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Author Topic: Looking forward to Bitcoin's complete collapse  (Read 1677 times)
miscreanity
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February 16, 2012, 02:26:09 AM
 #1

It would be wonderful, yet dangerous, if this happened to the Bitcoin system. Why?

Objectively:
  • Participation declines
  • Difficulty falls
  • Exchange rate falls
  • Blockchain maintenance becomes less intensive
  • Major changes to protocol have less resistance

Subjectively positive:
  • Bitcoin falls off established institutional threat scale
  • Necessary protocol changes can be more readily implemented
  • Excess irrational speculation is culled

Subjectively negative:
  • System domination by concentrated interests becomes a strong possibility
  • Reduced external capital flows could hamper resurgence for a long time

This is being approached from the perspective that 2009-2012 was a practical, live proof-of-concept run for Bitcoin. Now that the system has proven itself resilient and viable, being suppressed would allow development, refinement, and implementation of vital features. The end result being that Bitcoin's 'second-coming' would be even more potent than the first.

As the path being pursued by current regimes strangles their own economies, national populations will finally recognize the dangers that have beset them. By then it will be too late to escape, and the search for alternatives commences. Bitcoin remains an ideal system to counter the dying paradigms, so it should make an explosive return; a dark horse to all except those with true understanding of the system and follow the developments.

None of this suggests that the USD/BTC rate will go to zero, or that the present blockchain will fall into obscurity, only that the relative shrinking of Bitcoin from today's marginal public awareness could be a boon rather than a death knell.
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paraipan
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February 16, 2012, 02:33:42 AM
 #2

haha you guys make an awesome job spreading FUD, trolling the forum or hacking bitcoin services but you will have to try harder.

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payb.tc
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February 16, 2012, 02:43:31 AM
 #3

'second coming' wouldn't work out well because there are too many alt coins all wanting to be bitcoin 2.0. having a dominant crypto currency is extremely helpful for takeup.

when hd-dvd and bluray were fighting it out many people refrained from buying equipment. then finally bluray 'won' and sales took off.
miscreanity
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February 16, 2012, 04:27:19 AM
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'second coming' wouldn't work out well because there are too many alt coins all wanting to be bitcoin 2.0. having a dominant crypto currency is extremely helpful for takeup.

when hd-dvd and bluray were fighting it out many people refrained from buying equipment. then finally bluray 'won' and sales took off.

Ah... it might be better to say crypto-currency instead of Bitcoin. I should probably clarify that my point was not Bitcoin vs. Namecoin (or Litecoin, Solidcoin 5.nothanks, etc); it's Bitcoin-like crypto-currencies vs. the fiat paradigm.

On the issue of Bitcoin and other blockchains: while it's possible that another crypto-currency could gather more development and user interest than Bitcoin during a period of extreme suppression (thanks to established institutions reliant on the current fiat paradigm), I still don't see Bitcoin being easily dethroned.
johnyj
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February 16, 2012, 11:10:37 AM
 #5

Fiat money is a legal tender, it means no one can refuse the payment with fiat money. BTC do not act as a legal tender, but that does not stop others from accepting BTC as a payment method. It will be only popular in the net-generation

Murwa
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February 16, 2012, 04:35:18 PM
 #6

Bit coins will not collapse because they are a good currency in shady deep web dealings.

Drugs, assassinations etc.
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