Bitcoin Forum
March 29, 2024, 06:20:55 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: 1 2 [All]
  Print  
Author Topic: What catastrophic event do you think would cause Bitcoin to drop?  (Read 945 times)
isabella01 (OP)
Newbie
*
Offline Offline

Activity: 45
Merit: 0


View Profile
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.
1711693255
Hero Member
*
Offline Offline

Posts: 1711693255

View Profile Personal Message (Offline)

Ignore
1711693255
Reply with quote  #2

1711693255
Report to moderator
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711693255
Hero Member
*
Offline Offline

Posts: 1711693255

View Profile Personal Message (Offline)

Ignore
1711693255
Reply with quote  #2

1711693255
Report to moderator
1711693255
Hero Member
*
Offline Offline

Posts: 1711693255

View Profile Personal Message (Offline)

Ignore
1711693255
Reply with quote  #2

1711693255
Report to moderator
andrew2k
Sr. Member
****
Offline Offline

Activity: 417
Merit: 252



View Profile
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.
Ayers
Legendary
*
Offline Offline

Activity: 2576
Merit: 1022


Leading Crypto Sports Betting & Casino Platform


View Profile
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

..Stake.com..   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
..PLAY NOW..
Triload
Sr. Member
****
Offline Offline

Activity: 297
Merit: 250


View Profile
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.
Viper1
Sr. Member
****
Offline Offline

Activity: 686
Merit: 320


View Profile
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.

BTC: 1F8yJqgjeFyX1SX6KJmqYtHiHXJA89ENNT
LTC: LYAEPQeDDM7Y4jbUH2AwhBmkzThAGecNBV
DOGE: DSUsCCdt98PcNgUkFHLDFdQXmPrQBEqXu9
Febo
Legendary
*
Offline Offline

Activity: 2730
Merit: 1288



View Profile
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.
sp_skeptic
Member
**
Offline Offline

Activity: 110
Merit: 14


View Profile
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.

Shiroslullaby
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
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.

shyliar
Hero Member
*****
Offline Offline

Activity: 728
Merit: 500


View Profile
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.

FrankNoland
Copper Member
Sr. Member
****
Offline Offline

Activity: 560
Merit: 253


View Profile
May 18, 2017, 02:42:45 PM
 #10

Hacking might be one, Technical problems maybe

Digital asset exchange for settlement, clearing, custody and trading of various digital assets, utilizing distributed ledger technologies, programmed on the blockchain -https://bex.global
rafajunior99
Hero Member
*****
Offline Offline

Activity: 798
Merit: 500


View Profile WWW
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.
bearex
Hero Member
*****
Offline Offline

Activity: 560
Merit: 501



View Profile
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.
isabella01 (OP)
Newbie
*
Offline Offline

Activity: 45
Merit: 0


View Profile
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!!!!!!
investinator
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
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.
serjent05
Legendary
*
Offline Offline

Activity: 2800
Merit: 1243


Metawin.com 🔹 The First Web3 Casino


View Profile
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.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Apollo777
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile
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.

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▌▌  PROPY  ▐▐▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃
▬▬▬▬  Global Property Store with Decentralized Title Registry  ▬▬▬▬
  Slack      Telegram      Facebook      Twitter      Bitcointalk      Medium      Reddit 
tiggytomb
Legendary
*
Offline Offline

Activity: 1848
Merit: 1000


View Profile
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.
SwagGirl
Member
**
Offline Offline

Activity: 104
Merit: 100

GetClams.com


View Profile
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.
Ayiranorea
Sr. Member
****
Offline Offline

Activity: 1246
Merit: 255


Leading Crypto Sports Betting & Casino Platform


View Profile
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.

█▀▀▀▀▀











█▄▄▄▄▄
.
Stake.com
▀▀▀▀▀█











▄▄▄▄▄█
   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
█▀▀▀▀▀











█▄▄▄▄▄
.
PLAY NOW
▀▀▀▀▀█











▄▄▄▄▄█
gadman2
Legendary
*
Offline Offline

Activity: 977
Merit: 1000



View Profile
May 18, 2017, 06:33:48 PM
 #20

Allowing people to spend bitcoins with low fees.

bibiqua
Newbie
*
Offline Offline

Activity: 35
Merit: 0


View Profile
May 18, 2017, 07:32:42 PM
 #21

Users losing their trust in bitcoin as reliable and viable currency because of the unresolved backlog issue and the kindergarten shown by the operators (be it miners, core developers, who cares?).

This is by no means theoretical, it's happening right now. Very likely, it's irreversible as well.
Barbut
Hero Member
*****
Offline Offline

Activity: 1694
Merit: 502


★Bitvest.io★ Play Plinko or Invest!


View Profile
May 18, 2017, 07:43:49 PM
 #22

I don`t think that era of bitcoin will end with catastrophe at all. Only thing that can end bitcoin in this faze is some new and much better developed technology. Shutting down electricity or internet is impossible, we are going into new era, and while some parts of the world will stay on stone age, elite will have everything available.
Only real fear is from new technology, I made a little research about quantum technologies and I think when that comes we can say goodbye to bitcoin and many other things that we use now, but who knows when will that happen.



