoins threat in many aspects of the world and the government government will totally ban bitcoin in each and everycountry in the world causing bitcoins to die,
nope i think it still will not make the dead bitcoin, bitcoin is in the internet. you can use and access the bitcoin without permission from the government.

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April 12, 2017, 01:07:34 AM
 #650

I think the think that bitcoin will be totally wiped out is the time when no one is buying it. As we all know, the life of the coins depends on the people who patronize it. There are lots of factors to consider for the people not to buy it.
It has got more positive testimonials that can help with a better profiting than few disadvantages. As for I know people continue to buy even if it goes valueless, because the users have understood it's potential of growing from the scratch that can't be achieved easily.


 
 
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April 12, 2017, 04:10:57 AM
 #651

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 if no one is using a currency that is one the the reason that a currency could die the more people uses the currency the more the price of the bitcoin goes up and when no one uses bitcoin the currency of the bitcoin will  go down and eventually it will go down and  gone ..,,
Over the past year the bitcoin exchange rate is going up from 2011 the 1 bitcoin only cost $20 and from now on it cost a lot on money because of many people using bitcoins for there daily life and to substance there living ..,
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April 12, 2017, 04:52:49 AM
 #652

Bitcoin might not die but it could easily be replaced. For example, Monero is better in practically all the areas that bitcoin was initially praised for.

As the crypto currency sector grows it will split into factions like coins designed for smart contracts, coins designed to be used like cash today, etc.

Bitcoin is a lame duck compared to alot of the new tech out there but one must also remember that 95%+ of people still equate bitcoin with internet money - much like how tissues are called kleenex and to photocopy is to Xerox.

The brand keeps it alive for now but it will die surely.
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April 12, 2017, 06:04:38 AM
 #653

I think the think that bitcoin will be totally wiped out is the time when no one is buying it. As we all know, the life of the coins depends on the people who patronize it. There are lots of factors to consider for the people not to buy it.
It has got more positive testimonials that can help with a better profiting than few disadvantages. As for I know people continue to buy even if it goes valueless, because the users have understood it's potential of growing from the scratch that can't be achieved easily.
The moment bitcoin will drop it's value, I can already sense that there are a lot of people to take advantage of the low price so it will
not become worthless for sure. The value moves based on the speculation of the people and that is not the real demand of the supply
yet so I guess when more will adopt, this will be more strong.

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April 12, 2017, 06:11:01 AM
 #654

I think the think that bitcoin will be totally wiped out is the time when no one is buying it. As we all know, the life of the coins depends on the people who patronize it. There are lots of factors to consider for the people not to buy it.
It has got more positive testimonials that can help with a better profiting than few disadvantages. As for I know people continue to buy even if it goes valueless, because the users have understood it's potential of growing from the scratch that can't be achieved easily.
The moment bitcoin will drop it's value, I can already sense that there are a lot of people to take advantage of the low price so it will
not become worthless for sure. The value moves based on the speculation of the people and that is not the real demand of the supply
yet so I guess when more will adopt, this will be more strong.

Yes and maybe some of us here have piles of money from withdrawal when it came to $1200 so they must be waiting for amother ptice drop to buy back.
Same with commodities who are being supported by investors who would not want their investment to just go zero.
They would do everything to at least make it as worth as the price they bought it the first time or maybe larger.

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April 12, 2017, 06:35:53 AM
 #655

Bitcoin might not die but it could easily be replaced. For example, Monero is better in practically all the areas that bitcoin was initially praised for.

As the crypto currency sector grows it will split into factions like coins designed for smart contracts, coins designed to be used like cash today, etc.

Bitcoin is a lame duck compared to alot of the new tech out there but one must also remember that 95%+ of people still equate bitcoin with internet money - much like how tissues are called kleenex and to photocopy is to Xerox.

The brand keeps it alive for now but it will die surely.

monero only have the upper hand on anonymity, but you can without much doubt make bitcoin anonymous, if you work hard with mixer and other altcoin, monero is only good in deepweb, and not even there because i hard that it's not as used as many claim to be

the only advantage currently that bitcoin have over other crypto, is the most important one, which is the usage as a currency and acceptnce buy merchants, monero isn't accpeting by anybody like a for of payments...
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April 12, 2017, 06:38:53 AM
 #656

bitcoin is based on the supply and demand so when in terms of dying of coin that is based in that, Bitcoin will die if no one will ever use it or all of the people are sell their bitcoin which is impossible so Bitcoin will be dead by that and I think that is impossible because bitcoin has many rather millions of users.   

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April 12, 2017, 07:46:19 AM
 #657

bitcoin is based on the supply and demand so when in terms of dying of coin that is based in that, Bitcoin will die if no one will ever use it or all of the people are sell their bitcoin which is impossible so Bitcoin will be dead by that and I think that is impossible because bitcoin has many rather millions of users.   
Bitcoin can't die that easily just because of the low demand or even the no demand in the market because just think that the bitcoin is very cheap back in the day and it almost got 0 demand but it is still not die and it goes up very high. Bitcoin has a lot of users and those users will not allow for bitcoin to be dead because as much as they can they will support bitcoin until it becomes stable and the strongest among its competitors.

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April 12, 2017, 07:49:42 AM
 #658

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

Bitcoin is the first "child" of the peer to peer technology. If you could know this technology will understand that is the next step in the development of technologies. In other words, the most developed of its kind. As such bitcoin and peer to peer cannot die. Both can only developed more. Or can die only if will die the life on the earth. Maybe one day bitcoin can be substituted from another of its kind but this cannot happen for at least the next 100 years.
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April 12, 2017, 08:14:19 AM
 #659

bitcoin is based on the supply and demand so when in terms of dying of coin that is based in that, Bitcoin will die if no one will ever use it or all of the people are sell their bitcoin which is impossible so Bitcoin will be dead by that and I think that is impossible because bitcoin has many rather millions of users.   
Bitcoin can't die that easily just because of the low demand or even the no demand in the market because just think that the bitcoin is very cheap back in the day and it almost got 0 demand but it is still not die and it goes up very high. Bitcoin has a lot of users and those users will not allow for bitcoin to be dead because as much as they can they will support bitcoin until it becomes stable and the strongest among its competitors.

Yeah and even if the price of bitcoin falls dramatically in future then people will not leave bitcoins and will try to buy maximum number of coins at cheapest price as they are aware that the price of bitcoins can bounce back anytime so I don't think that bitcoin will ever die or declare as a dead.


 
 
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doomistake
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April 12, 2017, 11:34:21 AM
 #660

bitcoin is based on the supply and demand so when in terms of dying of coin that is based in that, Bitcoin will die if no one will ever use it or all of the people are sell their bitcoin which is impossible so Bitcoin will be dead by that and I think that is impossible because bitcoin has many rather millions of users.   
Bitcoin can't die that easily just because of the low demand or even the no demand in the market because just think that the bitcoin is very cheap back in the day and it almost got 0 demand but it is still not die and it goes up very high. Bitcoin has a lot of users and those users will not allow for bitcoin to be dead because as much as they can they will support bitcoin until it becomes stable and the strongest among its competitors.

And also bitcoin is the most valuable coin here in the cryptocurrency world, so I can't think a reason why people will stop on using bitcoin, because even though we are experiencing different price drop from time to time, especially when this HARD FORK came, still, we didn't stop believing on bitcoin, we are continuing our support on it by continuously using it.

But there are people who did panic selling when they have heard about this HARD FORK that may halves the bitcoins price, which was a wrong move that they did.


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