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Author Topic: How can Bitcoin fail?  (Read 3425 times)
Hello Im Me
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February 21, 2015, 10:24:51 PM
 #1

Sorry for my ignorance, but I really don't understand how Bitcoin can fail.
If there is a limit of 21 million Bitcoins that will ever be made won't it just increase as people can't get it anyway else than trading?
From how I see it, the worst thing that can happen is that it gets the same standards as gold.

Please tell me what you think Smiley

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pereira4
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February 21, 2015, 10:29:14 PM
 #2

I don't really understand your question. 21 million total is not a limit, coins are divisible.

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February 21, 2015, 10:33:22 PM
 #3

Price will increase if people do want it and trade/buy it but that's not something certain. If another crypto or technology succeeds instead then BTC could fail of course.
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February 21, 2015, 10:58:08 PM
 #4

Sorry for my ignorance, but I really don't understand how Bitcoin can fail.
If there is a limit of 21 million Bitcoins that will ever be made won't it just increase as people can't get it anyway else than trading?
From how I see it, the worst thing that can happen is that it gets the same standards as gold.

Please tell me what you think Smiley

We will know only after reaching 2140 . Before that it will not be of that rarity.

MileyJohanson
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February 21, 2015, 11:06:57 PM
 #5

Sorry for my ignorance, but I really don't understand how Bitcoin can fail.
If there is a limit of 21 million Bitcoins that will ever be made won't it just increase as people can't get it anyway else than trading?
From how I see it, the worst thing that can happen is that it gets the same standards as gold.

Please tell me what you think Smiley

Ok, but what if nobody wants it...
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February 21, 2015, 11:36:42 PM
 #6

Have anyone considered the security of Ethereum?

Think about all the computing power used to power bitcoin, if these miners turned there computing power onto disrupting Ethereum wouldn't that cause a problem?

Bitcoiners will have an incentive to disrupt the Etherum system.

Also, you can get Etherum secured by Bitcoin via counterparty (its a meta-coin not alt-coin)
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February 22, 2015, 12:22:48 AM
 #7

Yeah as long as people keep using it, it probably won't fail. If it gets replaced or abandoned, then it wouldn't be useful any longer.
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February 22, 2015, 12:55:57 AM
 #8

It can fail if suddenly everybody thinks that it is not important anymore and decides to leave. Such as condition on emergence of new altcoin better in technology, collapse of the network due to attacks, anyway it is unlikely to happen. Or that is how I look at it as it is based on community support and acceptance

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February 22, 2015, 01:03:40 AM
 #9

Its not a matter of how but when. With the attitude of the developers and a lot of the development lovers in this forum you will see they neither care nor understand the importance of a damand. no one is doing what they need to do to secure bitcoins future. instead they just keep working on a wallet core that is used by a very small portion of bitcoin users.

As the profitablity of bitcoin decreases and the difficulty rises, the mining aspect opf bitcoins becomes much harder to achieve. the diff is around 40 billion right now, and the reward is 25 BTC, not bad right, well what happens when bTC is worth 40 bucks, the reward is 1 BTC and difficulty is in the trillions? ahh yes FAIL thats what happens.

No one mining bitcoins means no transactions are being processed, if no transactions are processed bitcoin fails pure and simple. And ole JP morgan and Goldman Sachs are waiting , anticipating and excited for that day to come.

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February 22, 2015, 01:04:59 AM
 #10

It fails if doesn't get adopted at a considerable scale, there's been a lot of investment in bitcoin start-ups with the anticipation of mass adoption, if adoption doesn't increase companies will bankrupt.

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February 22, 2015, 01:05:38 AM
 #11

Another reason other than new Altcoin.. someone or a group find a loophole in the Bitcoin code. They attack the network.. making the network not working and thus.. bitcoin will fail.

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February 22, 2015, 01:46:26 AM
 #12

With the attitude of the developers and a lot of the development lovers in this forum you will see they neither care nor understand the importance of a damand. no one is doing what they need to do to secure bitcoins future. instead they just keep working on a wallet core that is used by a very small portion of bitcoin users.

This.  This.  And this some more.

