Bitcoin Death Criteria

[bonker]

Suppose the whole Bitcoin thing may just be a Bitcon. I mean, this thing could potentially fail, people could all
walk away and your wallet would just be another digital relic on file like a .fvwmrc or some old Doom wad.

So, what are the situations that will lead to the death of Bitcoin? Here's a few I just dreamed up:

1) Hoarding - market liquidity just dries up.
2) Legal shit - made illegal in the US and dies
3) Crime - too much fraud and hacking causes confidence crash
4) Stigma - Bitcoin gets tarred with sleazy reputation making it mainstream anathema
5) Godzilla - giant Jap dino squashes all Bitcoin PCs and servers.

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[tvbcof]

Suppose the whole Bitcoin thing may just be a Bitcon. I mean, this thing could potentially fail, people could all
walk away and your wallet would just be another digital relic on file like a .fvwmrc or some old Doom wad.

....

My .fvwmrc is still relevant (well... .fvwm2rc) and Doom was the last game I played on a computer.  I'm hurt...but I'll survive I think.

[BitMofo]

Suppose the whole Bitcoin thing may just be a Bitcon. I mean, this thing could potentially fail, people could all
walk away and your wallet would just be another digital relic on file like a .fvwmrc or some old Doom wad.

So, what are the situations that will lead to the death of Bitcoin? Here's a few I just dreamed up:

1) Hoarding - market liquidity just dries up.
2) Legal shit - made illegal in the US and dies
3) Crime - too much fraud and hacking causes confidence crash
4) Stigma - Bitcoin gets tarred with sleazy reputation making it mainstream anathema
5) Godzilla - giant Jap dino squashes all Bitcoin PCs and servers.

Suppose that's all part of the risk and fun of it really, could go either way

[DrKennethNoisewater]

I am really growing weary hearing about idiots who got all
of their coin lifted, and idiot businesses who screwd their customers
out of their bitcoin.

It's like $CASH$ people. Treat it as such.

DKN

[indio007]

^^^^^^^
THIS (except the transfer is safer than cash)


Now if we can make the counter-parties to bitcoin transactions nearly as safe shit will be boomin'.

[ffuentes]

The only actual risk I can see would be a fast decreasing of BTC value caused by an US crash (most of the money traded is based on US Dollars) or for a low demand.

I don't know why we are talking about absurd risks that will not occur.


1) Hoarding - market liquidity just dries up.

improbable but possible.

2) Legal shit - made illegal in the US and dies

Companies will move to other countries

3) Crime - too much fraud and hacking causes confidence crash

This could have happened currently and does not ocurred.

4) Stigma - Bitcoin gets tarred with sleazy reputation making it mainstream anathema

BTC is a geeky thing currently and it does not mean that it may dissapear.

5) Godzilla - giant Jap dino squashes all Bitcoin PCs and servers.

P2P

[chuckypalumbo]

Bitcoin is a great idea, but this thing is about to come crashing down because of the financial crisis. I pulled all my money our of bitcoin weeks ago at $14.1 and I'm glad I did. I took that money and invested it into precious metals and I believe that's what many other people are doing. Having money tied up in bitcoins is a terrible idea when you need to protect your wealth with physical assets. Just bad timing for bitcoin is all, love the idea.

[indio007]

If you really think the economy is going to implode , you should be buying food , water and the means to produce food and water.

[the founder]

the security is the biggest problem now...  way too many unethical hackers, way too many exploits....   on the plus side there are some people that honestly I think deserve a medal.

Years ago (non-bitcoin related) website we had was hacked..  I mean rooted beyond belief.   it was using an old version of phpbb ...

I logged in that day... and literally there was a note on the admin panel (not on the public forum) ...   with a hyperlink to a text file on the server.  It said "click here if you want to know how I got in"

I clicked on it,  and he left detailed instructions on what he did to get in,  and what I needed to do to prevent that from happening again.

If that happened today and he left a bitcoin address in that text file... I would have sent the guy bitcoins...   

1 - he didn't publicly announce the site was hacked
2 - he showed what he did
3 - he noted what needs to be done to fix the security problem

people like that deserve medals....  and there are guys on this forum that act like that..  and they as well deserve medals.

for every 1000 guys however like that,  there's one jerk that literally is working full time to destroy the entire bitcoin community....  he just needs a few goxed, mybitcoin etc to make his point.