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Author Topic: In what situation would Bitcoin die?  (Read 95097 times)
Gembul
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April 18, 2017, 12:52:28 AM
 #761

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
 #762

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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April 18, 2017, 07:31:13 AM
 #763

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

But I very much hope that all this will happen very soon. Parties must reach agreement and resolve the problem with transactions.
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April 18, 2017, 09:35:13 AM
 #764

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

Yeah, that's why the price keeps on climbing higher and higher

Anyway, welcome to the Bitcoin shills club. You shills become more and more desperate in your futile attempts to defame Bitcoin while your shitcoins quickly turn into dust and ashes. One thing is bugging me though, i.e. whether someone pays you for throwing dirt at Bitcoin or you are doing it entirely out of your own stupidity? If the former is the case, then I would like to know what are the rates (maybe, it is really worth a dime, wtf), otherwise you are really pathetic

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April 18, 2017, 09:44:42 AM
 #765

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

And that's not a natural course of events or situation

Namely, not that miners are not one of the most important part of Bitcoin, but the present situation is unnatural as such when miners become indispensable (I mean specific miners which even have proper names that we are all well familiar with). As to me, the most important part of Bitcoin are the Bitcoin users themselves. Without miners Bitcoin cannot exist (that's true), but without users Bitcoin loses any meaning or reason to exist at all (that's even truer). So everyone choose on their own which is more important

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April 18, 2017, 09:55:23 AM
 #766

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
I guess it makes sense, if the bitcoin transaction fee is too big, maybe people will leave. yeah, but maybe it takes a very long time. I also believe that the developers of bitcoin will not let it happen, because it will always be improved.



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April 18, 2017, 09:57:52 AM
 #767

This would not happen even if all the governments of the world banned Bitcoin. If a single user is mining, or running a node, Bitcoin would still be around...
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April 18, 2017, 10:31:50 AM
 #768

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.
i think you are right that it is impossible that all the government will make agreement to ban bitcoin because bitcoin is the most used currency and it will need great efforts for the government to ban it .

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April 18, 2017, 10:37:55 AM
 #769

We all know that trades altcoin and bitcoin is the largest. I'm sure it depends altcoin, if there is no altcoin then bitcoin will die because standing alone it will not be acceptable to other users.
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April 18, 2017, 10:45:17 AM
 #770

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
I guess it makes sense, if the bitcoin transaction fee is too big, maybe people will leave. yeah, but maybe it takes a very long time. I also believe that the developers of bitcoin will not let it happen, because it will always be improved.
Yup if BTC transaction fee will increase more then people will start to stop using Bitcoin. to avoiding extra govt tax, people are using this BTC transaction. The same amount fee if want to pay for BTC transaction means why they use BTC right. So it will not happen, suppose our bad luck it happens means it will take years of time.
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April 18, 2017, 12:46:13 PM
 #771

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
I guess it makes sense, if the bitcoin transaction fee is too big, maybe people will leave. yeah, but maybe it takes a very long time. I also believe that the developers of bitcoin will not let it happen, because it will always be improved.
Yup if BTC transaction fee will increase more then people will start to stop using Bitcoin. to avoiding extra govt tax, people are using this BTC transaction. The same amount fee if want to pay for BTC transaction means why they use BTC right. So it will not happen, suppose our bad luck it happens means it will take years of time.
Fee is the most concern in bitcoin as of now because one of the most well known characteristic of bitcoin is being fast and cheapin terms of fees but as of now the fees are increasing and that is the opposite of the promised characteristic of bitcoin since it just got started and if that problem doesn't solve as soon as possible it will become a reason for bitcoin to die.

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April 19, 2017, 02:43:14 PM
 #772

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

Yeah, that's why the price keeps on climbing higher and higher

Anyway, welcome to the Bitcoin shills club. You shills become more and more desperate in your futile attempts to defame Bitcoin while your shitcoins quickly turn into dust and ashes. One thing is bugging me though, i.e. whether someone pays you for throwing dirt at Bitcoin or you are doing it entirely out of your own stupidity? If the former is the case, then I would like to know what are the rates (maybe, it is really worth a dime, wtf), otherwise you are really pathetic

I think it's neither. They are doing it just to experience that pleasure of being a troll on the Internet. They are not making money but they are able to get a good laugh thinking about a newbie that believes them.

