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Author Topic: Is there any way to destroy the bitcoin?  (Read 2518 times)
bitcoinrays
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October 31, 2017, 05:15:12 AM
 #81

Is there any way to destroy the bitcoin?  Not to hack or fake it but completely destroy the system.

If the whole internet suddenly goes dark and then all the holdings of bitcoin that you have saved no matter the amount can be instantly turned into oblivion. OR if the whole system resets or reboot due to a major change in the internet and digital systems then there is a great chance this would be adversely affected.

I don't think we can destroy Bitcoin. Because it exists on Blockchain system. No one can control it. Unless Internet is disappeared. I don't think it will happen.
I believe anything can happen
There are things we have not anticipated, not thinking about those scenarios
Nothing is impossible in this world anything may happen but I am looking the long life of bit coin because is that special crypto currency which have multidimensional advantages so I am vet optimistic in this matter.

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mustakforum
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October 31, 2017, 05:46:08 AM
 #82

Is there any way to destroy the bitcoin?  Not to hack or fake it but completely destroy the system.
Bitcoin is the virtual currency, if the internet is dead then bitcoin is also destroyed. Cheesy
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October 31, 2017, 07:25:05 AM
 #83

Is there any way to destroy the bitcoin?  Not to hack or fake it but completely destroy the system.

Now they're trying with this:

ICYMI: Another attack on bitcoin coming from Congress (bill would ban "aggregated transactions," attempts to make "concealment" of data a crime, proposes freezing bank accounts, and would require individual users of "digital currencies" to be regulated to the same level as banks)
https://www.reddit.com/r/Bitcoin/comments/79oq0j/icymi_another_attack_on_bitcoin_coming_from/

My tinfoil hat is way bigger than yours.
vandvl
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October 31, 2017, 07:42:41 AM
 #84

yes it can destroy if who to do sabotage the blockchain and who can do that maybe the ceo or the owner of the company..if yhe ordinary people can do that maybe its not working because destroying bitcoin is hard to happen....
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October 31, 2017, 07:43:15 AM
 #85

Yes it can be. It can be destroy by the users itself especially those users whom are the victim of scam though bitcoin is not responsible of it still they can be blame because they use it in wrong way. Bitcoin can be destroy by giving negative comments especially those who does'nt like bitcoin in their country and if bitcoin does not really help to people.

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October 31, 2017, 08:23:01 AM
 #86

Of course there is. The people themselves can do this. Developers do not find a common language with the miners, the users hold the coins and don't want to run them in turn. All this destroys the bitcoin and significantly limits its capabilities. Legalize and attempt to regulate bitcoin can also destroy everything.
Yes of course there is, a way to destroy bitcoin there must be more than 48% hash power, the strength of the number of hash networks will be more than 50%. If anyone has this much power, they can multiply so it can cause a lot of chaos, and it does not seem to increase the difficulty very quickly, so it can make people feel lazy for bitcoin mining. If anything like this, most governments can only do all this.

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October 31, 2017, 08:39:00 AM
 #87

Of course there is. The people themselves can do this. Developers do not find a common language with the miners, the users hold the coins and don't want to run them in turn. All this destroys the bitcoin and significantly limits its capabilities. Legalize and attempt to regulate bitcoin can also destroy everything.
Yes of course there is, a way to destroy bitcoin there must be more than 48% hash power, the strength of the number of hash networks will be more than 50%. If anyone has this much power, they can multiply so it can cause a lot of chaos, and it does not seem to increase the difficulty very quickly, so it can make people feel lazy for bitcoin mining. If anything like this, most governments can only do all this.
Indeed obviously there is, an approach to pulverize bitcoin there must be over 48% hash control, the quality of the quantity of hash systems will be over half. On the off chance that anybody has this much power, they can duplicate so it can cause a considerable measure of turmoil, and it doesn't appear to build the trouble rapidly, so it can influence individuals to feel languid for bitcoin mining.

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October 31, 2017, 10:34:56 AM
 #88

目前应该不会,比特币的算力很高,持有的很人多,交易量很大,区块链技术也很先进,短期来说应该不会被击败。

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October 31, 2017, 10:42:23 AM
 #89

If every country bans bitcoin and they control the internet it would be no matter time for bitcoin to fall down to zero. It is really easy if they work together.

So in short it is possible to destroy bitcoin and his value.
amla
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October 31, 2017, 10:45:05 AM
 #90

If every country bans bitcoin and they control the internet it would be no matter time for bitcoin to fall down to zero. It is really easy if they work together.

So in short it is possible to destroy bitcoin and his value.
i think there is no such way to destroy bitcoin if it was possible then those countries who have banned bitcoin in their country will have destroyed bitcoin but its not possible.bitcoin is very safe and no one can affect the rate of bitcoin and it is more expected that bitcoin will become the international currency in the future.
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October 31, 2017, 10:54:26 AM
 #91

Is there any way to destroy the bitcoin?  Not to hack or fake it but completely destroy the system.



Since bitcoin is a system and it is anonymous and now bitcoin is continuously rising and make popular i think there is no way to destroy bitcoin. As of now many investor and bitcoin user are protecting it because bitcoin now is a big asset and source of income that why they are trying to protect bitcoin and they are not allow to destroy bitcoin.

