Topic: [2017-12-05] Threats That Can Sink Bitcoin (Read 5963 times)

I also think that governments hold little power or effectiveness in barring bitcoin. The reason why I see such statements as positive is because it would encourage the regular joe to research and read about bitcoin, thus bringing more attention to the system as a whole. Nevertheless, we're starting to see this happening now with futures trading and more media attention, regardless of governments intentions.

The biggest obstacle is government regulations about cryptocurrency, bitcoin may regulate as a commodity or digital asset instead of currency or as a legitimate means of payment due to bitcoin volatility and could harm fiat currency in the long-term, that's the point why a country afraid of bitcoin, it's decentralized technology. However, only a few countries which may affect bitcoin price significantly, the big players such as Japan, US, Europe, South Korea which most of them already have regulations about cryptocurrency.

The shooting price of Bitcoin has captured everyone's attention, making it both favorable and unfavorable among users. Plus, the surge in price have shown us the threat that are possessed to Bitcoin and they are really an issues of concern. The threats concerned in the blog are terrifying and even one of the event happens can cause a greater dip in its value. Issues like government, security and so on are issues of the hour and bigger problem is that there is probably no permanent solution for them.

After all this time, have we not learned anything at all? Bitcoin will always surpass whatever tries to take it down. Just like in the song, what What doesn't kill you makes you stronger. Furthermore, banning bitcoin will be very difficult and to shut down any crypto miners, users and traders around the world is next to impossible. Well, unless, of course, the government, it self, had latched itself on the web and all online system to detect any users and to trace anonymous transactions which is very difficult. Therefore, maybe, the real threat to bitcoin is us, holders, users and traders, and what we think about it and how we act with regards to what we think.

The article neglects that the most important threat to BTC's price is the speculators themselves.

By buying in too much, too quickly, they have become unstable and it's very possible that they could panic sell if the price falls by a moderate amount.  I don't believe that these speculators are really ready to lose a chunk of their initial investment after buying in high.

It only requires a fairly small event to cause that price drop that would set off a domino effect - it could also happen from almost no event at all.

interesting topic, the only real threat in my opinion to bitcoin is no internet.
anything else can be overcome.
if the exchanges are closed and banned there will still be a way particularly for existing bitcoin users, getting into it might be harder.
something like localbitcoins and similar would flourish.
Look at the darkweb, it is still there.

That is true , the major problem going on with Bitcoin these days is the hustle that is being created by the unauthorized and delayed transactions . There are a major number of people complaining about it . But obviously , this is because of the sudden shoot of price and everybody wants to withdraw now which is leading to the crowdy situation for miners .
Even though Bitcoin has faced every obstacle till now the major threat comes if the major countries tries to ban Bitcoin . To stop that there is a major need to increase the participants and investors in bitcoin so that at the time of crisis there can be a good opposition to the stupid decisions of banning and regulating Bitcoin.                                                                         

Wait a minute, I think I have heard this somewhere? Right! Hundreds of times! This is the same people that is against bitcoin and hoping that they would be successful when they spread these FUD articles. Bitcoin has been there, China and and other countries banning it and bubble again and again but look where we are now.

If cryptokittens atomic swaps over to Bitcoin blockchain & brings down the entire network...

Maybe Satoshi too should have gone down on bended knee to beg for permission to do something innovative?

You've missed the point completely. Bittorrent was never illegalised because it would have been too embarrassing to governments to be seen as so powerless. Instead, torrent sites hosting copyrighted content were chased. Ineffectively (I just checked, major sites such as isohunt.to and thepiratebay.org are still up).

Meanwhile, intelligent artists are coming up with new business models to fund their careers instead of chasing the (now) failed copyright model. Bitcoin will do to taxes what Bittorrent did to copyright, and there's nothing any government can ultimately do about it (except make themselves even more unpopular during the process).


So sure, maybe select countries will ban Bitcoin or mining. Some won't. And Bitcoin will continue to be mined and transacted from countries in which it's banned, just as it is now in Venezuela where both mining and transacting Bitcoin is illegal.



