Who can destroy Bitcoin?

[vanesha]

And how can this thought be understood and applied to reality? Of course Bitcoin won't cease existing, but as things go more and more centralized each new day, empowering and giving control to the groups who have been ruling this world since always, Satoshi can compromise Bitcoin's credibility, by for an example, dumping all his coins on the market at once.

I’m actually concerned about that as well. If Bitcoin were accumulated by just one person and controlled by a single entity—even not 100%, but say 80% of the circulating supply held in one wallet—I think that could mark the beginning of Bitcoin’s downfall. If that person decided to sell all of it at once, would Bitcoin really survive? I’m not even sure it would.

[BitBakerr1]

Nothing can actually destroy bitcoin, not even the creator of bitcoin can destroy bitcoin. The reason why is like that is because bitcoin is not a centralized coin it is a decentralized coin. I can’t be destroyed by anyone however, there are some things that can happen that can lead to the fall of the price of bitcoin but saying that bitcoin can be destroyed is something I will never agree with you.
I really don’t know why people are now talking about bitcoin being destroyed or going to zero price these days in this forum the other day I saw a trend where someone was saying bitcoin will go to zero if Satoshi Nakamoto is discovered, all these are lies. Bitcoin can never die or go to zero.

[hero_the_bossman]

The only way Bitcoin is going to be destroyed is if the internet is destroyed or humanity makes money redundant. And even then I am not sure whether Bitcoin will still exist or not. It could still keep going, maybe not with the internet but in a different way. Or for a different purpose.

Bitcoin is simply too brilliant for it to die out for no reason.

At least that is what I think.

The govs may only slow it down, but eventually, they all would turn their faces toward btc, not against it.

Because it's the future and the opportunity for them just as for the common man and retailer.

[Easteregg69]

It's about hashrate.

Tried being the first gpu on maxcoin. That was pretty insane. Cheers.

[terrific]

Many have already tried and many have already claimed Bitcoin was going to be destroyed at some moment, but it has never happened for real.

Then the question arises, who have the ability to destroy Bitcoin? Ironically, the answer may be only the person who created it: Satoshi.

It's curious to think about the scenario where the creation goes too far away from the initial purposes of the creator, so he ends deciding to nuke this.

And how can this thought be understood and applied to reality? Of course Bitcoin won't cease existing, but as things go more and more centralized each new day, empowering and giving control to the groups who have been ruling this world since always, Satoshi can compromise Bitcoin's credibility, by for an example, dumping all his coins on the market at once.

Whether that possibility is there only for satoshi, I don't think if he ever is still out there alive and kicking.
He's not going to destroy their creation that have been adopted by the world already. Even the big players and investors are already in it.
Why would he do that? it's not going to happen. But for the sake of argument, the chance is very little for him to do that.
Because first, we know that he's never coming back and no one knows wherever he is right now.
Bitcoin is already in the hands of its huge community now.

[suzanne5223]

Yes, Bitcoin gets its existence through the creation of Satoshi, but that doesn't mean he can compromise the credibility BTC gain it because of you, me, and others who embrace its potential.
To prevent more centralization is why i always advise people to prioritize self custody more than ever now and never go for BTC ETF.

People seriously need to start to understand that bitcoin is beyond everyone now and that even Satoshi cannot distroy it. One thing is that some like Satoshi can simply just create FUD or FOMO through their actions but it will not be able actually kill off bitcoin.

Technically, yes. It is the FUD I also believe Satoshi has the power to create now, but years ago, when the governments and institutions hadn't seen Bitcoin as an alternative investment i believe the FUD that will happen is filing some lawsuit against Satoshi. Now that the government and institutions are the major players in the Bitcoin market. The only FUD i believe can be created is through the Satoshi BTC we have in the legacy wallet address.

The example that OP gave about Satoshi killing bitcoin is by selling and I say for every seller there must be a buyer and for Satoshi to sell his coins they will be buyers in the market. The only thing is selling off his coins might actually cause is that it will send the market into panic and probably a prolonged bearish period as their will be fear most especially by the weak hands who will he thinking that it is actually going to die too but big investors will simply just stick to their portfolio and hodl for long and at the end the market will definitely come back stronger.

Satoshi is actually just holding around 1 million of the coins alone so selling this doesn’t mean most of the other 19 plus million coins will also have to be sold and this is the reason why we say bitcoin as at today is well ahead of bitcoin of Satoshi coin as a many people portrays it to be

We have seen a lot of crypto creators selling off their bag and with the potential Bitcoin currently have only a naive creator will decide to discard his bag at a cheap price when the total 21 million coin are yet to be mine.

[RealNoblee]

Many have already tried and many have already claimed Bitcoin was going to be destroyed at some moment, but it has never happened for real.

Then the question arises, who have the ability to destroy Bitcoin? Ironically, the answer may be only the person who created it: Satoshi.

It's curious to think about the scenario where the creation goes too far away from the initial purposes of the creator, so he ends deciding to nuke this.

And how can this thought be understood and applied to reality? Of course Bitcoin won't cease existing, but as things go more and more centralized each new day, empowering and giving control to the groups who have been ruling this world since always, Satoshi can compromise Bitcoin's credibility, by for an example, dumping all his coins on the market at once.

Apparently, this conception has been a wide spread fear in the heart of many concerning the future of Bitcoin.
My opinion here is, Bitcoin is designed to be decentralized, resilient and censorship-resistant network.
But we must understand that several factors could practically destroy or undermine Bitcoin existence,
such as utility, and value.

More over, these dangers as ws can see ranges from technical vulnerabilities to existing legal framework actions and market activities.

[JoyMarsha]

Then the question arises, who have the ability to destroy Bitcoin? Ironically, the answer may be only the person who created it: Satoshi.

Won't it be out of foolishness will someone think of destroying what he created that have gain a massive growth and support globally.

This is what Satoshi have ever wanted, for Bitcoin to be widely used and accepted by many. Seeing that happening, he wants to destroy the progress of Bitcoin. That's will be unwise decision. Satoshi I know wouldn't do that. He will want Bitcoin to remain the way it is, anonymous and financial freedom on one self.

[Lida93]

Many have already tried and many have already claimed Bitcoin was going to be destroyed at some moment, but it has never happened for real.

Then the question arises, who have the ability to destroy Bitcoin? Ironically, the answer may be only the person who created it: Satoshi.

It's curious to think about the scenario where the creation goes too far away from the initial purposes of the creator, so he ends deciding to nuke this.

And how can this thought be understood and applied to reality? Of course Bitcoin won't cease existing, but as things go more and more centralized each new day, empowering and giving control to the groups who have been ruling this world since always, Satoshi can compromise Bitcoin's credibility, by for an example, dumping all his coins on the market at once.

In 2011 Satoshi stated in his writing about "moving to other things". Isn't it? A statement I understand by that he has left bitcoin in our (community) hands and whatever we choose to do with it is left for us, as for him he has moved to other things.

Op, perhaps you're overthinking about a fantasy that doesn't seem to be possible. Satoshi can't dump bitcoin, even if he dumps his total bitcoin in his wallets it is to his own loss because there would be those maximalists that would still buy bitcoin and the growth  process would continue because bitcoin has grown beyond just one man destroying it.

[BADecker]

Who can destroy Bitcoin?


As of this post, Bitcoin is down to $66,630 on Bitfinex.
People are selling off to get into silver. Why silver? There isn't enough left to keep making our electronics and cellphones, etc.

[TastyChillySauce00]

In 2011 Satoshi stated in his writing about "moving to other things". Isn't it? A statement I understand by that he has left bitcoin in our (community) hands and whatever we choose to do with it is left for us, as for him he has moved to other things.

Op, perhaps you're overthinking about a fantasy that doesn't seem to be possible. Satoshi can't dump bitcoin, even if he dumps his total bitcoin in his wallets it is to his own loss because there would be those maximalists that would still buy bitcoin and the growth  process would continue because bitcoin has grown beyond just one man destroying it.

