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Author Topic: What catastrophic event do you think would cause Bitcoin to drop?  (Read 870 times)
isabella01
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May 18, 2017, 09:54:00 AM
 #1

Theoretically speaking of course...for example, the appointing of a new president, a massive war, something in the economic and financial technology sector etc.
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May 18, 2017, 10:06:15 AM
 #2

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code. Another event that could make people dump a lot would be the hacking of a major exchange such as Polo and Bittrex.

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May 18, 2017, 10:06:26 AM
 #3

Theoretically speaking of course...for example, the appointing of a new president, a massive war, something in the economic and financial technology sector etc.

51% attack maybe? if they fork for bu and attack the other network which is the network that any exchange will run as the main Bitcoin, it can do some damage and make the value decrease a lot, i'm not sure how investors would feel or do about this, some of them maybe will buy again cheap coin thinking about abother possible increase? investors are greedy it's very hard to get rid of them lol
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May 18, 2017, 10:47:23 AM
 #4

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code. Another event that could make people dump a lot would be the hacking of a major exchange such as Polo and Bittrex.

Yeah, exchange issue may be the negative impact on bitcoin.
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May 18, 2017, 11:23:38 AM
 #5

"catastrophic event"? Don't know if it would be considered "catastrophic", but given the state of the block size debate, a hard fork is a possibility as the sides take it to the next level with an all out war. That would bring about chaos and the price would drop way down and probably stay down for awhile.

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May 18, 2017, 01:23:09 PM
 #6

Theoretically speaking of course...for example, the appointing of a new president, a massive war, something in the economic and financial technology sector etc.

Reasons for biggest market drops are always fear.  Dow Jones fall most when Russians launched Sputnik, first satellite. Shareholders were feared of what it is and of USSR technologically and economic dominance.

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May 18, 2017, 01:26:34 PM
 #7

Bitcoin's lack of fungibility could bring it down I think.

The government could declare that certain Bitcoin that had traveled through addresses known to be used for ransoms/drug deals/terrorism was forfeit. Of course there would be no way to actually seize said Bitcoin, but this would keep that Bitcoin off the exchanges, destroying its value. Then everyone would need to worry about which Bitcoin was tainted which I think would destroy it.

This is already happening to an extent. Coinbase is closing accounts that contain tainted Bitcoin.

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May 18, 2017, 01:29:11 PM
 #8

Reveal of an NSA intelligence program tracking and keeping database of all Bitcoin users,
or huge busts on the darknet market by the DEA would slow down illegal drug purchase with Bitcoin.

Something like that would slow demand and probably see a drop in price for a while and stop growth since new users would be apprehensive about getting into crypto.

Also if China actually started cracking down on exchanges or miners it could have serious effects, since they have so much of the hashing power.
Bitcoin definitely needs more decentralization.

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May 18, 2017, 01:53:30 PM
 #9

President Mike Pence (before October) doesn't qualify as a catastrophic event. If anything most of the world will consider that stabilizing.

I'll agree with andrew2k.

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code.

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May 18, 2017, 02:42:45 PM
 #10

Hacking might be one, Technical problems maybe
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May 18, 2017, 03:04:31 PM
 #11

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code. Another event that could make people dump a lot would be the hacking of a major exchange such as Polo and Bittrex.

Yes, I think so, if all the hackers have received and collected Bitcoin may be affected by the decline of Bitcoin, so for that we all have to be careful in keeping the Bitcoin we have.

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May 18, 2017, 03:05:32 PM
 #12

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code. Another event that could make people dump a lot would be the hacking of a major exchange such as Polo and Bittrex.

I agree with the cracking of the SHA-256, the Bitcoin would fall. I also think it would fall if it faces a ban in many countries, because people will fear, and won't be using it anymore, hence, the drop.

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isabella01
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May 18, 2017, 03:19:08 PM
 #13

President Mike Pence (before October) doesn't qualify as a catastrophic event. If anything most of the world will consider that stabilizing.

I'll agree with andrew2k.

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code.


Please note that this was simply an example!!!!!!
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May 18, 2017, 03:38:19 PM
 #14

Fees spiking in the double digit $ amount for the average transaction. It will put bitcoin out of reach for the majority of its current userbase.
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May 18, 2017, 03:56:36 PM
 #15

I think that would be creation of coin that can beat bitcoin in popularity and usage.  People taking interest on that coin and panic selling bitcoin to get fund so that they can ride the train of that new coins.  Other than that aside from cracking sha256, I cannot see any other else that will bring catastrophy to bitcoin.

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May 18, 2017, 04:33:52 PM
 #16

A catastrophic event for Bitcoin would be the cracking of SHA-256 or the discovery of a major flaw in Bitcoin's code. Another event that could make people dump a lot would be the hacking of a major exchange such as Polo and Bittrex.

Hacking of all major exchanges where BTC gets compromised followed by a massive dump.

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May 18, 2017, 04:39:09 PM
 #17

I think the one event that would kill bitcoin would be the internet being shut off or the power grids going down, as unlikely as they are to happen I think these would signal the end of bitcoin.

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May 18, 2017, 06:29:35 PM
 #18

A massive war could result in the internet going down which if that happened long term would adversely affect the price of bitcoin. Bit if that happens bitcoin wont be our main concern. So diversiy a little in to gold coins as well.

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May 18, 2017, 06:32:23 PM
 #19

A massive war could result in the internet going down which if that happened long term would adversely affect the price of bitcoin. Bit if that happens bitcoin wont be our main concern. So diversiy a little in to gold coins as well.
War is always a threat to the growth of the economy. This is not for a particular country, but the impact can be felt all around. As a part some cyber attack too might can cause a great problem to the bitcoin network as everything is dependent on internet.

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May 18, 2017, 06:33:48 PM
 #20

Allowing people to spend bitcoins with low fees.

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