What Would Make You To Lose Trust in Bitcoin Completely?

[tbct_mt2]

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.

In history of Bitcoin blockchain, there has been never 51% attack even in the past years, there were some times big mining pools could do 51% attacks if they wanted, but in fact they did not do any attacks. Reason is simple, such 51% attacks won't be good for anyone while big mining pools can get a lot of money and profit over time if they don't attack Bitcoin network and contribute to make it stronger and more secure over time.

How many Bitcoin confirmations is enough?
Risk calculator https://jlopp.github.io/bitcoin-confirmation-risk-calculator/

[Luzin]

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.

Bitcoin should continue to have a greater value in the future. User trust is the key for Bitcoin to continue living. But my trust would be gone if Bitcoin were worth 0. Today, the world's focus on Bitcoin is because of its value. Politics, war, economy, and others are just seasoning. I will not think about that as long as Bitcoin still has value and this industry continues to grow, it seems my trust will not be lost. Without that, Bitcoin would seem boring. I will just go with the flow and try to keep making a profit. So even though this actually deviates from Satoshi's vision, it is indeed the industry world that has made Bitcoin this big.

[Somegory]

Bitcoin starting to change its way.

Not staying true to what it always do.

Gaming hype comes and Bitcoin goes gaming, AI hype comes then Bitcoin decides to go AI, I hate this behaviour and they are very common among altcoins.

Nakamoto coming back and revealing himself.
Nakamoto slowly abandoning PoW and moving to PoS algorithm like what Ethereum CEO (Vitalik Buterin) did.

I will definitely be pissed, the chances of any of these happening is very slim but it's fun dropping my own opinion, thanks for the opportunity.

[GiftedMAN]

If Satoshi reveals himself and decide to align with the government then I will lose interest in Bitcoin completely.

The government must push him to discontinue decentralization so that they will make become become more like fiat.

The fear of the unknown tricks of the government will crash the price of Bitcoin.

There will become panic and dip will be unmatched compared to how it has always been.

Scammers will see it as a safe heaven to start scamming investors since the government is now involved and the present government will do everything possible to make sure they have full control of all the activities of investors.

All this may not happen but once Satoshi's real identity is revealed then there will be a big problem to all investors.

[YOSHIE]

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.

[BlackBoss_]

If Satoshi reveals himself and decide to align with the government then I will lose interest in Bitcoin completely.

The government must push him to discontinue decentralization so that they will make become become more like fiat.

You did not understand about Bitcoin blockchain even you had years in the Bitcoin forum.

Satoshi Nakamoto can not have any power to make Bitcoin centralized (in your words, to discontinue decentralization). Satoshi Nakamoto can not, and nobody can do that, and Bitcoin has been decentralized, censorship resistant because nobody can make centralized decision to change the protocol.

Bitcoin project is different than altcoin projects because the founder can not control Bitcoin blockchain and the protocol update. Altcoin founders can do that so altcoin blockchains are centralized.

[mcdouglasx]

Nobody sees Bitcoin the same way, not even two people with a lot in common. That's where the consensus in decision-making comes in; the majority decides. If you're one of those who's been holding on since the beginning, let me tell you that I admire you for your incredible stoicism in enduring all this time. As for the community's values, I think that's subjective. I associate Bitcoin with an idea; I don't think values ​​have much influence since most people in Bitcoin are in it for the money. If there were ever a critical, irreparable failure, 99% would abandon ship.

[Fariya456]

"I believe some critical factors that could lead to a complete loss of trust would be:

Quantum Threats: If encryption is breached before the network adapts.

Mining Centralization: If a small group controls over 51% of the hash power, losing the essence of decentralization.

Global Coordinated Ban: If major economies simultaneously make it impossible to bridge BTC with the real economy.

Security Breaches: Any successful double-spending event would be a fatal blow.

As long as the community remains vigilant and the code remains transparent, I believe we are on the right track."

[arzuo]

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.

The first important thing is its decentralization, which no one can control secretly. This is the most important thing for me, because all the scams and frauds that have happened in the world were centralized and controlled by some person.
But Bitcoin is not like that and even Satoshi Nakamoto, the inventor of Bitcoin, cannot control or destroy Bitcoin at will.

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?

In this case, one must always be aware. Just as some supervision is required or fear works in the case of land and property, one must also be aware of the open codes of Bitcoin updates, where technology is constantly changing and improving, so it is necessary to be aware of technology!

[Smartprofit]

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. 🙋

This happened to Ethereum a few years ago. However, the cryptocurrency hasn't lost its relevance since then. Its price hasn't fallen to zero. Ethereum still has the second-largest market capitalization among all cryptocurrencies. Moreover, during the 2020-2021 bull market, Ethereum's price grew even faster than Bitcoin's.

However, I remember Poptop saying that any project with a PoS consensus algorithm is a destructive cult. This statement seems shocking, but it makes a certain sense. If only money is needed to dominate a blockchain, it will quickly lose its decentralization. The PoW consensus algorithm is also imperfect, but being a miner is still significantly more difficult than simply being a very rich person.

