What Would Make You To Lose Trust in Bitcoin Completely?

[Itz-prisigold]

We always discuss about long term trust of Bitcoin, holding when price go up and down, ignoring FUD, and to trust the system regardless of the circumstances. But if we are telling ourselves the truth, nothing should be beyond questioning. Trust is not something that we should give blindly. Nevertheless, even with Bitcoin, there should be things that make us have a lot of confidence. And when such things starts to fail, then it is only natural to rethink our position.

In my case, my belief in Bitcoin is actually built on some key foundations: such as decentralization, transparency, and for the fact that no single authority governs or control it.

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.

2.Unresolved and Severe Network flaw.

The other factor that would cause me to lose faith in Bitcoin would be if the Bitcoin network has huge significant flaws that make it fundamentally weak and that cannot be properly resolved. I am not actually referring to little problems or temporary bugs in the system because bugs are expected in every system.  What I am talking about is something more serious, like security weakness that allow the system to be manipulated,  allow double spending and  allow money to be stolen on a large scale.

When the network is not able to assure security anymore,  it means that the entire system is not reliable.

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.

One of the factors that keep Bitcoin going, is a strong community, and a negative change in this area would certainly  affect my trust.

4.The Danger of Blind Faith.

Although I am still very certain about Bitcoin today, but I do not believe in blind trust. It is quite important to question things, be informed and be conscious of the potential risks. One should put his trust in knowledge rather than just belief or hype.

: 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.

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

[RockBell]

Foe every have different perception when it comes to Bitcoin and from the beginning the interest does not seems to come from the system but from the profit but most people will act like they care about the system were by the profit comes before even the system and the profit comes in through the decentralised system and for the early birds in the Bitcoin investments are the onces that really had strong faith in bitcoin because they held without any serious form of liquidity.

For the loss of trust a lot of factors are contributing to why the trust might no longer be there but if you should look at the cause of things like this they are not always properly understanding what they need to understand and that is why when the knowledge is there everything because very easy.

[Alpha Marine]

Bitcoin losing its decentralisation is not something that is practically possible, but since we're talking hypothetically, I think loss of decentralisation is something that will make a lot of people lose trust in Bitcoin. If Bitcoin belongs to a single company and tey control everything about Bitcoin, then many people will work away from it.

Another thing that can make me lose trust fro Bitcoin is if the hard cap is incresed, or worse, made to be infinite. Not many people will want to keep Bitcoin for a long time when they know that the the hard cap can be incresed and the value of Bitcoin will drop. If become becoms centralised, this is something that will be a certainty because the company who owns it will want to make more profit and by being able to mine more blocks are they possibly can, they will make more profit. Even if the total supply won't be infinite, it would be a very high amount like 100 million. Something like that will reduce the demand and with an increased supply, the price will drop.

Another thing that can make me lose trust for Bitcoin is a serious technical failure. Like hacking of addressing without the seed phrase, or something similar. Anything that would mean transactions on the network aren't secured or Bitcoin in different address where not secured would break the trust people have for Bitcoin.

These are not things we have to worry about though because they can only be theoriticaaly possible for now at least.

[Catenaccio]

What you discussed are about Bitcoin FUDs and you want to debunk FUDs.
https://endthefud.org/
https://bitcoincleanup.com/
Bitcoin is not that stupid.
Bitcoin misconceptions.

People can try to read about debunk Bitcoin FUDs first or they can read insights about Bitcoin first.
The bullish case for Bitcoin.
Mastering Bitcoin.
Awesome Bitcoin.
Bitcoin for everybody.

[crwth]

No matter what people believe, there would be no centralized agreement in the world.
^{(Of course in this forum, majority here is biased with BTC so this isn't a great way to survey this if you want to be neutral)}


For me, in reality, I think I would be worried about BTC if the fees couldn't sustain miners. That would lead to weaken networks, and BTC could fail.

That's not going to be a problem, I hope, in the future.

[CryptoHeadlineNews]

We always discuss about long term trust of Bitcoin, holding when price go up and down, ignoring FUD, and to trust the system regardless of the circumstances. But if we are telling ourselves the truth, nothing should be beyond questioning. Trust is not something that we should give blindly. Nevertheless, even with Bitcoin, there should be things that make us have a lot of confidence. And when such things starts to fail, then it is only natural to rethink our position.

