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Author Topic: In what situation would Bitcoin die?  (Read 94338 times)
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April 13, 2017, 04:35:20 PM
 #681

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.
There are more possibilities for example the disappearance of some of the networks bitcoin depends, bitcoins depends on the electric network and also on the internet, so if one of those were to disappear then bitcoin will most likely disappear since there will not be a way to run bitcoin.



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HAS BEEN RELEASED!


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April 13, 2017, 05:33:52 PM
 #682


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.

Yes, you can easily fix those issues. Technical glitch on the other hand will surely kill bitcoins. Supposed that there's some glitch that allows you to send bitcoin using whatever address that you like without even using the address' private key will surely kill bitcoin. The effect of it to the victim will surely be devastating. Imagine if someone found that glitch and then made a bot to use all the addresses posted in this thread. Since there's no way to cancel the transaction, tons of bitcoin users will be affected.

Problems like the government banning it is very unlikely to arise. But since this is all just hypothetical, let's just assume the situation. Since bitcoin users spend tons of time on the Internet, they will eventually learn how to hide their identity from the government. With the bitcoin ban, the government will be more likely to announce bitcoin existence instead.

Even though the fact that government is banned by the government cannot be changed anymore, there would be ways to solve the problem and bypass the whole government scenario.
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April 13, 2017, 05:59:53 PM
 #683

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
When no one is willing to buy bitcoins any more,it will start losing its value and finally may die.But i dont think so that it would happen.Some say that when Quantum computing is to be introduced,then bitcoin will die.But it would take around twenty more years for it to come.Lets wait and see.
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April 13, 2017, 06:32:25 PM
 #684

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.
There are more possibilities for example the disappearance of some of the networks bitcoin depends, bitcoins depends on the electric network and also on the internet, so if one of those were to disappear then bitcoin will most likely disappear since there will not be a way to run bitcoin.
The main factor to make long life the bitcoin is Internet. We are know
that Bitcoin is very depends into Internet, without Internet I believe Bitcoin
will be die. Because there are can't any transaction will be active.

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April 13, 2017, 08:21:06 PM
 #685

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.
There are more possibilities for example the disappearance of some of the networks bitcoin depends, bitcoins depends on the electric network and also on the internet, so if one of those were to disappear then bitcoin will most likely disappear since there will not be a way to run bitcoin.
but i do not think that such situation can even happen. because we are not only depending on these things for bitcoin but we are depending on these thing for so many other important issues, as if electricity or internet will down it will effect our life for so many other aspect.
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April 13, 2017, 09:15:32 PM
 #686

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin would only die if all users will leave bitcoin instantly, but it should have a valid reason why users leave Bitcoin. Or it will die or crushed down immediately when the Internet connection will lost in the entire world.
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April 14, 2017, 12:46:06 AM
 #687

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?
Bitcoin would only die if all users will leave bitcoin instantly, but it should have a valid reason why users leave Bitcoin. Or it will die or crushed down immediately when the Internet connection will lost in the entire world.
for the current and the next few years there is no plausible reason for leaving bitcoin bitcoin is still easy to use and still profitable for investors, so we're still going to stay



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April 14, 2017, 01:38:27 AM
 #688

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

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April 14, 2017, 01:43:11 AM
 #689

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .
Yes you are right.
The demolition of bitcoins seems to be now so legit hypothetical.
Bitcoins now have gained a huge amount of respect,
And vast or massive acceptance among the people.
So even I think that bitcoins dieing is very difficult.
Until there is some better technology than bitcoin invented in the market.
And people start using it.

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April 14, 2017, 07:39:39 AM
 #690

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.
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April 14, 2017, 09:12:29 AM
 #691

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.
The only key bitcoin death, #imo. internet besides death (impossible). when all users to stop using the bitcoin bitcoin will die. but what makes bitcoin users stop using bitcoin, it is still a mystery
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April 14, 2017, 04:09:09 PM
 #692

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.

Nope, bitcoin was made decentralized so there will be no central point that the government can attack. It doesn't have a "power source" or a "heart" if you will. Taking down one part of a decentralized network will have no effect at all because other people just have to support it again. When the government shuts down the major mining farms, people that have PC at their homes will take advantage of this and mine bitcoins on their PC, not only to make money but to support the network as well. This way, bitcoin will even be more decentralized.

Only two things can kill the Internet, one huge disaster that will destroy all the power lines (loss of electricity) or one disaster that will destroy the internet cables (loss of connection). These will both be the opportunity of the government of a country since almost everyone (including large companies in which the government can collect huge tax from) relies heavily on Internet and electricity.

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April 14, 2017, 04:32:59 PM
 #693

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.
The only key bitcoin death, #imo. internet besides death (impossible). when all users to stop using the bitcoin bitcoin will die. but what makes bitcoin users stop using bitcoin, it is still a mystery

I've never seen such a scenario wherein the users of a certain currency died altogether, let alone if these people are scattered all around the world. Assuming that all bitcoin users die, the idea of bitcoins will never die. There would always be new people coming to bitcoins by their own. They don't need anyone to force them or even point them towards bitcoin's direction.

