What Would Make You To Lose Trust in Bitcoin Completely?

[treesintheforestooh]

So I would like to listen to others:
And what would cause you, personally, to lose all confidence in Bitcoin?

Several months have passed since my country was hit by a major flash flood disaster, all internet access was dead, electricity was off, we were living like an ancient era, all networks were not appearing, access to Bitcoin was not possible and so on.

At that time I started to doubt Bitcoin and felt a little lost in confidence in crypto, especially Bitcoin. I thought it would be much worse if the internet and electricity were out for months. maybe we can no longer see Bitcoin, that's my experience of the doubts I once had for Bitcoin.

That would certainly be cause for concern and don't blame you for having doubts.

With that said, you may be interested to learn about and, possibly, tell anyone in your network there about the possibility of using the Bitcoin network through radio waves.

You can read more about it here: https://news.bitcoin.com/no-internet-no-problem-how-to-send-bitcoin-by-amateur-radio/

[serjent05]

That's an interesting question! I think I'll completely lose interest in Bitcoin if the developers decide to change the consensus algorithm from PoW to PoS. 🙋

Yeah this is the main concern since we all know that PoW has the highest security while PoS although energy saver can't compare to the security given by PoW.

The decision to switch Bitcoin to a new consensus algorithm could be justified by environmental concerns, the need to spend electricity on national defense, or the need to spend electricity on developing artificial intelligence... It doesn't matter... In any case, if it really happens, I will lose interest in Bitcoin.🙎

Concern about the energy usage of Bitcoin is already cleared. Bitcoin can opt for green energy, so if ever the devs use this kind of reasoning, why Bitcoin have to move to another algorithm then and implement it without consensus then that is the time to not trust Bitcoin because the developers behind it are not worth trusting.

[Cookdata]

I don't think I could ever lose faith in Bitcoin, but hypothetically, if unexpected changes were to occur and Bitcoin lost some of the unique characteristics that made me love it, then for me, it would be decentralization and privacy.

The day the government get to make decide on Bitcoin proposal and accepted will be the end goal of Bitcoin, that's far from been realistic but that's the worst that can happen to Bitcoin that will kill whatever believe everyone has on it. This is why I'm anti government policies on whatever plans the have got for Bitcoin regulation, I have seen some draft proposals from different countries, it might not be official but something smells bad about everything written on that pages.

These are the two main features of Bitcoin, although it has many other unique advantages, but for me these are the two most important. I am only afraid that governments will somehow be able to neutralize these unique features of Bitcoin through third-party services and the imposition of KYC.

If we are been honest, chain surveillance has done more harm than good with Bitcoin policy, most of their software are now available for institutions to use to track down address, people with zero privacy has lost most of their pseudonym without even doing kyc with bunch of data sold to the government to wotk with this and further track down who they want to track. Kyc might just been an enabler of privacy issues but we are part of the problems.

[Nwada001]

Once the network moves from where I can easily make use of it without limitations to a state where someone needs to tell me how I can use it, which can easily not permit me from spending what I hold (censorship), and someone could easily shut down the network whenever they want, I will kiss a goodbye to it, as it will lose value as being the king and one of the most decentralized digital assets.

[terrific]

1.Loss of Decentralization

This might play a huge role for people's trust in Bitcoin. Because many of us have been introduced to it as a decentralization crypto.
And there won't be any central power that shall control it. Even now, it's still decentralization but I think people doesn't like what's the massive adoption is looking at.
That's because many of the financial institutions are also holding and buying so much in order for them to hold vastly amount of it.
But isn't that what people like before when they can join us freely but, they're also hoarding just as how we're doing it?

[jaberwock]

I would say that if it ever gets hacked, or anything that disrupts the decentralization, that could be it. But in general technically speaking nothing will happen. While I would not lose any "trust", if my nation bans it completely, then I may just not do it all together, that could be something that I would consider.

So all in all, I think that the best case for us right now would be that we should not be considering this as a possibility and should not be really waiting for something like this to happen either. Moreover when bitcoin scales new heights its getting more attention and trust from everyone which means bitcoin is slowly building its trust hence there would be always some support when some people (if any) leave off for any reason.

[Agbamoni]

Even if Bitcoin falls to $1k per one, I wouldn't lose trust in Bitcoin. The reason is simple, what Bitcoin has done over the years is enough reason why my trust in it should be solid. Back-to-back years we have seen shitcoin fail, different online cyber fraud in the form of legit projects failed millions of investors. Bitcoin has been the only reasonable digital asset I dont mind putting my money on. One thing I am very certain on Bitcoin is that it wont fail. Not now not ever

I will begin to doubt bitcoin the moment the price falls to $1k because it's not a normal thing from the history of bitcoin. The price always increases overtime without dipping to the former bottom line in the previous circle. I don't know if I'm the only one on this. If bitcoin loses its decentralized nature, it becomes a shitcoin.

