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Author Topic: In what situation would Bitcoin die?  (Read 94352 times)
Wesimon
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April 25, 2017, 05:54:58 PM
 #881

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.

Those are the advantages of decentralization. Since there is no central server that controls bitcoin, hackers or the government do not have a single point where they will attack. As far as I know, bitcoin lies on the internet itself so nobody can easily attack it, actually I do not know where they will attack bitcoin. So for me, if they want to kill bitcoin then they must kill internet first then the death of bitcoin follows.

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April 25, 2017, 06:49:01 PM
 #882

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.

Those are the advantages of decentralization. Since there is no central server that controls bitcoin, hackers or the government do not have a single point where they will attack. As far as I know, bitcoin lies on the internet itself so nobody can easily attack it, actually I do not know where they will attack bitcoin. So for me, if they want to kill bitcoin then they must kill internet first then the death of bitcoin follows.

Now it's difficult to destroy bitcoin, because everyone needs the Internet and will not be turned off just to destroy bitcoin.
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April 25, 2017, 07:13:44 PM
 #883

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.

yes you are probably correct, it will be die if some countries will banned it permanently, and in some areas in the world I think, surfing in the internet is prohibited, but not all the country it is prohibited there are few.

I don't think that there is any country that has prohibited the usage of internet as its not illegal to use internet and all countries needs internet to carry out their businesses but there are few countries that have banned bitcoins permanently and people cannot use it freely like other countries.

Hmm. How about North Korea? It's the only communist country and the Internet surely is banned there. Because otherwise, we should already have leaks about the stuffs that's going on in their country. But right now, we have very little to no idea at all.

It's not that the internet is illegal to use in a country, but there are places where bitcoin is simply inaccessible. It's also the reason why bitcoin's mass adoption's possibility is still being questioned every now and then.

Also, the Internet is such an important thing in this world as of now. If it goes down for a whole 24 hours, people will panic and it will cause a lot of inconvenience and delay to the mass. Making it illegal will cause chaos.

North Korea is irrelevant since it is not a major player

Though it can still (try to) nuke Japan which is going to become a major player in Bitcoin very soon (if not already).  It is the same with Internet, the backward places which have limited access to Internet (or no access at all) are inconsequential to Bitcoin (and they are as irrelevant for digital fiat transactions too). Apart from that, banning Internet seems to be next to impossible since plenty of companies came to depend on it. In other words, it has become an integral part of our lives and we certainly won't part with it easily

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April 25, 2017, 07:22:29 PM
 #884

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.
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April 25, 2017, 07:25:52 PM
 #885

I think Bitcoin couldn't only "die" this is very improbable) Cool

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April 25, 2017, 07:40:28 PM
 #886

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.

Those are the advantages of decentralization. Since there is no central server that controls bitcoin, hackers or the government do not have a single point where they will attack. As far as I know, bitcoin lies on the internet itself so nobody can easily attack it, actually I do not know where they will attack bitcoin. So for me, if they want to kill bitcoin then they must kill internet first then the death of bitcoin follows.

Now it's difficult to destroy bitcoin, because everyone needs the Internet and will not be turned off just to destroy bitcoin.

Indeed. Even the government rely on the internet to provide services as well as some businesses worldwide needs internet. So this is a great characteristic of bitcoin being decentralized.

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April 26, 2017, 07:05:36 AM
 #887

If the governments of many large countries forbid bitcoins at the level of law, bitcoin may die.
He will lose popularity among most people. And this is the death of the crypto currency. But we already see that many countries went the other way, favorable for bitcoin

Or maybe it will increase its popularity. The media has been holding back information like this because they don't want the mass to find out that such thing exists. Making bitcoin illegal will be in the news and non-bitcoin users will find out about it and do their research about the coin because they will be wondering why did the government ban it out of nowhere.

This might actually be a win situation for bitcoin and it can be the birth of a monetary revolution. Everyone has been working all day and all night to earn fiat when fiat is just inflating everyday. The value of fiat workers go down continuously.

