The biggest threat imo is social engineering, psyops, spreading missinformation, divide and conquer tactics!
We already see this happening from time to time.
As Bitcoin can't hardly be beaten technology wise, this are the methods which will be used.
And the more Bitcoin will be worth, the bigger the influx of new uninformed noobs, who come here for the quick buck and don't understand the reason why Bitcoin was created in first place, the more likely it is for the attackers to be successful with this methods!
So it's to us to explain the newbies what Bitcoin really is about! Financial sovereignty for what a as much decentralized as possible base layer is a must!
Topic: Biggest threat to the future of Bitcoin? - page 2. (Read 1945 times)
Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
it is said that the security of bitcoin would be compromised when quantum computing would be introduced in future.But it may take hardly twenty more years for it to be introduced.But we could hope that the core team would take necessary precautions to avoid such disaster. Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
The biggest threat for bitcoin in the future is bitcoin it self. Honestly signs of it is actually visible. High fees, pending confirmation. You can't make something to be your current payment if it needs almost a week to sent. You can't use it if it need more than 2 dollars fee to send only 200 dollars.
It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
That is for sure mate, assuming that 21M Bitcoins is the total supply, what happens if some one(government) buys every coins from the market and It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
Refuses to sell to anyone? there you have your way of removing Bitcoin from the equation, what governments have so much of it is money.
And when price increases too much that mining would be only possible by starting a minimum of 50K equivalent of current S9 miners just to
Mine a single coin in 10 days, people will definitely move to another coin. so you could also consider the difficulty increasing way too much as
A potential threat for people to abandon Bitcoin in next 25 years.
The biggest threat for bitcoin in the future is bitcoin it self. Honestly signs of it is actually visible. High fees, pending confirmation. You can't make something to be your current payment if it needs almost a week to sent. You can't use it if it need more than 2 dollars fee to send only 200 dollars.
It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
Bitcoin is threatened to lose a lot of users when transaction fees get bigger. Many people increase transaction fees to speed up the bitcoin sent. I am one of the active users of bitcoin, and currently I feel disappointed because bitcoin is getting more expensive in transaction fees. If this can not be handled maybe another altcoin will be able to replace bitcoin in the future. It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
Bitcoin still has an extremely long future ahead of it, over a hundred and twenty years more until more Bitcoins stop being created. We definitely won't be here to see what happens then, but we sure as hell can make predictions now. I think that the biggest threats to Bitcoin, at the moment, are the high fees and lack of users. In relation to the lack of users, Bitcoin currently doesn't have that many users when compared to other investments such as gold and silver. However, the number of users is rising rapidly and soon, a lot more people will be using it. The bigger problem is the high fees. If the fees stay at this high amount or even go up higher, not many people are going to be investing in Bitcoin and the price is just going to drop. Hopefully the transaction fees are lowered soon.
The biggest threat for bitcoin in the future is bitcoin it self. Honestly signs of it is actually visible. High fees, pending confirmation. You can't make something to be your current payment if it needs almost a week to sent. You can't use it if it need more than 2 dollars fee to send only 200 dollars.
It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
It's not solve, and I think it can't.
A new crypto payment will born and replace bitcoin price. Not now but I believe it will very soon.
There are none, think about it whatever happens the longest chain will stay the Bitcoin, what ever happens the majority will agree on a fix
And then deploy the fix, the only threat that I could think of is the governments buying as many Bitcoins as possible to limit our usage and
If someone has for example 18M BTC then people will have no other choice other than either buying at whatever the seller is offering or just
Use another coin instead then that coin will have a bigger total supply than Bitcoin and governments would have to start buying that as well
Then people will move to another coin and so on and on, governments will always have to buy the coins off the market while we just laugh
At them and earn our profits.
And then deploy the fix, the only threat that I could think of is the governments buying as many Bitcoins as possible to limit our usage and
If someone has for example 18M BTC then people will have no other choice other than either buying at whatever the seller is offering or just
Use another coin instead then that coin will have a bigger total supply than Bitcoin and governments would have to start buying that as well
Then people will move to another coin and so on and on, governments will always have to buy the coins off the market while we just laugh
At them and earn our profits.
Obviously there a lot of ways to answer this question but I want some smart views on what could legitimately hurt the future of Bitcoin or cryptos in general.
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
Technology:
-I am not a computer coder but could someone explain to me yes or no, is it possibly for a future technology like an advanced AI to crack the code for private keys in the future?
-Couldn't there also be a new form of crypto maybe ether, or maybe something more advanced to overtake Bitcoin at the top spot? It seems like there is still room for the decentralization of everything coin or something similar to be developed with characteristics that outshine everything on the market today.
-Or could something be developed outside of the crypto universe that makes this technology obsolete?
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
Governance within the block-chain:
-Ok so I am not going to pretend to know a lot about this subject but I believe we have a fork in August coming up which has a lot of people up in arms it seems. Why is this such a big deal?
-Miner Fees are pretty straight forward but doesn't seem devastating as a whole, is this wrong as well?
Well I guess I have more questions than insight, but I guess that is better than "Is Bitcoin going to $1000 tomorrow?" threads.
Jeezy
Technology improvements {increased processing power} can be mitigated by the implementation of stronger Encryption. So technology will be applied to technology to solve this problem.
Government regulation: can always have an impact, because regime changes can cause problems. Just look at the changes Trump are implementing. As you said, Bitcoin cannot be stopped completely and it will go underground when governments starts to enforce stronger regulations.