In my case, my belief in Bitcoin is actually built on some key foundations: such as decentralization, transparency, and for the fact that no single authority governs or control it.

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

Despite the fact that we all anticipate for the positive side of Bitcoin, it doesn't mean we should underestimate the negatives side of Bitcoin too, and as such, when it comes what will make me to lose trust in Bitcoin completely, I will say that when the price value of Bitcoin now falls below $1000 per BTC after skyrocketing to above $100,000 and now depreciates drastically. And secondly, another thing that might make me lose faith in Bitcoin completely is when it stops been decentralized, and government and it's central banks now starts having control over it. And thirdly, another thing that can make me lose trust in Bitcoin is of its transaction stop been transparent, whereby it can be verified on the Bitcoin blockchain.

[TokenTikas]

For me, in reality, I think I would be worried about BTC if the fees couldn't sustain miners. That would lead to weaken networks, and BTC could fail.

Sometimes these thoughts may come up but if you look at the history of bitcoin, it is clear that it is not something that will easily fail. If it was going to fail, it would have happened a long time ago.
Bitcoin has passed through very difficult periods, yet it has managed to survive and recover strongly. For now, I don't see any reason to lose confidence in it, so it is better not to overthink or worry unnecessarily.

[noorman0]

-snip-
1.Loss of Decentralization

Decentralization is optional for some. You can simply go to a list of the richest Bitcoin addresses and compare who holds the most. People can view decentralization from different perspectives: it can be a benefit because you need censorship resistance, or it can be an opportunity because people's trust in decentralization creates price fluctuations.

Even if decentralization is lost on Bitcoin, as long as there is volatility, people will still be interested.

[ColdLava40]

Completely is just a way to make it sound certain.

Except Bitcoin drops to zero, I don't see any valid reason one should not trust it anymore.

The chances of Bitcoin failing right now is very low and as some one stated, if Bitcoin were to fail it could have done that long ago before growing to what it has become.

You speak of decentralization like it's something that's attached to Bitcoin and can be removed at will. It's not. Decentralization is the key feature and the main purpose of Bitcoin creation. Even if the government tries to force their way into the system it still won't make Bitcoin stop being decentralized.

Centralized systems is simply a choice that many investors opt to because they want to feel safe, they are scared of being their own bank since that means if you misplace your keys you lose your funds.

[Tungbulu]

For me, in reality, I think I would be worried about BTC if the fees couldn't sustain miners. That would lead to weaken networks, and BTC could fail.

Sometimes these thoughts may come up but if you look at the history of bitcoin, it is clear that it is not something that will easily fail. If it was going to fail, it would have happened a long time ago.
Bitcoin has passed through very difficult periods, yet it has managed to survive and recover strongly. For now, I don't see any reason to lose confidence in it, so it is better not to overthink or worry unnecessarily.

I’m a huge lover and fan of Bitcoin, and I’ll be the last person to start canvassing that Bitcoin is really going to fall at some point in time, No. But let’s not be sentimental about this issue, we still gotta be realistic at some point. Before the emergence of bitcoin, we had other pretty cool options that were topping the charts, just like gold, Gold has been on top of the market for years, until Bitcoin came in and boom many people are talking about it, about stuffs Bitcoin can do but gold can’t. And then Bitcoin started gaining more traction than gold. All these happened not because gold failed but because a much preferable option came into existence.
Everyday, technology is advancing and things will always continue to change as we know it, so what exactly is the assurance that another brand new technology won’t surface almost kick Bitcoin out from the top chart? Completely changing the global financial system with a lot more innovation that Bitcoin couldn’t have done even in a thousand years….

[Supreme Donvic]

There's no reason why I will lose trust in Bitcoin, if Bitcoin drops very low in price that is when I will accumulate more Bitcoin because I see it as an opportunity to accumulate Bitcoin with less price so I will never lose trust in Bitcoin no matter the situation.
When the government of my country was seriously against Bitcoin and never wanted anyone in the country to do anything with Bitcoin, talk more of investing in Bitcoin I was still investing in Bitcoin, so there's nothing that will happen that will make me lose trust in Bitcoin even if all the big names that are holding Bitcoin start selling their Bitcoin I will still continue accumulating and holding bitcoin.
Even if we have something else that is very good or better than bitcoin In the future I will still invest in Bitcoin while investing in the new thing that came out.

[RibbonRaptor]

There's no reason why I will lose trust in Bitcoin, if Bitcoin drops very low in price that is when I will accumulate more Bitcoin because I see it as an opportunity to accumulate Bitcoin with less price so I will never lose trust in Bitcoin no matter the situation.
When the government of my country was seriously against Bitcoin and never wanted anyone in the country to do anything with Bitcoin, talk more of investing in Bitcoin I was still investing in Bitcoin, so there's nothing that will happen that will make me lose trust in Bitcoin even if all the big names that are holding Bitcoin start selling their Bitcoin I will still continue accumulating and holding bitcoin.
Even if we have something else that is very good or better than bitcoin In the future I will still invest in Bitcoin while investing in the new thing that came out.

I understand the confidence in Bitcoin, buying when price drops can be a good strategy, but buying nothing will ever make you lose trust is bit risky also. Every investment even BTC, should have some level of caution so market can change, and we cant ignore possible risks. Like if there are serious issues (regulation, security or big changes in the network), it can affect trust no matter how strong we believe in it.

For me, its good to believe in bitcoin but also stay realistic. Keep accumulating if you want, but still stay aware and flexible with decisions. Strong belief is good, but blind trust can be dangerous also.

[Silikiem]

We always discuss about long term trust of Bitcoin, holding when price go up and down, ignoring FUD, and to trust the system regardless of the circumstances. But if we are telling ourselves the truth, nothing should be beyond questioning. Trust is not something that we should give blindly. Nevertheless, even with Bitcoin, there should be things that make us have a lot of confidence. And when such things starts to fail, then it is only natural to rethink our position.

In my case, my belief in Bitcoin is actually built on some key foundations: such as decentralization, transparency, and for the fact that no single authority governs or control it.

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.

2.Unresolved and Severe Network flaw.

The other factor that would cause me to lose faith in Bitcoin would be if the Bitcoin network has huge significant flaws that make it fundamentally weak and that cannot be properly resolved. I am not actually referring to little problems or temporary bugs in the system because bugs are expected in every system.  What I am talking about is something more serious, like security weakness that allow the system to be manipulated,  allow double spending and  allow money to be stolen on a large scale.

When the network is not able to assure security anymore,  it means that the entire system is not reliable.

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.

One of the factors that keep Bitcoin going, is a strong community, and a negative change in this area would certainly  affect my trust.

4.The Danger of Blind Faith.

Although I am still very certain about Bitcoin today, but I do not believe in blind trust. It is quite important to question things, be informed and be conscious of the potential risks. One should put his trust in knowledge rather than just belief or hype.

: 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.

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

Well I think you’ve said a lot and they are obviously on point because those are really some important features which really makes bitcoin worth it, without most of these features bitcoin wouldn’t be what is is today. But personally I think that the only thing that will make most people lose trust In bitcoin is if bitcoin remains dormant as in loses it’s volatility which means it’s neither going up or down then most persons would lose trust In bitcoin but in as much as there’s still a high level of volatility in bitcoin despite it losing all other features as you just mentioned I won’t still lost faith in bitcoin. All that I’m concerned about is its volatility and ability to recover after a drop.

[YellowSwap]

Maybe if the Devs sit on their asses and quantum computers do some damages?
Maybe if Bitcoin completely turned to centralised Blockchain project?

I doubt it will ever be the case, but I don't think I will ever give up on Bitcoin, oh wait, I forget something very important, maybe I would definitely give up if Bitcoin died, failed to function and bubble just pop somehow.

OP I wonder why you are rooting out for this though, that's not so nice of you, everything that Bitcoin has to offer today is surely something that you can't find anywhere else, which is why demand will always be there.

