Bitcoin system collapses in the near future

Kemarit

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Quote from: bitllionaire on June 19, 2017, 06:40:42 AM

Quote from: bitbunnny on June 19, 2017, 02:52:05 AM

Why so many dark and pesimistic threads about Bitcoin death, collapse and similar? Bitcoin has issues, yes this is true but this is part of the normal process. Changes are needed and the system and users will have to adapt but that doesn't mean that the whole system will collapse and vanish.

yes that is very right to say, no doubt bitcoin is facing challenges but it have the capabality to solve these challenges, i am sure that bitcoin is becoming stronger and stronger from time to time and not such threat can effect bitcoin, because bitcoin can deal such kind of threat easily.

I'm getting used to it really. Expect more coming our way specially nearing Aug 1. Just right now threads after threads are being created to create lies and uncertainty. And just like you said, we are facing challenges but this is just another bumps along the way. Its a normal process but others don't have the trust on bitcoin to say the least. Bitcoin has faced so many challenges but it didn't die and withstand everything. The price is one indicator that is it really going strong after all this years.

bitllionaire

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Quote from: bitbunnny on June 19, 2017, 02:52:05 AM

Why so many dark and pesimistic threads about Bitcoin death, collapse and similar? Bitcoin has issues, yes this is true but this is part of the normal process. Changes are needed and the system and users will have to adapt but that doesn't mean that the whole system will collapse and vanish.

yes that is very right to say, no doubt bitcoin is facing challenges but it have the capabality to solve these challenges, i am sure that bitcoin is becoming stronger and stronger from time to time and not such threat can effect bitcoin, because bitcoin can deal such kind of threat easily.

Juggy777

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

I don't think the Bitcoin system will ever fail, and 2140 is a very long time to go. I feel instead it shall expand a lot whole more than that, plus the value of Bitcoin shall only go up and up never down. I am 100% sure the miners shall continue to mine their coins and they shall be profitable, no one will give up on a cash making business.

Chachacoin17

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As long as digital currency will do a lot of businesses and promote more crypti coins, I think bitcoin system will remain intact, and will have a strong foundation of it's pillar to stand firm in the system which circulates until that future ends. That speculations that poisons every investors mind will not really influence a lot of people who invested and have strong trust to bitcoin currency, they will not easily be diverted with that rumors around.

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

You may want to learn more about mining difficulty

In fact, this question has been asked and answered infinite number of times already. It could be said that it has been beaten to death by now (maybe, that's why it is constantly asked all over again). If current generation of miners decide to leave (for whatever reason, not necessarily due to their revenues declining), the mining difficulty will adjust soon thereafter, and it will be profitable to mine bitcoins again. And it will adjust all the way down to mining starting to be feasible on GPU or CPU, as it had been at the dawn of the Bitcoin era

rafajunior99

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I never thought it was a definite reason for them to stop the miners Bitcoin, I think before doing the mining they would already know about any risks. Obviously, it is not possible to ensure that they will stop doing mining anytime.

aoluain

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after reading the OP I thought, hmm that makes sense, BUT
After reading all of the following posts, I understand more
clearly how the scenario will work itself out. Transaction fees
will sustain mining. This makes sense.

would it be a fair comment to make that if super computers exist
in the future and are possibly able to hack the bitcoin system,
the system will be in a position to increase the level of encryption
therefore leveling the playing field?

[its probably a hypothetical question]

Argon2

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

The problem is that Bitcoin did not have a cap of 21 million coins, instead the number would wrap every millennia (a new "deposit" found) and start back at 50. After Satoshi left somebody added the 21 million cap because web apps were not compatible with the wrapping mechanism of the reward variables in c/c++ (they would not wrap). So yes a Bitcion will have to be worth 1,000,000 USD by then for fees to support the mining infrastructure.

nutildah

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Quote from: DoublerHunter on June 19, 2017, 02:26:17 AM

I just watch a video about the quantum computers which is a very dangerous threat for bitcoin because it can hack bitcoin because of their very powerful computer or machine that can compute algorithm even more efficient and faster than before. Bitcoin system could possible collapse if this kind of threat will not be solve.

I've often thought about this but the thing is I don't think quantum computers actually exist yet. People claimed to have built quantum computers but there isn't any definitive proof that their computations are actually making use of quantum physics.

MIT recently used a bunch of server power to take guesses at private keys and got a handful of dust from random addresses in the process.

ranreichman

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Quote from: bitbunnny on June 19, 2017, 02:52:05 AM

Why so many dark and pesimistic threads about Bitcoin death, collapse and similar? Bitcoin has issues, yes this is true but this is part of the normal process. Changes are needed and the system and users will have to adapt but that doesn't mean that the whole system will collapse and vanish.

@bitbunny there are real issues and fake ones. This is a fake one, even if no new BTCs are created the miners will still earn the transaction fees

bitbunnny

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Why so many dark and pesimistic threads about Bitcoin death, collapse and similar? Bitcoin has issues, yes this is true but this is part of the normal process. Changes are needed and the system and users will have to adapt but that doesn't mean that the whole system will collapse and vanish.

ranreichman

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Quote from: DoublerHunter on June 19, 2017, 02:26:17 AM

I just watch a video about the quantum computers which is a very dangerous threat for bitcoin because it can hack bitcoin because of their very powerful computer or machine that can compute algorithm even more efficient and faster than before. Bitcoin system could possible collapse if this kind of threat will not be solve.