Since all the data about bitcoins are posted on the Internet. Someone who would simply search "How to earn money online" will find out about bitcoins. Not to mention that these key words are used a lot since most people want to earn by working online at home.
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April 14, 2017, 05:07:41 PM
 #694

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.

Nope, bitcoin was made decentralized so there will be no central point that the government can attack. It doesn't have a "power source" or a "heart" if you will. Taking down one part of a decentralized network will have no effect at all because other people just have to support it again. When the government shuts down the major mining farms, people that have PC at their homes will take advantage of this and mine bitcoins on their PC, not only to make money but to support the network as well. This way, bitcoin will even be more decentralized.

Only two things can kill the Internet, one huge disaster that will destroy all the power lines (loss of electricity) or one disaster that will destroy the internet cables (loss of connection). These will both be the opportunity of the government of a country since almost everyone (including large companies in which the government can collect huge tax from) relies heavily on Internet and electricity

Logical decentralization cannot override physical centralization

While I certainly agree that the Bitcoin network is logically decentralized, it is surely not so with physical connections (cables) that make up the Internet infrastructure (as you say yourself). So it won't take a lot to cut continents from each other (say, Americas from Eurasia). And then Bitcoin will get split into two independent chains. And the longer there is loss of connection, the stronger and more dramatic will be the consequences for the Bitcoin blockchain. There is satellite Internet but its bandwidth is limited, and it is unclear if it will be able to support Bitcoin integrity

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April 14, 2017, 05:27:46 PM
 #695

I think the unique situation which will "kill" Bitcoin is something which damage all the Internet connections around the world once forever, may be World War for example or similar things.
But this is really not supposed to happen at least in our nearest future.

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April 14, 2017, 05:48:03 PM
 #696

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.

Nope, bitcoin was made decentralized so there will be no central point that the government can attack. It doesn't have a "power source" or a "heart" if you will. Taking down one part of a decentralized network will have no effect at all because other people just have to support it again. When the government shuts down the major mining farms, people that have PC at their homes will take advantage of this and mine bitcoins on their PC, not only to make money but to support the network as well. This way, bitcoin will even be more decentralized.

Only two things can kill the Internet, one huge disaster that will destroy all the power lines (loss of electricity) or one disaster that will destroy the internet cables (loss of connection). These will both be the opportunity of the government of a country since almost everyone (including large companies in which the government can collect huge tax from) relies heavily on Internet and electricity

Logical decentralization cannot override physical centralization

While I certainly agree that the Bitcoin network is logically decentralized, it is surely not so with physical connections (cables) that make up the Internet infrastructure (as you say yourself). So it won't take a lot to cut continents from each other (say, Americas from Eurasia). And then Bitcoin will get split into two independent chains. And the longer there is loss of connection, the stronger and more dramatic will be the consequences for the Bitcoin blockchain. There is satellite Internet but its bandwidth is limited, and it is unclear if it will be able to support Bitcoin integrity

But will they allow it, though? Why would a country/continent want to be disconnected from the world? Except if you're living in North Korea, I don't see any reason why you're government would do this. A lot of people are online workers and a lot of jobs need the Internet. Even simply selling stuffs digital goods require you to be connected to as much people as possible.

This move of the government will certainly raise questions by their citizens. If it's something that's been done because of something so little like bitcoins, it would totally upset everyone. People barely know bitcoin's existence.

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April 14, 2017, 05:58:31 PM
 #697

In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.

Nope, bitcoin was made decentralized so there will be no central point that the government can attack. It doesn't have a "power source" or a "heart" if you will. Taking down one part of a decentralized network will have no effect at all because other people just have to support it again. When the government shuts down the major mining farms, people that have PC at their homes will take advantage of this and mine bitcoins on their PC, not only to make money but to support the network as well. This way, bitcoin will even be more decentralized.

Only two things can kill the Internet, one huge disaster that will destroy all the power lines (loss of electricity) or one disaster that will destroy the internet cables (loss of connection). These will both be the opportunity of the government of a country since almost everyone (including large companies in which the government can collect huge tax from) relies heavily on Internet and electricity.

But don't you think if this type of disaster (death of internet) will occur, the decentralization of bitcoin will come handy. If the internet dies, the government will not let it stay dead. They will fix it immediately because of their dependency on the internet. And since bitcoin is decentralized, as soon as the internet is fixed, even on some areas only, bitcoin will become available also. So I think that is also a reason why bitcoin was made decentralized.

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April 14, 2017, 06:31:58 PM
 #698

Any currency can die if you stop using it. If bitcoin ceases to use, then he will die too. It all depends on the users.
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April 14, 2017, 07:49:36 PM
 #699

Any currency can die if you stop using it. If bitcoin ceases to use, then he will die too. It all depends on the users.
i agree with you if we stop to use any currency then it will be go to die and decrease it value and you are right that it depend on user.

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April 14, 2017, 08:08:49 PM
 #700

I dont think it is possible. I mean bitcoin can never die. Many people know cryptomoney and use it. Earn money with it. invest money to it. No way dude no way.

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