Well, the blockchain right now is decentralized. Only majority of vote can be passed otherwise it won't happen. Only people with 51% of hashrate able to manipulate bitcoin and so far nobody come close to that resources. Even if satoshi come back, destroying bitcoin just doesn't seem to be logical .

[Silikiem]

The only way Bitcoin is going to be destroyed is if the internet is destroyed or humanity makes money redundant. And even then I am not sure whether Bitcoin will still exist or not. It could still keep going, maybe not with the internet but in a different way. Or for a different purpose.

Bitcoin is simply too brilliant for it to die out for no reason.

At least that is what I think.

The govs may only slow it down, but eventually, they all would turn their faces toward btc, not against it.

Because it's the future and the opportunity for them just as for the common man and retailer.

I think at this moment they should just let it be, the activities of the government in slowing or stopping bitcoin should just slide now because obviously they’ve tried a lot over the years but still bitcoin remains what it is and even still gaining more popularity and recognition around the globe, it’s as if the more they try to fight it that’s the more it’s gaining more popularity. I don’t think anyone can destroy bitcoin at the moment, it’s far gone and most nations, big organizations and institutions have accepted it as a legal tender and besides this is decentralized and not a centralized asset where anyone is in control of it.

[goldkingcoiner]

The only way Bitcoin is going to be destroyed is if the internet is destroyed or humanity makes money redundant. And even then I am not sure whether Bitcoin will still exist or not. It could still keep going, maybe not with the internet but in a different way. Or for a different purpose.

Bitcoin is simply too brilliant for it to die out for no reason.

At least that is what I think.

The govs may only slow it down, but eventually, they all would turn their faces toward btc, not against it.

Because it's the future and the opportunity for them just as for the common man and retailer.

I think at this moment they should just let it be, the activities of the government in slowing or stopping bitcoin should just slide now because obviously they’ve tried a lot over the years but still bitcoin remains what it is and even still gaining more popularity and recognition around the globe, it’s as if the more they try to fight it that’s the more it’s gaining more popularity. I don’t think anyone can destroy bitcoin at the moment, it’s far gone and most nations, big organizations and institutions have accepted it as a legal tender and besides this is decentralized and not a centralized asset where anyone is in control of it.

Their attempts have shown why we need a decentralized, uncorruptable and unexploitable currency.

So maybe their resistance against Bitcoin is actually a good thing. Everything the pedo government elites do against Bitcoin just portrays their real motives and their true fears of losing control over money and thus, the people.

Bitcoin is the ultimate bastion of resistance for the people. And every time the government tries to shut it down or have their corrupt bankster friends shut it down just serves to prove that very point again and again.

[Satofan44]

I remember a discussion from some years back about if Satoshi may have left some back door in the Bitcoin network to serve as a fail safe. I think the general idea then was that there wasn't any.

Which is a theory that could be proposed only by the most educated of idiots. There is no human that is smart enough or capable enough to implant any kind of backdoor that would have not been detected ages ago by countless reviewers of the source code. The proposed theory was dumb because it was practically impossible, emphasis on practically as theoretically any such bullshit from movies is possible even if the chance is extremely low.

A community based project can only be destroyed with the consensus agreement of the community, this has a lesser chance of happening than that comet hitting too.

That is incorrect. Bitcoin is based on adversarial consensus, therefore an agreement to discontinue it or destroy it can not be reached. There is no realistic circumstance under which the majority would vote for this if proposed by anyone, whatever vote would even actually mean.

What happens when he dumps his 1.1 million BTCs into on the market? The market flash-crashes to the ground and doesn't go up any longer? Like, has this not been the impact from some bigger stake holders in recent years? You haven't fully understood how Decentralizing works...Yeah, a little bit of liquidity crises here and there and a huge panic attack (which is normal) but nothing happens... Oh, except this would just be another record breaking buying opportunity for new investors!

If some people knew how much money some other people have made during such a flash crash as they had buy orders at extremely low prices, they would want to suicide themselves. Someone who is not ultra wealthy made more than someone did working 30 or more years in a second, simply by having a strategy placement of buy orders and adequate knowledge to asses liquidity, risk and probabilities. This is one example why it is good for idiots to continue to live in ignorance and let them work like slaves until retirement.