Unfortunately this programmable money we have isn't evolving fast enough.  Lighthouse was supposed to be the holy grail to bring on more Bitcoin developers and help Bitcoin evolve faster.  How's that coming guys?  Any new developers after 2 months?  I realize modifying Bitcoin is not easy.  But its possible and imperative that things get moving a shit ton faster than they're moving now.  This is 2015 tech industry.  You can't have a tech that sits stagnant for 2 years like this.  You cant have a tech that sits stagnant for 2 months.  

Priorities / arguing / opinions I suppose?  I don't know.  Shouldn't the path for Bitcoin development features and fixes be decided by a decentralized concensus of its *users* ?  By the *industry* ? Not a core group of developers who have zero experience in the field?  

Shouldn't there be a corevote website that allows hundreds of thousands of people around the world to vote on what features come next, and what priorities are first?  With obvious exceptions that are limited by the technology, etc.  And shouldn't the development team be adhering to those demands?  

There is literally zero input from the consumer public about bitcoin development and that concerns me.  Core developers learn about what the industry wants via osmosis.  Browsing Reddit, or hearing chatter around the water cooler.  That isn't how projects are executed.  I have been a project manager for 15 years, and the first rule I can tell you:  You dont let developers make product development decisions.  No offense to developers.  But coders are not marketers, sales people, or industry experts.  They are coders.  They implement what the market decrees.  They don't come up with the product development process or priorities.  They dont decide "yes" or "no" on things, unless its a limitation of the technology.  Ever.  If they do, then you end up with a product that no end-user can use, and wont use.

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February 22, 2015, 02:17:53 AM
 #13

Have anyone considered the security of Ethereum?

Think about all the computing power used to power bitcoin, if these miners turned there computing power onto disrupting Ethereum wouldn't that cause a problem?

Bitcoiners will have an incentive to disrupt the Etherum system.

Also, you can get Etherum secured by Bitcoin via counterparty (its a meta-coin not alt-coin)
Thats why Maidsafe is a better project than Ethereum, because it doesnt depend on a blockchain.



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February 22, 2015, 02:23:54 AM
 #14

If you shutdown entire internet then it fails Grin

OR;

You can slow down bitcoin network; Hardfork it; Make blocks orphan etc.

But you need lots of computers/clients to do it. How can it be done?
 
If you really want to shutdown bitcoin network here's an idea:

DDoS Major Pools! (~%70 of network) Then you secure that "new blocks can't be found or it takes really too long".

There's not a known cure for DDoS yet. But you need a really strong botnet (at least 1 million clients) to do it.


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February 22, 2015, 02:33:45 AM
 #15

It is too soon to say that bitcoin is going to fail. At current standing there is an ever increasing bitcoin mass adoption. And bitcoin is just starting to gain some grounds through mass media. Some exchanges will shutdown due to hacking, we have seen that through mtgox, but still BTC remains to stay.
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February 22, 2015, 02:55:57 AM
 #16

We are still in early stage but after few years Bitcoin survives whole lot of crap so i think it is here to stay.
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February 22, 2015, 03:14:31 AM
 #17

Browsing Reddit

Opinion Discarded

Hardly anyone speaks English on this forum.
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February 22, 2015, 04:11:14 AM
 #18

I don't really understand your question. 21 million total is not a limit, coins are divisible.

No, you're wrong. 21 million IS A LIMIT. But divisibility means we can potentially trade 1/1010 of a bitcoin.

An economy based on endless growth is unsustainable.
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February 22, 2015, 04:26:50 AM
 #19

bitcoin could fail due to being banned by a major country like USA, or generally hostile regulation/criminalization.

it could also fail due to massive farming (51%) attack by powerful government or bank.

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February 22, 2015, 06:32:32 AM
 #20

Sorry for my ignorance, but I really don't understand how Bitcoin can fail.
If there is a limit of 21 million Bitcoins that will ever be made won't it just increase as people can't get it anyway else than trading?
From how I see it, the worst thing that can happen is that it gets the same standards as gold.

Please tell me what you think Smiley

We will know only after reaching 2140 . Before that it will not be of that rarity.

around 80% of BTC are already mined by now.

And I think 90%+ will be until 2020.

Scarcity will be an issue way before 2140
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