Can Bitcoin fail? What do you think is the most probable scenario why Bitcoin mi

[CryptopieceOfficial]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

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[Zin-Zang]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

Most likely way btc would die.

The input costs required to make new btc exceed the price of btc in the marketplace for an extended period of time.
As such the miners go bankrupt and can no longer afford to mine, this kills the btc network.
No Profit, No Miners , No btc

Example: https://btcmanager.com/u-s-mining-pioneer-gigawatt-files-for-bankruptcy-in-washington/

If too many miners can't make a profit btc dies.
It is one of the major flaws in PoW design. (Insane Input Costs to maintain it's network.)

[mk4]

While I think that it's quite unlikely now for bitcoin to "fail", I personally think that what would cause bitcoin to fail completely is if a certain person finds a catastrophic bug and abuses it instead of reporting it to the devs. Probably a bug that can make people steal bitcoin from certain addresses or something along those lines.

If too many miners can't make a profit btc dies.
It is one of the major flaws in PoW design. (Insane Input Costs to maintain it's network.)

I don't think so. As long as a few full nodes are running then bitcoin is fine. I also think having zero miners is very unlikely, as there's always money to be made regardless of price. Worst case scenario is just that the number of miners will significantly drop, but probably not necessarily comes down to zero miners.

[Zin-Zang]

While I think that it's quite unlikely now for bitcoin to "fail", I personally think that what would cause bitcoin to fail completely is if a certain person finds a catastrophic bug and abuses it instead of reporting it to the devs. Probably a bug that can make people steal bitcoin from certain addresses or something along those lines.

If too many miners can't make a profit btc dies.
It is one of the major flaws in PoW design. (Insane Input Costs to maintain it's network.)

I don't think so. As long as a few full nodes are running then bitcoin is fine. I also think having zero miners is very unlikely, as there's always money to be made regardless of price. Worst case scenario is just that the number of miners will significantly drop, but probably not necessarily comes down to zero miners.

If no one makes a profit , then it becomes zero miners and btc dies,

If a few can make a profit of course btc lives on, but more centralized than it already is.

The Possibility no miner makes a profit depends on the marketplace.

After all how many New atari consoles do you see made nowadays or 8 track tapes, no profit and these companies quit producing more.

Worst case scenario is that No miners can make a profit.

Anything else is painful for the miners, but survivable for btc.

FYI:
It takes Millions of Fiat Dollars per month to sustain the btc network,
otherwise the 51% attack becomes a greater possibility and it finishes off any support for btc.

Many btc fanatics don't like Proof of Stake, but those insane input costs are not a danger to a proof of stake network.
As it is not geometrically wasting more energy like a PoW network is, with no real benefit to show for it.

[Gloverwrt]

While I think that it's quite unlikely now for bitcoin to "fail", I personally think that what would cause bitcoin to fail completely is if a certain person finds a catastrophic bug and abuses it instead of reporting it to the devs. Probably a bug that can make people steal bitcoin from certain addresses or something along those lines.

That would be counterproductive, if/when such a flaw is discovered and made public it would create a great panic and crash the value of Bitcoin in a very short space of time.

Complete centralization is a factor that may not crash the price but would squelch my interest in the technology.

[pooya87]

While I think that it's quite unlikely now for bitcoin to "fail", I personally think that what would cause bitcoin to fail completely is if a certain person finds a catastrophic bug and abuses it instead of reporting it to the devs. Probably a bug that can make people steal bitcoin from certain addresses or something along those lines.

don't confuse failure with a bug that can damage bitcoin's reputation. what you described is a bug and like any bug can be fixed but depending on the scale of the bug it can be damaging. for example if it is a flaw in ECC then it will be damaging but won't make bitcoin fail. not to mention that these things are highly unlikely. for instance ECC wasn't invented yesterday. it has been around much longer than bitcoin.

[mk4]

While I think that it's quite unlikely now for bitcoin to "fail", I personally think that what would cause bitcoin to fail completely is if a certain person finds a catastrophic bug and abuses it instead of reporting it to the devs. Probably a bug that can make people steal bitcoin from certain addresses or something along those lines.

don't confuse failure with a bug that can damage bitcoin's reputation. what you described is a bug and like any bug can be fixed but depending on the scale of the bug it can be damaging. for example if it is a flaw in ECC then it will be damaging but won't make bitcoin fail. not to mention that these things are highly unlikely. for instance ECC wasn't invented yesterday. it has been around much longer than bitcoin.

I agree. My example was probably bad and while it's not a bug to laugh about and a bug that's surely going to cause people to not touch bitcoin for a while, it's definitely not enough to sort of "kill" bitcoin. Also, looks like I need to do research on that ECC thing. Thanks.

Lastly, yes it's really quite unlikely but the chances are non-zero.

[wizardcrypto]

Bitcoin cannot fail according to Warren Buffet which i quote ,Bitcoin is here to stay "  and there is nothing like bug or bot on the bitcoin algorithm. bitcoin was design as a traditional currecny like the fiat currency we have today . we live in a world of literacy and illitracy , not every body understand how bitcoin price action movement changes per time . although the current market is bearish and is getting stronger every day does not mean that bitcoin will fails, bear market also affect other fiat currency too if you take a close look at your local currency with other foreign currecny

[killat]

Anything can happen.
Maybe BTC will go to $0 (Not going to be quick for sure) or maybe BTC can go over $100.000++.
Because there is still a lot (Like seriously A LOT) of people who never try using BTC before, and if those bunch of people come and buy..
Well the rest is about supply & demand, think about it yourself.

P.S: I'm a BTC holder myself, but i'm not going to say that BTC will rise over ATH again or anything, its just that i believe in the technology. 

