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Author Topic: Only way bitcoin will collapse is if they become illegal. what are the chances?  (Read 2950 times)
vandeam
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October 29, 2013, 12:48:20 PM
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Hello,
I have though of the main possibility of bitcoin collapsing and the only way i saw it happening is if people stop using it as exchange (never gonna happen)
or if all the goverments will start making bitcoin illegal.
what are the chances for that to happen  Huh
from the articles i'v read for now only Thailand made it illegal.

or anyone got other ideas how it can collapse. (the 51% attack is temporary and specific attack so.. dont think it can do much)
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davout
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October 29, 2013, 12:49:48 PM
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if all the goverments will start making bitcoin illegal.

Yeah, because that worked so well with illegal drugs.

vandeam
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October 29, 2013, 12:54:33 PM
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if all the goverments will start making bitcoin illegal.

Yeah, because that worked so well with illegal drugs.


the difference between money and drugs is huge,
people get addicted to drugs, they "enjoy" it, using drugs is minimal risk.
selling drugs is higher risk.

but money laundering/ using illegal money is whole way scarier + alot of years in prison.

why would people risk their lives with illegal money (freedom money *bitcoin)
when they can use legal ways but pay abit more commission.
the only people who will use it if it will be illegal are drug dealer, money laundering, freedom seekers.
balanghai
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October 29, 2013, 12:55:32 PM
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One in 1 Trillion?  Grin

Ajinomoto
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October 29, 2013, 01:02:44 PM
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Quote
from the articles i'v read for now only Thailand made it illegal.
They aren't illegal in Thailand, the articles are just repeating this false statement over and over again.
davout
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October 29, 2013, 01:06:41 PM
 #6

if all the goverments will start making bitcoin illegal.

Yeah, because that worked so well with illegal drugs.


the difference between money and drugs is huge,
people get addicted to drugs, they "enjoy" it, using drugs is minimal risk.
selling drugs is higher risk.

but money laundering/ using illegal money is whole way scarier + alot of years in prison.

why would people risk their lives with illegal money (freedom money *bitcoin)
when they can use legal ways but pay abit more commission.
the only people who will use it if it will be illegal are drug dealer, money laundering, freedom seekers.

Bitcoin is about monetary freedom, the disruption of the payments field is anecdotal.
Bottom line : if there is demand it'll work.

vandeam
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October 29, 2013, 01:14:26 PM
 #7

if all the goverments will start making bitcoin illegal.

Yeah, because that worked so well with illegal drugs.


the difference between money and drugs is huge,
people get addicted to drugs, they "enjoy" it, using drugs is minimal risk.
selling drugs is higher risk.

but money laundering/ using illegal money is whole way scarier + alot of years in prison.

why would people risk their lives with illegal money (freedom money *bitcoin)
when they can use legal ways but pay abit more commission.
the only people who will use it if it will be illegal are drug dealer, money laundering, freedom seekers.

Bitcoin is about monetary freedom, the disruption of the payments field is anecdotal.
Bottom line : if there is demand it'll work.

you are right about monetary freedom but will the people will risk their freedom for monetary freedom when they got fiat risk free.
davout
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October 29, 2013, 01:16:45 PM
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you are right about monetary freedom but will the people will risk their freedom for monetary freedom when they got fiat risk free.

Freedom is taken, not granted.

vandeam
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October 29, 2013, 01:19:46 PM
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you are right about monetary freedom but will the people will risk their freedom for monetary freedom when they got fiat risk free.

Freedom is taken, not granted.

That is whole another story.
favdesu
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October 29, 2013, 01:20:00 PM
 #10

only way for bitcoin to collapse is if someone kills the internet.

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balanghai
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October 29, 2013, 01:21:21 PM
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by the term collapse it is a bit vague and so if it is economic collapse, it is up to the userbase, as to becoming illegal, it would be a bit hard to predict the outcome precisely. Anything is possible you know.

Ajinomoto
vandeam
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October 29, 2013, 01:23:20 PM
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only way for bitcoin to collapse is if someone kills the internet.

can happen, forgot about that  Roll Eyes


hashman
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October 29, 2013, 01:37:58 PM
 #13

Hello,
I have though of the main possibility of bitcoin collapsing and the only way i saw it happening is if people stop using it as exchange (never gonna happen)
or if all the goverments will start making bitcoin illegal.
what are the chances for that to happen  Huh
from the articles i'v read for now only Thailand made it illegal.

or anyone got other ideas how it can collapse. (the 51% attack is temporary and specific attack so.. dont think it can do much)

Making something illegal never makes it collapse, though it can change adoption rates, exchange rates, etc. 
Also, Thailand did no such thing.   

If you are looking for bitcoin collapse you need to look at:

1) broken ECDSA (specifically secp 256k1)
2) broken SHA256
3) broken or collapsing IP infrastructure
4) massive btc p2p network failure

Of course, 1, 2, and 4 would not do much in the long run because bitcoin can live on in so called altcoins. 

But that won't help you with your personal investment strategy, sorry!    Tongue





johnyj
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October 29, 2013, 01:44:43 PM
 #14

you are right about monetary freedom but will the people will risk their freedom for monetary freedom when they got fiat risk free.

Normal people don't see the risk related to fiat money, most of them won't care. But for rich and powerful entities, they do have a large risk related to fiat money system (Lehman for example, just because FED didn't lend a hand, they died), they need to hedge that risk

MoneyGod
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October 29, 2013, 01:45:29 PM
 #15

only way for bitcoin to collapse is if someone kills the internet.

its best reply I think if all governments kill internet then its collaps no other way Cheesy

Johnny Bitcoinseed
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October 29, 2013, 01:52:30 PM
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LOL - you mean like illegal booze in the 1930's, illegal drugs today, and file sharing?

Making it illegal only serves to make it more popular.  Freedom is truth.  And truth always wins out over the practice of persuading someone to do (or not do) something by using force or threats.

Sincerely I am, Johnny BitcoinSeed .com
waltermot321
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October 29, 2013, 02:02:27 PM
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one in a million....  but US alone became illegal is bad enough for the Bitcoin to tank...

NewLiberty
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October 29, 2013, 02:08:43 PM
 #18

you are right about monetary freedom but will the people will risk their freedom for monetary freedom when they got fiat risk free.

Freedom is taken, not granted.

Fiat is risk free?
Read some history please.

There is no freedom without monetary freedom.

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Bullionado
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October 29, 2013, 02:10:10 PM
 #19

The US could hurt this currency bad because of its law makers continuously attacking it.

Otherwise outside the US, the currency is slowly becoming the choice for the young and hip in Europe and Asia.

Bitcoin needs to remove the cover of anonymity from its face at least partially for it to be accepted by the US government. As long as the US government has access to the basic information about the people using Bitcoin, it would not ban it.
BTCtrader71
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October 29, 2013, 02:15:38 PM
 #20

Hello,
I have though of the main possibility of bitcoin collapsing [...] if all the goverments will start making bitcoin illegal.
what are the chances for that to happen  Huh

If major governments were to decide to make a concerted effort to oppose bitcoin, I think they could pose a major impediment to large scale adoption. First, it would be difficult to convert between fiat and bitcoin. Second, bitcoin would not be adopted by large scale businesses like amazon, making bitcoin less useful to Joe on the street.

The most important question is whether governments (or the rich people who influence government, in the case of the US) will be motivated to oppose bitcoin, when they could embrace it / harness it for their own purposes.

If you are a wealthy banker (who is knowledgeable about bitcoin), for instance, you might decide to invest in bitcoin rather than influence government to oppose it.

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