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luigidosado
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October 31, 2017, 11:08:14 AM
 #92

There is probably a way to destroy it. Specially if the creators decided to do so. They can possibly shut down and delete all the data about bitcoin if they would really want to. Or maybe, if the internet was cleared or shut down or if the data is lost. It is also possible that there will be a new cryptocurrency that will replace it or destroy it. There are a lot factors that may destroy the bitcoin.
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October 31, 2017, 11:10:52 AM
 #93

Is there any way to destroy the bitcoin?  Not to hack or fake it but completely destroy the system.
To destroy the bitcoin we need to destroy the trader who cares about it. When no one cares about it and exchanges it on the market, it is completely destroyed.
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October 31, 2017, 12:20:12 PM
 #94

In my opinion btc will exists as long as 2 parties are interested to trade it.

I believe btc will never be bigger than is today. Why that? Because is not in goverments best interest to promote and sustain a thing they can't control.
Is very simple to do the math of how much time bitcoin will live and how much will a bitcoin worth in the future.

The next big step for bitcoin implementation will be government adoption but this is not likely to ever happen. Why? Is it simple!

Bitcoin can never replace real money!

Why a goverment will give up of real money that they can produce at any time in any quantity for a limited hard to get virtual thing owned by privates 100% internet dependent? And to get this thing from privates the goverment has to pay what? Real money of course!

Bitcoin is artifically hold up. If you are here to speak for real each 24 hours between 200.000 and 350.000 transactions are registered on blockchain. This mean at least 150.000 unique people but no more than 700.000 unique people are involved in btc transactions once at 24 hours.

The number of people that transact btc in 24 H is way much smaller than the people using real money comparing even to the poorest country in the world.

For something with a value given based on its amounts of trades this is a bad thing!

Another bad thing about bitcoin is the fee. Most of the bitcoin transactions daily are under $10000. Today 31/10/2017 to send $10 in btc you have to pay $3.5 transfer fee for a proper transfer confirmation time.

Another bad thing about btc is it's limited amount! Why? Simple! Big players can sequestrate the market and play to much with the price. Something like that happen's nowdays. I see everywhere advices to hold the coins!

Why to do that? To help big players control more of the market? You are not making any money unless you know for sure when big drops will happen. this affect badly the most of small traders when a price drop bigger than $1000 happens.

Let's assume this:

A big player win/win scenario:

1. Buy 10.000 coins at $5000 and hold until $8000
2. Sell 5000 coins at $8000
3. Finally he got like 80% of the money back and still have 5000 coins.
4. Price drop again because big player made a lot of coins available for sale in the market.
5. Remaining 5000 coins can be hold until $2000 per coin and the big player is still even.

A small trader win or loss scenario:

1. Buy 2 coins at $5000 and hold until $10.000 (as they expect at least double payout)
2. Price get to $8000. Will not sell waiting for $10.000.
3. Big player will sell at $8000
4. Finally small trader is very lucky if he gets his money back. Of course it can wait for another price rise but big player loop is going on and they always try to break the price boundaries.

As far I can see the prices fast rise and drop happens systematically!

Asia and Russia had already announced state run crypto currency. This is a good thing for the moment even for bitcoin because more people will become familiarized with crypto but step by step bitcoin will be replaced by state run crypto all over the world.

Since 51% of the btc transactions happens in asia once the crypto asean is out we can easilly say bye bye to btc.

Why I strongly believe the state run currencyes will be more successfully than btc? Simple. Low fees of transaction. More legal and secure ways of transaction. Fast way of transaction. availability. 100% gov backed currency! Everybody trust and love gov backed currency! If is not so then why everybody ask gov issued money for their coins? They should ask cows as payment! Wink

What will happen if 5 mil btc coins will become available on market? I believe the price will be again $1 / btc


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November 01, 2017, 01:25:06 PM
 #95

Maybe since bitcoin is digital currency. That means bitcoin is internet based and anyone can hack it, especially when your account does not have a security code. Especially now many replicate on the bitcoin platform The result is that many investors are deceived or scam. If it continues it is possible that investors lose the bitcoin many bitcoin users will lose their trust and can be the result of this is a bitcoin break or bitcoin can be destroy.
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November 01, 2017, 01:30:32 PM
 #96

Bitcoin is the strongest and famous currency in the history of crypto and no one can affect bitcoin. it is impossible to destroy bitcoin because if it was possible than many people will tried to hack them or affect the price of Bitcoin.
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November 01, 2017, 01:37:16 PM
 #97

When it will be overoverpriced the BTC-bubble will blow. That would be kind of death of bitcoin.


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November 01, 2017, 09:31:36 PM
 #98

Bitcoin is the strongest and famous currency in the history of crypto and no one can affect bitcoin. it is impossible to destroy bitcoin because if it was possible than many people will tried to hack them or affect the price of Bitcoin.
Bitcoins are cryptocurrency its the most secure cryptocurrency at any point made their no such a virtuoso individual on the planet who could devastate the bitcoins nobody can even touch bitcoins so there is no possibility of annihilating even a solitary bitcoins that is the reason its known as the most secure cryptocurrency so on the off chance that you need to have a high security of your cash than you should change over all you cash in bitcoins.


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November 01, 2017, 09:36:55 PM
 #99

I'm not sure but if you shut all miners down at the exact same time then Bitcoin is destroyed.
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November 01, 2017, 09:39:20 PM
 #100

Well there are ways that i can think of, one is to destroy the internet and you get to destroy bitcoin with it but the thing is we will be back to the dark ages, the other thing is to have every country ban bitcoin, not just new ICO's but a total ban and that will be the end of it. However, as to what is happening now bitcoin's price is on the rise and more small players will join in because of being attracted to the price.
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