But it can also be out of stupidity. Like you always say, "The lack of reason creates monsters." They don't know about the whole thing and just judge bitcoin's technical part based on how they perceive it. If they think that it's about to collapse, then it's about to collapse regardless if bitcoin still has solid foundation.

Someone who wants to throw dirt on bitcoins will do something massive (like blatantly support BCU and say that bitcoin is going down) like the people that they always talk about on Reddit. Roll Eyes In the end, it turned out that these relevant people only did throw shade on bitcoin just to get more bitcoins.


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April 19, 2017, 03:33:30 PM
 #773

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.
Certain situations could play their part in the Bitcoin to get die are: If the bitcoin have a clash with the system. Like if the beneficiaries don’t get enough benefit from it, as said to be.  The other is that if the main stakeholders don’t find it profitable anymore so they will switch to something else. Until and unless it benefits both the buyer and the seller it is going to stay in other case it is going to die.

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April 19, 2017, 03:49:13 PM
 #774

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.
Certain situations could play their part in the Bitcoin to get die are: If the bitcoin have a clash with the system. Like if the beneficiaries don’t get enough benefit from it, as said to be.  The other is that if the main stakeholders don’t find it profitable anymore so they will switch to something else. Until and unless it benefits both the buyer and the seller it is going to stay in other case it is going to die.
Well I think that if mining is affected that in some point everyone has to stop doing it than I think it would make Bitcoin profitable. With that being said it will make Bitcoin become a more limited currency because the supply will become numbered even though there is still un-mined Bitcoin out there. It will certainly affect the price in a good way. 

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April 19, 2017, 05:09:07 PM
 #775

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 if bitcoin is not value, when people in the world do not wanna use bitcoin maybe people can move to other real currency like dollar  Wink

Probably, it might your thought but bitcoin would not die forever. Because rate of adoption over bitcoin and block chain have been increased gradually from the 2014 and after halving this is moving in huge numbers.
If it's go like this. Bitcoin will be costliest stock in near future. You may get your salary from the day job as bitcoin payment also. Who knows. Will wait see.
yes sir , i wish too.. and i hope what are you say can be reality Smiley
if this is happen maybe dollar can lose by bitcoin


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April 19, 2017, 05:17:18 PM
 #776

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 will die in the situation of people not using it anymore because of some reasons like the value is very low, the government banned it or there are other digital currency that are popular. We all know that bitcoin stays today because many people are using it and it is very popular. The popularity and lifes of a one thing depends on the people who using it. So as of know I think bitcoin will never die. Smiley

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April 19, 2017, 05:20:35 PM
 #777

one thing's for sure, no demand to use cryptocurrency which is not possible

Ofcourse. The situation that bitcoin will die is depend on the demand of people who are using it. If many people are using it and many people are buying or selling it. Bitcoin will stay as it is and will take it's progress but if people stop using it or the popilarity of it to people are gone. That is the time where the bitcoin will die and somehow fall. For me, it depends on the usage today and the number of people who are using it.

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April 19, 2017, 05:23:28 PM
 #778

I think Bitcoin will dead if every country decides to ban Bitcoin permanently. Then, there will be no more people using Bitcoin because they might be arrested in this condition. And bitcoin can also be dead if there are a new cryptocurrency which is more profitable, more advance and can fix most of the bug of bitcoin. In the future, there will be more cryptos qualifying these facors.

I agree. The fortune of bitcoin in acertain country depends on the government ofcourse. If the government stop or banned the bitcoin in his country many people will stop using it and the demand of usage will go down. And that's how the bitcoin will die. Because of slowly falling down of numbers users the bitcoin life became low and low. Many people will be sad and get angry if the banning of bitcoin will happen.

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April 19, 2017, 09:26:12 PM
 #779

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.
It can happen, it is not very likely to happen but that does not mean it is impossible, but as you said if such networks disappeared then the disappearance of bitcoin will not be such a great deal since we will probably need to worry about food and water at that point.



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Rainbot
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April 19, 2017, 09:31:07 PM
 #780

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.
It can happen, it is not very likely to happen but that does not mean it is impossible, but as you said if such networks disappeared then the disappearance of bitcoin will not be such a great deal since we will probably need to worry about food and water at that point.

With the users all over the world uaing bitcoin, I think it is now unstoppable. The users are increasing especially they are now accepted in Japan. And networks will not go anywhere, do you think companies or even governments will not a make a solution to fix the network if it falls? Even the electricity? Nowadays they are essential to our lives, they are even needed for our jobs.

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