Topic: Bitcoin has reached a point of no return (Read 353 times)

Sure you can't destroy it but crashing it? Are you sure whales or any other entities that hold a lot of BTC can't change or affect the market? Say if FED turn back with more bad news, rate hike further, the economy comes to a true recession and looks grim, do you think BTC can stay steady?

Although as it is in the bear market, the newbies in system (market) are afraid but for those who understands the market are even happy because they know that definitely bitcoin will go up to it peak again the matter what. although nobody can predict the movement of bitcoin.  Bitcoin has come to stay and no authority can destroy it because bitcoin is a decentralized digital currency which no one controls it and individual control it through their keys in the wallet. The only way the state or country governments can destroy bitcoin to shut down the satellite and the internets in each countries because bitcoin is a digital currency and that is not possible in the world, if the Satellites are shut down in the world then the world Economy will be zero percent, which means everyone will cry and there will be no business activities in the whole world.

In this market, you should never say never.  You never know what will happen. It is also not correct to make a definite comment about bitcoin. If the value of bitcoin has risen this much before, the same will happen next.

Despite of the uncertainties pertaining to bitcoin, one thing is certain is that bitcoin price will drop even at its worst but will always recover in time, some only take months but maybe this time, maybe a year before the bearish market is finally over. So there's no reason to believe that bitcoin will collapse and end up dying, because history always carries the truth. But because its always highly volatile and unpredictable, people who lacks the faith will never stop from doubting. 

I agree with you and I still wonder why some people keep acting like bitcoin is one big Ponzi scheme, this is the nature of the market now people need to understand this, bitcoin was not destroyed when it has not had the kind of recognition and adoption it has now so I see no reason why people are crying and lamenting about how the bear season has made them lose some big amount of money.

The government tried but failed to destroy bitcoin because people have seen the need and the dependency that it will give to them and their generation to come if every country adopts and endorse it as a legal tender. The bearish season and the news every day makes the wise investors to invest while bitcoin get more powerful and popular.

govts of big countries are greedy for power. they want to control their people. and if they accept Bitcoin. they'll gradually loose that power because they are controlling them with their economy and banks. only a revolution can make big countries accept Bitcoin. or maybe a proper system with which they can properly regulate bitcoin and control it.
besdies this Bitcoin's adoption is moving on right path with its good pace. I am happy about it.

The demand for Bitcoin is increasing day by day. There is no reason to fear the way the price of Bitcoin has come down now, it could go up at any time. It is difficult to predict what will happen in the market, so we should wait for the price of Bitcoin to go up and make safe appointments at this time.

Bitcoin will stay, it will not be destroyed by anyone or by any government, if they can destroy it, they have already succeeded before when the adoption is not that big yet. What we are witnessing now is just part of the cycle, and the more bitcoin gets dump or what we call the bearish period, the more bitcoin becomes stronger in the long run.

The article says that bitcoin adoption has been driven mostly by retail in developing countries where inflation is very high, so for these people, bitcoin is an escape because they know that, sooner or later, bitcoin will jump off to a new ATH and their fiat will go only lower.

I was referring to current world conditions like inflation and the resulting crisis forcing people into bitcoin as an alternative to everything else. If the fiat currency hadn't had this much inflation, there would be little incentive for people to switch. Adoption is driven mostly by people in developing countries, where inflation is much higher than in the USA. COVID and censorship have also helped to accelerate adoption. It wasn't the increasing hashrate that drove the people in. That alone wasn't enough.

Yes, nothing pushes people to bitcoin than trying to beat 8% inflation by allocating your money on an asset that's down 40% YoY and down 60% YTD. Like come on, I'm a bitcoin bull, but be realistic.

If it was possible to destroy bitcoin, they would have already destroyed P2P decentralized torrenting. The governments around the world can't even fight against pirating/torrenting illegal content, let alone bitcoin. All they can do is put restrictions and regulate the currency. But as long as people don't interact with fiat currencies or doesn't use any centralized exchange/wallet, those regulation means nothing to them. It is almost impossible to stop bitcoin.

Bitcoin has already crossed the threshold for and realized inevitability.  Inflation, recessions, and overprinting of fiat is only making the desire and appeal for Bitcoin stronger each day, actually pushing people to bitcoin.

Of course it's quite remarkable that Bitcoin can not be destroyed, few systems in the world has such quality, but there's nothing that could guarantee that Bitcoin won't fall into obscurity. Right now Bitcoin community is maybe 90% people who want to make some profits, and 10% are actual enthusiasts who want to use it in their daily lives, want it to replace banks and so on. So if Bitcoin will stop being a good investment, and most people will leave, Bitcoin will be just another open source project on the Internet with a few million followers.

