Can bitcoin survive?

[farfiman]

Ok, I watch lots of youtube "crazies". I don't believe everything they say of course but it does make you think.

Their predictions range from a total financial collapse of the world to the NWO taking over and even aliens,zombies and whatnot.

This is an example of our bitcoin "friend" Max Kieser and the notorious Alex Jones.

http://www.youtube.com/watch?v=LHtLy3AfpMI

Of course take this with a grain of salt but my question is:

Can bitcoin survive any or all of these scenarios if any would be true?

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[Realpra]

Ok, I watch lots of youtube "crazies". I don't believe everything they say of course but it does make you think.

Their predictions range from a total financial collapse of the world to the NWO taking over and even aliens,zombies and whatnot.

This is an example of our bitcoin "friend" Max Kieser and the notorious Alex Jones.

http://www.youtube.com/watch?v=LHtLy3AfpMI

Of course take this with a grain of salt but my question is:

Can bitcoin survive any or all of these scenarios if any would be true?

Aliens/lizards could fry all our electronics and kill us all... otherwise BTC should be good and may even prevent NWO.

Btw I consider NWO as already happened. The level of control the bankers have over the US/EU is amazing.

[molecular]

Ok, I watch lots of youtube "crazies". I don't believe everything they say of course but it does make you think.

Their predictions range from a total financial collapse of the world to the NWO taking over and even aliens,zombies and whatnot.

This is an example of our bitcoin "friend" Max Kieser and the notorious Alex Jones.

http://www.youtube.com/watch?v=LHtLy3AfpMI

Of course take this with a grain of salt but my question is:

Can bitcoin survive any or all of these scenarios if any would be true?

short answer: yes

long answer: there will be a huge problem with mining but it can be overcome

[ElectricMucus]

The biggest threat, in case of a crackdown is a state/nation/world wide power outage. Since bitcoin is somewhat dependent on the grid this would also be the weakest link.
But since such a crackdown would have to be made relatively soon and there will be solutions to the threat long before bitcoin would really challenge this system. To that comes that for such a crackdown to be even an option the system would already have passed the point of no return.

Added to that a preliminary defense against it is also part of the solution to replace the system: Off the grid power and community networks.

[Shadow383]

Do I think bitcoin will survive long-term: No.
Do I think that systems like this are how financial transactions will evolve long-term:Yes.

I don't think the bitcoin protocol would properly handle the transaction levels that would come with widespread adoption. Hell, if we were beginning to show growing pains from something as small as satoshidice then clearly there are some pretty major issues out there...

[cbeast]

The biggest threat, in case of a crackdown is a state/nation/world wide power outage. Since bitcoin is somewhat dependent on the grid this would also be the weakest link.
But since such a crackdown would have to be made relatively soon and there will be solutions to the threat long before bitcoin would really challenge this system. To that comes that for such a crackdown to be even an option the system would already have passed the point of no return.

Added to that a preliminary defense against it is also part of the solution to replace the system: Off the grid power and community networks.

A massive power outage would have to be planned well in advance. Such secrets are impossible to keep. Besides, even if they did kill Bitcoin in America, it would prove their fear of the technology and our *enemies* would reinforce the Bitcoin network globally. If every world government agrees to kill Bitcoin, then we have bigger problems than how we buy our rice and beans.

[Boussac]

I don't think the bitcoin protocol would properly handle the transaction levels that would come with widespread adoption.

Well, please read the numerous threads about the scalability issues, and think again: there is no show stopper as long as super nodes emerge and strive, which will inevitably happen.

[Drifter]

It should be also be noted, quoting from DeathandTaxes from the Bitcoin Stackexchange,

Bitcoin is digital cash. Many people today chose not to use cash for online and offline transactions favoring instead indirect payment methods (check, debit card, credit card, gift card, etc). It is probable that higher level payments systems built on top of bitcoin network will emerge. Users of these systems should cause significantly lower transaction volume. For an example lets look at how VISA transactions work. An individual may have 200 VISA transactions in a month but only makes a single payment to the card issuer (a 200:1 multiplier between purchases and actual currency movement). Likewise a company may have a thousands of VISA transactions in a day but recives that as a single currency payment (usually ACH).

http://bitcoin.stackexchange.com/questions/1708/capabilities-of-bitcoins-and-their-place-in-the-future


Most people are not going to use digital cash for purchases such as ebay or online shopping. They want risk and fraud prevention that someone like a Paypal can offer. If bitcoin is the digital cash of the future, transactions via a system like Paypal would GREATLY limit the amount of transactions, as they likely wouldn't use the blockchain for internal purchases.

[RodeoX]

According to many earlier sources bitcoin must already be dead. They are sure it will not even last a year. In reality the my guess as to the3  biggest threats would be:

1. SHA encryption is broken. Bitcoin would be the least of our problems then.
2. A concerted, sustained international effort by governments to make bitcoin illegal.
3. A collapse of the Internet infrastructure. No network, no bitcoin.

As far as aliens or secret societies... Get back in your Mom's basement weirdo.

[niko]

According to many earlier sources bitcoin must already be dead. They are sure it will not even last a year. In reality the my guess as to the3  biggest threats would be:

1. SHA encryption is broken. Bitcoin would be the least of our problems then.
2. A concerted, sustained international effort by governments to make bitcoin illegal.
3. A collapse of the Internet infrastructure. No network, no bitcoin.