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April 26, 2017, 07:45:18 AM
 #888

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

Exactly the chances are very less and if we say a new currency introduce in the market and have ability to surpass bitcoin then it will take a long time because bitcoin takes many years to reach that position so bitcoin will give a tough time to new comer isn't it?

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April 26, 2017, 08:00:51 AM
 #889

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

Exactly the chances are very less and if we say a new currency introduce in the market and have ability to surpass bitcoin then it will take a long time because bitcoin takes many years to reach that position so bitcoin will give a tough time to new comer isn't it?

I highly agree that Bitcoin being in the business for a long time is truth to be told. It has proven how tough it is for it has been tested by a lot of attackers from the past but still look at Bitcoin who is still standing firm. It has earned its reputation and a lot of people has become witness to foretold the product of Bitcoin in their lives.
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April 26, 2017, 10:16:38 AM
 #890

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

Exactly the chances are very less and if we say a new currency introduce in the market and have ability to surpass bitcoin then it will take a long time because bitcoin takes many years to reach that position so bitcoin will give a tough time to new comer isn't it?

I highly agree that Bitcoin being in the business for a long time is truth to be told. It has proven how tough it is for it has been tested by a lot of attackers from the past but still look at Bitcoin who is still standing firm. It has earned its reputation and a lot of people has become witness to foretold the product of Bitcoin in their lives.
Nothing can stop bitcoin because it has a strong foundation and the community behind bitcoin prove it and now the price is keep rising and we can see a lot of improvements base on the price movement and from the adoption of different countries, I think bitcoin can really get a higher price in this year because of different good progress.

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April 26, 2017, 03:27:51 PM
 #891

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.

Those are the advantages of decentralization. Since there is no central server that controls bitcoin, hackers or the government do not have a single point where they will attack. As far as I know, bitcoin lies on the internet itself so nobody can easily attack it, actually I do not know where they will attack bitcoin. So for me, if they want to kill bitcoin then they must kill internet first then the death of bitcoin follows.
Bitcoin does not have too many weak points, if a government wanted to take over bitcoin then they may try to attack the miners but I don’t think that could be effective, another possibility is to try to buy the developers but any change to the code they may do can be rejected by the miners.



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April 26, 2017, 03:41:09 PM
 #892

The most obvious answer in this is when no one is using bitcoin when no one is using bitcoin bitcoin price will go down so fast in just a split second the price of the bitcoin depend in the demand of bitcoin if no one using bitcoin in all over the globe the bitcoin will die in this point when the price is so low no one will be interested to buy it.

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April 26, 2017, 04:11:00 PM
 #893

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

It has been discussed and said by a lot of people here. As of now, it is not ever be possible if you will look at what the price of bitcoin is right now and if you are updated with the news, Japan now has accepted bitcoin and this is going to make the demand of bitcoin higher and those new crypto currency that are going to come in will be just good for trading.

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April 26, 2017, 07:23:51 PM
 #894

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

It has been discussed and said by a lot of people here. As of now, it is not ever be possible if you will look at what the price of bitcoin is right now and if you are updated with the news, Japan now has accepted bitcoin and this is going to make the demand of bitcoin higher and those new crypto currency that are going to come in will be just good for trading.

No doubt that Japan started to accept bitcoins but there is no guarantee that other countries will also follow the same and even Japan can withdraw their decision of using bitcoins so anything is possible in coming days and we cannot be sure about anything when it comes to bitcoins.


 
 
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Haladay
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April 26, 2017, 08:13:32 PM
 #895

Banning bitcoin does not mean anything to me. If they ban the internet I can say "yeah bitcoin was banned."
You are right, but no one can banned it. I mean government can't track you even if you want to use it and i think they know that. So i don't think that bitcoin will die in any of situations.

They can ban and block those bitcoin or crypto currency sites but they will never know who are those people that are keep on doing it. There's no way for the government now to ban bitcoin because this can help the government to collect a lot of tax and if this ever happens for sure many are going to keep on using it.
The only thing that i know that bitcoins can die is to shut off the internet or no internet at all but, thats so impossible to happen unless there is a war .Blocking of bitcoin or cryptocurrency sites will nothing to do with it. Bitcoin will not die on that situation and it is inversely proportional what happens to adoptation of bitcoins by other countries and big companies who will use blockchain technology in the form of payments process and the security provided .

