Topic: Economic effects of bitcoins - page 4. (Read 2755 times)
Bitcoin is not likely to be a economic disaster, if hacker's do not hurm.
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?
If they steal 20M Bitcoins then you're looking at basically all accessible Bitcoins being stolen, meaning that there will be next to no demand if all of that gets stolen and their Bitcoins will be worth a lot less than they would be should the market have been moving normally. That's assuming that people would even buy them again if they were stolen and they simply wouldn't use a copy of the blockchain from just before the theft and fork back to that. 
This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).
But if someone cracks it anyway, we should expect a rollback.
It is possible due to the fact that bitcoin is aligned through technology. And when technology is the point or subject is more vulnerable on development. And as long peole support the system of bitcoin further development and improvement will take place to bitcoin. And it can help economical problems because it is a form of currency that has value that may help leads to an upgrade and progress for the economical rate of ones country. But if someone cracks it anyway, we should expect a rollback.
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?
You are a full member and you don’t even know that even if there are going to be only 21 million coins that not all of those coins have been mined yet, if I remember correctly I think we are in 16.5 million at the moment, so no one can steal 20 million coins because there are not that many coins yet, second not all the coins are in the same wallet, the coins are distributed so someone will need to find a way to break the cryptography in which bitcoin is based and if someone could do that then all the bank accounts of the world would be at stake as well. 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?
The first reason that is not possible is because these bitcoin are spread across the world and not in a single platform like bitfinex and no one in the right mind will store their coins in exchanges or web wallets and if you know the basic on how to protect your system then no genius or crooks can hack these coins from anyone and if you cant do that,hope you have heard about offline and paper wallets.
Here are some I found:
-The tax collected by governments decreased a bit. (It's not taxable)
-More people had uncontrolled money which is a problem for crimes and money laundering.
-Economically unlawful attempts rised dramatically.
-The tax collected by governments decreased a bit. (It's not taxable)
-More people had uncontrolled money which is a problem for crimes and money laundering.
-Economically unlawful attempts rised dramatically.
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?
Its nice to know that virtual currency does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.
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?
Its nice to know that virtual currency does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.
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?
Its nice to know that virtual currency does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.
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.
If the whole world adapts and accepts bitcoin as a payment, government intervention would inevitable. This means that security and regularity will be more guarded and secured and potential threats like these would always be taken into consideration. Also if that where to happen, I can see that the price of bitcoins will drop due to its nature being hackable. The only threat that I see today is the high volatility of the price but that is to be expected.
This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).
But if someone cracks it anyway, we should expect a rollback.
But if someone cracks it anyway, we should expect a rollback.
Bitcoin for me hits the big impact on the social economy today the best is that was the way to secure and has less chance to lose money. We could use it to online transactions.
I guess before coming to bitcoin currency investment you should make it sure that it is secure investment until you are in long term. In short term it can be much risky than anything because you never know when the price can drop up to 300 dollars in a day.
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?
If whole world adopts Bitcoin then portion of its total supply will lie in 7 Billions different wallets averaging 0.003 BTC in each wallet. A person can be genius enough to hack one site and database but not 7 billion different accounts on different wallets.
Let's say if all of the people in this world already using Bitcoin and 20m Bitcoin got stolen then the price will fall down a lot, the price is based on the supply and demand by holding 20m maybe is going to caused the price going up, but there won't be any transactions volume and it can caused the price to fall down quickly
Don't talk rubbish. If 95.2% of total Bitcoins get scammed, who in the hell would care about price and holding.
Rather if that scammer tries to sell on any exchange, he could easily get caught. Its not 1000-2000 Bitcoins but 20m Bitcoins when whole world using it.
If more and more industries start to adopt the bitcoin then remember the heavy investment will also upgrade bitcoin in terms of security. The code is simple and can be cracked by smart IT guy. But the question is why would he do that? Don't you question that he will loose the assets too when bitcoin collapses in its own faulty technology and making that IT guy worthless too. No one will try to crack the bitcoin code in first place, because if anyone will do that then the system will shut completely and bitcoin would result in zero value. However, bitcoin is continually upgraded in terms of tech stuff and I'm sure devs are taking care of security part as well.
At the moment I can only say the economic impact that has occurred to me. And I feel that bitcoin can help my economy. Because by following bitcoin I can get additional income. But I am not talking for the global level. It's just the impact I feel. When we talk to the global level about bitcoin will certainly be different. This needs to be highly technical directed. Because when everyone uses bitcoin what impact will be felt. I think that's not necessarily good either. So i say this needs good technical. So that no party can take advantage of the profits through an incorrect path
It will probably happen. Someone steals a lot of bitcoin. Because it is bitcoin is digital. People will invest bitcoin if everyone knows bitcoin and what are the benefits of bitcoin. I think they will invest all their money to bitcoin. It's just that they need the internet to do it
This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).
But if someone cracks it anyway, we should expect a rollback.
But if someone cracks it anyway, we should expect a rollback.
Bitcoin for me hits the big impact on the social economy today the best is that was the way to secure and has less chance to lose money. We could use it to online transactions.
Let's say if all of the people in this world already using Bitcoin and 20m Bitcoin got stolen then the price will fall down a lot, the price is based on the supply and demand by holding 20m maybe is going to caused the price going up, but there won't be any transactions volume and it can caused the price to fall down quickly
Could theoretically be possible, but will it happen? Definitely not.
Bitcoin has been able to improve economy of its users in various countries, currently there are many people who use bitcoin as their expected source of income, a big change in the economy of bitcoin users can be felt after rapid increase of bitcoin prices.
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?
Then that wont be valuable anymore.
Imagine one human being having 20 million pieces of the Monalisa.
Are you still going to buy that?
It was similar with bitcoin. The more people who wants it the more price it gets and be expensive.
Without that demand then one item will have lesser value.
It must be something that people are thriving to get even just a piece of it.
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