Bitcoin May Extinct

[djefes]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.
What will happen after satoshi dies?
Already disappeared and probably dead.
What will happen when bitcoin stands alone?
That is very hard to happen since companies invest in it and they will make sure that bitcoin is valuable.
What will happen if it is banned globally?
It can be banned but people will continue to trade it.
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?
A virus targetting miners maybe? or http://lacker.io/crypto/2019/10/07/how-to-51-attack-bitcoin.html

Btc is not like gold. You cant make the gold disappear suddenly as it is possible for btc. I am a fan of btc but I am also scared. It should be protected but who will do it? Exchanges? The top btc holder?

Edited to add answers.

[Mandoy]

The hacking problem was already solved and right now that hacking incident can no longer occur. Even if Satoshi dies bitcoin can stand on its own and will continue to exist as long as the people are using it and runs its wallet. Bitcoin will not be banned by all countries, that is impossible, there already countries that have accepted bitcoin and many more countries will come to adopt it legally. Well if the government will exhaust its resources just to destroy bitcoin that will be one of the most idiotic action from the government. The government will not spend millions of dollars to stop bitcoin since there are many sectors especially welfare sectors that needs funding from our taxes.

[CryptoBry]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.
What will happen after satoshi dies?
What will happen when bitcoin stands alone.
What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?

Btc is not like gold. You cant make the gold disappear suddenly as it is possible for btc. I am a fan of btc but I am also scared. It should be protected but who will do it? Exchanges? The top btc holder?

You are afraid that this 2010 story can be repeating itself and when then is no more Satoshi Nakamoto who can prevent the death of Bitcoin via hacking then everything will be gone in hours. We should be happy that the incident happened at the early stage of Bitcoin so that solution was immediately found and no damage whatsoever was inflicted to its whole ecosystem. I don't there will be such a thing again and right now all possible scenario can already be covered...even the so-called quantum computing.

Now, it would be impossible to unite all governments and have a single stand to kill Bitcoin. That can never happen as this is not a case of the election where majority wins. Governments have never been united on any issue before...there will always be those who will dissent and will not follow any majority's decision. You can witness this disunity even in the floors of the United Nations. Oh, yes, governments can work to kill Bitcoin but they won't success and since they know it they are not going to waste their time and resources to do so.

Don't worry too much. Just relax, be happy and enjoy the roller-coaster Bitcoin ride.

[ChrisPop]

Bitcoin does not run because Satoshi is alive. Satoshi Nakamoto is the creator of Bitcoin and he might oversee its evolution from the shadow. Remember that we don't know if Satoshi is one man or a group of people. Secondly, the wise men usually find apprentices whom they teach all their knowledge so he can pass it on to the next generations. I'm sure that a lot of countries in the world will adopt Bitcoin because there if it gets banned will create an outrageous effect on anarchists and bitcoin maximalists that will probably make protests and maybe even move to countries that haven't banned it and empower the economy there.

You've got to understand that there are people working FOR the benefit of Bitcoin in the background as well. We have "allies", not just enemies.

[lionheart78]

The hacking is quite easy during those early days because of low difficulty and very low hashes securing the network of Bitcoin.  I do not think that the same event will happen againd since the bug had been patched, and it is very expensive to outhash those hashes securing the bitcoin network.

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.
What will happen after satoshi dies?

Well, if satoshi dies, no one will know since no one knows his true identity, thus it has no effect on Bitcoin becuse his absences in the current Bitcoin situation is good as being dead.

What will happen when bitcoin stands alone.

If Bitcoin can stand alone then we can say that Bitcoin is stable enough to face hurdles, why not be happy about it.

What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?
Btc is not like gold. You cant make the gold disappear suddenly as it is possible for btc. I am a fan of btc but I am also scared. It should be protected but who will do it? Exchanges? The top btc holder?

Stop drinking too much coffee, it is getting into your nerve.  Let us just enjoy having Bitcoin and the freedom to use it today, only worry when those stuff happened.  By that time  I know the community will have a counter measure for all your worries.

[Jating]

Lol, bitcoin has existed for the last ten years and even though there are attempts to stop it, somehow bitcoin survived so I doubt that we will go instinct in the next ten years. For me that is the critical because it's the formative stage of it, and ever if did survived (which we did), then there's no stopping it.

Maybe you can also include this bitcoin obituaries?  https://99bitcoins.com/bitcoin-obituaries/

And pretty much all your questions has been answered already, Satoshi left us, just imagine that, the creator suddenly disappear but his invention lives on. Are there more challenging than that?

