[2018-01-29] Can Bitcoin Be Destroyed? 7 (Unlikely) Paths to Irrelevance.

Cryptoprimes

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Activity: 218

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Quote from: Qartersa on January 30, 2018, 12:39:05 PM

Quote from: Lucius on January 30, 2018, 06:49:07 AM

Quote from: davis196 on January 30, 2018, 02:56:48 AM

Most of your scenarios are not about bitcoin destruction,they are about bitcoin replacement or btc ban.
It`s important to know the difference between destrustion and replacement.Can bitcoin be destroyed?No,there`s no way,unless something destroys the human civilization.Can bitcoin be replaced?
Yes,i think that ethereum has the potential to replace btc,but as a digital payment method,not as a digital speculation asset.

I guess you think in scenarios suggested by the writer of this article,they certainly are not mine

I think that the issue of destruction or survival of BTC is very interesting topic among users of cryptocurrency,and for some even a replacement with some other currency would be equal to destruction in some way.As a first crypto coin BTC is always keep top place and this is always a challenge for other coins/developers to make something better,and for some others(governments, banks, financial institutions) to control it or to attempt to destroy it.

I can agree that the only way to complete destruction of BTC is some armageddon on Earth,caused by humans or nature.

Well I agree that Ethereum has the potential to take over Bitcoin when it comes to payment method because they have features such as smart contracts that are useful when making payments. It goes like when a condition is fulfilled, the payment has an automated system. Otherwise stated, it is only here that payment transactions are faster than that of Bitcoins. There is a possibility of Bitcoin being replaced especially when delay of payment transactions and payment fees continue to soar.

You are right, the timing for BTC transactions are now so long, blockchain fees are so high, and it is used only for speculation
ETH gives much higher value to all blockchain world, so I guess it can replace BTC in the future

Yzcelle

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Quote from: Lucius on January 29, 2018, 01:00:44 PM

Can Bitcoin Be Destroyed? 7 (Unlikely) Paths to Irrelevance

Before we get into the speculation, let's start with the facts – bitcoin has been declared dead more than 200 times.

Despite the fact that the world's first cryptocurrency has operated with near-100 percent uptime (for almost 10 years), it's still fashionable to predict its demise. Even supposedly smart people are known for propagating something I'll call "bitcoin derangement syndrome." They keep predicting bitcoin's demise even though they are daily proven wrong.

But if we assume that these individuals possess a level of intelligence, the only explanation for the failed predictions and emotional arguments is that they never take the time to study and understand how the system works.

In this way, I'd like to help by listing all the possible ways bitcoin could be destroyed.

Technically speaking, bitcoin will live as long as a handful of computers run the bitcoin software on a network. Only one extreme scenario would lead to annihilation. It is likely then that it will still be the top cryptocurrency in the coming years, unless the community destroys itself due to greed or carelessness.

https://www.coindesk.com/can-bitcoin-destroyed-7-unlikely-paths-irrelevance/

Qartersa

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Activity: 868

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Quote from: Lucius on January 30, 2018, 06:49:07 AM

Quote from: davis196 on January 30, 2018, 02:56:48 AM

Most of your scenarios are not about bitcoin destruction,they are about bitcoin replacement or btc ban.
It`s important to know the difference between destrustion and replacement.Can bitcoin be destroyed?No,there`s no way,unless something destroys the human civilization.Can bitcoin be replaced?
Yes,i think that ethereum has the potential to replace btc,but as a digital payment method,not as a digital speculation asset.

I guess you think in scenarios suggested by the writer of this article,they certainly are not mine

I think that the issue of destruction or survival of BTC is very interesting topic among users of cryptocurrency,and for some even a replacement with some other currency would be equal to destruction in some way.As a first crypto coin BTC is always keep top place and this is always a challenge for other coins/developers to make something better,and for some others(governments, banks, financial institutions) to control it or to attempt to destroy it.

I can agree that the only way to complete destruction of BTC is some armageddon on Earth,caused by humans or nature.

Well I agree that Ethereum has the potential to take over Bitcoin when it comes to payment method because they have features such as smart contracts that are useful when making payments. It goes like when a condition is fulfilled, the payment has an automated system. Otherwise stated, it is only here that payment transactions are faster than that of Bitcoins. There is a possibility of Bitcoin being replaced especially when delay of payment transactions and payment fees continue to soar.

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: davis196 on January 30, 2018, 02:56:48 AM

Most of your scenarios are not about bitcoin destruction,they are about bitcoin replacement or btc ban.
It`s important to know the difference between destrustion and replacement.Can bitcoin be destroyed?No,there`s no way,unless something destroys the human civilization.Can bitcoin be replaced?
Yes,i think that ethereum has the potential to replace btc,but as a digital payment method,not as a digital speculation asset.

I guess you think in scenarios suggested by the writer of this article,they certainly are not mine

I think that the issue of destruction or survival of BTC is very interesting topic among users of cryptocurrency,and for some even a replacement with some other currency would be equal to destruction in some way.As a first crypto coin BTC is always keep top place and this is always a challenge for other coins/developers to make something better,and for some others(governments, banks, financial institutions) to control it or to attempt to destroy it.

I can agree that the only way to complete destruction of BTC is some armageddon on Earth,caused by humans or nature.

limek

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Activity: 364

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It is no way to destroy human invention since it is widely known. We just need 2 persons who willing to make a deal with the underlying tech, ... then bitcoin is "Forever" living. Cheesy

davis196

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Merit: 913

Most of your scenarios are not about bitcoin destruction,they are about bitcoin replacement or btc ban.
It`s important to know the difference between destrustion and replacement.Can bitcoin be destroyed?No,there`s no way,unless something destroys the human civilization.Can bitcoin be replaced?
Yes,i think that ethereum has the potential to replace btc,but as a digital payment method,not as a digital speculation asset.

semenencoa

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Bitcoin depends on technologies, they should rise properly, otherwise one kill other.

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Can Bitcoin Be Destroyed? 7 (Unlikely) Paths to Irrelevance

Before we get into the speculation, let's start with the facts – bitcoin has been declared dead more than 200 times.

Despite the fact that the world's first cryptocurrency has operated with near-100 percent uptime (for almost 10 years), it's still fashionable to predict its demise. Even supposedly smart people are known for propagating something I'll call "bitcoin derangement syndrome." They keep predicting bitcoin's demise even though they are daily proven wrong.

But if we assume that these individuals possess a level of intelligence, the only explanation for the failed predictions and emotional arguments is that they never take the time to study and understand how the system works.

In this way, I'd like to help by listing all the possible ways bitcoin could be destroyed.

Technically speaking, bitcoin will live as long as a handful of computers run the bitcoin software on a network. Only one extreme scenario would lead to annihilation. It is likely then that it will still be the top cryptocurrency in the coming years, unless the community destroys itself due to greed or carelessness.

https://www.coindesk.com/can-bitcoin-destroyed-7-unlikely-paths-irrelevance/

Topic: [2018-01-29] Can Bitcoin Be Destroyed? 7 (Unlikely) Paths to Irrelevance. (Read 129 times)