As far as aliens or secret societies... Get back in your Mom's basement weirdo.

1. Even if SHA were broken, nobody can spend my coins. They might be able to hash faster, perhaps take over the network for a short while (it would become obvious immediately). My coins are still safe, and the community would transition to a different, unbroken hashing function. A temporary disruption of this kind, while painful in terms of delayed payments, would not be the end of Bitcoin.

2. The more people (including those involved with governments worldwide) have vested interest in Bitcoin, the less likely a concerted attack is.  Most vulnerable days are behind us, and it's only getting better. Gaddafi was a gold bug, no one has outlawed gold; they simply killed him and took his gold.

3. Yes, this would be a problem. However, try talking to people who have been through recent conflicts. Communications infrastructure is surprisingly robust, and disruptions are usually short-lived. Where there is a will, there is a way.

[farfiman]

According to many earlier sources bitcoin must already be dead. They are sure it will not even last a year. In reality the my guess as to the3  biggest threats would be:

1. SHA encryption is broken. Bitcoin would be the least of our problems then.
2. A concerted, sustained international effort by governments to make bitcoin illegal.
3. A collapse of the Internet infrastructure. No network, no bitcoin.

As far as aliens or secret societies... Get back in your Mom's basement weirdo.

I said I watch them- not believe them...

[RodeoX]

According to many earlier sources bitcoin must already be dead. They are sure it will not even last a year. In reality the my guess as to the3  biggest threats would be:

1. SHA encryption is broken. Bitcoin would be the least of our problems then.
2. A concerted, sustained international effort by governments to make bitcoin illegal.
3. A collapse of the Internet infrastructure. No network, no bitcoin.

As far as aliens or secret societies... Get back in your Mom's basement weirdo.

I said I watch them- not believe them...

1. Even if SHA were broken, nobody can spend my coins. They might be able to hash faster, perhaps take over the network for a short while (it would become obvious immediately). My coins are still safe, and the community would transition to a different, unbroken hashing function. A temporary disruption of this kind, while painful in terms of delayed payments, would not be the end of Bitcoin.

2. The more people (including those involved with governments worldwide) have vested interest in Bitcoin, the less likely a concerted attack is.  Most vulnerable days are behind us, and it's only getting better. Gaddafi was a gold bug, no one has outlawed gold; they simply killed him and took his gold.

3. Yes, this would be a problem. However, try talking to people who have been through recent conflicts. Communications infrastructure is surprisingly robust, and disruptions are usually short-lived. Where there is a will, there is a way.

@farfiman  Oh, that was not at you man. I don't think your concerned about aliens or zombies. But as you point out youtube is full of such nonsense.
@niko all good points. The threats I mention are not certain death, but could profoundly hurt confidence and erode  price.

[bitcon]

Bitcoin is digital cash. Many people today chose not to use cash for online and offline transactions favoring instead indirect payment methods (check, debit card, credit card, gift card, etc). It is probable that higher level payments systems built on top of bitcoin network will emerge. Users of these systems should cause significantly lower transaction volume. For an example lets look at how VISA transactions work. An individual may have 200 VISA transactions in a month but only makes a single payment to the card issuer (a 200:1 multiplier between purchases and actual currency movement). Likewise a company may have a thousands of VISA transactions in a day but recives that as a single currency payment (usually ACH).

http://bitcoin.stackexchange.com/questions/1708/capabilities-of-bitcoins-and-their-place-in-the-future


Most people are not going to use digital cash for purchases such as ebay or online shopping. They want risk and fraud prevention that someone like a Paypal can offer. If bitcoin is the digital cash of the future, transactions via a system like Paypal would GREATLY limit the amount of transactions, as they likely wouldn't use the blockchain for internal purchases.
[/quote]

however, there are a large number of growing populations that are getting fed up with paypal and hungry for an alternative. Paypal has gotten way out of control lately with defrauding its own users and chargebacks, etc. that paypal is hanging themselves with their own rope.

[Comepradz]

According to many earlier sources bitcoin must already be dead. They are sure it will not even last a year. In reality the my guess as to the3  biggest threats would be:

1. SHA encryption is broken. Bitcoin would be the least of our problems then.
2. A concerted, sustained international effort by governments to make bitcoin illegal.
3. A collapse of the Internet infrastructure. No network, no bitcoin.

As far as aliens or secret societies... Get back in your Mom's basement weirdo.

1. Even if SHA were broken, nobody can spend my coins. They might be able to hash faster, perhaps take over the network for a short while (it would become obvious immediately). My coins are still safe, and the community would transition to a different, unbroken hashing function. A temporary disruption of this kind, while painful in terms of delayed payments, would not be the end of Bitcoin.

2. The more people (including those involved with governments worldwide) have vested interest in Bitcoin, the less likely a concerted attack is.  Most vulnerable days are behind us, and it's only getting better. Gaddafi was a gold bug, no one has outlawed gold; they simply killed him and took his gold.

3. Yes, this would be a problem. However, try talking to people who have been through recent conflicts. Communications infrastructure is surprisingly robust, and disruptions are usually short-lived. Where there is a will, there is a way.

1. There are several level of "broken", yes at worst-case it would be double spending problem

2. At this time, Bitcoin have different adoption than Gold

3. PirateBox + MeshNet anyone?