[ene1980]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

In the early stages the software has many bugs and it was trial and error in the beginning where the community helped Satoshi in identifying all these issues and now it is a completely different animal with many talented developers and testers overlooking the project.

What will happen after satoshi dies?

It does not matter as he left the development a long back and there are other talented developers.

What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?

These are logically impossible.

[Astvile]

The hacking problem was already solved and right now that hacking incident can no longer occur.

How can you be se sure that the hacking incident will no longer appear and occur anytime now or in the future?
Bitcoin and blockchain system is yes secured but still quite vulnerable to hacking. Hackers can always find a hole to penetrate and milk the system we can't assure that bitcoins security is on top level.

[Pearls Before Swine]

What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?

Bitcoin would have to be banned globally in order for it to die, and that would take some serious legislation across all countries to happen.  I don't think that will happen in my lifetime, nor at all.  I think it is more likely that at some point the banking system will collapse and bitcoin will be needed as a backup currency, which almost happened in 2008 (coincidentally when bitcoin was born).

Gov'ts could certainly pass laws making bitcoin ownership illegal, but they don't seem to be interested in doing this so far and it has been 10 years already.  I sort of think they see that it has great value, or at least potential value and that at the very least it isn't causing great harm.  So no, bitcoin's extinction probably won't happen ever and definitely not in most of our lifetimes.

[romero121]

Op has understood that gold can't be stopped from usage suddenly. If that's impossible it is not possible to stop bitcoin from its usage. Maybe the years of existence between gold and bitcoin vary, but the technology backing makes bitcoin strong. Controversy is a part of growth, so when there is tremendous growth automatically fear accompanies it. This is what felt by Op, maybe he'll come out of the fear going through the parallel thread Bitcoin is never going to be extinct

[blckhawk]

If this happened, anything can.
What will happen after satoshi dies?
What will happen when bitcoin stands alone.
What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?

Btc is not like gold. You cant make the gold disappear suddenly as it is possible for btc. I am a fan of btc but I am also scared. It should be protected but who will do it? Exchanges? The top btc holder?

The situation today is not different to when Satoshi dies. As far as I know, Satoshi already left the Bitcoin's blockchain.

When Bitcoin stands alone, either it will thrive and be used to compete to digital fiat, recieve acceptance from the public, or would be regulated heavily by the government.

A global ban is highly unlikely. True censorship is near impossible, unless all countries decided to run under dictatorship with global ban to internet access.

They can't entirely shut down Bitcoin's network. It's a decentralized system of nodes (miners) and shutting a mining farm won't shut down the whole system. It's located all around the world, and to shut it down completely, you need to shut down all nodes that has the copy of the blockchain.

[milani]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.
What will happen after satoshi dies?
What will happen when bitcoin stands alone.
What will happen if it is banned globally?
What if goverments start working on killing bitcoin?
Dont you think goverments can work on it to kill it?

Btc is not like gold. You cant make the gold disappear suddenly as it is possible for btc. I am a fan of btc but I am also scared. It should be protected but who will do it? Exchanges? The top btc holder?

So all these questions are from the category - "what will be if...". But these if may happen, or may not happen. In case such things happen there will be lots of sad and disadvantaged people on the planet. Lots of people will go mad, and even dead)))  sorry, but in case all governments conclude a secret agreement and at the same time forbid the crypto, may be all these questions even will not have any sense and everything will look like in a more simple way. But to my mind it is a nonsense. But even in case crypto disappear one day, if it is possible, I do not think that life is over after that)))))) just be attentive to changes and do not be sure that everything is everlasting...

[MicroGuy]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created? Dont you think any attack can kill it?

Unless the Proof of Work bug is solved, Bitcoin will destroy itself.

[DannyHamilton]

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created?

No, you are not the only one.  There are other foolish people that also believe that.

Dont you think any attack can kill it?

If ANY attack could kill it, then it would already be dead.

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.

That is not true.  One thing happening does not result in all things happening.  That's not how the universe works.

What will happen after satoshi dies?

He is already dead.  What will happen is what has happened.

What will happen when bitcoin stands alone.

Bitcoin has already stood alone.  What will happen is what has happened.

What will happen if it is banned globally?

Can you name any single thing that is banned globally?  If you can, does that thing still exist?

What if goverments start working on killing bitcoin?

Can you name anything that governments try to kill?  Does that thing still exist?

