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Author Topic: In what situation would Bitcoin die?  (Read 101257 times)
SamsungBitcoin
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April 17, 2017, 12:30:42 PM
 #741

A government ban is one of such scenarios. If the government makes the possession of Bitcoins a criminal offense, then very few people will be willing to take the risk.
I think that is not the thing that can bitcoin die because now there are some country which bitcoin is already ban but lots of people there are continuous collection bitcoin using vpn.
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April 17, 2017, 12:35:06 PM
 #742

A government ban is one of such scenarios. If the government makes the possession of Bitcoins a criminal offense, then very few people will be willing to take the risk.
I think that is not the thing that can bitcoin die because now there are some country which bitcoin is already ban but lots of people there are continuous collection bitcoin using vpn.

Yes, it does not destroy bitcoin. Many users already simply can not do without it and they will have to go through the trick.
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April 17, 2017, 01:09:13 PM
 #743

A government ban is one of such scenarios. If the government makes the possession of Bitcoins a criminal offense, then very few people will be willing to take the risk.
I think that is not the thing that can bitcoin die because now there are some country which bitcoin is already ban but lots of people there are continuous collection bitcoin using vpn.

Even if country bans bitcoin people still can manage to earn them but what is the use of earning them if they cannot sell them or cash out them in their country as if its illegal then you will not find any trader who will involve in buying and selling of coins.

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April 17, 2017, 01:18:15 PM
 #744

A government ban is one of such scenarios. If the government makes the possession of Bitcoins a criminal offense, then very few people will be willing to take the risk.
I think that is not the thing that can bitcoin die because now there are some country which bitcoin is already ban but lots of people there are continuous collection bitcoin using vpn.

Even if country bans bitcoin people still can manage to earn them but what is the use of earning them if they cannot sell them or cash out them in their country as if its illegal then you will not find any trader who will involve in buying and selling of coins.
This is not a problem. You can always exchange your bitcoins online on the currency which is accepted in the banks in your country. For example dollar. A much bigger problem is that you have a few of them and you can't purchase with bitcoins.
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April 17, 2017, 01:22:42 PM
 #745

if a situation arises where the market price of bitcoin goes so low that there is no hope of revival would be when any other form of cryptocurrency like ethereum would rise up or when paypal lessens its security and taxes,which many people prefer,because earning bitcoins for an average person is not possible as he has to do bitcoin mining Cheesy Cheesy Cheesy
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April 17, 2017, 01:30:14 PM
 #746

one thing's for sure, no demand to use cryptocurrency which is not possible
That's true... I think bitcoin will die if no one will use it or if big countries like USA will not allow this which is never gonna happen. Yet, bitcoin will gonna die if internet is gone and it also never gonna happen.

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April 17, 2017, 01:35:46 PM
 #747

one thing's for sure, no demand to use cryptocurrency which is not possible
That's true... I think bitcoin will die if no one will use it or if big countries like USA will not allow this which is never gonna happen. Yet, bitcoin will gonna die if internet is
gone and it also never gonna happen.

so bitcoin will never be gone unless there will be another cryptocurrency that will come out and will be much better with bitcoin offering more than bitcoin can offer,as of now there is none who can beat it so it might be impossible now but soon when bitcoin delays where not yet solved for long ,some cryptocurrency may have a way to be identified.

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April 17, 2017, 02:45:35 PM
 #748

if a situation arises where the market price of bitcoin goes so low that there is no hope of revival would be when any other form of cryptocurrency like ethereum would rise up or when paypal lessens its security and taxes,which many people prefer,because earning bitcoins for an average person is not possible as he has to do bitcoin mining Cheesy Cheesy Cheesy

An average person wouldn't even know about bitcoins. He would just settle with the high fees of Paypal and think that maybe that's actually how it is. They wouldn't even bother to look up an alternative of Paypal since Paypal has become the traditional way of sending money using your bank account. Admit it, we all still have Paypal accounts despite the fact that we're all about bitcoins now. It's because almost all merchants accept Paypal.

I don't get why would Paypal lessen their security, though. Lessening their security will just put them and their customer's money at risk. Or maybe you meant something else. And without some threat or some competition, Paypal would never decrease their transaction fees. Why decrease it when people have nothing else to compare it with?

