The biggest battle for Bitcoin's life is coming

[hahahafr]

We have been here long enough to see bitcoin reach all time highs of about $19k and dropped back to $3200 yet it still rose up all over again. I don't know what battle you are talking off really but trust me bitcoin has seen enough already to be scared of any crash of the market.

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[Spaffin]

We have been here long enough to see bitcoin reach all time highs of about $19k and dropped back to $3200 yet it still rose up all over again. I don't know what battle you are talking off really but trust me bitcoin has seen enough already to be scared of any crash of the market.

The main thing is that the owners of Bitcoin are not afraid, because otherwise it will really be the end to the entire cryptocurrency market.  Although I am sure that with the help of negative information, the cryptocurrency market will always be manipulated.

[shield132]

I thought we've already seen it's biggest battle when it dropped bitcoin to $3200, if this one is bigger, then probably we will go back to $1000.

Oh my god, if we see bitcoin price to be 1000$ again, I believe it will kill all hopes of rise and it will be a fatal end. On another hand current situation is pretty similar to that 3200$ price but in this current one change happens very often, from 9k to 13k and then plays between these prices but percentage of rise/drop is really big everyday, it's really hard when to buy or when to sell, maybe 13k is a great price to sell but maybe it won't fall and this play between prices will end but oh, idk.

[TimeTeller]

We have been here long enough to see bitcoin reach all time highs of about $19k and dropped back to $3200 yet it still rose up all over again. I don't know what battle you are talking off really but trust me bitcoin has seen enough already to be scared of any crash of the market.

The main thing is that the owners of Bitcoin are not afraid, because otherwise it will really be the end to the entire cryptocurrency market.  Although I am sure that with the help of negative information, the cryptocurrency market will always be manipulated.

The OP is not clear enough regarding the biggest battle that bitcoin will be battling on.
But even though he mentioned about that, it is true, btc had been and has been battling a lot of issues and drama, yet, it stands its ground and keep on rising.
So yes, I don't think we need to be scared for the future of btc. Its presence in the crypto market has been cemented already.

[jak3]

Yup, I agree and I believe there are bigger battles then just watching drop or rise. What about the possibility of the system. The Bitcoin system still has a lot of reason to not use it every day. We love and use bitcoin and all the altcoins because we know how powerful they will become in the future and how important they already are right now. Political bodies are really pushing hard to shake CryptoCurrency system.

[squatter]

The state-level actors will mine it themselves, subsidized by their tax payers.

That doesn't exactly sound like an attack to me. More like an endorsement! Unless it's not Bitcoin they're mining.

Yes, that's when some of the state-level actors internalize that the only way to win the game is to be in the game playing. But it won't go straight to that, and not all state-level actors will be Bitcoiners all of a sudden. There will be attacks, and it will come in stages.

I believe we're seeing the first stage with all the senate inquiries in the United States.

I'm just curious how they could leverage an attack effectively. It's hard to imagine them pushing a political hard fork attack, especially given how impotent those attempts have been in the past. So what's left, attacking via regulation, prohibition?

The US has senate hearings about Bitcoin every time the market has a bubble. What's different this time?

[Wind_FURY]

The state-level actors will mine it themselves, subsidized by their tax payers.

That doesn't exactly sound like an attack to me. More like an endorsement! Unless it's not Bitcoin they're mining.

Yes, that's when some of the state-level actors internalize that the only way to win the game is to be in the game playing. But it won't go straight to that, and not all state-level actors will be Bitcoiners all of a sudden. There will be attacks, and it will come in stages.

I believe we're seeing the first stage with all the senate inquiries in the United States.

I'm just curious how they could leverage an attack effectively. It's hard to imagine them pushing a political hard fork attack, especially given how impotent those attempts have been in the past. So what's left, attacking via regulation, prohibition?

The US has senate hearings about Bitcoin every time the market has a bubble. What's different this time?

It's more serious this time. The state-level actors are learning that Bitcoin can separate money from state, and it's growing.

I believe the attack will be done politically, it will be regulatory, it might involve character-assasination of some of the Core developers/contributors, all of them together.

theymos articulated it better than anyone.

https://www.reddit.com/r/Bitcoin/comments/cedkch/rep_patrick_mchenry_theres_no_capacity_to_kill/eu1xn7f/

Good points by the Representative and the first two hosts, but overconfidence is the biggest mistake you can make on anything. We're not living in a storybook, and we are not destined to win.