.
.BIG WINNER!.
[15.00000000 BTC]


▄████████████████████▄
██████████████████████
██████████▀▀██████████
█████████░░░░█████████
██████████▄▄██████████
███████▀▀████▀▀███████
██████░░░░██░░░░██████
███████▄▄████▄▄███████
████▀▀████▀▀████▀▀████
███░░░░██░░░░██░░░░███
████▄▄████▄▄████▄▄████
██████████████████████

▀████████████████████▀
▄████████████████████▄
██████████████████████
█████▀▀█▀▀▀▀▀▀██▀▀████
█████░░░░░░░░░░░░░████
█████░░░░░░░░░░░░▄████
█████░░▄███▄░░░░██████
█████▄▄███▀░░░░▄██████
█████████░░░░░░███████
████████░░░░░░░███████
███████░░░░░░░░███████
███████▄▄▄▄▄▄▄▄███████

██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████████▀▀▀▀▀▀▀
███████████▀▀▄▄█░░░░░█
█████████▀░░█████░░░░█
███████▀░░░░░████▀░░░▀
██████░░░░░░░░▀▄▄█████
█████░▄░░░░░▄██████▀▀█
████░████▄░███████░░░░
███░█████░█████████░░█
███░░░▀█░██████████░░█
███░░░░░░████▀▀██▀░░░░
███░░░░░░███░░░░░░░░░░

██░▄▄▄▄░████▄▄██▄░░░░
████████████▀▀▀▀▀▀▀██
█████████████░█▀▀▀█░███
██████████▀▀░█▀░░░▀█░▀▀
███████▀░▄▄█░█░░░░░█░█▄
████▀░▄▄████░▀█░░░█▀░██
███░▄████▀▀░▄░▀█░█▀░▄░▀
█▀░███▀▀▀░░███░▀█▀░███░
▀░███▀░░░░░████▄░▄████░
░███▀░░░░░░░█████████░░
░███░░░░░░░░░███████░░░
███▀░██░░░░░░▀░▄▄▄░▀░░░
███░██████▄▄░▄█████▄░▄▄

██░████████░███████░█
▄████████████████████▄
████████▀▀░░░▀▀███████
███▀▀░░░░░▄▄▄░░░░▀▀▀██
██░▀▀▄▄░░░▀▀▀░░░▄▄▀▀██
██░▄▄░░▀▀▄▄░▄▄▀▀░░░░██
██░▀▀░░░░░░█░░░░░██░██
██░░░▄▄░░░░█░██░░░░░██
██░░░▀▀░░░░█░░░░░░░░██
██░░░░░▄▄░░█░░░░░██░██
██▄░░░░▀▀░░█░██░░░░░██
█████▄▄░░░░█░░░░▄▄████
█████████▄▄█▄▄████████

▀████████████████████▀




Rainbot
Daily Quests
Faucet
European Central Bank
Legendary
*
Offline Offline

Activity: 1288
Merit: 1087



View Profile
May 18, 2017, 08:55:04 PM
 #23

we're slowly running out of catastrophes other than technical ones. it's becoming more legit by the day worldwide. china's dead and if it does come back it'll be a meek zombie.

i'd say right now poloniex failing and some type of disaster when attempting to scale, either no scaling or the process screwing up.


Users losing their trust in bitcoin as reliable and viable currency because of the unresolved backlog issue and the kindergarten shown by the operators (be it miners, core developers, who cares?).

This is by no means theoretical, it's happening right now. Very likely, it's irreversible as well.

if people are losing their trust then why are they paying so much in fees? i agree that it can't continue forever like this but it's a sign that usage isn't falling away.
Hydrogen
Legendary
*
Offline Offline

Activity: 2562
Merit: 1441



View Profile
May 18, 2017, 10:55:11 PM
 #24

When the price of BTC rises, it pulls the value of other altcoins up with it. Hopefully BTC's value never declines. Given the state of the world economy with the united states burying itself beneath $20 trillion in debt, its possible the rise of BTC will continue as countries which adopted the us dollar as a reserve currency seek to further de-dollarize and unpeg their respective economies from what in the future could be a crashing hyperinflating dollar.
Yakamoto
Legendary
*
Offline Offline

Activity: 1218
Merit: 1007


View Profile
May 18, 2017, 11:02:32 PM
 #25

Theoretically speaking of course...for example, the appointing of a new president, a massive war, something in the economic and financial technology sector etc.
If anything, probably the most catastrophic collapse of the value would be a global, brutal crackdown on Bitcoin users. That would make the community vanish pretty quickly.

Other than that, something more realistic would likely be the cryptography being broken and all the security built into Bitcoin being made worthless, which is part of why Bitcoin is respected as a currency. A new president (under most circumstances) would boost Bitcoin, same for a war that doesn't destroy global telecommunications infrastructure.
SwagGirl
Member
**
Offline Offline

Activity: 104
Merit: 100

GetClams.com


View Profile
May 18, 2017, 11:22:02 PM
 #26

Users losing their trust in bitcoin as reliable and viable currency because of the unresolved backlog issue and the kindergarten shown by the operators (be it miners, core developers, who cares?).

This is by no means theoretical, it's happening right now. Very likely, it's irreversible as well.

Not a catastrophe, more like a bump in the road. And it is reversible.
Pages: 1 2 [All]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!