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.🙎

[Dr.Bitcoin_Strange]

That would be when Bitcoin becomes fully centralized, although we already know that it's impossible for that to happen because Bitcoin's core protocol is decentralized, meaning that it was designed to combat centralized control of any body or institutions that might want to control Bitcoin, that's why the government have not been able to control Bitcoin. What we can only experience at times is how some sharks or whales sell off a huge amount of Bitcoin to make the price fall more and later they buy higher quantity than the one sold off. So, that's when I will lose trust in Bitcoin.

[serjent05]

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

Personally the one that can make me lose all confidence in Bitcoin is the government taking over.  When the government take charge of Bitcoin development, nodes and minings,  that is the time that I lose my confidence in Bitcoin.  That action made the main purpose of Bitcoin collapse so what is there to expect when the sole reason we are so enthusiastic about Bitcoin is taken away?  Aside from that, when the government step-in, all kind of corruption will emerge.  They will use Bitcoin to track users of their wealth and ill-intent official may use negative means to rob these people with huge amount of BTC on their stash.

[Shadiq]

Bitcoin is still an investment asset for me, my Bitcoin journey starts with the purpose of taking profits. Since Bitcoin's price increase or long-term bullish nature comes from its system, that is, Bitcoin's decentralized nature, advanced mining technology and blockchain technology, Bitcoin maintains its bullish nature from the trust and demand of people.

If Bitcoin is centralized by a group or loses its decentralized nature, then Bitcoin's demand and people's trust will be affected, this effect may slowly destroy Bitcoin, at this time I will definitely lose trust. As a result of Bitcoin's centralization, we will lose almost everything special such as privacy, independent transactions and security. This one reason alone will be enough to lose trust in Bitcoin, because if Bitcoin loses its decentralized nature, it will no longer be bullish in the long term.

[Mahiyammahi]

Your question is very important. It is not uncommon for people to lose faith in Bitcoin completely, but the possibility of this is not zero either. So it is reasonable to think about this issue in advance. From my point of view, the first and most important thing is its decentralization.

If it is ever seen that one person or a specific group has established control over the Bitcoin network, then for me, confidence in Bitcoin will be lost. Second, if for some reason the price of Bitcoin drops to zero, then that will also be a major reason for losing faith in it.

[Die_empty]

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

If Bitcoin becomes centralized, it will have lost its biggest advantage. I wouldn't risk investing so much money in it. This is because, just as it happens in banks and other centralized platforms, your money can be frozen at any time.

 Nobody wants to lose money due to a risky or insecure process or system. You would not use a system if you know that you might lose money. I would have to stop using Bitcoin is that happens.

I don't really care about community values because people are free to change their ideologies. Some Bitcoin OGs deviated and started criticizing Bitcoin. Some of them created shitcoins to compete with Bitcoin.  As long as the system is decentralized and safe, nothing else matters much to me.

Let me add that I might not invest much in Bitcoin if the bull run stops. I would still hodl but I might have to diversify to other profitable assets.

[Zaguru12]

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.

I have heard a little experience about this,  not that the network of place went off like yours, but I went to a location which the network wasn’t good and I needed to make use of bitcoin then I couldn’t, it actually cast a thing to me that this is a huge hole to fill for bitcoin believers like us, and I remember asking my self what if there is no longer network where I am.

The result will be I wouldn’t have access to bitcoin but then i thought about it again and said will it be only bitcoin? But no it will be virtually almost everything because even traditional banks will be actually needing network to work with, as such I was actually relieved that network problem will not be bitcoin only problem when its need arises

[3kpk3]

After finding out about BTC and other cryptocurrencies way back, my trust in them has only increased slowly and steadily which is why it would take something insane for me to lose all trust in them if I am being honest. Let's talk about this particular hypothetical scenario.

Satoshi and some of his allies decide to handover their knowledge to the government effectively centralizing BTC to a large extent. Pretty much impossible scenario, but that would do it for me.

[Cookdata]

There are some things that are in that list that I don't think will be forever possible and the first one is Centralization of Bitcoin. You can't make Bitcoin have control by one group because it's made up of nodes and miners and each of them operate independently and every one can decide to make their local rules as they fit as long as it all agree with the protocol level. You can't control nodes, you have to agree with what the nodes tells you, a disagreement means rejection, it's a simple as that. Even if the government decided to join Bitcoin to run node, they don't get to decide that's why Bitcoin is decentralized as possible.

There is only one thing that Bitcoin is becoming which I don't like, it's political interest. There is massive interest of politics in Bitcoin, the institutional investors can have interest with or without Bitcoin. Let's forget about this Bitcoin reserve the US political tools has used to lied to everybody, no way these people are going to make a competitive assets becomes number when they have their USD currency to protect, it's going to be a laugh on them if they adopt Bitcoin. We are looking more like hungrier tools.

[PrivacyG]

I do not know if this would make me lose all trust completely but if regulations became harsh enough to make Privacy almost impossible in the space without falling into the illegality ground, I would definitely reconsider whether Bitcoin is actually a solution to run from Fiat.  I know harsh regulations do not affect the existence of Bitcoin itself but at that point Monero would fit my needs a lot better.

[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