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Poll
Question: What will bring Bitcoin price down?
Blockchain Hack - 2 (6.1%)
Government Ban - 17 (51.5%)
Major Exchange Hack - 14 (42.4%)
Total Voters: 33

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Author Topic: Which is the most likely to happen first?  (Read 1074 times)
Filmmmakerr (OP)
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December 07, 2017, 02:06:31 AM
 #1

In curiosity, I know all of these can hack the price of Bitcoin, but the question is, which in your opinion is most likely to happen first?

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December 07, 2017, 03:22:04 AM
 #2

Here are my thoughts:

1. Blockchain Hack - Possible but Highly improbable. Time consuming and costly. See link for other reasons.
    https://www.quora.com/Can-blockchain-technology-be-hacked

2. Government Ban - Yes. there are certain countries that have completely banned the use of bitcoin.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

3. Major exhange hack -  This has already happened. It can happen again.
    An Example: https://thehackernews.com/2017/07/bitcoin-ethereum-cryptocurrency-exchange.html

The poll doesn't permit 2 choices(my choice would be 2 & 3), so i'll just choose the most likely to happen, which is A Major Exchange Hack.

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December 07, 2017, 11:40:57 PM
 #3

Here are my thoughts:

1. Blockchain Hack - Possible but Highly improbable. Time consuming and costly. See link for other reasons.
    https://www.quora.com/Can-blockchain-technology-be-hacked

2. Government Ban - Yes. there are certain countries that have completely banned the use of bitcoin.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

3. Major exhange hack -  This has already happened. It can happen again.
    An Example: https://thehackernews.com/2017/07/bitcoin-ethereum-cryptocurrency-exchange.html

The poll doesn't permit 2 choices(my choice would be 2 & 3), so i'll just choose the most likely to happen, which is A Major Exchange Hack.


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December 08, 2017, 12:04:37 AM
 #4

In curiosity, I know all of these can hack the price of Bitcoin, but the question is, which in your opinion is most likely to happen first?

I think I will go with the government ban, it is happening one by one with every countries still there are some that do not ban them, but it happening now so I think that is a given. The second one is either of the two, but I think that the most possible to happen next is major exchanger hack. It did happen with Mt Gox in the past year so I guess the exchangers are having a lot of things to keep so they are can't be hacked and not affect crypto currencies. And for me that have the lowest possibility from happening is the Block chain hack, it is alive for some time now but it is still doing fine.

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December 08, 2017, 12:08:07 AM
 #5

I do not see correlation with these options.
2 options of hacks, okay.
3rd option- government hack,why?
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December 08, 2017, 12:12:02 AM
 #6

Blockchain Hack, this one is impossible unless you have 51% of the entire mining machines which no one knows how many machines there are, or impossible for you to have it.
Government Ban, this is the most possible thing to happen to stop bitcoin, specially if they ban bitcoin mining.
Major exhange hack, already happened in thew past but did not have that much effect. Not all people store their bitcoins in one exchange or even not all people are trading their bitcoin.

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December 08, 2017, 12:14:51 AM
 #7

In curiosity, I know all of these can hack the price of Bitcoin, but the question is, which in your opinion is most likely to happen first?

I think the most reliable answer is government ban bitcoin because its price.
If blockchain hack i think it will not happen but if wallet hack maybe is happen.
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December 08, 2017, 12:18:09 AM
 #8

Blockchain hack: Most likely not in the near future, until we get quantum computing, then it's alot more possible than it is right now.
Government ban: There really is no clue for us to know if this is coming or not. Exchange bans are a lot more likely.
Major exchange hack: I really see this happening again(after Mt.Gox and Bitfinex) but again, we don't have any clue when. This is probably gonna cause a huge crash in price due to probably a good number of people still holding their coins on exchanges.

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December 08, 2017, 12:46:05 AM
 #9

In my own opinion,  the most likely to happen first is the major exchange hack, because this is not possible to happen, all hacker wants to gets money from this annonymous features,  so they cannot track if they do.  And the second one is the government ban, most of the country since 2016 are getting involve and accepting this bitcoin but after a certain time (bitcoin price increase) other country are getting banned this bitcoin without publishing reasons, maybe they are afraid of loosing a massive capital currency if this bitcoin become bubble. And last is blockchain hack,  it is not possible that this blockchain got hacked, but i think its totally very hard to hack this blockchain algorithm, so for me there is no reason that this blockchain hack will be the most likely to happen first.
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December 08, 2017, 12:49:24 AM
 #10

Blockchain hack, very unlikely to happen, it is possible to do it but it requires such a tremendous amount of work that I doubt anyone is willing to even try it.
Goverment ban, already happening, there are some countries in Asia where Bitcoin is banned.
Major Exchange Hack, it could happen in the future, and the community already went through a couple of major exchange "hacks" like Mt.Gox back in 2014 and Bitfinex in 2016. Seems to happen every 2 years, huh? so...

