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Author Topic: What threats to Bitcoin exist?  (Read 2441 times)
x86Daddy
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November 01, 2013, 05:44:44 PM
 #1

I see the price of Bitcoin generally going up, quite a lot, based on positive news events, and there's some major ones that probably lie ahead in the next couple years: i.e. when major sales sites adopt it, when the next country has a crash of its native currency, etc...

What negative events might occur down the road that could severely damage Bitcoin's price and reputation?  Bitcoin may eventually get some serious enemies: the banks, countries that manipulate their fiat currency against their peoples' interest, paypal and other middlemen... and I would anticipate some attempts at attack could happen in the next couple years.

I'm basically trying to get an idea of how much risk we can look at, based on probabilities of major bad events...

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wobber
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November 01, 2013, 06:03:34 PM
 #2

Nuclear holocaust.

Quantum computing.

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November 01, 2013, 06:04:59 PM
 #3

reptilians

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November 01, 2013, 06:11:17 PM
 #4

Hard fork over block size limit issue.

https://www.bitcoin.org/bitcoin.pdf
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oda.krell
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November 01, 2013, 06:15:50 PM
 #5

AmazonBucks ™

Not sure which Bitcoin wallet to use? I suggest to take a look at Electrum.
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Joe200
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November 01, 2013, 06:20:37 PM
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AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Joe200
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November 01, 2013, 06:21:19 PM
 #7

Blockchain size.

ardana123
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November 01, 2013, 06:27:25 PM
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AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Beats me how that could ever beat bitcoin, unless it's decentralized and open source as well. Then it would be more like a bitcoin 2.0.

But yea, block size limit and the regulatory issues could be a problem in the future.
Joe200
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November 01, 2013, 06:39:53 PM
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AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Beats me how that could ever beat bitcoin, unless it's decentralized and open source as well. Then it would be more like a bitcoin 2.0.

But yea, block size limit and the regulatory issues could be a problem in the future.

That's what I said. They launch an exact copy of bitcoins - open source and all. But this exact copy gets a lot of publicity. And a major vendor accepts them, so a lot of demand. Everyone switches to AmazonBucks and forgets the current bitcoin.

Odalv
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November 01, 2013, 07:01:27 PM
 #10

AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

Beats me how that could ever beat bitcoin, unless it's decentralized and open source as well. Then it would be more like a bitcoin 2.0.

But yea, block size limit and the regulatory issues could be a problem in the future.

That's what I said. They launch an exact copy of bitcoins - open source and all. But this exact copy gets a lot of publicity. And a major vendor accepts them, so a lot of demand. Everyone switches to AmazonBucks and forgets the current bitcoin.

Yes and your mum together with grandma will buy an asic miner and will mine GoogleCoin
MonadTran
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November 01, 2013, 07:08:42 PM
 #11

Blockchain size.

This one bothers me, actually. Maybe I need to do some calculations to convince myself this does not become an issue in the foreseeable future... Or, convince myself this is an issue, and think if it can be fixed?
MonadTran
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November 01, 2013, 07:09:37 PM
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reptilians

... and rpietila.
x86Daddy
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November 01, 2013, 07:11:38 PM
 #13

Blockchain size.

This one bothers me, actually. Maybe I need to do some calculations to convince myself this does not become an issue in the foreseeable future... Or, convince myself this is an issue, and think if it can be fixed?

Anyone have links to serious analysis about this topic?

adamstgBit
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November 01, 2013, 07:16:34 PM
 #14

its hard to imagine anything that could bring down bitcoin as a whole. but bitcoin faces many challenges ahead, the tech is not perfected, its growing really fast, and its scary!

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November 01, 2013, 07:20:34 PM
 #15

Hard fork over block size limit issue.

This is the most significant challenge that Bitcoin faces.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
bitrider
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November 01, 2013, 07:33:07 PM
 #16

AmazonBucks ™

This.

A large company - Amazon / Google / whoever - launches its own cryptocurrency. Even if it's an exact clone of bitcoins. They do a big promo and accept it as a form of payment for their services.

so NOT THIS...
windjc
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November 01, 2013, 07:48:12 PM
 #17

Blockchain size.

This one bothers me, actually. Maybe I need to do some calculations to convince myself this does not become an issue in the foreseeable future... Or, convince myself this is an issue, and think if it can be fixed?

Anyone have links to serious analysis about this topic?

https://bitcointalk.org/index.php?topic=322748.msg3455664#msg3455664

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
revans
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November 01, 2013, 08:56:13 PM
 #18

Hard fork over block size limit issue.

This is the most significant challenge that Bitcoin faces.

A challenge is something that can be overcome. The block size limit will demand a reboot of Bitcoin, and that will be the end of it as any credibility it has will be destroyed.
Melbustus
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November 01, 2013, 09:35:52 PM
 #19


...The block size limit will demand a reboot of Bitcoin...



False. This has been discussed A LOT. Satoshi even addressed this concern years ago:

It can be phased in, like:

if (blocknumber > 115000)
    maxblocksize = largerlimit

It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete.



That one quote alone, from one of the earliest discussions on the matter, makes two points clear:

1) The original intent (which still makes sense, IMO) was that the blocksize limit should rise (as bandwidth and storage obviously become cheaper over time).
2) It can be done without a sudden, disruptive, hard-fork.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
Cryptoasset rankings and metrics for investors: http://onchainfx.com
Valerian77
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November 01, 2013, 10:57:55 PM
 #20

That's what I said. They launch an exact copy of bitcoins - open source and all. But this exact copy gets a lot of publicity. And a major vendor accepts them, so a lot of demand. Everyone switches to AmazonBucks and forgets the current bitcoin.

It is not a thread because of rational reasons it will be very difficult in the beginning to produce enough money for their purpose and then to keep up the whole infrastructure without control over it. No way.

The other way is to create something with predefined coins - then you might have Linden Dollars which are of no interest for the Bitcoin community.

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