Price volatility is a normal thing in Bitcoin. Bitcoin dropped from $122k to $68k, that is a -$54k. And you think it cannot do the same thing again, and things still look normal to everyone? Whatever price Bitcoin falls to, it is not a problem, at least the price movement in the past shows that Bitcoin will always recover and make a huge impact as time goes by. You have to make up your mind on whether you believe in Bitcoin because of its history or based on its quality.

[SilverCryptoBullet]

Price volatility is a normal thing in Bitcoin. Bitcoin dropped from $122k to $68k, that is a -$54k. And you think it cannot do the same thing again, and things still look normal to everyone? Whatever price Bitcoin falls to, it is not a problem, at least the price movement in the past shows that Bitcoin will always recover and make a huge impact as time goes by. You have to make up your mind on whether you believe in Bitcoin because of its history or based on its quality.

It's not a first Bitcoin market cycle, a first bear market or a first market crash or correction from ATH, so there have been more ones in Bitcoin market history.
The Bitcoin Crash of 2021 Compared to Past Sell-Offs
It's for bear market while in a bull market you will need another one.
Bitcoin: Bull Market Correction Drawdowns.

Bull markets or bear markets, history has its rhythm and the market has repeated its market pattern many times so if people learn enough about Bitcoin market history, they will better prepare themselves for future market movements.

[ZAINmalik75]

: At least, at the moment, Bitcoin remains high in my opinion, and those fundamental principles remain. But that does not mean that we should not consider the what if.

Your key foundations are very accurate, and they should be the foundation for everyone. But the dilemma is that the majority of coiners value their investment more than the core characteristics of BTC. Even though if any of the foundations you mentioned are threatened, their investments would also be affected, they still do not seem to worry about it. They focus more on hype, quick profits, and speculation.

You are right that many are losing their long-term vision, but on the other hand, this is mostly true for older coiners, and their numbers may be increasing.

New coiners, however, can be more firm because they have more data and reasons to believe in BTC than earlier users did. Still, not all of them are strong holders, but many are at least willing to hold for one or two cycles. So I would not say that the long-term vision is fading completely, but it is also not entirely wrong to say that it has weakened to some extent.

[bangjoe]

Losing its decentralization will cause everything to be paralyzed because it will be monopolized by only a few parties or even one party this will not be a healthy network in the future, I will not even believe bitcoin will have an increase in interest and also the price again if that happens.
 
This discussion is good but it shouldn't be a fear that weighs on the mind because it's all just speculation, and we have often heard for a long time that even if bitcoin dies it still doesn't happen, it is a proof that indeed bitcoin always survives and will always upgrade to a much better version as the problem increases the greater the potential for improvement of bitcoin because bitcoin is not a static network.

[Faisal2202]

So I would like to listen to others:
And what would cause you, personally, to lose all confidence in Bitcoin?

I can't agree more with you. We should keep questioning the foundation because if we don't we can become the exit liquidity but the case with BTC is not as normal as it is with alts. So far, the foundation is holding, nothing so serious except the scalability issue we saw back in the ordinals era, or the 51% attack and the quantum computer's threat to 6 to 7 million BTC.

There are some disagreement been seen on the proposal to solve the QC threat but I hope it will be finalized. Incentive is the biggest factor that has kept the boat of BTC flowing so far and if the incentive breaks, I doubt if the code could save us. That's why always keep your eyes open.

[HelliumZ]

You may think that Bitcoin is a failure, but if you know the history of Bitcoin well, you will never be able to express such a negative attitude. Bitcoin has died hundreds of times in the past and has come back to life hundreds of times. You may have a negative attitude towards Bitcoin, but if you are a long-time investor, you will never have a negative attitude towards Bitcoin because you know and understand the history of Bitcoin completely. Those who know and understand history basically understand the increasing fluctuations of Bitcoin and they will never make negative comments about Bitcoin.

[Joy- maker]

1.Loss of Decentralization

A key reason why I would lose all trust is should Bitcoin fall into the hands of a small group. In case governments, large corporations or even a handful of influential mining groups begin to have excessive control over the network, then Bitcoin would cease to serve its intended purpose. Financial freedom would no longer be a reality if decisions would be controlled by only few people.

Then it begins to appear like the old systems that most of us are attempting to escape.

