I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
I don't think such a thing will happen since the 20 millions Bitcoin are not in the same wallet or exchange. But I believe it will be possible when you talk about thousands of Bitcoin and not as you rightly mentioned 20m above. And if it eventually happen, they themself will loss a lot too because it cost them to hack and Bitcoin value will decline. 
Topic: Economic effects of bitcoins - page 3. (Read 2735 times)
I totally agree with Lieldoryn. This is a sad but true fact - the decentralized nature of bitcoin still allows for richer users to influence more. The wealthy ones buy out more bitcoins and have more voting power. So nothing hinders big players and corporations to establish their rules. Something has to change, it will change, but for now that's the sad truth.
The economic effect of bitcoins on the world is one that has to do with power. The power around the world is extremely centralized right now. Bitcoin is decentralized and therefore the more people that turn their FIAT money into BTC, the more power we can take away from the ones that control our money right now. It shouldn't be a group of people controlling money it should be all of us.
Unfortunately, this is impossible. In the bitcoin community there are a lot of different people. Everyone has their own interests. They cannot be combined by one goal. All are only interested in income. A specific example is a fork of the bitcoin in November. What prevented the miners and developers to negotiate? No, each pursues its own interests, and nobody cares what will happen to bitcoin. 
The economic effect of bitcoins on the world is one that has to do with power. The power around the world is extremely centralized right now. Bitcoin is decentralized and therefore the more people that turn their FIAT money into BTC, the more power we can take away from the ones that control our money right now. It shouldn't be a group of people controlling money it should be all of us.
Bitcoin give us extra income here so in economics they give our country to become rich its also good for transaction and to save our moneh here in hard wallet i think bitcoin is need by any person in any country because this give us much conveniece for our good work here and to have many ideas to earn
I myself may only be able to give the best prayer for the future of bitcoin Because of the prospects today have shown that bitcoin is able to provide great opportunities for investors in obtaining huge profits.But if a problem arises like automatic theft will give a bit of a challenge for him to continue running the business every time.To be more careful every act.
cant happen somebody stealing 20M bitcoin as clever as the person to steal 20M bitcoin .. satoshi nakamoto who created bitcoin just had said he would not be able to manipulate the mining numbers ...
Gold will always attract people. This is a rare metal and a lot of people want to differ from others. They will wear your gold jewelry for. The material shape distinguishes this metal from bitcoin. How can you steal bitcoins 20m if they will be released the 21st? It is unreal. If you want you can find any coin. I think to ever be created by the developers of cyber police who will make stealing coins is impossible.
Bitcoin is very popular now, and a lot of people are now engaging themselves into it. Sooner or later businesses and other economic platforms will use it whether in payment, transaction, or investment. For me it will be a great progress. But also, since bitcoin is virtual, there's always a possibility of hacking. But if the industry will use it, I'm sure they will develop a strong security so it will not be vulnerable to hackers.
cant happen somebody stealing 20M bitcoin as clever as the person to steal 20M bitcoin .. satoshi nakamoto who created bitcoin just had said he would not be able to manipulate the mining numbers ...
Well, bitcoin has a big effect to the economy of my country because the earned that came from bitcoin is directly added to the collection of money of the government. Were they benefited taxable item that was purchase by the pro earner like me.
cant happen somebody stealing 20M bitcoin as clever as the person to steal 20M bitcoin .. satoshi nakamoto who created bitcoin just had said he would not be able to manipulate the mining numbers ...
It will not going to effect the economy of a state or world because the bitter truth is world economy is not dependent or based on bitcoin. If this could happen then there will be sudden drop in the price of bitcoin and it may crash too because all the community will reject it and the hacker will left behind with worthless bitcoins. The bitcoin community is not dumb that someone can easily stole bitcoins and cash it where ever he/she want.
Then the price of bitcoin will become worthless. People will decrease the price of bitcoin so that the stealer will have no chance to spend that amount of bitcoin. However, bitcoin was developed by the genius Satoshi nakamoto so that I believe that there is no person can steal all bitcoin in the world 
we do not need to worry aboout that issue
we do not need to worry aboout that issueFolks will just start using some other coin
Basically, the same will happen if someone grabs all the gold in the world, and everyone and his grandma quickly forget how gold looks and what it is valued for. Indeed, gold looks nice on its own, and its charm is kinda built in all of us (to a certain degree, at least), but if no one hears about gold any more for a few generations, it will likely lose all its appeal, and then the owner of all this gold will have hard time liquidating his heavy hoard of this shiny metal
Bitcoin is uses a decentralized system of distribution where different computers update the ledger and the hash functions .Blockchain are hacked proof because there are millions of blockchain users which makes it difficult to to corrupt. Each block chain links to the previous. A hacker cannot not steal all of the 20M coins of Bitcoin. Remember they are in different addresses and needs different level of block authorisation before acceptance.
Moreover I think there is always a person step ahead of you. If there is someone who can steal all the 21 million their surely might be one who could protect these 21 millions. 
Then the price of bitcoin will become worthless. People will decrease the price of bitcoin so that the stealer will have no chance to spend that amount of bitcoin. However, bitcoin was developed by the genius Satoshi nakamoto so that I believe that there is no person can steal all bitcoin in the world we do not need to worry aboout that issue
we do not need to worry aboout that issue
Bitcoin is uses a decentralized system of distribution where different computers update the ledger and the hash functions .Blockchain are hacked proof because there are millions of blockchain users which makes it difficult to to corrupt. Each block chain links to the previous. A hacker cannot not steal all of the 20M coins of Bitcoin. Remember they are in different addresses and needs different level of block authorisation before acceptance.
I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
It is very possible that a genius may hack majority of bitcoin. But that act alon will make all his effort in vain in hacking the majority of bitcoin. Reason is that, bitcoin will automatically fall in price until to the point of being worthles. Support will be taken away because it shows that bitcoin is a failure.
Nice analysis. Off course, when there is nothing to chase again about bitcoin, it will drastically depreciate and worthless. Meaning, it won't be useful to the hacker. The hacker might probably unveil his veil because of frustration.
It is impossible to steal the 20M bitcoin because there were less than 17M bitcoin at the moment. Then, if someone is really pushing to steal it he is probably going through a hard time hacking the multiple wallet where coins are evenly distributed. Bitcoin is so establish that anyone can really put their security and assurance with this crypto. Bitfinex was based on a single platform which makef it easily stolen by the theif, while bitcoin has spread in different country and there is really no one who haa full control over it.
Impact or effects of bitcoin on the economy I think it is good because the value of the virtual currency does not affect the exchange rate of ordinary currency so that more and more people who have bitcoin will be better in a country's economy
Yes it is, and additional money can be count and can be conteibute in country's economic status .i think it may help a lot if government will acquire taxes a little amount will do I think, and honestly putting it in to its right place can imprive public services as well as the establishments.
When the market cap reaches $21,000,000,000,000 (that means $1,000,000 per Bitcoin) the effects will be HUGE. For example, gold only has a market cap of $7,000,000,000 which emans Bitcoin will be 3 times more valuable than gold worldwide.
Bitcoin supply are limited and the demand will high , ofcourse bitcoin has value over $ 5000 / btc
It's really great for early investor who had bitcoin but in order to get legalize for all world, it still need some time
It's really great for early investor who had bitcoin but in order to get legalize for all world, it still need some time
Jump to: