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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 1145 times)
undeadbitcoiner
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December 08, 2017, 05:32:47 AM
 #21

Anything can happen or Nothing could be happen.

Block-chain Hack
First of all we have to understand that Block-chain stores information across a network which is now global, Block-chain network is not limited to one server or one person or one company, Its global network of personal computers which distributes the information decentralizing the network. In a decentralized way, I believe in today's count there are Hundreds of thousands computers that try to update the accounts that records every transaction which is adding the block of transactions to the chains each and every computers in the network maintaining the account solves a math problem A hash is a simple way to represent a large amount of data in a compact and unique way. The bitcoin uses a hashing algorithm to produce a number in hexadecimal format. The algorithm used by bitcoin is SHA-256 which produces a 256 bit long number in hexadecimal format. created by the cryptographic hash function which takes input of any size and creates an output of the fixed size. What makes Blockchain hack proof and hard to corrupt the network,  Each block has a time-stamp and each block has a link to the previous block forming a chronological chain reinforced through cryptography ensuring that the records cannot be altered by others. Due to the transactions needing multiple parties’ authorization before acceptance, Blockchain has a high degree of trust value. Ref: Blockchain Wiki- A blockchain facilitates secure online transactions. A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

Government Ban
As a decentralize coin there will be slight effect with Government Ban but not completely, There are several country supporting Bitcoin and Bitcoin is supporting to there taxes and revenue so few country in the list will never impact and those few will also understand one day they can't stand without legalizing Bitcoin that day Bitcoin will succeed Globally. 
It is legal to use bitcoin in the United States, and payments are subject to the same taxes and reporting requirements as any other currency. There is no physical bitcoin currency the way there is a dollar, euro or pound.

Major Exchange Hack
There are several Exchange Hack, My suggestion with Exchange Trader is Only Hold that amount of Bitcoin or Alt Coin which you can loose, There will be slight effect with Exchange hack but it willrecover in timely manner.

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December 08, 2017, 08:33:04 AM
 #22

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 honestly can't for the life of me imagine how the blockchain would be hacked, other than a 51% attack or whatever it is called; I suppose double-spending can be seen as a flaw, but that was more on the implementation into a market/commerce settings being uninformed and naive. I think there are some people worried about the SegWit implementation because I think that introduces some new security flaws to the blockchain, we shall see.

Government bans would just increase the price IMO, when your government tells you that you can't have bitcoin... That's when it's really time to get some bitcoin.

Exchange hacks have happened in the past and destroyed the price of bitcoin few a little while if I remember right. MtGox had a really bad attack that chunked the price of bitcoin at the time because most transactions on the bitcoin network were associated with MtGox at the time. Er go, my vote is on Exchange attacks, because they've happened before and I wouldn't put it past an exchange to try to make a quicker buck at the cost of their security, being ignorant to what bitcoins capabilities and limitations actually are and only being concerned with how much fiat they can make day-trading.
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December 09, 2017, 07:54:58 AM
 #23

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?
In my opinion nothing will happen to bitcoin because bitcoin is now meatier in market and it has almost nine years in market in this time bitcoin have faced a lot of fork and difficulties and I’m sure that now it’s very hard to beat bitcoin because there is very big support to bitcoin by rich countries and they are also helping bitcoin to stay with high price and bitcoin by it self is now very strong and now how to handle the situation at that time.
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December 09, 2017, 08:13:29 AM
 #24

which in your opinion is most likely to happen first?

you could have added more options, days ago I read some news that said that certain banks were closing exchange accounts " Bulgarian Banks Block Accounts of Crypto Exchanges ", answering your question, most likely to occur is a ban on government, every day I see in the news about this subject, there is russia that is campaigning against bitcoin and now the south korea looks like it is going the same way
" South Korea Preparing Full Crypto Exchange ‘Ban’ - Local Press "

It only takes a proper regulation and stricter KYC.

We need this, especially many exchange need to have physical office and a phone number for the support

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December 09, 2017, 08:17:44 AM
 #25

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?

FOR me the most realistic would be the government ban as it is domething that we can see taking effect now and it really has a lasting effect on where cryptocurrencies would be on the future and that is something to be caustious on. As they control the market too in a way

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December 09, 2017, 10:26:14 AM
 #26

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?

Hi there Filmmmakerr! I think you could add another option there, when the mining pools are hacked. I think two of those events have already happened in the past. And what happened is a major declined in price, the Mt Gox hack for example bring the most major price decline. That is why I vote for No. 3. While the government ban just what happened in China several months ago also signal the price drop but not as devastated as the Mt Gox. The first one, I think it is next to impossible but theoretically doable and I never heard of the whole network been hacked.   Wink

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December 10, 2017, 08:42:04 PM
 #27

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?
None of the results could bring the price of Bitcoin to no value. If I had to choose something from that poll then I would pick the Major Exchange Hack.

