Topic: If Bitcoin were ever to die, would that be a good thing for cryptocurrency? (Read 327 times)
October 25, 2017, 02:48:07 AM
I think bitcoin is hard to back off and I think bitcoin will always keep going upward, because bitcoin has many users who will always keep the price and bitcoin continuity, bitcoin is a financial solution for all humans who use and understand about bitcoin. i think it is hard to tear down bitcoin.
October 25, 2017, 01:23:58 AM
This is inspired by an article...
This article has a very pessimistic view of things, people like money and even rich people want privacy, and bitcoin and altcoin can offer such privacy, the more months or years go by the more countries and organizations will use bitcoin ... If it were to bitcoin die, the US government, China and other countries could meet and close all mining companies, could chase all who buy bitcoin. The author of this article is making a storm in a glass of water.
If bitcoin died, the altcoins would follow the same path
October 24, 2017, 09:50:37 PM
Blockchains are simply the technology cryptocurrencies are built on, and has nothing to do with them otherwise. The fall of cryptocurrencies doesn't mean the fall of blockchains, but the fall of blockchains will certainly mean doom for cryptocurrencies.
As for the article, it's an interesting take. The author seems to think that defeat is inevitable, and that we should quit while we are ahead, so that we will be better equipped for future battles. That would make sense, if we are to say that all his assumptions are correct. Is defeat really inevitable though? I honestly don't think so. It's certainly possible for the banking industry to use its monetary influence. Money talks, and if they use enough, they might just be able to have a say in Bitcoin's value. The question here is, of course, how much money would be enough? It's not like the banking industry is one monolithic block. They're going to have to work in perfect unison, knowing full well that there is a large risk involved. I don't think that's likely, and I don't think Bitcoin has to die for other cryptocurrencies to flourish.
As for the article, it's an interesting take. The author seems to think that defeat is inevitable, and that we should quit while we are ahead, so that we will be better equipped for future battles. That would make sense, if we are to say that all his assumptions are correct. Is defeat really inevitable though? I honestly don't think so. It's certainly possible for the banking industry to use its monetary influence. Money talks, and if they use enough, they might just be able to have a say in Bitcoin's value. The question here is, of course, how much money would be enough? It's not like the banking industry is one monolithic block. They're going to have to work in perfect unison, knowing full well that there is a large risk involved. I don't think that's likely, and I don't think Bitcoin has to die for other cryptocurrencies to flourish.
October 24, 2017, 06:11:58 PM
If people hold on for dear life, then I don't think it will lose credibility. But if people sell like it's a get rich quick scheme then credibility will be lost.
is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
you know theres also an altcoin aside from bitcoin and other forms of bitcoin like bitcoincash/bitcoingold , so i dont think that theres only a single target that they can foccus on.
October 24, 2017, 06:08:09 PM
No I think it will not be a good thing for cryptocurrency, in fact it will be quite bad as it will affect others and you don't really want the leader to fall from grace. However, after that there may be some other people come up with new forms of money
October 24, 2017, 06:03:15 PM
It might be, Bitcoin has generated a lot of interest from people to make their own coins. Now, currently a lot of them are simply copies, or have poor implementations. But, in the future there could be some genuinely better cryptocurrencies than Bitcoin, and improve on the existing system. Only then will it benefit cryptocurrencies.
October 24, 2017, 06:00:27 PM
This is inspired by an article that proposes that Bitcoin is an easy target for big banks and the Fed because it's the first and (so far) most successful cryptocurrency. It's highly probable that a disorderly collapse of Bitcoin could be harmful to cryptocurrencies as a whole, although the blockchain is likely to survive with the backing of corporations like IBM. But if it becomes obvious that Bitcoin is starting to get backed into a corner, is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
Bitcoin has become the target of the organized financial sector because it is the first coin built of blockchain and immensely popular. People are unaware of other crypto currencies know about bitcoin. At least they have heard the name bitcoin once. Hence it is easier for the banks to give its reference. Also from the price point, no other currency is ever near to bitcoin. So bitcoin is the main challenge for the banks and not other currencies. Every good thing has a expiry date so bitcoin will eventually die over time, but that doesn't mean that the blockchain technology or other crypto currencies will die. Some other currency will certainly takes its place and continue the legacy. But it is too early to say anything good or bad about it.
October 24, 2017, 05:15:11 PM
if the bitcoin ever dies then in the crypto world there will be global destruction, altcoin below it will weaken, I hope it will not happen. if that happens what will we get? will i just experience loss or profit?
October 24, 2017, 05:05:43 PM
Bitcoin is likely to reach a point where it gradually begins its decline and is displaced by new systems or currencies to carry out the original Satoshi project more efficiently, but when that time comes the altcoins market will be mature enough to assimilate without too much shock the decadence of bitcoin, especially since that will happen in a gradual way.
October 24, 2017, 04:47:47 PM
I think Bitcoin technology will be used by central bank soon, but bitcoin itself might be die in the not long future. The main reason is that every country needs to control their own money, otherwise, a country's finance will be in trouble. Another reason is that if anyone can print money, the money will be meaningless.
