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Author Topic: In what situation would Bitcoin die?  (Read 96017 times)
Dhimas Kanjeng
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April 20, 2017, 12:57:09 AM
 #781

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.
Yes correct I agree with your opinion, when there is no demand then everyone will leave the bitcoin, when there is no request of course prices will drop and bitcoin will die.
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April 20, 2017, 04:28:27 AM
 #782

Bitcoin will always be needed, as long as people seek secrecy and centralization
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April 20, 2017, 08:01:16 AM
 #783

Bitcoin will always be needed, as long as people seek secrecy and centralization
We never know if it will always be used, until now all countries no one uses officially, this is the thing I'm worried about about the future of the bitcoin, as long as there is no guarantee can die at any time.

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April 20, 2017, 08:42:05 AM
 #784

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.

It is definitely unstoppable NOW but we don't know if it will continue that way in the next years . Electricity and internet are not really going to be a problem as the entire population depends on it . What we have to worry is decreasing bitcoin users causing a big price decrease . In most cases I think that bitcoin will survive if the above statements will occur although we shouldn't expect the price to go to the moon, it will be lower than expected .


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April 20, 2017, 08:50:56 AM
 #785

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.
Yes correct I agree with your opinion, when there is no demand then everyone will leave the bitcoin, when there is no request of course prices will drop and bitcoin will die.
i agree with that as you say  if there is no demand or request of bitcoin then it would die, but what about those people who has invested a large amount of money and what about those people who has seek jobs or employment in this forum, do you think that they will quit to use bitcoin?
i think those people will not quit to use bitcoin and therefore bitcoin will not die off.

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April 20, 2017, 12:10:42 PM
 #786

Bitcoin will always be needed, as long as people seek secrecy and centralization
We never know if it will always be used, until now all countries no one uses officially, this is the thing I'm worried about about the future of the bitcoin, as long as there is no guarantee can die at any time.
Obviously nothing is guaranteed, thats why saying bitcoin is indestructable is a mistake.

On the other hand, bitcoin does not need any official support from the goverments, because the main idea about rhe most known cryptocurrency is that it should always stay decentralized.

But we cannot let the goverments to be against the bitcoin, we should encourage the rest of community to have a chance of avoiding this.

If that is going to happen, using bitcoin will be not so
great because you basically need to use your bank account to covert it into fiat, and that may cause a problems for you.


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April 20, 2017, 02:35:35 PM
 #787

I think that Bitcoin can die in the event that most countries formally make an official ban on him.
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April 20, 2017, 02:38:35 PM
 #788

I think that Bitcoin can die in the event that most countries formally make an official ban on him.

technically speaking, can bitcoin really be banned?

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April 20, 2017, 05:17:07 PM
 #789

I think that Bitcoin can die in the event that most countries formally make an official ban on him.

technically speaking, can bitcoin really be banned?

You were born yesterday, am I right?

Bitcoin was banned on some countries years ago such as Bangladesh, Bolivia, etc. See for yourself here https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/#. That was last May 2015, some countries listed there accepts bitcoin now or on the process of acceting bitcoin. So banning bitcoin in a particular country is very possible. They have their own reason of doing so.

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April 20, 2017, 05:23:31 PM
 #790

Bitcoin will always be needed, as long as people seek secrecy and centralization
We never know if it will always be used, until now all countries no one uses officially, this is the thing I'm worried about about the future of the bitcoin, as long as there is no guarantee can die at any time.
Obviously nothing is guaranteed, thats why saying bitcoin is indestructable is a mistake.

On the other hand, bitcoin does not need any official support from the goverments, because the main idea about rhe most known cryptocurrency is that it should always stay decentralized.

But we cannot let the goverments to be against the bitcoin, we should encourage the rest of community to have a chance of avoiding this.

If that is going to happen, using bitcoin will be not so
great because you basically need to use your bank account to covert it into fiat, and that may cause a problems for you.
If at some point governments feel threatened by bitcoin then there is not much we can do to change the opinion of politicians if they think people are using bitcoin more than traditional banking or if they fell people are avoiding taxes by using bitcoin at that point a bitcoin ban seems almost inevitable.



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April 20, 2017, 05:25:54 PM
 #791

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.

