Economic effects of bitcoins - page 5.

Reid

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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.

skorupi17

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

This scenario is very impossible. There are many people who are having Bitcoin now. They keep it in an exchange, an online wallet, a cold wallet. or any other type of wallets. Since there is only 21 million Bitcoin will exist in this world, let us say that the 20M you say is all of the Bitcoins out there excluding the forever lost Bitcoins. So if the 20M BTC will be stolen by a "genius" then he must hack all types of wallet and grab all of the coins. This is very impossible to accomplish unless all of them will be in a single wallet (which is impossible also to happen).

bitbunnny

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Bitcoin can't have the significan impact on economy anywhere in the world. For that it should officialy become part of financial and economic system and fully recgonized and regulated. This is not very likely at current stage and generaly it would cause consequences for which system is not ready yet. At the moment the.influence can't also be measurable.

louisedem

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Since bitcoin is not yet popularized worldwide through commercials and advertisements I think it small percentage of helping economy will be considered, because it has no tax, no registration fees and so on , and the only thing that I know is, it adds foreign currency because for you to get the expected amount kf your money you always need to convert it, they will transfer the money by different currency conforms in the place you were living.

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

That's unlikely though not completely impossible

But you should first ask yourself whether Bitcoin is actually going to become the only currency used by the whole world. That's highly unlikely on its own. Even if we hypothetically assume that ("just for fun"), it would be more about cracking Bitcoin cryptography rather than stealing bitcoins like it happened at Bitfinex. This is certainly possible but the question itself is like what would happen if someone found a "kill switch" of sorts to power off the whole Earth. Obviously, people would quickly switch to direct barter (start using candles)

matuson

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Quote from: omonuyak on June 16, 2017, 05:16:23 AM

If the whole world adopt bitcoin as a means of payment and storing of values. Op you should not be afraid of some stolen 20millions dollars worth of bitcoin as that could not affect price by then. If you follow the history of criminality in all over the world did not affect price, because of the fund is still in circulation.

The world does not recognize bitcoin. Americans will never admit that the dollar has lost its investment attractiveness. While bitcoin is not at war with the dollar we can safely invest in it, but as soon as the Americans feel the danger, the fate of bitcoin will be in question.

DRaGoN RaNTaRo

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Since this is a hypothetical question the answer is simple,bitfinex is an exchange and the hacker was able to get control of the private keys and so they could steal the coins away,the so called 20 millions wont be sitting at a single wallet and so it is not possible. Tongue

ktabb

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

They would instantly lose 100% of their value and people would start using something else. Nobody would trust Bitcoin anymore if that happened. Crypto itself would probably suffer irreparable harm and it would take decades before anyone trusted any crypto again.

omonuyak

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If the whole world adopt bitcoin as a means of payment and storing of values. Op you should not be afraid of some stolen 20millions dollars worth of bitcoin as that could not affect price by then. If you follow the history of criminality in all over the world did not affect price, because of the fund is still in circulation.

Yuhee

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Quote from: equator on June 16, 2017, 02:23:16 AM

What ever OP wanted to do for hacking but one thing he is forgetting is that out of 20 million coins some more then 10% of the coins are in dead wallet which are lost the keys by their owner so they are dead and balance are in split so what ever illusion he wants he can make it.

I think the issue is not the dead wallets but those blocks that are still in the net. The cryptogram that was used in btc has a millions of combinations of numbers so i doubt if anyone could hack that. This is the new era and if there was hacker with that kind of knowledge then this should blocks should be hacked by now. I mean 6 years have passed and still no hacking on the blocks has had happened. So for me, it is too far in the future could the blocks be hacked.

equator

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What ever OP wanted to do for hacking but one thing he is forgetting is that out of 20 million coins some more then 10% of the coins are in dead wallet which are lost the keys by their owner so they are dead and balance are in split so what ever illusion he wants he can make it.

Hydrogen

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It is possible for someone to crack the private keys to all 20 million bitcoins.

The nature of cryptography doesn't make this impossible.

It only makes it unfeasible in terms of time consumption.

You can crack all 20 million coins, but it will take you 10,000+ years to do it.

Fappanu

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Quote from: raja2sumi on December 31, 2016, 01:23:43 AM

Yahh that could be possible .but i think by that time when the 20 million bitcoins have been mined then the security would increase a lot and our government would give a tight security to make not that happen.

Well i wish our government will be forever hands off in bitcoin 'coz if they'll do or they will have a interest in bitcoin community they will manipulate us. Too many greedy and corrupt officials Angry

But bitcoin for sure will not be hack by others because of its unique features and also the block chain. It's not beknownst to us.

Amph

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first of all not all the 20 million coins are on exchange, also they are not on a single exchange anyway, so what you are talking about it's an impossible scenario

this ginius at best can stole 20k-100k like happened on some exchange in the past, and the price hardly crashed back then

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Quote from: andrei56 on June 15, 2017, 11:01:01 PM

Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

A genius will not be able to do this, it will need be someone with access to technology we do not know yet, so either the governments will be behind this or aliens, governments could try to do this but aliens have better things to do than to worry about that.

That is the point, a technology we don't know yet, because with the technology there is in the world today it's impossible to steal all the bitcoins. Who could do it isn't a genius, just someone very evil, because he would kill the bitcoin market.
It would be the end of bitcoin, the price would decrease, killing the currency instantly. Not good for the genius and not good for anyone.

andrei56

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

A genius will not be able to do this, it will need be someone with access to technology we do not know yet, so either the governments will be behind this or aliens, governments could try to do this but aliens have better things to do than to worry about that.

zulkarnaen

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Quote from: Icculus. on June 15, 2017, 10:12:43 PM

Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

Bitcoin would become worthless. Bitcoin is nothing without demand...just like every other currency. There's nothing tangible about it. It only has value if a community of people agrees that it does, it's thoroughly based on trust.

The world would decide on some other currency to use to conduct business - likely one of the other 100+ alt coins in existence!

What's worse is during a time of calamity. Say there's a major world war, internet goes down, power outages, something significant...it would have a huge impact on access to the blockchain, miners, prices, demand.

I have the same opinion with you, although existence of bitcoin certainly has a good contribution to economy of a country, but of course many factors are always a consideration for each country to accept bitcoin and recognize its legality, including transaction that always uses internet connection as well Transaction costs Also a constraint even today transaction process becomes an obstacle for users to perform transaction activities that seem slow.

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

Bitcoin would become worthless. Bitcoin is nothing without demand...just like every other currency. There's nothing tangible about it. It only has value if a community of people agrees that it does, it's thoroughly based on trust.

The world would decide on some other currency to use to conduct business - likely one of the other 100+ alt coins in existence!

What's worse is during a time of calamity. Say there's a major world war, internet goes down, power outages, something significant...it would have a huge impact on access to the blockchain, miners, prices, demand.

rahmat92

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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

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Quote from: Gohs on August 07, 2016, 10:44:07 AM

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?

This is maybe the dumbest question ever to be asked in this forum, or one of the dumbest. But to answer your question it will all go down. By all I mean all of the Bitcoin based industries that were created around and on top of it. That hacker would have been richer if he stole fiat and invested them in Bitcoins.

Topic: Economic effects of bitcoins - page 5. (Read 2755 times)