Crypto industry creates employment and employment creates taxes so I doubt the govs will do something crazy like that.

With BlackRock on board, Bitcoin is not going anywhere. Many people are completely oblivious to what it means to have them on board because they are completely uneducated about these matters. They stand to gain a lot from Bitcoin reaching extreme success. 

[Josefjix]

Bitcoin is over 15 years and OP is still asking this silly questions in this latest generation, do you know how many similar questions that had been raised for doing and saying that same thing sometimes ago. Who knows if the professorness keep saying that no matter the louder your drum is.

[Finestream]

No one is capable to destroy bitcoin, not even Satoshi or the government itself. And what's the purpose of destroying bitcoin in the first place? It is made to be adopted and become a tool for people's progress and productivity, not to destroy in the long run.

However, if the people will not adopt bitcoin, it would be a bigger loss for bitcoin and once not give solution, bitcoin will die in the long run.

[X-ray]

From my understanding, Satoshi won't be able to nuke bitcoin even if he wants to. Bitcoin is running on its own autonomously as a decentralized body right now and Satoshi isn't mining bitcoin anymore as he said he moved on to other thing.

It's like torrent, not even the creator of torrent able to stop it because it's decentralized to its core. There are tons of quotes from satoshi that talks about this if i'm not mistaken. Thus, your concern is invalid in this regard.

The only thing that is able to destroy bitcoin completely is apocalypse or if suddenly electricity and internet gone from this world which isn't likely.

[laijsica]

The data that has been stored over the years is stored using blockchain technology which is decentralized. If the creator of Bitcoin claimed to be able to detonate a nuclear bomb, it would be a strangely realistic way to do it. Someone are considered the creator of Bitcoin but his creation has probably already surpassed his expectations worldwide.
A realistic expectation has spread across the horizon, but it cannot be confined to any boundary because it is not the property of just one person. The opposite of a centralized system therefore if the creator wanted to detonate a bomb, it would sound ridiculous.

[Hamza2424]

And how can this thought be understood and applied to reality? Of course Bitcoin won't cease existing, but as things go more and more centralized each new day, empowering and giving control to the groups who have been ruling this world since always, Satoshi can compromise Bitcoin's credibility, by for an example, dumping all his coins on the market at once.

Is Bitcoin's credibility really based on Satoshi's stash of 1M coins? What has helped Bitcoin to be successful and adopted by world leaders and banks? Was it Satoshi's stash? I didn't buy Bitcoin because he is holding all those coins. But I might sell some, especially the alts, if he ever decides to sell, because I would like to save some value of the funds I have left rather than losing it all to the market.

And it wouldn't be only me, every holder would plan to sell, and only some who are late to react wouldn't be able to sell and would have to hold until the market recovers. Yep bro, the market will recover eventually, there is no doubt, so don't have any negative ideas for now and enjoy the accumulation phase.

[Catenaccio]

Is Bitcoin's credibility really based on Satoshi's stash of 1M coins? What has helped Bitcoin to be successful and adopted by world leaders and banks? Was it Satoshi's stash? I didn't buy Bitcoin because he is holding all those coins. But I might sell some, especially the alts, if he ever decides to sell, because I would like to save some value of the funds I have left rather than losing it all to the market.

If you plan to sell your bitcoin during such market chaos, do it as soonest as possible because the market will have panic sell, price will crash for a while then it will recover very well too. This means if you don't response quickly enough, you will sell when price already touches or almost reaches the bottom of that market crash, then you will FOMO buying bitcoin again. This only causes losing your bitcoin by panic sell at low and FOMO buy at higher price.

By responding quickly enough, you will be able to sell at higher price, and wait for lower prices like around bottom of crash for buying bitcoin again. This way, if you can do it well, will help you increasing quantity of your bitcoin. But a reminder is, doing this is quite challenging with most of people, so if you see you are too late in selling, just hold, don't sell.