This is at least 10-20 years away by all accounts. When the technology is closer to reality the Bitcoin community will adapt.

NUFCrichard

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

Even though it appears you are a Waves spammer, I will just ask, for a coin that is 8 years old, is 2140 (123 years from now) really the near future?
For context, 123 years ago was 1894, how many currencies have survived in their original form from 1894 until now?

Anyway, if miners stop mining, we can keep the network going on a lot less mining power, it doesn't need to be anywhere near the level it is now.

DoublerHunter

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I just watch a video about the quantum computers which is a very dangerous threat for bitcoin because it can hack bitcoin because of their very powerful computer or machine that can compute algorithm even more efficient and faster than before. Bitcoin system could possible collapse if this kind of threat will not be solve.

Bitmedrano040117

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

I don't think that bitcoin will collapses in the near future. Because as we can see now into bitcoin, the price value is amazing its getting increases more and more. Aside from that many investors are also coming in into bitcoin together with the merchants in the entire world.

Kakmakr

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Quote from: DOGE12321 on June 19, 2017, 12:11:36 AM

Quote from: DannyHamilton on June 07, 2017, 12:43:36 AM

Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit.
- snip -

Further reduction?

Further reduction in what? Why would it matter if some miners abandon their business?

If a sufficient amount of miners leave the Bitcoin network, then there would not be enough to confirm pending transactions and mempools would grow massive. This isn't efficient.

The more miners leaving, the lower the difficulty will decrease. This will open up possibilities for other people to start mining again. If it drops low enough, you will even see people starting to mine with their CPU/GPU's like back in the day. Bitcoin mining for less coins are still profitable, if more miners leave and eventually miners fees will have to make up for the gap. In theory transactions needs to multiply to make up for the loss, when Block rewards are reduced with every Halving. < The Mempool is very congested, so it looks like it is working > ^smile^

maroonk

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Quote from: DOGE12321 on June 19, 2017, 12:11:36 AM

Quote from: DannyHamilton on June 07, 2017, 12:43:36 AM

Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit.
- snip -

Further reduction?

Further reduction in what? Why would it matter if some miners abandon their business?

If a sufficient amount of miners leave the Bitcoin network, then there would not be enough to confirm pending transactions and mempools would grow massive. This isn't efficient.

No because the bitcoin network readjusts the difficulty regularly so that there is always roughly the same number of blocks generated each day. The only thing required to deal with the overflowing mempool is bigger blocks, the number of miners is completely irrelevant.

DOGE12321

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Quote from: DannyHamilton on June 07, 2017, 12:43:36 AM

Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit.
- snip -

Further reduction?

Further reduction in what? Why would it matter if some miners abandon their business?

If a sufficient amount of miners leave the Bitcoin network, then there would not be enough to confirm pending transactions and mempools would grow massive. This isn't efficient.

magneto

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Quote from: DOGE12321 on June 07, 2017, 12:16:50 AM

As block reward decreases, miners will be dependent on transaction fees to suffice for their electricity costs. By then, if the price of Bitcoin isn't high enough, it will lead to a further reduction as miners abandon their business because of the lack of profit. Thus it could be said that Bitcoin can either do very well or collapse completely in 2140.

Doesn't the Bitcoin system fail in this way or are there any other variables in play that stop such a breakdown?

Please don't spread any FUD.

Your question is not really valid. Bitcoin rewards will indeed halve every 210000 blocks however this is not a worry. Bitcoin prices will increase probably alongside with the block rewards decreasing. This is not even mentioning that transaction fees will be an integral part of the economy. Look at even now, pools are making a lot off transaction fees compared to before, when compared to the actual mining rewards.

If there was a decrease in miners, it does not matter at all. It just means that these miners who chose to stay will have more blocks found thats all.

Quote from: Lauda on June 07, 2017, 12:49:44 AM

Quote from: DannyHamilton on June 07, 2017, 12:43:36 AM

-snip-

OP is a classic Waves spammer that is starting nonsensical threads. Add him into your ignore list. I suspect that he/she creates threads that facilitate SPAM for others (i.e. opens "discussion" to other farmed accounts). See another example: https://bitcointalksearch.org/topic/what-is-causing-the-bitcoin-bubble-1952038

Most likely that. I can't imagine why someone would not even know how the bitcoin ecosystem works and still have a senior member account Roll Eyes

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Quote from: DannyHamilton on June 07, 2017, 12:43:36 AM

-snip-

OP is a classic Waves spammer that is starting nonsensical threads. Add him into your ignore list. I suspect that he/she creates threads that facilitate SPAM for others (i.e. opens "discussion" to other farmed accounts). See another example: https://bitcointalksearch.org/topic/what-is-causing-the-bitcoin-bubble-1952038

Quote from: Amph on June 07, 2017, 12:26:43 AM

actually right now it's the opposite because miners now are earning more than 500 btc in fee, which is too much currently, they don't need that with the current value of bitcoin

Don't expect a valid argument from someone who is uneducated such as OP. The fees are growing too quickly, much more quickly than needed actually. Definitely *not* heading for collapse. Roll Eyes

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