You're still missing the point.

Think about it logically: where are the resources going to come from to actually stop people using Bitcoin and other cryptocurrencies? It's an impossible task, and it's even more difficult than the previous impossible problems governments set out to solve, due to the resources required to attempt effectiveness.

They have little choice but to roll over, cryptocurrency represents a genuine change in the power balance between governments and everyday people.



Precisely. If exchange sites being banned in the most totalitarian major economy cannot affect the Bitcoin price, I expect nothing can. There is an effective counter measure for just about any attack government agencies can attempt, and each failed attack will only make Bitcoin, and it's demand, stronger.

I'm sorry, it seems i have not expressed myself correctly. I do not wish for governments to regulate, as in create laws and taxes and rules for bitcoin. I wish for them to say in an official capacity "That's ok, you can use bitcoin (or altcoins), we're not going after you."
That would bring much more publich attention to the system and with it both money and minds willing to help to improve to protocol.

I, too, believe that governments messing around with bitcoin is not a good idea.

You can't simply ban bitcoin, because it's peer to peer you would have to shut down every single node in the world. That's practically impossible, unless governments globally would start disregarding  international borders and start violating legislation surrouding privacy. However there's one way for the governments to fight bitoin and that would be to turn off the internet, but I deem that scenario highly unlikely.

China mess was the prove that trying to baning Bitcoin will not be so easy. And every day Cryptocurrency marketing become bigger and stronger so it will be very hard to government just kill with a pen. They will need to coordinate a big agreement and will take months. Right now it is impossible.

I agree. There are definitely ways to eliminate Bitcoin. However, how can you stop something when governments are too afraid to face the next big thing? They cannot acquiesce for too long, you know. They have to step up and do something to either accept it or combat it.

Yes, you may say governments can effectively ban it, its scalability causes it to decline, and others of similar nature, but the thing is, a number of people continue to believe on it and invest on it because it is their HOPELESS way to fight financial crises given the economic situation nowadays. These people have seen success stories and they admittedly want to follow the success of others on the same field.

All countries will never ban BTC because the world has never been fighting for the same cause as one. There were always differences and they will be there till the end of times.
If your country bans BTC just move to another one and eventually they'll see it wasn't worth it. Governments who decide to ban BTC will be losing the income they'd get from taxes, making people leave the country and pay taxes abroad. There's really not much to gain from banning it.

You seriously want to the state to regulate bitcoin? I think it will be the end of bitcoin. Think about it. Bitcoin became popular because it offers people freedom. States can't regulate financial flows. They can only steal money from people and profit at our expense. I am against any form of state intervention in bitcoin.

Japan, South Korea and Canada are the ones off the top of my head.
I really wish most of these countries would focus on legalize bitcoin rather than regulate it, but I think that's too much to ask.

That's correct. A country can call itself as democratic one, but we all know that the government is usually follow the interests of the elite and if they will count crypto currencies as something dangerous or not religious (just like some Turkish imam said few days ago) - bitcoin is going to be banned. I think bitcoin can die for a concrete country only, but not for the whole world, no way. There always will be bitcoin welcome country which understands all the advantages of crypto currencies.

No. If we had to believe people, China was the main reason for Bitcoin to be at current levels, and if they would exit the game (they partially did), it would be catastrophic for Bitcoin. Look at how the market has gone up badly after China's partial exit. Countries prohibiting Bitcoin are nothing more than obstacles. If these obstacles take care of themselves, in the way that they exit this market, it only helps steering this market to new record highs. Bitcoin's adoption is now coming from basically all places in the word. It's not one country that we depend on, which is a great benefit. If the growth was centered at just one country, and that country would prohibit Bitcoin, that would be a bad thing, but this is something that is not much of a concern to us right now.

The speed of transaction confirmation can be easily adjusted block size. Therefore, the use of tor does not affect the fate of bitcoin. Conversion of bitcoin to Fiat can be difficult. So I have high hopes that will be soon established trade with bitcoins. This may not prohibit any government. Even new goods can be exchanged as second hand bitcoins.