According to a simple research I did today, I learnt that only about, or even less than 5 percent of the entire world population are into crypto currencies, with most of this people holding Bitcoin, speaking of how bright the future of Bitcoin is, i think the future is super bright, we currently have less than 5 percent who are into crypto, Now imagine a future where we have maybe over 50 percent of the entire world population actively involved in crypto and constantly buying and selling Bitcoin, this is one of the reasons why I don't doubt when I see predictions that Bitcoin would worth over a million dollars in the future.

And to the topic of discussion, Bitcoin is no longer going anywhere, like the OP said, Bitcoin has reached a point of no return, a lot of important personalities including companies who can not afford to see Bitcoin fail have all invested heavily in it, so right now, it doesn't matter what anybody say or does, Bitcoin right now is established and cannot go away anymore, it doesn't matter which country bans it.

To speculative investors or long term holders, temporary blips in price are absolutely welcomed. It allows you to accumulate more Bitcoin than you would've been able too. No one is going to turn down that if presented to them.

If you're a short term investor then things get a little tricky. Short term investors are undoubtedly the ones that get burnt, however they need to accept that Bitcoin is probably one of the highest volatility investments you can make. So, you should try, and mitigate the risk of that at all times. People usually suggest Dollar cost averaging DCA, as a way of mitigating the risk of inflation, but even that is more suited to long term or medium term investors. 

Wait wait wait, BTC has never experienced (or been on the doorstep) of such an economic crisis. So we still need to see how that rolls out. But we forget that even if BTC falls out of favor, that dosen't mean crypto will follow. Something new might take it's place.

Apart from the security architecture of bitcoin, one major thing I noticed a out bitcoin is that the price fluctuation is also an advantage to bitcoin. Since bitcoin went below $20k, many people are being scared to invest in bitcoin, while the wise and the whales are planning how to buy big now and send the price back to $60k. It is a project, even if few are tired of it, another group will work tirelessly to send bitcoin to $60k and above.
So, the masses are used to the network and they keep managing it as long as it will last. That is what I discovered.

Yeah, I'm never going to believe that. Even, if we're the mainstream currency. Also, I'm okay with that, if we can come up with something better than Bitcoin, I don't see the reason to be elitist about it, if it's better, it's better simple as that. I don't think so, as we can adapt Bitcoin has new ideas are thought of, but I'm not completely closed off to the idea.

I mean, we have plenty of things that will prove to be stumbling blocks. The main one for me is the complexity of Bitcoin, so while I do agree the longer that Bitcoin exists, and does well the more faith in it, and therefore adoption rates increase, and in a way your theory makes sense. However, I do think it'll definitely have a few threats, but more about impacting it instead of outright destroying it.

No more chances to destroy or stop Bitcoin anyway. At this point, we just can expect adaption, not destroy. No one will miss Bitcoin mining till it has value. And value isn't going to ZERO anyway since it's backup by the world's largest community. Few countries already adopted Bitcoin and many are on the way. A lot of institutional investors have been investing. So I can't imagine Bitcoin will be destroyed.

What else to say, the article really hit the nail on the head and if we view btc interaction with the world from the onset it will be clear that nothing can touch this technology at this point, btc have gone through it all and still remain standing.
The only regret you can have as a bitcoiner is not able to take advantage of btc dip when you had the opportunity. The time is not very far.

Nothing new as some of the posters above mentioned op. What's more important is that BTC adoption needs to continue increasing organically leading to higher prices thanks to higher demand basically.

Small countries are adopting it in droves, but bigger countries need to join the party too hopefully in the near future.

Hi, OP;
Well, not so much drama in the Hollywood style^{; )}, it's a good point of view, in fact something of the moral "... when the glass is seen as half full," this is good and in a way for now that has been shown in how he stay(endure) , but we must not rule out the possibility (now I am on the side of the glass half empty) that this point changes, but it does not matter, it is the trust that has no contrary thought, the more the trust maintains the point of return is always there, the price is circumstantial.

Bitcoin has reached the same level with the World Bank and IMF. But the beauty of its strategic position is that unlike these big financial institution, it is decentralized and not controlled by any world power or individual. Yes they have tried to manipulate and frustrate the Bitcoin system, but the currency is gaining momentum and acceptance. It is now a threat to the the oppressive and exploitative tendencies of big banks globally. Developing nations sees Bitcoin has a veritable tool to invade Neo-colonialism and control their economic destinies. Regardless of the misinformation and fraudulent tendencies of other shitcoins that have tried to tarnish the image of Bitcoin, it has strategically calmed those storms and portrayed itself as the first and best in the crypto space. Only a fool would dispute the fact that Bitcoin is here to stay.  

