Fall of Bitcoin? | Bitcointalksearch.org

leex1528

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Quote from: pawel7777 on November 05, 2015, 06:30:56 PM

Quote from: ilovealtcoins on November 05, 2015, 12:10:12 PM

I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

You don't have to be OP to participate in discussion.

In your scenario - I don't think it would make that much of a damage. Sure, the security flaw would take away some trust, but if it was fixed right away - that would mean that Bitcoin is now stronger than it was before and that the devs and miners are able to unite and cooperate to counter the threat.

Quote from: leex1528 on November 05, 2015, 12:34:43 PM

...
Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.

You can't make any meaningful prediction/simulation if you consider only 1 factor out of possible dozens or hundreds.

Assume 1BTC = $1:

Is it still the top cryptocurrency, or has it got replaced by some altcoin(s)?
Has the hash-rate significantly declined?
Was the drop to $1 sudden and unexpected, or was it slow down fall?
Have userbase, number of txs also significantly dropped?
...

Depending on the answers, you would create completely different scenarios.

Okay,

BTC Is still top dog.
Hash rate has remained consistent.
It was a slow down fall to 1
Same amount of user base, maybe a slight decrease but nothing major.

Most of this stuff is the same as now, just price has been steadily decreasing. Just curious is all.

pawel7777

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Quote from: ilovealtcoins on November 05, 2015, 12:10:12 PM

I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

You don't have to be OP to participate in discussion.

In your scenario - I don't think it would make that much of a damage. Sure, the security flaw would take away some trust, but if it was fixed right away - that would mean that Bitcoin is now stronger than it was before and that the devs and miners are able to unite and cooperate to counter the threat.

Quote from: leex1528 on November 05, 2015, 12:34:43 PM

...
Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.

You can't make any meaningful prediction/simulation if you consider only 1 factor out of possible dozens or hundreds.

Assume 1BTC = $1:

Is it still the top cryptocurrency, or has it got replaced by some altcoin(s)?
Has the hash-rate significantly declined?
Was the drop to $1 sudden and unexpected, or was it slow down fall?
Have userbase, number of txs also significantly dropped?
...

Depending on the answers, you would create completely different scenarios.

leex1528

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Quote from: pawel7777 on November 05, 2015, 11:51:14 AM

Quote from: leex1528 on November 05, 2015, 10:31:30 AM

That is exactly what I am asking. With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective.

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Quote from: leex1528 on November 05, 2015, 10:31:30 AM

Lots of great responses here, some not so great and people seem to be just posting random nonsense.

Welcome to bitcointalk.org!

Well, I am just asking a hypothetical, lets just say the value went down to a dollar for no reason at all.

Would it be able to survive? I am just looking at faucets, sig campaigns, mining in general all of these things would not be profitable, how would we get new people to join Bitcoin.

ilovealtcoins

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SmartFi - EARN, LEND & TRADE

Quote from: pawel7777 on November 05, 2015, 11:51:14 AM

Quote from: leex1528 on November 05, 2015, 10:31:30 AM

That is exactly what I am asking. With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective.

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Quote from: leex1528 on November 05, 2015, 10:31:30 AM

Lots of great responses here, some not so great and people seem to be just posting random nonsense.

Welcome to bitcointalk.org!

I know I'm not OP but I'm curious now. Let's say the reason was because of a security flaw (and only a few hundred BTC were stolen) and it was fixed soon after. Do you think it could ever recover?

pawel7777

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Quote from: leex1528 on November 05, 2015, 10:31:30 AM

That is exactly what I am asking. With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective.

If you're truly interested in starting debate on "what would Bitcoin be like if it was worth $1" you'd need to specify why would it drop that low. It makes big difference if it was due to major security flaw, people losing interest in cryptos altogether, Bicoin being surpassed by other crypto, or wide-spread governments ban.

Quote from: leex1528 on November 05, 2015, 10:31:30 AM

Lots of great responses here, some not so great and people seem to be just posting random nonsense.

Welcome to bitcointalk.org!

leex1528

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Quote from: Mickeyb on November 05, 2015, 04:12:29 AM

OP we won't ever go under a dollar I think and even of we do, that will probably be an end of Bitcoin so nobody will even care about faucets and signature campaigns anyway!

That is exactly what I am asking. With a low price you are going to lose new people from coming to Bitcoin, you are going to lose miners because it just wouldn't be cost effective. Lots of great responses here, some not so great and people seem to be just posting random nonsense.

ShetKid

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Quote from: de_bit on November 04, 2015, 07:43:55 PM

I think if governments around the world fuck up the internet then bitcoin will be screwed too.

I don't think it is in the interest of anyone or any government to screw up the internet. Most of the things are now internet connected, so rather it will be worse for them , and they have no reason to do so.

n2004al

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Quote from: leex1528 on November 04, 2015, 05:52:10 PM

Just a question here.

So if Bitcoin prices go below a dollar ever, do you think that will be the death of Bitcoin? The reason I ask is a lot of people try faucets/signature campaign or other methods to earn coins. If it was at a dollar, that means you would have to give out a fairly large amount of BTC to get people actually doing it. IE faucets would have to be around .001 per claim to make it even worth it. I don't think the people who run faucets actually will be willing to give that.