                           
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April 17, 2017, 02:48:38 PM
 #749

one thing's for sure, no demand to use cryptocurrency which is not possible
That's true... I think bitcoin will die if no one will use it or if big countries like USA will not allow this which is never gonna happen. Yet, bitcoin will gonna die if internet is gone and it also never gonna happen.

So if USA doesn't allow the use of bitcoins then what will be its effect on other countries? Even if USA bans bitcoin the people from other countries will continue to use them as to earn bitcoins you only need an internet connection and that is available everywhere now.


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April 17, 2017, 04:46:00 PM
 #750

I can't see a situation right now to see bitcoin die because instead of dying it will be on a progressive growth where each year there's a growth.

But let's give an example, if ever the whole world will make a total ban for bitcoin, the market will be keep on going but there is a chance that many investors and holders will let go.

And that will start bitcoin to be dead. But that's far to happen if we will think about it.

Exactly Bitcoin has been established (7+yrs), has vested interests globally (diverse places like Phillippines, Japan, Russia, Spain, China, USA, India), has an immutable transparent ledger, crypto-secured, decentralized system of checks with small blocks.

It has destroyed spam attacks, daily hack attempts at some of the smartest hackers globally, and government attempts of bans.

It has emerged as, (although volatile) the ultimate store of value.
If curious, i detail the dynamics & reasons for this at this post:
"Hacks & puppets & forks - how to destroy bitcoin" https://bitcointalk.org/index.php?topic=1834310.0 

It's really hard to think that bitcoin will die eventually. And if ever there would be chance that it is going to be dead.

Many of us are going to do something to make it keep longer and will make the market and bitcoin itself to become alive.

A lot of things has passed with bitcoin already and I believe that it made it even stronger now.

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April 17, 2017, 07:23:18 PM
 #751

Why did Bitcoin fail? Failed because your community failed. What was meant to be something new, a decentralized form of money that "lacked important institutions" and "was so great to fail" became something even worse: a system completely controlled by a group of people. In addition, the network is on the verge of a technical collapse. The mechanisms that should prevent this problem have been broken, and as a result, I do not think there is any great reason to believe that Bitcoin may be better than the existing financial system.
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April 17, 2017, 08:53:33 PM
 #752

How Bitcoin would die, in theory:

-Bitfinex and USDT crash the market, or a lack of consensus from scaling, or both

-Mining becomes unprofitable for anyone except Jihan Wu

-Mining becomes extremely monopolised

-Bitcoin is no longer decentralised, thus the majority of people using it decide it's no longer what it's supposed to be and leave

-Mining becomes unprofitable even for Jihan Wu

-Bitcoin dies.
I see that the most concern in your post is all about mining which is i agree with. If mining will not profitable anymore then it will become a reason for miners to leave bitcoin and if miners will leave bitcoin then there is no people supports the network and network eventually dies and it will become a reason for investors to leave also and sell their coins.

It will only die if it will be shut down by the system, its developer or if internet gone. Bitcoin values as of now is getting favorable for its user, it is highly appreciated in terms of its features and value. The only downfall of its now is its delay for accepting or submitting transfers. There is only a need to develop its transaction speed .other than that it all works smoothly.




Yeah and it can also die if people stop using it completely in future but I don't think that will ever happen but bitcoin should resolve the issue of delay in confirmation time as that can be also an reason for people to not use bitcoins in future.

I agree with you - the loss of popularity for bitcoin will be death. Its price depends on demand. And if there is no demand, bitcoin will depreciate.
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April 17, 2017, 09:44:39 PM
 #753

A government ban is one of such scenarios. If the government makes the possession of Bitcoins a criminal offense, then very few people will be willing to take the risk.
I think that is not the thing that can bitcoin die because now there are some country which bitcoin is already ban but lots of people there are continuous collection bitcoin using vpn.
Yes if the governments will ban it then it will not be a high affect on bitcoin as people will use it only without showing their identity and no one will face any problem from their governmnet because the governments will not know that any one who is using bitcoin is from their country.

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April 17, 2017, 10:14:55 PM
 #754

How Bitcoin would die, in theory:

-Bitfinex and USDT crash the market, or a lack of consensus from scaling, or both

-Mining becomes unprofitable for anyone except Jihan Wu

-Mining becomes extremely monopolised

-Bitcoin is no longer decentralised, thus the majority of people using it decide it's no longer what it's supposed to be and leave

-Mining becomes unprofitable even for Jihan Wu

-Bitcoin dies.
I see that the most concern in your post is all about mining which is i agree with. If mining will not profitable anymore then it will become a reason for miners to leave bitcoin and if miners will leave bitcoin then there is no people supports the network and network eventually dies and it will become a reason for investors to leave also and sell their coins.

