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Author Topic: How can Bitcoin fail?  (Read 3473 times)
bitcoin4eva
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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.
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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.

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gkv9
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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?

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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.

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                ▀▄▄▄▄▀ ▀▄▄▄▄▀ █ █    █
)     MB8Coin       .                           
     The new fuel for an existing........
     Loyalty Rewards Network...........
(   WEBSITE   ) (   FACEBOOK   ) (   TWITTER   )
.
(       WHITEPAPER      ) (      ANN THREAD       )
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runpaint
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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.

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Brooker
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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.
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