Just random thoughts..

It is wrong, according to me, the concept and the aim of the thread. Bitcoin cannot go so down. Have ne sense. So, have no meaning discuss about the other things written below this supposition. At least for me. The only time that bitcoin fall (and hard) it was when its price was pumped before by MtGox. So was "victim" of a speculation. In all its story its price has been a continue increase (with the normal ups and downs but in few amounts). But the overall trend was the increase. Have no moening that this trend change now without having any reason. And when finally there are countries which have regulated it (read accepted and legalized).

Conclusion. It is impossible that some day bitcoin will be dead. It is the first of a new era. Cannot have such end.

dinofelis

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Quote from: leex1528 on November 04, 2015, 06:10:21 PM

Please actually read my post, it has nothing to do with me thinking Bitcoin will go down below a dollar. I am asking you if you think IF it did, would it be dead

I think it is the opposite. In order for bitcoin to go down to $1,- it has to be dead. The cause of its death will be elsewhere. Technical failure, actual 51% attack successfully done, global crackdown by governments, or something of the kind.

Or replacement by a much more successful altcoin, with bitcoin relegated to the museum.

~Bitcoin~

legendary

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I don't think bitcoin will ever go down than 100$ in future. People who are holding large sum of bitcoin already have lots of dollar also in their account to pump the price up buying lots of bitcoin. What happening right now seems to be lots of buy order from chinese exchanges which shows there are lots of new or old people interested in stacking bitcoin for future. So below 100$ for bitcoin price is out of my thought.

Miracal

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Quote from: leex1528 on November 04, 2015, 06:05:02 PM

Quote from: countryfree on November 04, 2015, 05:59:57 PM

I think the timing is wrong for such a question. It's going up fast lately, haven't you seen?

BTC will never go down to a dollar. I really mean never, and I mean that if BTC ever goes down to $100, I and many other people I know, would jump at the opportunity and buy so many BTC that it would make the price rise again.

I am guessing you aren't paying attention to what is happening? It has gone down $100 dollars in the last hour alone and is still going.

I wouldn't say it won't ever go down to that I am also saying it will, I am just curious if it did.

The fluctuation of the price in $ is imminent. Even if it goes below $1 the price is very likely to increase again. Although it might lead to a lot of dumping, I think the smart one will buy loads at that low rate and simply wait for it to rise. The 'risk to profit' factor is high in such cases.

Mickeyb

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Move On !!!!!!

OP we won't ever go under a dollar I think and even of we do, that will probably be an end of Bitcoin so nobody will even care about faucets and signature campaigns anyway!

Amph

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there are more chances that we go to 100k than 1 dollars, 1 dollars is a long way gone price you won't see ever anymore, unless a fatal falw is discovered or something

and we are talking about a fall when we are skyrocketing, no-sense

gentlemand

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Welt Am Draht

While a one dollar Bitcoin may not mean it was dead, there would still be a dedicated hard core but I assume since only some type of technical disaster could bring it back to that price even that's debatable, it would mean it was a complete and utter irrelevance as all faith had been lost and zero would be the next step.

All those boasting about buying up thousands as it went into a death spiral in reality would be running around their bedrooms screaming with their knickers on their heads.

I think it's either heading for success or oblivion. Outside academic curiosity and nostalgia I don't see a hugely stunted Bitcoin living on.

ANdr0id

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Quote from: Hugroll on November 04, 2015, 06:29:16 PM

Quote from: countryfree on November 04, 2015, 05:59:57 PM

I think the timing is wrong for such a question. It's going up fast lately, haven't you seen?

BTC will never go down to a dollar. I really mean never, and I mean that if BTC ever goes down to $100, I and many other people I know, would jump at the opportunity and buy so many BTC that it would make the price rise again.

well it was a rollercoaster today it went up like crazy but now it looks like the bubble has popped, price is hovering around 380 currently. Sad

I had to stumble upon this thread to find this out Shocked

I turn my back for an minute and now look, my sh*t is fudded now Roll Eyes

Just got home without checking price from this morning and it was going up so nicely at $475 and up. Crash and burn now I guess Embarrassed

Envrin

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It's not going to go down to $1, and if it ever did, bitcoin would cease to exist. Miners wouldn't be able to afford to run the network if they're only making $25 for every block they solve, hence no more bitcoin.

croato

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It is nearly impossible to Bitcoin fall that low, but even at that price i bet there would be someone to mine (even for free) and enough users to give value. As long as we have some sort of internet, i am not worried about Bitcoin.

odolvlobo

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The price has been below $1 before and look where it is now.

Strictly speaking, Bitcoin works no matter what the price is. It doesn't care one bit about speculators.

de_bit

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I think if governments around the world fuck up the internet then bitcoin will be screwed too.

mtnsaa

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The truth is that we don't know anything. This spike is practically unexplainable, Bitcoin future is hardly easy to figure out. In theory it will always appreciate with time (that's what it has been doing every year since it started). But I can see a different scenario where a new tech arises that makes it obsolete somehow and fade into nothingness or very low value.

Many of us are into Bitcoin and attracted to it because we can feel there's something great about it but can't really know for sure if it will explode or not.

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