Dont you think goverments can work on it to kill it?

Governments can work to do whatever they want.  It doesn't mean they will succeed.

Btc is not like gold.

Correct.  It is better.

You cant make the gold disappear suddenly as it is possible for btc.

Yes, you can. But regardless, in what ways do you think bitcoin can be "made to disappear"?

I am a fan of btc but I am also scared.

It's okay to be scared.  Lots of people are scared of lots of things.

It should be protected but who will do it?

I will.  Will you?

Exchanges? The top btc holder?

Perhaps. Perhaps not.  Does it matter?

[normanz]

Many have said that bitcoin will go extinct, but bitcoin still survives and proves them wrong. I think bitcoin won't be easily extinct but bitcoin still has a future.

[kryptqnick]

The hacking problem was already solved and right now that hacking incident can no longer occur.

How can you be se sure that the hacking incident will no longer appear and occur anytime now or in the future?
Bitcoin and blockchain system is yes secured but still quite vulnerable to hacking. Hackers can always find a hole to penetrate and milk the system we can't assure that bitcoins security is on top level.

It's terrifying from the past, and it's true that that could be the end of Bitcoin's popularity and functionality. However, technically Bitcoin would not have died, it would have still existed. It seems logical that it's way easier to hurt a young vulnerable code than the old and tested one. Moreover, back then there was Satoshi and maybe a couple of other people trying to help, whereas today the community is huge, and an active dev team is doing a lot to ensure safety. Sometimes bugs happen, even those pretty similar to the one that happened in 2010, although of a smaller scope (https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret). We cannot know for sure, but it seems that we are in safe hands.

[Coinpush]

In my opinion, it's fairly unlikely for Bitcoin to ever hit zero because: less activity => easier to mine => more miners => more competitive - and the cycle repeats.

However, I did get thinking about the impact of Quantum computing on cryptocurrencies such as Bitcoin. Here's a video that touches on that: https://www.youtube.com/watch?v=wlzJyp3Qm7s

[cr1776]

Great response as had previously been the case in your replies. Good to see you back after 18ish months!

Gents, Am I the only one thinks that bitcoin can be erased in the same way it is created?

No, you are not the only one.  There are other foolish people that also believe that.

Dont you think any attack can kill it?

If ANY attack could kill it, then it would already be dead.

https://hackernoon.com/bitcoins-biggest-hack-in-history-184-4-ded46310d4ef

If this happened, anything can.

That is not true.  One thing happening does not result in all things happening.  That's not how the universe works.

What will happen after satoshi dies?

He is already dead.  What will happen is what has happened.

What will happen when bitcoin stands alone.

Bitcoin has already stood alone.  What will happen is what has happened.

What will happen if it is banned globally?

Can you name any single thing that is banned globally?  If you can, does that thing still exist?

What if goverments start working on killing bitcoin?

Can you name anything that governments try to kill?  Does that thing still exist?

Dont you think goverments can work on it to kill it?

Governments can work to do whatever they want.  It doesn't mean they will succeed.

Btc is not like gold.

Correct.  It is better.

You cant make the gold disappear suddenly as it is possible for btc.

Yes, you can. But regardless, in what ways do you think bitcoin can be "made to disappear"?

I am a fan of btc but I am also scared.

It's okay to be scared.  Lots of people are scared of lots of things.

It should be protected but who will do it?

I will.  Will you?

Exchanges? The top btc holder?

Perhaps. Perhaps not.  Does it matter?

[dothebeats]

I highly doubt it can still happen today, and even with the current technologies that we have right now concerning cryptography and whatnot, it is still remotely possible for any such things to happen. If one vulnerability ever exist that could harm the whole of bitcoin, it already has been done by now and we wouldn’t be having this conversation even. But fortunately there isn’t, and if there is it would easily be patched and fixed.

[judeafante]

If this happened, anything can.

So far it's not proven yet if there's a theory about it, it hasn't proven that it will be effective, that an attack can kill it

What will happen after satoshi dies?

Where is he right now, do you know where he is and what he';s been into know

What will happen when bitcoin stands alone.

It's always been stand alone no central agency has and can control it

What will happen if it is banned globally?

Banning Bitcoin is not effective anymore government is created by the people and serve the people

What if goverments start working on killing bitcoin?

They can try but doubts if it will become successful, every government has their own problems to solve

Dont you think goverments can work on it to kill it?

The farthest that have done is regulate it