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virtualdn (OP)
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May 19, 2017, 04:10:43 PM
Last edit: May 19, 2017, 04:30:02 PM by virtualdn
 #1

Well I'm not thinking about natural disasters here, I'm talking about..what if one day a glitch is found and BTC will value zero? Is technical possible? I'd say nothing is impossible even if it may seem so right now.

And regarding the private keys, they are impossible to break, but do you think they will still be impossible in 50-100 years? I have my doubts; but of course it's not something we should worry about in our lifetime

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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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May 19, 2017, 04:17:09 PM
 #2

Nothing is impossible, but Bitcoin is open source.  With the size that Bitcoin is now, that means that thousands of the best programmers in the world have failed to find any bugs (well, that the bugs which have been found have been fixed).  Bitcoin is about the closest system to 100% secure in the world - there was a fatal bug very close to the beginning I think, but it was fixed by a hard fork.

So basically, nothing is impossible but I'd say it's pretty damn close.

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May 19, 2017, 04:23:39 PM
 #3

Well I'm not thinking about natural disasters here, I'm talking about..what if one day a glitch is found and BTC will value zero? Is technical possible? I'd say nothing is impossible even if it may seem so right now.
I would say that chances are we would have found a bug by now that would cripple the network, if such a bug existed. Someone would have found it and patched it, or someone would have gone and exploited it by now, so I personally think that the network is pretty secure right now.
Hypothetically something could be found that would cripple the network, but I doubt it. There are too many people with too many resources for something like that slip through.
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May 19, 2017, 04:30:26 PM
 #4

Everything is possible when someone has the ability to concentrate in a full fledged manner. In a decade everything that looks like a advancement right now will look like nothing. So when the requirement increases the complications increase but solution too will accompany it.
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May 19, 2017, 04:33:17 PM
 #5

Well I'm not thinking about natural disasters here, I'm talking about..what if one day a glitch is found and BTC will value zero? Is technical possible? I'd say nothing is impossible even if it may seem so right now.

And regarding the private keys, they are impossible to break, but do you think they will still be impossible in 50-100 years? I have my doubts; but of course it's not something we should worry about in our lifetime

i don't think it's possible for the value to suddenly go to zero, just because they found a glitch or exploit or anything, someone will always buy cheap bitcoin, i know i would do it lol, i remember there was a bug in the past for bitcoin, but they fixed it without effect on the value, so you see we have already an example what would happen in your scenario

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May 19, 2017, 04:55:16 PM
 #6

Well I'm not thinking about natural disasters here, I'm talking about..what if one day a glitch is found and BTC will value zero? Is technical possible? I'd say nothing is impossible even if it may seem so right now.

And regarding the private keys, they are impossible to break, but do you think they will still be impossible in 50-100 years? I have my doubts; but of course it's not something we should worry about in our lifetime

i don't think it's possible for the value to suddenly go to zero, just because they found a glitch or exploit or anything, someone will always buy cheap bitcoin, i know i would do it lol, i remember there was a bug in the past for bitcoin, but they fixed it without effect on the value, so you see we have already an example what would happen in your scenario
That really depends on the severity of the bug, if users balances get affected, you can be damn sure it'll drop close to 0 dollars.
And you'd be a fool to buy more Bitcoin at that point because it's cheap.

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May 19, 2017, 04:58:21 PM
 #7

Bitcoin will be gone before any doomsday scenario cuz some alt overtook its usefulness.

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May 19, 2017, 05:33:29 PM
 #8

Well I'm not thinking about natural disasters here, I'm talking about..what if one day a glitch is found and BTC will value zero? Is technical possible? I'd say nothing is impossible even if it may seem so right now.
I would say that chances are we would have found a bug by now that would cripple the network, if such a bug existed. Someone would have found it and patched it, or someone would have gone and exploited it by now, so I personally think that the network is pretty secure right now.
Hypothetically something could be found that would cripple the network, but I doubt it. There are too many people with too many resources for something like that slip through.

This. Is there is a bug, it should have been found by now. We have been using bitcoin ever since its inception and its not been crippled, of course except for the network spam. So my answer is that for now bitcoin technology is foul proof, unless someone has come up and says they found a glitch on the code.

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