[davis196]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

I don't think this will be the one and only way to kill bitcoin.All the issues in the bitcoin code can be solved by the dev team.A global crypto ban(of both mining and trading) will kill bitcoin and all the altcoins for sure(perhaps they might survive in the darkweb,but with way lower prices).  

[coin8coin8]

Although Bitcoin is now much more expensive than any altcoin, Bitcoin is still the most promising of all cryptocurrencies. Since the birth of Bitcoin, the altcoins around it have died one after another, but Bitcoin has been Keeping its crypto king, if bitcoin fails, crypto will no longer exist.

[BuyBuyBitcoin]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

Most likely way btc would die.

The input costs required to make new btc exceed the price of btc in the marketplace for an extended period of time.
As such the miners go bankrupt and can no longer afford to mine, this kills the btc network.
No Profit, No Miners , No btc

Example: https://btcmanager.com/u-s-mining-pioneer-gigawatt-files-for-bankruptcy-in-washington/

If too many miners can't make a profit btc dies.
It is one of the major flaws in PoW design. (Insane Input Costs to maintain it's network.)

How does a miner overspending millions have anything to do with what OP asked?

He didn't go bankrupt because he was earning to little from mining, he overspent. Read the article.

the company’s downfall could be attributed to the ambitious expansion it launched in 2017, where a multimillion-dollar campus of 24 prefabricated crypto mining “pods” was planned. The project was backed by multiple investors as well as local government officials, who saw it as a way to transform the local agricultural-based economy.

If mining a chain isn't profitable enough for someone, they move onto a different chain. That leaves less miners trying to solve the next block and more opportunity for the existing miners to earn the reward... this is basic stuff.

[coinwizard_]

Bitcoin is too big to fail now, but if miners switch to more profitable coins instead then the pow algorithm will make btc fail, it would have to switch to pos in order to survive

[qiwoman2]

Bitcoin in the near future won't fail unless a newer technology is there to replace it and I think it may take at least 30-50 years before this might happen. Look at the Internet for example, it is still serving us today as it was 30 years ago but new stuff has come along, new operating systems etc, blockchain technology will be here well into the future I reckon and Bitcoin may one day be very valuable or just a keepsake for those early believers in the tech. Let's see what the institutions will say in 20 years down the line if Bitcoin will be valuable or not.

[Zin-Zang]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

Most likely way btc would die.

The input costs required to make new btc exceed the price of btc in the marketplace for an extended period of time.
As such the miners go bankrupt and can no longer afford to mine, this kills the btc network.
No Profit, No Miners , No btc

Example: https://btcmanager.com/u-s-mining-pioneer-gigawatt-files-for-bankruptcy-in-washington/

If too many miners can't make a profit btc dies.
It is one of the major flaws in PoW design. (Insane Input Costs to maintain it's network.)

How does a miner overspending millions have anything to do with what OP asked?

Lack of Miners can cause a Death Spiral in a PoW coin Network like btc.

He didn't go bankrupt because he was earning to little from mining, he overspent. Read the article.

I suggest you work on your reading comprehision

The crash in cryptocurrency prices since December of 2017 has lead to more trouble for GigaWatt, as investors who put tens of millions of dollars into the company were looking for a payoff.

After none of the hosting facilities were completed due to construction delays and cost overruns, several investors have filed at least four lawsuits against GigaWatt, the latest one being filed in October 2018. Liens filed against the company by construction companies violated the company’s lease with the Port of Douglas County, which initiated eviction proceedings in early November.

The Price Crash triggered the lawsuit, and the fact is , if he had been earning enough mining , the investors would have been unnecessary.

the company’s downfall could be attributed to the ambitious expansion it launched in 2017, where a multimillion-dollar campus of 24 prefabricated crypto mining “pods” was planned. The project was backed by multiple investors as well as local government officials, who saw it as a way to transform the local agricultural-based economy.

If mining a chain isn't profitable enough for someone, they move onto a different chain. That leaves less miners trying to solve the next block and more opportunity for the existing miners to earn the reward... this is basic stuff.

It further Centralizes Control of said chain, however if the majority of miners can not meet their energy bill or pay off their creditors, a death spiral can occur.

[Wingleness]

No one can ascertain whether Bitcoin will fail as a cryptocurrency or not, but should in case it failed, the technology itself will surely remain as it encompasses more use case and avenue for other coins to be born.

[Red-Apple]

anything can fail! the earth that we are living on can also fail as in explode and we can all die this instant but it is about the possibility of these things happening.
a flaw in "algorithm" is not something that can happen out of nowhere. there is a strong math behind bitcoin that has existed before bitcoin and is used and tested by many mathematicians.

[sehoon]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

I really don't understand what you mean by fail. Is it the price going up or the price going down or any other else? If you're gonna compare bitcoin before and bitcoin today, I don't think you can just call it as a failure. And I doubt it will ever fail.

[aplistir]

Although highly unlikely to me it's some hidden flaw in the algorithm that would allow cheating somehow and there would be no way to fix it. what do you think?

There is a hidden flaw. It is called a "Quantum Computer" that can be used to crack the ECDSA algorithm that bitcoin uses.

There is no easy solution to the threat QC creates.
Yes, we can make a new address format that is quantum safe, but we CANNOT protect the coins in old "lost" addresses, because to protect them, the owner would have to move the coins to a new kind of address, and it cant be done, because those coins are lost.

[bitbunnny]

Everything is possible and nothing lasts forever but if this question is because of the current situation on the market, I'm not worried. We've seen similar situations before and Bitcoin has survived but volatility and risk are something we always have to have on our minds.
Bitcoin will exist as long as their users support it and as long as the market is alive. Besides it can't just vanish out of the blue, many factors are influencing it.