[2017-12-06] Bitcoin Will Eventually Go Into Extinction-PBOC Deputy Governor

[SlipMart]

                                               

December 6, 2017 Bitzamp

Bitcoin Will Eventually Go Into Extinction-PBOC Deputy Governor.

Mr. Pan the  Deputy Governor of China’s central bank  speaking  at a financial forum in Shanghai, said that the decision of  China’s central bank  to combat domestic transactions and ICO aspects of digital currency in September this year was right.

He pointed out that if china had allowed the continuous penetration of bitcoin and ICO in the Chinese market a lot of fear would have been instill in peoples mind which will make people to live in fear.

The speech also mentioned a column by Eric Pichet, a professor at the Kedge Business School in France, on the French state Tribune. Pichet briefly wrote: “Password theft and or break into the blockchain system will be the first breakthrough of this century, fake bitcoin will flood and cause the bitcoin price to plummet.”

Read More: https://bitzamp.com/bitcoin-will-go-into-extinction/

[Iranus]

Extinction is almost impossible in Bitcoin because there's an important difference between BTC and a species (the thing that would normally go extinct) - a species that goes extinct can't come back unless other species evolve other millions of years into one that resembles the previous species.

Bitcoin, on the other hand, can be revived in an instant, just by one person mining or making a transaction.  It takes next to no effort for this to occur.

Sure, the price can fall, but it pretty much can't ever die.

[cr1776]

Hopefully only after communism, fascism, socialism and all of the other anti-freedom ideologies are extinguished.

[coolcountry]

Although the article only mentions bitcoin, it is obvious that the deputy governor is referring to cryptocurrencies here, which boggles my mind a bit, because it is obvious that we will never go back to the world where there were no cryptocurrencies. I think it is extremely unlikely, but bitcoin may go extinct for some reason, who knows, but the technology behind it, the crypto scene as a whole, is here for good. So governments should try to live with it rather than denying its existence.

[iamTom123]

Hopefully only after communism, fascism, socialism and all of the other anti-freedom ideologies are extinguished.

Of course! In the past, China had been toying with communism which later on extracted too many lives and properties from their own people and though they are not admitting it that mistake was very costly. Just like any government that is obsessed with control, they could not allow Bitcoin to flourish because they fear that people will realize that they don't need the government that much and they can be empowered to the point of rejecting the very government that control them. However, this kind of thinking is soon to get extinct but of course those in the government are still burying their heads in the sand. The decision of China to eventually ban Bitcoin exchanges was actually a welcome respite for Bitcoin as we hate it that a single country can shape the direction which Bitcoin would take. I am not saying that we should not welcome China again if they will reopen the market but for now it is much better that they are not officially part of the equation. China is such a big source of headaches and bad news for Bitcoin. 

[Guardian.P]

Well, nothing lasts forever. It is likely that this will happen, only this will not be in the near future. I think the reasons for unrest is not enough. Populization only grows, the investments also do not stand still. This is just the beginning. And ahead of the new milestones

[J. Cooper]

These guys. If bitcoin will actually go extinct will be determined over the next decade or two. We know it won't last forever but at this point I'm quite confident it will outlast our lifetimes or serve as a gateway to other technologies in the future. Who knows? But what I do know is that it's a lot more likely for fiat currencies to go extinct rather than bitcoin.

Sure, the price can fall, but it pretty much can't ever die.

It actually can. What if suddenly all the hashing power and the nodes decide to shut down? In that case the network would have no resources to keep running. So in that sense it can go extinct.

[Kemarit]

They are really getting "audacious" and bold with their statement against bitcoin. Demise, died and now instinct. LOL. This is just one of the newest attacks on bitcoin and cypto-currency. I'm not beginning to believed those conspiracy theory that China is really hard on getting bitcoin on its knees then introducing their own coin.  . But it doesn't matter though, the more China opens its mouth against bitcoin, the more people including the Chinese people are still buying it, and buying it at steep price. Of course bitcoin will go instinct but not in our life time. Those Chinese really hate bitcoin so much that they will do everything on its power to stop it at any cost, unfortunately, it won't happen. Sorry.

[Slow death]

Mr. Pan the  Deputy Governor of China’s central bank  speaking  at a financial forum in Shanghai, said that the decision of  China’s central bank  to combat domestic transactions and ICO aspects of digital currency in September this year was right.

verb (used with object), combated, combating or (especially British) combatted, combatting.
1.
to fight or contend against; oppose vigorously:
to combat crime.

http://www.dictionary.com/browse/combat

They spoke like a true dictator and arogant, when he declared war against bitcoin and ICOs? and they allow mining in their country, this becomes very confusing... Moreover, many people know that the Chinese are the biggest destroyers of nature and the countries of others with their piracy, who the hell are they to speak bitcoin badly? They should have a bit of shame in their faces and accept bitcoin.