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Author Topic: Biggest threat to the future of Bitcoin?  (Read 1942 times)
Amph
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June 21, 2017, 08:13:14 AM
 #41

the only possible big threat are the one created by the miners with their dirty move to go with creating their own alt, or doing 51% if they don't like the current segwit activation etc...

this is more dangerous than anything else, other things, can't really stop bitcoin, like government, altcoin taking over bitcoin etc...price also can't fall to 1 usd like many newbie believe, there is no way this will happen

everyone who invested above certain threshold will not sell his coin at loss, just think about that and you should not worry anymore about the value

Cracking Bitcoin private keys are not that easy. They are very lengthy and cracking them will take infinite number of attempts by a bot. In order to prevent this from occurring, we can fork the chain, and make the wallet temporarily (may be for 1 hour or one day) de-active after 1 million or 10 million failed attempts.

not only that but exchange can stop any serious big amount of money temporarely, so you can't sell easily your coin, also with the current power of computer you can't crask the private key, in any way, not even with quantum computer actually
hello_good_sir
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June 21, 2017, 08:14:54 AM
 #42

Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.

Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today. 
-Or could something be developed outside of the crypto universe that makes this technology obsolete?

Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?

Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?

Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.

Jeezy


Biggest threat would be our own community.

even right now the community is pretty divided and the fork hasn't even happened yet. The 1st August thing is the User Activated Soft Fork for segwit activation. Obviously there will be division happening as hard forks(BU for example, or Segwit2x) could be activated as well, but i don't want to go into specifics here. Just make sure you understand that forks can indeed hurt bitcoin a lot.

Government has no control over bitcoin, the best they can do is shut down or outlaw all bitcoin exchanges, in which case bitcoin trading will simply go to P2P mode. There is really onthing they can do to actually stop bitcoin transactions.

Miner fees are a big issue but is still quite manageable. It's a short term issue as well, we will definitely find ways to scale in the future. I don't think that's particularly big worry but rather a smaller implication of the overall scaling debate.

Wipro
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June 21, 2017, 08:55:13 AM
 #43

The biggest thing that will slow adoption is the need for confirmations.  There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts.  There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news. 

Adoption rate does not slow down on bitcoin at anywhere. It is moving faster only as of now. Main problem bitcoin in future years. ALTCOIN. As altcoin rising in price range and usage limit expansion we cannot see much movement on bitcoin that time. Hopefully, high number move to ETH and litecoin I think.
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June 21, 2017, 10:16:55 AM
 #44

The biggest thing that will slow adoption is the need for confirmations.  There is also the fast changes in the price values and the fact that too many people dive into the game without fully understanding the facts.  There are many people that get a handful of knowledge and have just enough to make a mess of their affairs and then that is magically the information that makes it to the public news. 

Adoption rate does not slow down on bitcoin at anywhere. It is moving faster only as of now. Main problem bitcoin in future years. ALTCOIN. As altcoin rising in price range and usage limit expansion we cannot see much movement on bitcoin that time. Hopefully, high number move to ETH and litecoin I think.
Altcoin can indeed be a serious threat, when altcoin has many features and advantages over bitcoin then cryptocurrency users will start using altcoin. Bitcoin should be better developed if it does not want to be defeated in popularity by altcoin. ETH, Ripple and Stellar are one of the potential coins.
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June 27, 2017, 08:23:51 AM
 #45

Government regulation and no other aspect could affect bitcoin.It would survive all such threats.But what i think the biggest threat to bitcoin would be Quantum computing which is said to be introduced in future.I hope that it would hardly take twenty more years for quantum computing to be introduced.
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July 03, 2017, 02:59:42 PM
 #46

Bitcoin has successfully overcome al the threats it faced in the past and now it has completed its initial eight years.Some threats came from within the bitcoin community itself from people like Roger ver and Jihan wu.But the main threat would be bitcoin computing when it would be introduced after twenty years.It is said that it would crack the block chain.
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July 12, 2017, 12:00:37 PM
 #47

Bitcoin has successfully escaped from all threats by bankers and governments,even threats from bitcoin antichrist roger ver and jihan wu.But it may face a serious threat when quantum computing will be introduced in future.It may take around twenty more years for quantum computing to be introduced.
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