[Kelward]

No matter what people believe, there would be no centralized agreement in the world.
^{(Of course in this forum, majority here is biased with BTC so this isn't a great way to survey this if you want to be neutral)}

Precisely we cannot have a centralized or general agreement or suggestions about Bitcoin regarding what will make us to lose trust and what we don't like and want. We being pro Bitcoin in this forum our thoughts and perceptions will mostly be about holding trust in Bitcoin, so yes biases should be expected to support Bitcoin when airing our trusts and distrusts.

For me, in reality, I think I would be worried about BTC if the fees couldn't sustain miners. That would lead to weaken networks, and BTC could fail.

That's not going to be a problem, I hope, in the future.

Miners are the soul of Bitcoin transactions, if they don't get enough fees to sustain them who will process our transactions, who will compute and secure the network? I agree that it will affect the network if miners don't get sufficient rewards and it can cause a lack of trust if transactions are not processed. So far Bitcoin and it's transactions are doing fine so I wouldn't want to be pessimistic about miners yet.

[Z-tight]

The BTC ecosystem is not even built on 'trust' in the first place. I, like a whole lot of others in the community, like to call it a trustless system, simply because everything can be verified, it is all open source. 'Don't trust, verify' is a very popular phrase in the community.

By the way, decentralization isn't something the network can 'lose', that is basically what BTC is built upon. It is a distributed network, with nodes and miners scattered around the globe, no third party can take control of the network, because there is no single point of failure.

[Bastketsrus]

There's no reason why I will lose trust in Bitcoin, if Bitcoin drops very low in price that is when I will accumulate more Bitcoin because I see it as an opportunity to accumulate Bitcoin with less price so I will never lose trust in Bitcoin no matter the situation.
When the government of my country was seriously against Bitcoin and never wanted anyone in the country to do anything with Bitcoin, talk more of investing in Bitcoin I was still investing in Bitcoin, so there's nothing that will happen that will make me lose trust in Bitcoin even if all the big names that are holding Bitcoin start selling their Bitcoin I will still continue accumulating and holding bitcoin.
Even if we have something else that is very good or better than bitcoin In the future I will still invest in Bitcoin while investing in the new thing that came out.

Yeah I get your mindset, buying dips makes sense if you believe long term. Just good to stay balanced and not ignore risks, even when using Bitcoin for things like betting.

[Marvelockg]

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

Once bitcoin gets too involved in political related dealings, it's a clear indication that it's moving closer to it end and at that point, I will get involved in bitcoin with clear caution. We've seen the effect that politics had on bitcoin at the time everything looked as though it depended on trump and trump alone. Regardless of how decentralised we tag bitcoin to be, it relevance ceases to be a big deal as long as long as it definition and authenticity hinges completely on government and her policy...

[Aanuoluwatofunmi]

All these that you have mentioned are not what could ever happen because of how secured a bitcoin network is with blockchain technology, so they have already been foreseen and any chances for 51% attack is now possible and that is where we cannot also have bitcoin being centralized for any reason, as long as the network never feel it consensus, everything will remain as it has always been.

[Razmirraz]

Bitcoin is like a mirror, every individual has a different perspective on their beliefs about it. My belief in Bitcoin is based on its decentralization, cryptographic security and limited supply (only 21 million units available). I would lose my faith in Bitcoin if one or more of the fundamental points I mentioned above collapsed. Several other scenarios can also make someone lose confidence in Bitcoin such as a mass (global) ban, although Bitcoin cannot be completely banned, but if a strong regulatory ban is carried out simultaneously throughout the world such as banning or revoking exchange permits and the use of Bitcoin as a whole, then the effect will make Bitcoin difficult to access by the general public, this ban can drastically reduce liquidity and public trust.

The occurrence of a scandal from the "Whale" or Extreme Market Manipulation can also make someone lose confidence in Bitcoin. If it is revealed that the majority of Bitcoin ownership is controlled by a few people who intentionally or consciously manipulate the price causing massive losses to retail investors, then automatically confidence in Bitcoin will immediately collapse because Bitcoin will start to be seen as a Ponzi scheme, not a safe asset.

However, until now I am not worried at all because the points and scenarios I mentioned above are only an analysis at least for now.