October 24, 2017, 04:44:49 PM
If tomorrow, bitcoin was destroyed, in like a minute, it would take the whole industry down with it. THe reason is that it holds the majority of the market cap. Now if this shift happened over time, thats a whole other story.
October 24, 2017, 04:41:28 PM
If bitcoin ever die it will be a disaster on a global scale. People not only lose huge sums invested in bitcoin but the event would undermine the credibility of cryptocurrency in General. Everyone will sell coins for any money and you'll never get anything. Only lose.
If people hold on for dear life, then I don't think it will lose credibility. But if people sell like it's a get rich quick scheme then credibility will be lost.
If people can stop thinking of it as a piece of asset then maybe, It will survive, but now everything seems that everyone here is because of the money I remember last year the gold rush was a bit dead. Only when the gold fever hits them then prices are strong and moving like a rollercoaster
October 24, 2017, 04:38:17 PM
This is inspired by an article that proposes that Bitcoin is an easy target for big banks and the Fed because it's the first and (so far) most successful cryptocurrency. It's highly probable that a disorderly collapse of Bitcoin could be harmful to cryptocurrencies as a whole, although the blockchain is likely to survive with the backing of corporations like IBM. But if it becomes obvious that Bitcoin is starting to get backed into a corner, is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
In my own opinion i defined bitcoin as the root &the body of the trees while all altcoins & crypto curriencies are the succesful traders and the beautiful leaves.Now if you cut or pull the root and the body of the trees ,the branches will die and decay the leaves are die also and flew away,so that the things is like happen also in bitcoin,if it is die,the crypto currency also falling down.
October 24, 2017, 03:26:50 PM
This is inspired by an article that proposes that Bitcoin is an easy target for big banks and the Fed because it's the first and (so far) most successful cryptocurrency. It's highly probable that a disorderly collapse of Bitcoin could be harmful to cryptocurrencies as a whole, although the blockchain is likely to survive with the backing of corporations like IBM. But if it becomes obvious that Bitcoin is starting to get backed into a corner, is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
In the short term, it would definitely crush trust in cryptocurrencies. But it really depends on the nature of the flaw and the reaction of the community, even if the markets plummet in short term panic.
If, for example, there were an existential flaw found in Bitcoin that made its cryptography breakable, the markets would collapse and investors would be scared off. I'm sure a fix (a hard fork that changed the signature curve or POW algorithm) would be released. The question is, would the community largely fork to the new system? Would they largely sell their bitcoins and go home? The reaction of users will inform the large investment community. It would be interesting to watch, that's for sure.
If Bitcoin successfully hard forked in that scenario, it would be very bullish for the long term. I don't really see a scenario where Bitcoin will "die" without it being forked, in any case.
October 24, 2017, 03:22:09 PM
If bitcoin ever die it will be a disaster on a global scale. People not only lose huge sums invested in bitcoin but the event would undermine the credibility of cryptocurrency in General. Everyone will sell coins for any money and you'll never get anything. Only lose.
If people hold on for dear life, then I don't think it will lose credibility. But if people sell like it's a get rich quick scheme then credibility will be lost.
October 24, 2017, 03:20:47 PM
This is inspired by an article that proposes that Bitcoin is an easy target for big banks and the Fed because it's the first and (so far) most successful cryptocurrency. It's highly probable that a disorderly collapse of Bitcoin could be harmful to cryptocurrencies as a whole, although the blockchain is likely to survive with the backing of corporations like IBM. But if it becomes obvious that Bitcoin is starting to get backed into a corner, is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
If we do talk generally about bitcoin to die completely in the sense that government would ban it then its possible since there would really be only a limited space for the community who do still believe on it but talking on shutting it down completely on technical basis then it wont really happen as of these years but yet its possible on future years to come on where super computers would already be involved on it. Bitcoin wont easily die is the community support is always there.If it does it will really give big impact on cryptocurrencies which would lead up on losing the trust of investors into other coins for sure. October 24, 2017, 03:15:04 PM
If bitcoin ever die it will be a disaster on a global scale. People not only lose huge sums invested in bitcoin but the event would undermine the credibility of cryptocurrency in General. Everyone will sell coins for any money and you'll never get anything. Only lose.
October 24, 2017, 03:14:10 PM
I think ultimately bitcoin will eventually die. If we go down slowly and with a fight people will recognize the tech, but if we just give up i think that shows that we feel we don't have good tech.
October 24, 2017, 03:11:06 PM
This is inspired by an article that proposes that Bitcoin is an easy target for big banks and the Fed because it's the first and (so far) most successful cryptocurrency. It's highly probable that a disorderly collapse of Bitcoin could be harmful to cryptocurrencies as a whole, although the blockchain is likely to survive with the backing of corporations like IBM. But if it becomes obvious that Bitcoin is starting to get backed into a corner, is it better for Bitcoin to go out swinging or for Bitcoin to have some form of orderly demise so that there's no longer a large single target for governments and big financial institutions to aim at?
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