 
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December 10, 2017, 09:33:44 PM
Last edit: December 10, 2017, 09:47:44 PM by setifien19
 #28

To discuss these 3 probabilities one by one :
1) blockchain hack : yes it can take BTC price down, but I guess the resistance of such technology is high securely moderated , so it won't affect bitcoin mainly.
2) Governments ban : a government of one of greatest market land of cryptos <China> has already banned the use, the hold and the trading of these digital coins, as a tardive result the price has multiplied by 2-3 times what it was at ban time.
3) Exchanges hack : it affects principally bitcoin in circulation, but its influence remains minor, because of the disposability of several platforms which offer the same service so it touches bitcoin just partially.
I can add an important thing that can really take BTC price down : the abundance of its use by crypto community ( which seems to be unexpected & unpractical) but if it happens, it can surely kill BTC
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December 10, 2017, 10:02:24 PM
 #29

It is quite difficult to answer this question. Blockchain hack is very unlike to happen because this technology is quite secure. If another country as big as China decided to ban Bitcoin, it could slightly affect Bitcoin price but it would eventually recover. Major exchange hack could be critical but let's think about it for a moment. Less BTC by many people is treated as increase in a total value. People would rather withdraw their BTC from exchanges than sell it.
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December 10, 2017, 10:04:55 PM
 #30

Blockchain Hack ~ I don't think that this will happen, if blockchain will be hacked it has happened before but I really can't think about this.

Government Ban ~ This is happening already there are some governments that are aware of the popularity of bitcoin and they just want to ban it for life.

Major Exchange Hack ~ happened a couple of time with the well known biggest exchanges.
 

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December 10, 2017, 10:19:45 PM
 #31

Just voted in the Poll, and clear winner is "Exchange Hack" and I think definitely this could be the reason in lowering of Bitcoin's value as other points like government hack and Blockchain hack are less likely to happen any soon. As, many government are currently supporting the system and blockchain is a decentralized and powerful invention of the decade not easy to hacked. Among all the risk of Exchange hack prevails more than anything else.
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December 10, 2017, 10:25:16 PM
 #32

Can the US Government just shut it down? Like they did using the DoJ with online poker? Even though it involved the entire world they seized everyone's accounts. I feel like the USA in general is cool with being the world police and if crypto threatens the US Dollar I see them stepping in and taking control of major facilitators like coinbase. And just shutting shit down basically until they come up with their own crypto currency. I think each government will probably try to make their own
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December 10, 2017, 10:32:16 PM
 #33

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?

Actually i have voted in the poll to choose only one. Something that most likely happen first is goverment ban bitcoin.
My opinion is government will ban bitcoin and major exchange hacked is 50:50.
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December 10, 2017, 10:38:20 PM
 #34

Exchange hack has already happened and it is familiar to us.But i don't think that it would create a crash in bitcoin price since the network is very big now and situation is not as it was during Mt.gox hack.User volume was very low at that time.

Government ban also could not bring bitcoin price down as we already saw china's actions against bitcoin has not made bitcoin price to fall.

Blockchain hack we have not hear about this until now and i don't know whether it is possible or not.

I don't think that any of these could make bitcoin price crash.

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December 10, 2017, 10:47:06 PM
 #35

it is more likely to see the government ban bitcoin rather than being hacked
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December 10, 2017, 10:55:59 PM
 #36

I think the market and wallet will be the main target. because the block chain is not possible to hack, I never found a case about block chain hack, because the mathematical alghoritma is difficult to hack. and if that happens, then I guess all block deals will be lost and corrupted.

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December 10, 2017, 11:27:32 PM
 #37

Government Ban and Major Exchange Hack, this is one of the causes of declining bitcoin prices. however, which brings the most serious impact in my opinion is the major exchange hack, because users who store on the wallet exchange will definitely lose their digital coins. the market is sure to be messed up.

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December 11, 2017, 12:43:02 AM
 #38

it would make it impossible to do some ungrateful job for a human, or repetitive jobs that destroys health, but it would impact the job market, so it would be necessary to set up a universal income
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December 11, 2017, 02:11:35 AM
 #39

how to vote on this thread?
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December 11, 2017, 02:16:25 AM
 #40

Actually, the possibility is 3>2>1. But the strongest strength would be no. 2 if US government ban the BTC completely. However, the chance would be impossible. They will try to control it rather than destroy it.
And for eXchange hacking, it is a must and will keep happen again. Therefore keep our assets in a safe place would be the first priority.

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