It will only die if it will be shut down by the system, its developer or if internet gone. Bitcoin values as of now is getting favorable for its user, it is highly appreciated in terms of its features and value. The only downfall of its now is its delay for accepting or submitting transfers. There is only a need to develop its transaction speed .other than that it all works smoothly.




Yeah and it can also die if people stop using it completely in future but I don't think that will ever happen but bitcoin should resolve the issue of delay in confirmation time as that can be also an reason for people to not use bitcoins in future.

I agree with you - the loss of popularity for bitcoin will be death. Its price depends on demand. And if there is no demand, bitcoin will depreciate.
yeah if bitcoin loss their popularity then bitcoin will be die but bitcoin popularity increasing everyday and bitcoin demand is also increasing too much faster and a lot of people adopting bitcoin.

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April 17, 2017, 10:26:28 PM
 #755

I see that the most concern in your post is all about mining which is i agree with. If mining will not profitable anymore then it will become a reason for miners to leave bitcoin and if miners will leave bitcoin then there is no people supports the network and network eventually dies and it will become a reason for investors to leave also and sell their coins.

If majority of miners left, then difficulty will adjust, and the blocks will move forward and be able to confirm the transaction.  Though miners is the most important part of Bitcoin since the life and death of bitcoin depends on it.  Aside from that miners are the one who confirmed transaction so without them there will be no movement in Bitcoin.

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April 17, 2017, 10:48:28 PM
 #756

How Bitcoin would die, in theory:

-Bitfinex and USDT crash the market, or a lack of consensus from scaling, or both

-Mining becomes unprofitable for anyone except Jihan Wu

-Mining becomes extremely monopolised

-Bitcoin is no longer decentralised, thus the majority of people using it decide it's no longer what it's supposed to be and leave

-Mining becomes unprofitable even for Jihan Wu

-Bitcoin dies.
I see that the most concern in your post is all about mining which is i agree with. If mining will not profitable anymore then it will become a reason for miners to leave bitcoin and if miners will leave bitcoin then there is no people supports the network and network eventually dies and it will become a reason for investors to leave also and sell their coins.

It will only die if it will be shut down by the system, its developer or if internet gone. Bitcoin values as of now is getting favorable for its user, it is highly appreciated in terms of its features and value. The only downfall of its now is its delay for accepting or submitting transfers. There is only a need to develop its transaction speed .other than that it all works smoothly.



No that things will not happen in any time in future because now every business is relying on internet and are going to rely on bitcoin so they will work hard for the success of bitcoin and they will not go them to die out and it will survive till the end of the world.
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April 17, 2017, 11:09:48 PM
 #757

For Bitcoin to die there would need to be a global agreement of all governments to ban it, this is impossible because governments will never agree to do anything, so it's clear that this is not a real treat.

Therefore, I cannot think of any realistic treats that would kill Bitcoin.
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April 18, 2017, 12:14:28 AM
 #758

For Bitcoin to die there would need to be a global agreement of all governments to ban it, this is impossible because governments will never agree to do anything, so it's clear that this is not a real treat.

Therefore, I cannot think of any realistic treats that would kill Bitcoin.
perhaps only when the potential for greater bitcoin then threatened the currency of many countries, may consent various countries to ban bitcoin will happen?


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April 18, 2017, 12:52:28 AM
 #759

For Bitcoin to die there would need to be a global agreement of all governments to ban it, this is impossible because governments will never agree to do anything, so it's clear that this is not a real treat.

Therefore, I cannot think of any realistic treats that would kill Bitcoin.
perhaps only when the potential for greater bitcoin then threatened the currency of many countries, may consent various countries to ban bitcoin will happen?



The reason could have been, with the united nations that could make agreements to be approved by the members. But I think to this day bitcoin do not threaten the currency of a country, especially my country. I hope bitcoin remain in this state alone, which is located between the illegal or legal.Thank you
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April 18, 2017, 01:47:40 AM
 #760

Bitcoin will die naturally when the cost of transaction gets exceedingly too high. because everyone will leave it and walk away. Roll Eyes Roll Eyes
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