I understand that things can change as time goes on, and if it happens that few miners or mining pools controls large percentage of hash power then it will become a problem, but i doubt if that will happen.

I strongly believe that Bitcoin is never going to become centralized it will forever remain decentralized, the way it was designed to be. and as the matter of fact, i don't think anything will make me loss trust in bitcoin at least for now, and i trust bitcoin more than banks, because bitcoin is decentralized, transparent, a store of value and a big hedge against inflation.

As for you OP frankly speaking i don't see bitcoin becoming centralized in the future, because from the beginning it was designed to be decentralized by the creator Satoshi. In a general sense it may feel like bitcoin is running on its own, but in reality, people and machines are the ones keeping the network alive till today.

[Finestream]

Personally, I have seen the high potentials of bitcoin to gain a much higher price in the future due to its high volatility. That's why I really think that once volatility will get compromised, that would make me lose trust from bitcoin, and I think majority are.

People have seen how volatility turns out a great advantage for bitcoin. Though we have thought before that without volatility, global adoption for bitcoin will be easily achieved, but volatility is actually more than that. We need to keep bitcoin's volatility as much as we can, because that's the only hope that we can be financially secured and independent in the future.

[freedomgo]

Large scale hacks of centralized exchanges is a major threat where custodians lose user funds. For me, if this becomes the thing for bitcoin, I would not hesitate to leave bitcoin for good. However, users are always advised not to trust centralized exchanges because the possibility to lose your money is always high, but I don't think if this matter will still be manageable if this would be the trend for exchanges.

Instead of wasting my money and time with bitcoin, I would rather go for physical assets that would ensure my money to grow, that is if bitcoin becomes a common tool for scams already.

[Lida93]

3.Change in Community Values.

Bitcoin is not merely a technology but also a community driven movement. When the community begins to lose its own values and concentrate on the hype, fast profit and speculation, then the long term vision will start to fade, as soon as individuals stop being concerned with the values of Bitcoin, it weakens the whole ecosystem.

- A change from POW to POS can significantly affect the trust bitcoin is endowed with by it users.
A move from decentralise to centralise with the authority now in control of the network instead of the independent permissionless community. Can't compile further more reasons as this are what for now I can think of as some of the core values of bitcoin which has really attracted many of the retail and whale investors we have in the ecosystem.

[Tmoonz]

So I would like to listen to others:
And what would cause you, personally, to lose all confidence in Bitcoin?

Several months have passed since my country was hit by a major flash flood disaster, all internet access was dead, electricity was off, we were living like an ancient era, all networks were not appearing, access to Bitcoin was not possible and so on.

At that time I started to doubt Bitcoin and felt a little lost in confidence in crypto, especially Bitcoin. I thought it would be much worse if the internet and electricity were out for months. maybe we can no longer see Bitcoin, that's my experience of the doubts I once had for Bitcoin.

You should be more worried only if such disasters will happen all over the world which will rarely happen as we all know but provided such disasters can only be happening within a geographical area it can affect Bitcoin just a bit and that that cannot lead to the end of Bitcoin because such disasters are not happening in other areas which might be larger than the areas that are being affected by disasters, for me nothing is ever going to make me lose trust in Bitcoin because am all in for whatever that may happen and without regrets.

[Razmirraz]

You may think that Bitcoin is a failure, but if you know the history of Bitcoin well, you will never be able to express such a negative attitude. Bitcoin has died hundreds of times in the past and has come back to life hundreds of times. You may have a negative attitude towards Bitcoin, but if you are a long-time investor, you will never have a negative attitude towards Bitcoin because you know and understand the history of Bitcoin completely. Those who know and understand history basically understand the increasing fluctuations of Bitcoin and they will never make negative comments about Bitcoin.

Those with small capital often consider Bitcoin a failure because their expectations do not match reality. The hope of getting rich quick also creates a skeptical attitude towards Bitcoin, they often get caught in Fomo when they see other investors making profits of up to 10x, even though this kind of luck doesn't always happen to every investor, when they don't succeed in achieving that level of success they immediately consider Bitcoin a failure. Meanwhile, large investors see Bitcoin volatility not as a failure, but as part of Bitcoin's growth cycle and maturation process itself because every drastic decline is followed by recovery and often succeeds in reaching a new ATH.

Bitcoin resilience has been thoroughly tested, having survived numerous government bans, exchange hacks like Mt. Gox, and extreme bear market cycles (despite negative news spread by people who feel their businesses are threatened or global economic crises). Bitcoin history has always shown that every time Bitcoin was considered almost dead, it actually managed to bounce back with strong fundamentals.