How can Bitcoin fail? | Bitcointalksearch.org

Brooker

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Quote from: bitcoin4eva on February 28, 2015, 03:59:23 AM

I don't think it will ever fail. It has a big userbase, and people are all the time creating new uses and applications for Bitcoin.

You shouldn't think like this with the it's too big to fail line. That's what they said about the banks. If bitcoin was too big to fail the price would likely not be so low as it is now. If bitcoin kept falling it would be too expensive to support so it'd fail if all the miners left or moved on to something better so bitcoin can always fail though I sincerely hope it doesn't.

runpaint

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If Bitcoin isn't important enough for a lot of people to mine, then it won't be important enough for anyone to try a 51% attack.

ranochigo

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Quote from: gkv9 on February 28, 2015, 08:32:00 AM

Quote from: ranochigo on February 28, 2015, 04:40:53 AM

Quote from: pitham1 on February 28, 2015, 02:38:37 AM

Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations.

Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.

Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.

You mean it ain't going to reflect to anything related to BTC if the mining gets shutdown?

Blocks will be slower till 2016 blocks later when the difficulty is adjusted appropriately. I highly doubt 50% of the network would shutdown. Someone is bound to keep on mining to contribute to the network.

gkv9

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Quote from: ranochigo on February 28, 2015, 04:40:53 AM

Quote from: pitham1 on February 28, 2015, 02:38:37 AM

Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations.

Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.

Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.

You mean it ain't going to reflect to anything related to BTC if the mining gets shutdown?

ranochigo

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Quote from: pitham1 on February 28, 2015, 02:38:37 AM

Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations.

Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.

Even if one miners don't shutdown, if 50% of the network shuts down, a 51% is more likely and transactions would process slowly as the difficulty is too high. Also, difficulty change would take lots of time since difficulty changes every 2016 blocks.

bitcoin4eva

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I don't think it will ever fail. It has a big userbase, and people are all the time creating new uses and applications for Bitcoin.

kpitti

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Problem with PayPal and Credit Cards is that they are running with companies which sets the rules. Rules which are defined by goverments and themself. You need to accept it and this can cause a problem. I did not count how many times PayPal force me to accept new terms.
Bitcoins can be send without such oblications.

virtapayseller666

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Quote from: pitham1 on February 28, 2015, 02:38:37 AM

Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations.

Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.

bitcoin will never End its Endless Now btc is still at 250$ from last night

pitham1

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Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Well, I definitely know one miner who won't shut down operations.

Number of miners coming down will increase the chances of a 51% attack, but definitely won't mean the end of Bitcoin.

dothebeats

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Quote from: runpaint on February 27, 2015, 02:44:27 PM

Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

What if all the stores in the world stopped accepting U.S. Dollars all at the same time?

Even if everyone around the world stopped mining Bitcoin at the same time, which is impossible under any normal circumstances, the major problem would be waiting for the difficulty to adjust. Other than that, it wouldn't be a problem at all. We could all just go back to mining on laptops.

It can help because when the above situation happens, the difficulty will drastically decrease, which means we can go mine by our laptops and pcs to move transactions in the network. But you're correct. Under any normal circumstances, it is impossible to happen.

dothebeats

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Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

Failure to process transactions also means failure of the coin itself. Well if the damage that's been done is beyond repair, then we might consider it as a failure and may be forced to accept the fact that bitcoin is indeed in its last steps.

But I don't think it will happen sooner or later. Why would miners do that in the first place, simultaneously?

runpaint

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Quote from: gkv9 on February 27, 2015, 02:22:24 PM

Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

What if all the stores in the world stopped accepting U.S. Dollars all at the same time?

Even if everyone around the world stopped mining Bitcoin at the same time, which is impossible under any normal circumstances, the major problem would be waiting for the difficulty to adjust. Other than that, it wouldn't be a problem at all. We could all just go back to mining on laptops.

gkv9

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Quote from: dothebeats on February 27, 2015, 09:05:35 AM

As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

That's what even I was thinking, that if all of a sudden, all the miners shutdown their miners and the txns stop processing, won't it be considered as failure to the whole BTC network as what will make it run if the difficulty suddenly decreases and (not at all possible but) reaches to 0? How will the Blockchain work? Is there any backup by the Foundation?

KaChingCoinDev

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Quote from: kolloh on February 21, 2015, 07:22:48 PM

Yeah as long as people keep using it, it probably won't fail. If it gets replaced or abandoned, then it wouldn't be useful any longer.

Exactly. If for some reason an altcoin replaces BTC (god forbid), BTC would die.

Snorek

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Quote from: Bit_Happy on February 27, 2015, 01:50:36 PM

Quote from: mlferro on February 27, 2015, 01:40:04 PM

Hard to imagine that bitcoin may fail. But from what I've been reading on this topic it seems that this can indeed come to pass.

If it does, how will it be Huh

The Bitcoin Foundation is in position to do some damage, but I don't think Satoshi's original creation will fail.

People invested too much already in bitcoin to let it fall. Bitcoin price may be volatile but I do not think it will reach zero - and thus ultimately die.

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Quote from: mlferro on February 27, 2015, 01:40:04 PM

Hard to imagine that bitcoin may fail. But from what I've been reading on this topic it seems that this can indeed come to pass.

If it does, how will it be Huh

The Bitcoin Foundation is in position to do some damage, but I don't think Satoshi's original creation will fail.

mlferro

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Hard to imagine that bitcoin may fail. But from what I've been reading on this topic it seems that this can indeed come to pass.

If it does, how will it be Huh

dothebeats

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As long as demand is present, there is no way that bitcoin will fail. And also, if the miners shut down their miners at the same moment, transactions cannot be processed, and thus disabling the network as a whole.

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Quote from: pecintapantai on February 27, 2015, 08:26:28 AM

wohoho bitcoin will fail? no i guess bitcoin never fail enough

As I told in my previous post, the bitcoin can die if all the miners shut down their machines (but there are also another option, a massive dump, etc... ).
However I don't think all the "miners" shut down their machines instantly in the same "moment".

pecintapantai

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wohoho bitcoin will fail? no i guess bitcoin never fail enough

Topic: How can Bitcoin fail? (Read 3624 times)