--DarkSecrets-- you're right about it, nice comments on this issue.  Wink


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April 26, 2017, 08:50:29 PM
 #896

I don't think that bitcoin will ever die in future as the price of bitcoin is moving in a positive direction and in future it will be even more higher when more people will start investing their funds into it and it will only keep on growing over a period of time.

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April 26, 2017, 10:26:22 PM
 #897

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.
to me i think bitcoin is becoming more and more secure and hope that in future bitcoin will popularity will increase more and more because the user of bitcoin are increasing from time t time and very soon all the people of the world will start using bitcoin.
The thing that makes insecure bitcoins a fluctuation in bitcoin prices. Because it can give lost to someone because the price is so fast changing. If in the future bitcoin becomes safe it means bitcoin will lose its fluctuation? And you know that makes the popular bitcoin is from fluctuations. If fluctuation is lost the popularity of bitcoin will disappear anyway?

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April 26, 2017, 11:14:09 PM
 #898

I think that this is possible only if there is a new cryptocurrency that will surpass Bitcoin, but the chances of it are very small.

It has been discussed and said by a lot of people here. As of now, it is not ever be possible if you will look at what the price of bitcoin is right now and if you are updated with the news, Japan now has accepted bitcoin and this is going to make the demand of bitcoin higher and those new crypto currency that are going to come in will be just good for trading.

No doubt that Japan started to accept bitcoins but there is no guarantee that other countries will also follow the same and even Japan can withdraw their decision of using bitcoins so anything is possible in coming days and we cannot be sure about anything when it comes to bitcoins.

It depends to their government but it's a possibility that they are going to have a good feed back in bitcoins. It's an example already that Japan has accepted bitcoin that it is going to make others accept too. Because it's a very innovative country and considered as a rich country although it is a small one, I believe that. So there's no way bitcoin would die.

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April 26, 2017, 11:38:01 PM
 #899

I don't think that bitcoin will ever die in future as the price of bitcoin is moving in a positive direction and in future it will be even more higher when more people will start investing their funds into it and it will only keep on growing over a period of time.
there is no harm to be optimistic ,
but don't forget about an aticipation for something worst too ,
bitcoin are indeed in the great run recently move from $700 upt to almost $1,300 now!
die or disappear absolutely not an option , no sign also so far.

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April 27, 2017, 04:57:18 PM
 #900

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

if all of the countries will banned it, and if hackers put down all the bitcoin sites and online wallet that many of us is using , that would probably the problem i think. I think bitcoin will not lose very easily.

Banning seems something impossible when you talk about the free world. Off course some more conservative countries may want to do that.

But remember too that bitcoin is online, banning something which is online is hard. Other ways that bitcoin dies, like a new altcoin are just anticipation and speculation.
Bitcoin is not difficult to destroy because it is online, bitcoin is difficult to destroy because it is not centralized, think of bitcoin as a guerrilla warfare, if you have a big army concentrated in a place that army can be wiped out with just a few bombs but if that army is all over the country then you need a lot more bombs to try to damage it.
to me i think bitcoin is becoming more and more secure and hope that in future bitcoin will popularity will increase more and more because the user of bitcoin are increasing from time t time and very soon all the people of the world will start using bitcoin.
The thing that makes insecure bitcoins a fluctuation in bitcoin prices. Because it can give lost to someone because the price is so fast changing. If in the future bitcoin becomes safe it means bitcoin will lose its fluctuation? And you know that makes the popular bitcoin is from fluctuations. If fluctuation is lost the popularity of bitcoin will disappear anyway?

I don't think the price fluctuation makes bitcoin insecure, it just makes difficult for the average person that is not interested on investing to hold any amount of bitcoin since they will be afraid of losing money but for us that take chances the price fluctuation of bitcoin is something we accept and want.



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