Governance within the block-chain: will always be a contentious issue, because Bitcoin is built on a open source consensus model. The positive thing about this is, if you do not like the code or the developers behind it, you can gather support and get rid of them. You just run the code that you support and hope the majority of the people agree with you that it is in the best interest of Bitcoin for you to do that. < If it turns out that it is not, people will just run other code that would serve their needs. >
There's nothing as biggest threat to the future of Bitcoin if us users be positive minded. There's nothing wrong to be posutive all the time. Those people who talk about that threat is for us to worry our investments and to warn us to sell out bitcoin for others. But that doesn't matter just hold it anyway
So there is still a threat when people are negative minded. Everything has it's own side, it is not always the good sides, there are also bad sides. But for me, end of the world is the closest threat to bitcoin.
There's nothing as biggest threat to the future of Bitcoin if us users be positive minded. There's nothing wrong to be posutive all the time. Those people who talk about that threat is for us to worry our investments and to warn us to sell out bitcoin for others. But that doesn't matter just hold it anyway
I think the biggest threat/problem for bitcoin is the nature of its investors and its volatility (which have a causal relationship).
Explanation: http://www.demoinvestor.com/articles/00000001
Solution: Bitcoin ETF/institutional investors buying into bitcoin, controlling the price
Explanation: http://www.demoinvestor.com/articles/00000001
Solution: Bitcoin ETF/institutional investors buying into bitcoin, controlling the price
The high fees, delays on transactions and the "eternal" thread of a hard fork are more worrying elements at this moment.
The biggest threat I see there and would lend credence to is the technology behind bitcoin. Government regulation is something that will come and its in their own best interest because they cannot stop it and at the same time shut down the internet in other to stop crypto users so they would have no other option than to just fall in line.
Technology on the other hand could bring an end to bitcoin because everyday computer hackers whether sponsored or individuals are trying to break the code and find a bug the moment the are successful, then that is the beginning of the end for bitcoin.
Technology on the other hand could bring an end to bitcoin because everyday computer hackers whether sponsored or individuals are trying to break the code and find a bug the moment the are successful, then that is the beginning of the end for bitcoin.
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
If will take it seriously and regulations will be heavy, yes it's possible for government to stop bitcoin transactions. But chances for that is low since bitcoin can't really do harm on the whole financial system and I can't imagined that all countries will imposed a regulations like that to stop bitcoin transactions. If they saw bitcoin as threat in the first place, no such thing as learning about cryptocurrencies will be placed like what did for some countries that legalized bitcoin.
If majority of countries will imposed a sanction, then there will be noticeably decrease in bitcoin users in the world since merchants will be affected too. And if that happens, the market is not healthy enough that will result on bitcoin failure. But like I said it has low chance to happen but still it has for about 0.0001%.
I don't think there is a big threat to the bitcoin in the future as government has started to accept bitcoin and legalize bitcoin. So can expect good growth in the years to come rather than falling down to some other digital currencies because of increasing competence.
As the most valuable digital currency, there is. Even if the governmet starts accepting it is a threat to people using it. Just imagine what will the government do to maintain the users of bitcoin in a country, maybe they will try to create a wallet where they can track someone and look if he has a lot of coins.
I don't think there is a big threat to the bitcoin in the future as government has started to accept bitcoin and legalize bitcoin. So can expect good growth in the years to come rather than falling down to some other digital currencies because of increasing competence.
In my opinion I can not see some major catastrophe that would take out bitcoin in the face of the planet, but the end of the world together with the world maybe some Blackholes would surely eat our planet to existence well that is in the end of times but maybe the impending split is definitely a big threat for other people in the community, well actually I am a part of the not very agreed with the Big blockers on what they would do to bitcoin because there is an impending risk involve, well I think that is a suicidal move in my opinion, well the other thing that I am thinking well some insane dude that want's to learn wow to destroy bitcoin (well I just read a blog about it) well that guy just sending all his bitcoin to bogus addresses I don't know why he would think that way but he definitely wants to erase bitcoin data on blockchain.
Cracking Bitcoin private keys are not that easy. They are very lengthy and cracking them will take infinite number of attempts by a bot. In order to prevent this from occurring, we can fork the chain, and make the wallet temporarily (may be for 1 hour or one day) de-active after 1 million or 10 million failed attempts.
Government regulation:
-I am not as concerned about this topic due to the inability for governments to actually control the currency, basically a situation where sanctions could be imposed but they can't actually stop the overall process of transferring coins. Is this assumption wrong?
goverment never can control crypto price or bitcoin price
goverment only regulation about use bitcoin is savety and under law regulation, money laundry, crime and more
not control bitcoin price
in addition to all that, the only other thing that can hurt bitcoin the most is its users in my opinion.
mostly the users who don't understand bitcoin at all. they see it as a plaything to make money only and make it fast. they have weird expectations from bitcoin and when they are not met they start thinking it is dead.
and one more thing is many who have started calling bitcoin just as an store of value. and this will haunt us in the long term if more people stop wanting bitcoin as it should be (a currency) and want it only as an store of value.
mostly the users who don't understand bitcoin at all. they see it as a plaything to make money only and make it fast. they have weird expectations from bitcoin and when they are not met they start thinking it is dead.
and one more thing is many who have started calling bitcoin just as an store of value. and this will haunt us in the long term if more people stop wanting bitcoin as it should be (a currency) and want it only as an store of value.
People saying bitcoin will be dead is worry about future of bitcoin. As the raise of altcoins will washout the bitcoin in future. Example, Eth price is rising faster than bitcoin. Bitcoin takes more than 5 years to see the current value now but eth has much better growth than btc.
Yes mate, I don't just see only eth growth here but I must consider both of them were growing better with different situations appealing to investors. The only threat which I think is from bigger whales who will pull out their holdings and sell it all, in reasons that's affected from negative speculators that influence bad decisions. Bitcoin future will have to go a long way ride if we just be patience at all times, and don't be discouraged immediately; just stay focused and be positive.
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