I do not think demand for bitcoin will reduce which has like now. Rate of adoption over bitcoin and block chain technology is being increased day by day.
As it's a technical era, I do not think internet connection also will be off and bitcoin network also never off.

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April 20, 2017, 05:52:39 PM
 #792

Bitcoin will just disappear and no one knows what really happen on bitcoin this is how bitcoin will die in the next 30 years maybe? Because so far bitcoin has lots of users and becoming popular time by time.

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April 20, 2017, 07:52:10 PM
 #793

If an attack in the Bitcoin network occur there might be a possibility that bitcoin may stop functioning. Attacking Bitcoin nodes may intercept bitcoin traffic thus resulting in a delay to block propagation that can cause a significant amount of mining power to be wasted.
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April 20, 2017, 08:10:23 PM
 #794

Bitcoin would die if all the connections with internet on the world stops working. We would be unable to access our wallets as Bitcoin exist only in the virtual world. It could happen if a nuclear war, the biggest war of all times destroy all the technology and modern knowledge we have until now. So, we would need to start again from the beginning, when the money was worthless and only the skills could make us live well and safely.

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April 20, 2017, 08:34:17 PM
 #795

Bitcoin would die if all the connections with internet on the world stops working. We would be unable to access our wallets as Bitcoin exist only in the virtual world. It could happen if a nuclear war, the biggest war of all times destroy all the technology and modern knowledge we have until now. So, we would need to start again from the beginning, when the money was worthless and only the skills could make us live well and safely

I guess in that case Bitcoin and its fate will be the last that would bother you then

Regarding Internet and its failure, if we exclude such disastrous events like nuclear war or an asteroid hitting the Earth, it will be quickly restored since many people and governments alike are more and more dependent on it. It has become now as essential and vital as electricity, automobiles, and phones. I would dare a claim that in the future it will contribute to economies as much as money itself did by greatly facilitating the trade. Money made possible trade between tribes, Internet makes the trade possible between various cultures and countries around the whole world. So it is unlikely that we should expect prolonged Internet "shortages" and "blackouts"

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April 21, 2017, 07:29:06 AM
 #796

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.
Yeah if you think for 2 year or serveral year again bitcoin unstoppable but honestly not sure bitcoin still exist for 10-20 year again. ETF reject bitcoin is one the reason make me think one day bitcoin will die and other reason is electricity because the cost of electricity will high in the future and if the price not increased bitcoin will die.

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April 21, 2017, 07:59:08 AM
 #797

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.

I do not think demand for bitcoin will reduce which has like now. Rate of adoption over bitcoin and block chain technology is being increased day by day.
As it's a technical era, I do not think internet connection also will be off and bitcoin network also never off.
yes you are right that the bitcoin demand will never decrease in future because the bitcoin is spreading all over the world and technology is being very common in everyday life and i am sure that internet connection will not die off in technical era.

ipungadhi
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April 21, 2017, 08:19:13 AM
 #798

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.

I do not think demand for bitcoin will reduce which has like now. Rate of adoption over bitcoin and block chain technology is being increased day by day.
As it's a technical era, I do not think internet connection also will be off and bitcoin network also never off.
yes you are right that the bitcoin demand will never decrease in future because the bitcoin is spreading all over the world and technology is being very common in everyday life and i am sure that internet connection will not die off in technical era.
The demand for bitcoin can decrease that's what keeps the bitcoin price down. But it will go back up as the user grows. That's why prices will be high in the future

elena-tur
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April 21, 2017, 08:22:07 AM
 #799

When there is no more demand for them. Also, if all countries banned the use of bitcoin it would also die. Finally, if there was no more internet connection, all cryptocurrencies would die off.

I do not think demand for bitcoin will reduce which has like now. Rate of adoption over bitcoin and block chain technology is being increased day by day.
As it's a technical era, I do not think internet connection also will be off and bitcoin network also never off.
yes you are right that the bitcoin demand will never decrease in future because the bitcoin is spreading all over the world and technology is being very common in everyday life and i am sure that internet connection will not die off in technical era.

Only in the case of nuclear war this bitcoin technology can be disconnected, and in peacetime it will only develop.
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April 21, 2017, 08:25:46 AM
 #800

Core team makes Bitcoin slow and bloated and introduces deliberate security volunerabilities with their segwit shit.
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