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December 08, 2017, 12:55:36 AM
 #11

I don't think it would be any of those three above, but if I had to chose of those three specifically, the most probably one would be the government ban. Fall of big exchange is possible as well, as we've seen a few in the past and one recently. But definitely the government ban due to high price and simple basically no regulations, just imagine the amount of tax that can be avoided with the current price ($17k on blockchain.info).

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December 08, 2017, 02:30:43 AM
 #12

i think the only way to make bitcoin price drop is the goverment ban the bitcoin exchange. especially in big user country like china was. when the china goverment ban bitcoin the price go down to the ice age price.
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December 08, 2017, 04:04:29 AM
 #13

among the three options, which are most likely to affect the decrease of bitcoin are Government Ban and Major exchange hack. the issue of ICO banned by China a few months ago is enough to affect the price of bitcoin, but it is not long because now the bitcoin price rose very high. while for a major exchange hack, it can definitely affect the price of bitcoin, in which some people will lose their BTC.

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December 08, 2017, 04:17:10 AM
 #14

Government ban is the most likely to happen first. As the bitcoin price soar the government may attempt to ban bitcoin.

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December 08, 2017, 04:49:40 AM
 #15

If you are asking this question regarding the possibility of the price fall then I don't think any of them is suitable for the possibility that I think. I am expecting the slow exit of the institutional investors and at a certain point, there will be a panic selling wave in the market and it will bring down the price of it. It is unclear that what are the intentions of those investors pouring capital day by day but they won't keep it in Bitcoin during the falling market in my opinion.
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December 08, 2017, 04:52:56 AM
 #16

In curiosity, I know all of these can hack the price of Bitcoin, but the question is, which in your opinion is most likely to happen first?

There is one living on this planet that could hack bitcoin's price since it is decentralized, even though I know that there is a lot of people who wanted to do that, but they just can't. The Government might want to ban it because they thought that bitcoin is so risky for the people to risk their money on it and so on, they are all wrong, because bitcoin is more better than that.
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December 08, 2017, 04:54:18 AM
 #17

the funny thing about start of a drop is that it doesn't even have to be a big news like the things in your poll. it sometimes doesn't even have to have anything to do with bitcoin for the drop to begin! it is all in the FUD and how many newbies aka weak hands are in the market at that particular time and how high the price has gone in the current rally.

the last time i laughed my ass off was when China banned ICOs and the FUD started coming out saying bitcoin was banned and price dropped! then about a month later then closed exchanges and not much happened to price...

right now the FOMO needs to end and rise has to simply slow down, and a simple "bitcoin is bubble" FUD can cause the panic sell and a big drop.

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December 08, 2017, 05:02:47 AM
 #18

I choose the third one because its more privately own and have high possibility to be targeted by those hackers who hate greedy and oppression, if there is one. I can’t name one because I’m not familiar in every major exchanges but I’m sure there is one. Those two, blockchain hack won’t be a good thing for ordinary citizens and most hackers are not into destroying that. Government also are looking on popularity and that make them hesitate to go against it.
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December 08, 2017, 05:14:36 AM
 #19

I don't think the above three reasons will make the price of bitcoin crumble. There was a message in the previous period that you didn't know if you had noticed that the quantum computer could crack the bitcoin algorithm. My view is that one day there will be a new technology to replace bitcoin. Then, now the money to enter bitcoin must be flocking.

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December 08, 2017, 05:20:30 AM
 #20

Here are my thoughts:

1. Blockchain Hack - Possible but Highly improbable. Time consuming and costly. See link for other reasons.
    https://www.quora.com/Can-blockchain-technology-be-hacked

2. Government Ban - Yes. there are certain countries that have completely banned the use of bitcoin.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

3. Major exhange hack -  This has already happened. It can happen again.
    An Example: https://thehackernews.com/2017/07/bitcoin-ethereum-cryptocurrency-exchange.html

The poll doesn't permit 2 choices(my choice would be 2 & 3), so i'll just choose the most likely to happen, which is A Major Exchange Hack.

I concur. The first choice is quiet stupid to be put there. It's like common sense that 2 & 3 are the probable ones. Here's my thought with 2, I think by due time government will came to know that BTC is like fiat where it can be used as good or bad. It only takes a proper regulation and stricter KYC. For 3, yep. It happened and it might happen again.
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