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Author Topic: In what situation would Bitcoin die?  (Read 94854 times)
Pangia
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April 12, 2017, 08:14:19 AM
 #661

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
 #662

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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dadaas
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April 12, 2017, 11:46:12 AM
 #663

Bitcoin will die only if people will stop using it and that will make bitcoin to fall in its value or else there is no reason where bitcoin can be dead and I don't think that people will stop using bitcoin looking at the benefits they are getting from bitcoins.


 
 
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poetra2501
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April 12, 2017, 11:57:35 AM
 #664

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, Bitcoin can't die if we are (Bitcoiner) always support to maintain and protect
the Bitcoin from all the problems that coming. By making a strong defense system among our
community of Bitcoin. And also the traders always do his job (trading), I am sure, Bitcoin can't will be die.

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April 12, 2017, 12:41:16 PM
 #665

Bitcoin will die only if people will stop using it and that will make bitcoin to fall in its value or else there is no reason where bitcoin can be dead and I don't think that people will stop using bitcoin looking at the benefits they are getting from bitcoins.
if there is a coin that is more favorable than bitcoin, of bitcoin users will migrate from coins to a more profitable? bitcoin possibility of death will continue to exist.

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April 12, 2017, 12:55:02 PM
 #666


yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)

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April 12, 2017, 12:58:00 PM
 #667

As long as there are two people using it and one node active bitcoin will not "die"

The far more interesting fact is that even if people abandon bitcoin as long as there is still somewhere a copy of the blockchain it can be revived.
Take a look on how altcoins "die" and they are "revived" again.
Of course in there case is juts a pump and dump scheme but that's secondary.



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April 12, 2017, 01:00:32 PM
 #668


yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)
yeah its just one situation to die bitcoin when people stop to using bitcoin.

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April 12, 2017, 01:40:53 PM
 #669

Well I think Bitcoin will die if another type of digital currency will emerge which is more efficient that bitcoin. Knowing that there is more efficient and faster than bitcoin would make the users to choose the new one because they will benefit more there. If most of the users of bitcoin shifted to the new one, this may lead to the harsh drop of bitcoin's value and this may cause bitcoin to die.

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April 12, 2017, 03:15:03 PM
 #670

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.
That will be a big hindrance to bitcoin but the amount of collaboration you are suggesting in your post is something we have not seen I think ever, you will need the collaboration of every single government, banks and ISP and even with all of that we could still find ways to avoid all those measures.



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April 12, 2017, 04:28:34 PM
 #671

Well I think Bitcoin will die if another type of digital currency will emerge which is more efficient that bitcoin. Knowing that there is more efficient and faster than bitcoin would make the users to choose the new one because they will benefit more there. If most of the users of bitcoin shifted to the new one, this may lead to the harsh drop of bitcoin's value and this may cause bitcoin to die.

Bitcoin should have died years ago then. Altcoins surely are more efficient than bitcoins and faster than bitcoins. Most people are ranting about the wasted resources (thus, inefficiency) that there is whenever you transfer bitcoins. The fees when having a transaction with altcoins surely are much lesser than the transaction fee of bitcoin. And since there's far lesser altcoin users, sending altcoin is much faster than bitcoins.

But is this enough? Based on what you can see, no altcoin has replaced bitcoin yet so all this improvements aren't enough. There might be some people that have switched to using an altcoin because of these improvement but bitcoin is still the best way to store value amongst other cryptocurrencies.

On a side note. At the end of the day, when we're going to cash out our money to fiat, we are still going to convert it to bitcoins first. So others don't even bother switching to using altcoins and just accept the fact that there's ridiculous fees in using bitcoins.
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April 12, 2017, 04:33:59 PM
 #672


yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)
yeah its just one situation to die bitcoin when people stop to using bitcoin.

But do you really think that people will stop using bitcoin in near future as bitcoin is like an addiction once you start using it you will only keep on looking the ways to increase it so that you can get better benefits in future so I don't think that bitcoin will ever die in future.


 
 
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April 12, 2017, 04:38:53 PM
 #673

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 ..,,

That only applies to a currency that is based supply and demand and has limited supply like bitcoins. But to currencies like fiat, it's a different story. The famous Zimbabwean dollars still have Zimbabwe people as user yet the price is extremely low. Here's an article from 2015 about $100 trillion Zimbabwean dollars that can't even buy a candy bar. Zimbabwean dollar has hyperinflated and so it's the lowest valued currency.

Fiat currency is so fascinating. It's almost as if the whole thing is based on whatever the government wants to do with it. We don't need anything like that. Good thing we finally have bitcoins.


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April 12, 2017, 04:42:27 PM
 #674


yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)
What about a technical glitch?

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April 12, 2017, 06:15:53 PM
 #675


yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)
What about a technical glitch?

Technical glitches are easy to be resolved. Only program codes, compatibility, and other software related issues are involved. These are easily (compared to other problems) fixed by some elite programmers and developers. But if the problem is people fully stopped using bitcoin, can you fix it? If the bitcoin was entirely banned by the government worldwide, can you fix it? There are ways to fix it but it is far too difficult to fix rather than the technical glitches.

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April 12, 2017, 06:22:33 PM
 #676

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.


 
 
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April 12, 2017, 06:26:26 PM
 #677

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

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April 12, 2017, 06:52:06 PM
 #678

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.
You're both correct mate and what pangia said could happen if care is not taking with issue happening lately concerning the block size ignominious failure and the news about the bitcore/block stream which causes high transaction fees and sloppy transaction confirmation.

CoinThinker
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April 12, 2017, 07:16:05 PM
 #679

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.
You're both correct mate and what pangia said could happen if care is not taking with issue happening lately concerning the block size ignominious failure and the news about the bitcore/block stream which causes high transaction fees and sloppy transaction confirmation.

If the delay in confirmation issue is not resolved fast then there will be many people who will stop using bitcoins as every one wants instant confirmation and its very annoying to wait for hours especially when you are in urgent need of money.


 
 
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Intersan
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April 13, 2017, 10:15:12 AM
 #680

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

How would bitcoin die? Bitcoin would die if no one will buy, sell and use it. It will be the same for all the cryptocurrencies if no country will stop using it.



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