Bitcoin Forum
November 23, 2017, 09:09:38 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 [4]  All
  Print  
Author Topic: How can Bitcoin fail?  (Read 3436 times)
bitcoin4eva
Sr. Member
****
Offline Offline

Activity: 330


View Profile
February 28, 2015, 08:59:23 AM
 #61

I don't think it will ever fail. It has a big userbase, and people are all the time creating new uses and applications for Bitcoin.
1511471378
Hero Member
*
Offline Offline

Posts: 1511471378

View Profile Personal Message (Offline)

Ignore
1511471378
Reply with quote  #2

1511471378
Report to moderator
1511471378
Hero Member
*
Offline Offline

Posts: 1511471378

View Profile Personal Message (Offline)

Ignore
1511471378
Reply with quote  #2

1511471378
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511471378
Hero Member
*
Offline Offline

Posts: 1511471378

View Profile Personal Message (Offline)

Ignore
1511471378
Reply with quote  #2

1511471378
Report to moderator
ranochigo
Legendary
*
Offline Offline

Activity: 1260

In the midst of an exam, will be very inactive.


View Profile WWW
February 28, 2015, 09:40:53 AM
 #62

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations. Smiley
Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.
Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.














 

 

█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
BitBlender 

 













 















 












 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
gkv9
Legendary
*
Offline Offline

Activity: 1218


!!! RiSe aBovE ThE StoRm !!!


View Profile
February 28, 2015, 01:32:00 PM
 #63

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations. Smiley
Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.
Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.

You mean it ain't going to reflect to anything related to BTC if the mining gets shutdown?

ranochigo
Legendary
*
Offline Offline

Activity: 1260

In the midst of an exam, will be very inactive.


View Profile WWW
February 28, 2015, 03:07:55 PM
 #64

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations. Smiley
Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.
Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.

You mean it ain't going to reflect to anything related to BTC if the mining gets shutdown?
Blocks will be slower till 2016 blocks later when the difficulty is adjusted appropriately. I highly doubt 50% of the network would shutdown. Someone is bound to keep on mining to contribute to the network.














 

 

█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
BitBlender 

 













 















 












 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
█ 
runpaint
Sr. Member
****
Offline Offline

Activity: 476



View Profile
February 28, 2015, 03:18:20 PM
 #65

If Bitcoin isn't important enough for a lot of people to mine, then it won't be important enough for anyone to try a 51% attack.

BARR - Burning Altcoins for Redemption and Reduction - First Coin Using Multi-Proof-of-Burn - http://barr.me - Raising the BARR by Reducing Supply - Absorbing and Destroying Entire Altcoin Networks
Brooker
Sr. Member
****
Offline Offline

Activity: 280


View Profile
February 28, 2015, 03:21:46 PM
 #66

I don't think it will ever fail. It has a big userbase, and people are all the time creating new uses and applications for Bitcoin.

You shouldn't think like this with the it's too big to fail line. That's what they said about the banks. If bitcoin was too big to fail the price would likely not be so low as it is now. If bitcoin kept falling it would be too expensive to support so it'd fail if all the miners left or moved on to something better so bitcoin can always fail though I sincerely hope it doesn't.
Pages: « 1 2 3 [4]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!