In the US I think it's very likely that someday soon a little provision will be tucked into a must-pass bill at the last minute requiring reporting all BTC holdings via FBAR. After that, while there's currently no momentum whatsoever for it, it'd be a fairly simple matter to someday say "turn over your bitcoins, which we know you have, or go to jail" (or "we can prove you have bitcoins, but you didn't report it, so you go to jail").

The push for regulation increases constantly, worldwide. Each regulation is a reduction in freedom and a weight around the BTC economy's neck. In the end, it's not unimaginable that someday BTC will technically not be restricted for end-users, but all legally-operating on-ramps and off-ramps will be forbidden from transferring BTC to/from non-KYC wallets, not even trustless wallets. People who stay within this legally-acceptable area would be using something no better than (and with no competitive advantage over) fiat in bank accounts.

It's not unimaginable that LN nodes, even though trustless and not holding any user BTC, will be harmfully regulated. And the same could be true of other methods of scaling, most of which have centralization trade-offs. (Including on-chain scaling, where the centralization trade-off is the reduction in the distribution and economic power of full nodes.)

If one of the biggest governments really wanted to destroy Bitcoin's value as a free economy at any cost (which seems very unlikely, but isn't impossible), they'd offer billions of dollars in subsidies to domestic miners, but also legally require that these domestic miners only mine transactions that have been approved by some government entity. Then when they had enough such miners, they'd also require that the miners only extend chains which fall under this regime, essentially doing a (illegitimate) softfork into a centralized coin. Bitcoin is not ruled by miners, so this wouldn't be the end of BTC, but it'd be extremely problematic, and perhaps the end of mainstream BTC.

Satoshi said, "Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years." He didn't say that BTC can endure direct assault by major governments and come away completely unscathed; it can't. We should try to prevent the nightmare scenarios I mentioned (and others), hope for the best, but prepare for the worst. It's true that governments will never be able to completely stamp out cryptocurrency, but at some point oppression could reach levels where all BTC usage and development would have to move deeply into the shadows, which would greatly reduce Bitcoin's ability to impact the world. (At that point, BTC would hopefully become a small part of a wider revolution, and not just a fading remnant of freedom.)

[squatter]

It's more serious this time. The state-level actors are learning that Bitcoin can separate money from state, and it's growing.

I believe the attack will be done politically, it will be regulatory, it might involve character-assasination of some of the Core developers/contributors, all of them together.

theymos articulated it better than anyone.

https://www.reddit.com/r/Bitcoin/comments/cedkch/rep_patrick_mchenry_theres_no_capacity_to_kill/eu1xn7f/

In the US I think it's very likely that someday soon a little provision will be tucked into a must-pass bill at the last minute requiring reporting all BTC holdings via FBAR. After that, while there's currently no momentum whatsoever for it, it'd be a fairly simple matter to someday say "turn over your bitcoins, which we know you have, or go to jail" (or "we can prove you have bitcoins, but you didn't report it, so you go to jail").

Ah, the old FDR gold confiscation scenario. I've always thought that was a possibility -- how remote, I'm not sure.

At least we can take comfort in the fact that bitcoins are a lot easier to hide and transport than gold. We can always renounce our citizenship and leave.

[Paulinerims]

BTC dropping to 3200 I think was the biggest battle for his existence. don't know how much lower than that can it still go in the future.

[figmentofmyass]

BTC dropping to 3200 I think was the biggest battle for his existence. don't know how much lower than that can it still go in the future.

bitcoins were worth fractions of a penny each not that long ago. the $3000s were a piece of cake! they only seemed bad to bagholders from 2017. just like the $9000s now seem brutal to everyone who just bought in the $13000s.

[dimox]

this is not for bitcoin life, but for people that hold their token.
biggest battle happen when its nothing but now it be something. and bitcoin can past it.
you can imitate those who can still holding their coin, believe if someday that coin will be more and more explode

[nutildah]

If you use what bitcoin for what it was intended for, then its really no battle at all, and the price of bitcoin does not matter. Frankly, if it goes too high, then transaction fees are bound to follow. Until LN mass usage has really kicked in, bitcoin's price is somewhat inversely proportional to its utility as a currency.

