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Author Topic: What are the biggestest threats to Bitcoin?  (Read 6556 times)
keithers
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June 14, 2014, 09:14:01 PM
 #121

In a nutshell, i think big banks (and their lobbying power), and governments are the biggest threats to Bitcoin. We know that they can't stop BTC,  but that can make it harder and harder to grow and use if they lay the hammer down as hard as they can.

I think most of us can agree that we want each BTC to be worth as much as possible, and govts and big banks can have the largest influence on preventing that from happening.
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June 16, 2014, 12:00:20 AM
 #122

No.

The biggest threat to Bitcoin is the large number of halfwits who have gotten involved in crypto.

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June 17, 2014, 04:29:29 AM
 #123

Anything that threatens the fungible nature of Bitcoin.  See my signature.

Agreed. Do you think it would improve fungibility if we could, say, give Paypal some serious competition?

Any serious effort to block the FBI seized coins from being stolen would be a huge blow
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June 17, 2014, 04:36:08 AM
 #124

Anything that threatens the fungible nature of Bitcoin.  See my signature.

Agreed. Do you think it would improve fungibility if we could, say, give Paypal some serious competition?

Any serious effort to block the FBI seized coins from being stolen would be a huge blow

Not to mention that it would be stupidity on wheels.

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June 17, 2014, 06:48:57 AM
 #125

In a nutshell, i think big banks (and their lobbying power), and governments are the biggest threats to Bitcoin. We know that they can't stop BTC,  but that can make it harder and harder to grow and use if they lay the hammer down as hard as they can.

I think most of us can agree that we want each BTC to be worth as much as possible, and govts and big banks can have the largest influence on preventing that from happening.

IMO , at best they can only don't recognize bitcoin but they can't ban it .

Banks don't like bitcoin cos they can't tax it ?
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June 17, 2014, 07:33:27 AM
 #126

Human beings, or, a lesser known Digital age, or, perhaps, a mass loss of power in a country or state.
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June 17, 2014, 07:46:49 AM
 #127

Anything that threatens the fungible nature of Bitcoin.  See my signature.

Agreed. Do you think it would improve fungibility if we could, say, give Paypal some serious competition?

Any serious effort to block the FBI seized coins from being stolen would be a huge blow

How would that be possible to 'block' them? Theyre getting sold either way at the end of the month
beetcoin
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June 17, 2014, 08:57:11 AM
 #128

i think the 51% attack is bitcoin's biggest concern.. because its nature is supposed to be completely decentralized, but if there were a 51% attack, power would be held in the hands of a certain few.
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June 17, 2014, 09:20:45 AM
 #129

The biggest threat is surely running out of Bitcoin addresses. Tongue
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June 17, 2014, 02:54:02 PM
 #130

i think the 51% attack is bitcoin's biggest concern.. because its nature is supposed to be completely decentralized, but if there were a 51% attack, power would be held in the hands of a certain few.

A 51% attack is not a major concern now. Anyone who possess 51%+ hash power would have already invested hundreds of millions of USD in to mining rigs. If such an attack happens, all that mining power will become useless. Similar to this:


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ShakyhandsBTCer
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June 20, 2014, 03:00:22 AM
 #131

Anything that threatens the fungible nature of Bitcoin.  See my signature.

Agreed. Do you think it would improve fungibility if we could, say, give Paypal some serious competition?

Any serious effort to block the FBI seized coins from being stolen would be a huge blow

How would that be possible to 'block' them? Theyre getting sold either way at the end of the month
If miners were to change their TX policy to not accept any TXs from the FBI address. They would also not build on a chain that includes TXs with the FBI address. IMO it would be very unlikely that this would happen but if it did it would not be good for Bitcoin.
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June 20, 2014, 04:38:08 AM
 #132

Quantum computers? Bugs in the code? Centralized mining?

Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?

Thanks in advanced.
The main idea behind the creation of Bitcoin is, that the system of virtual money that are beyond the control of any central force. Bitcoin system works based network communication between computer users that will confirm each transaction and the issuance of new money. However, in reality it is not entirely true. GHash.IO which is a joint consortium of various Bitcoin miners, now control more than half of the mining activity, a phenomenon which by some circles assessed would be a threat to the system.
 
Bitcoin is the creation of new money through a series of mathematical puzzle solving is increasingly dominated by a few groups of miners known as a collection. Various miners and then unify the computing power of sharing successful Bitcoin obtained. Combining the power of computing to give greater opportunities to solve mathematical puzzles in every Bitcoin transaction verification. GHash.IO is a collection of the most successful miners who controls nearly 51% of the computing power of Bitcoin mining (hashing power), theoretically has enough power to cheat the system.
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June 20, 2014, 07:30:50 AM
 #133

My personal opinion is that if there was a huge bug in the code it would hurt btc a lot, but tons of government regulations will irreversibly damage btc.

Exactly what i was thinking.  And maybe banks also.
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June 20, 2014, 07:37:21 AM
 #134

The biggest threat is people. Hackers, mad bankers, stupid people, etc.
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June 20, 2014, 08:56:42 AM
 #135

Goverment! Look, friggin Bolivia banned Bitcoin!!
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June 20, 2014, 09:57:02 AM
 #136

The biggest threat is surely running out of Bitcoin addresses. Tongue
:p Don't worry about that..! the chances of humans not existing on the planet earth are higher then we running out of bitcoin addresses  :p

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June 27, 2014, 12:45:20 AM
 #137

Goverment! Look, friggin Bolivia banned Bitcoin!!

No problem.

Offshore corporations, offshore bank accounts.................

Screw the Bolivian government!

Been gone for a while due to health issues but everything is OK now.

Just kind of took a break from the madness of crypto!

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Swordsoffreedom
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Trumpin it up for a bit


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June 27, 2014, 12:51:02 AM
 #138

Quantum computers? Bugs in the code? Centralized mining?

Is there anything that can't potentially be overcome that is a threat to Bitcoin? Anything I didn't mention?

Thanks in advanced.

Well besides quantum and bugs and centralized mining as you mentioned can't think of anything else other than new competition that supersedes Bitcoin, or death by regulation and legal systems.

Thinking centralized nodes and 50% are around the same concept but if not worth a distinction as well.
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June 27, 2014, 12:58:34 AM
 #139

The biggest threat is surely running out of Bitcoin addresses. Tongue
Now that is funny.  Do have even the foggiest idea how big 2160 is?  No, you don't (and really, I don't either).

Goverment! Look, friggin Bolivia banned Bitcoin!!
Bolivia?  Really?  You are concerned about Bolivia?  Really?

GHash.IO which is a joint consortium of various Bitcoin miners, now control more than half of the mining activity, a phenomenon which by some circles assessed would be a threat to the system.
I remember when the DeepBit mining pool was the 51% boogie man and everyone was sooooo concerned about them.  Where is DeepBit now?  Anyone seen them?  No.  Same thing will happen to GHash.io eventually.

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June 27, 2014, 01:10:16 AM
 #140

Biggest threat is probably government regulations and banks. They can make it very frustrating to deal with Bitcoin, if they wanted to- which would probably prevent Bitcoin from going fully mainstream.
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