And it's not gonna stop to become recognized by most people in the world. Let's say that it's not that popular as the usual payment methods but looking at it from 5 years ago, it has really gone that far.

And even if there will be a sudden decrease of the miners and difficulty, you'll see the rampage on it and that particular opportunity will be taken as soon as possible by the enthusiasts upon knowing that opportunity.

Although in reality, there's only one way where it's heading, mining difficulty will continue to increase and that means a stable and secured network.

the rule of history is to never say never...

but there is more chance of a world wide blackout than there is to find all node users at once for a simultaneous halt of the blockchain..
there is more chance of someone winning the lottery more then once. then a world wide blackout.
never say its never going to happen. but chances are slim.

..
governments that confiscate asics from large mining farms is ok, it gives more incentive for the smaller farms to continue on by them getting a bigger slice of the rewards due to lack of competition thus makes it more worth them to mine.. . so the act of stopping large farms actually ends up making bitcoin stronger and more decentralised.

..
as for the devs.. well the github community do need to diversify a little more, as their arrogance has made them a little ignorant to their 'community' risk, where they prefer to group together as a single entity..
but even if attacked. they cant all be attacked individually, all that can happen effectively is a court order against github to close accounts.. which only temporarily affects a delay in updates, and takes a few minutes to use other accounts/set up another file source repo, so a risk but not a threat. people can just run current versions for a lil while, whilst devs migrate to other file source repos.

as for businesses. well governments can stop businesses accepting bitcoin. but, well did that really work for the alcohol prohibition era or the war on drugs..

so never say never.. but the chances are low of any real risk.

With every day bitcoin don't die adds up to its lifespan and makes it harder to kill. After it is being recognized by the banks and the wallstreet it surely won't die. Not in the near future at least. I can't talk about what will happen 30 years from now but I can imagine that bitcoin will still be around and kicking banksters ass. Even China is powerless against bitcoin. They banned it that's true but they couldn't kill it because it is simply impossible.

Bitcoin has reached certainly reached a point of no return, It has become the backbone of crypto currency. Alienating bitcoin from crypto market is as difficult as alienating US dollar from world economy. Even is a country tries to meddle seriously with bitcoin, It will have to suffer economically. A bitcoin crash can make the world economy spiral into a recession, because investments of worth of trillions of dollars is linked to bitcoin.
Moreover the clear benefits of bitcoin are too meaningful to ignore and bitcoin has ability to significantly improve the efficiency of current financial situation. Thus I believe bitcoin will not going to sink. Its the black pearl of crypto world.

I believe Bitcoin reached the point of no return in that sense when it recovered from the 2018 fall of the price. Many thought Bitcoin would never reach $20k again, and it's been years before it did, but it happened and, as we know, the new ATH was established. I don't think that it's reasonable to believe that Bitcoin will die after it recovered from that situation, unless something very serious (like WW3 or breakthrough in quantum computing) happens. The last years have shown that things most aren't waiting for and that haven't happened for decades can actually happen, so who knows, but until then, Bitcoin is likely to stay afloat and continue growing long-term.

Bitcoin has come to stay and that has no doubt at all, thirteen years is one of the proofs, its value, application, decentralization and adoption has gone beyond reasonable doubts, we are taking this good advantage for an investment and a means to secure freedom from the centralized world of governments over our finances, when we are left with no choice, then bitcoin came as a rescue and being volatile is just the mode of how it operates and not an expression of doubts about it this time.

That's totally assuming they can find the people who run the full nodes in the first place.

If you're referring to recessions and covid and stuff, not really. Bitcoin has been doing really really well in terms of nodes and hashrate even before covid.

It's been impossible to shut down or destroy it for many years already.

1btc is always 1btc and the network only needs a few members to keep it going (and the bitcoin network has millions of users - I saw a report about a crypto conference that had an audience of 35k - even with speakers pulling out due to a price crash - that says something about the strength of the community and how easy it'll be to shut down).

I'm not sure about it. It would be probably too easy to coerce them. But this point of no return couldn't have been reached (or it would be much slower) without these current conditions around the world.

It's been pretty much like this for a while now. Not sure how many full nodes Bitcoiners have running today, but even if Bitcoin had only around like 50 full nodes running, it would already be pretty impossible to shut down.

It looks like Bitcoin had to reach a point of no return from which it became impossible to kill it. I think we're past it and, from now on, no state actor, no whale, no entity can destroy it. You need to nuke the entire Earth to destroy every copy of the ledger. The demand comes mostly from developing countries, and the banks and governments have no choice now. They all need to mine or buy bitcoin. More reasons why Bitcoin's future is bright despite the price are listed here. https://bitcoinmagazine.com/culture/the-message-of-bitcoin-has-already-won