As an anti-fork guy, I still believe widespread LN adoption will happen before BCH or BSV are respected as serious competitors.

[izanagi narukami]

I understand the risk of crypto itself so I will grab that risk.

Still keep holding ?
Of course because it's better do it from now rather than regret.
Anything for profit,right ?

[Wind_FURY]

It's more serious this time. The state-level actors are learning that Bitcoin can separate money from state, and it's growing.

I believe the attack will be done politically, it will be regulatory, it might involve character-assasination of some of the Core developers/contributors, all of them together.

theymos articulated it better than anyone.

https://www.reddit.com/r/Bitcoin/comments/cedkch/rep_patrick_mchenry_theres_no_capacity_to_kill/eu1xn7f/

In the US I think it's very likely that someday soon a little provision will be tucked into a must-pass bill at the last minute requiring reporting all BTC holdings via FBAR. After that, while there's currently no momentum whatsoever for it, it'd be a fairly simple matter to someday say "turn over your bitcoins, which we know you have, or go to jail" (or "we can prove you have bitcoins, but you didn't report it, so you go to jail").

Ah, the old FDR gold confiscation scenario. I've always thought that was a possibility -- how remote, I'm not sure.

At least we can take comfort in the fact that bitcoins are a lot easier to hide and transport than gold. We can always renounce our citizenship and leave.

But in theymos's scenario, almost useless. As he said, people who use it within the legal framework, which will be everyone who is not a criminal, will be using Bitcoin as something the same as fiat.

Then another debate, if they can "censor" it, what's the use of POW?

[BitcoinPanther]

Thank you for reminding us about the coming of the biggest battle so we can prepare for that. At least we have the idea of how much stretching we will do. Basically, we are used to some changes that come our way in Cryptocurrency, we have gone thru many battles since we started this journey and I have to say that we have learned much how we can handle it. But having this news about the biggest battle is such good news for us, there is always a rainbow after the rain so after this "great battle", I think we will going to see the brightest moment once again.

[longtkhd]

In my opinion, we don't need to worry too much, we have witnessed many of the falling prices of bitcoin, calm down because I believe in its strength and potential.

[Johnzky]

I hope everyone is ready for it, because it's going to be the biggest test in your HODLING abilities, and resolve.

What would transpire is the biggest socio-political/socio-psychological attack that the community would ever see, and it would involve state-level actors/governments.

Prepare yourselves. It's coming.

2018 wasn’t enough for the battle?And also the 3,200$ price this early 2019?wondering what would be the worst than those days ..but anyway I’m always ready as I have managed to keep calm those bearish markets and what worst would I expect!

I am ready and have some amount to use for buying when the lowest value arrives this year or the next.but we are expecting halving in 2020 right?

[gentlemand]

2018 wasn’t enough for the battle?And also the 3,200$ price this early 2019?

Nope. They're just prices. And they were all the fault of the people present in the market, nothing else. Anyone who's been here since before this particular bubble sat back and watched the same old thing play out again. It was boring but not scary in any way.

What I got from watching the recent hearings is an awareness that too much heaviness could drive crypto away into the arms of a more willing country. If America is conscious of losing their dollar hegemony they're also conscious that remaining a world capital of crypto is more of a benefit than the alternative.

[olamidey]

I hope everyone is ready for it, because it's going to be the biggest test in your HODLING abilities, and resolve.

What would transpire is the biggest socio-political/socio-psychological attack that the community would ever see, and it would involve state-level actors/governments.

Prepare yourselves. It's coming.

I think I get which angle you're looking at it from. Talking about Bitcoin in a negative way to impact on existing users and intending users. Agreed, Trump will pull some Supporter who never understood or like the concept of decentralisation. So it is understood if some individuals or companies fall in with the rhetoric. Bitcoin has come to stay.

[qwerty6274]

I hope everyone is ready for it, because it's going to be the biggest test in your HODLING abilities, and resolve.

What would transpire is the biggest socio-political/socio-psychological attack that the community would ever see, and it would involve state-level actors/governments.

Prepare yourselves. It's coming.

It seems to me that this is not the first test of the nerves of investors and far from the last! There is no reason to worry, Bitcoin should grow, it is still too early to talk about the next market failure. But when it comes, the market should recover much faster, because people already know from experience that the fall of bitcoin is the norm, and you can use it while the market is at its lowest point.