Topic: In what situation would Bitcoin die? - page 105. (Read 101822 times)

bitcoin able to create a shortcut for a person to be rich to those who can use it. if in mind is normal, then the bitcoin users will always grow, and it makes it never dies. but, a condition that can make it die is when the internet in the world disappear, because bitcoin need for internet access. but, it will not happen.

We are talking about "What situation bitcoin will die" and if there's no more investors coming in, no more users spending it. Then do you think that the bitcoin economy will be keep on operating. We are just assuming this but we know that bitcoin will never be dead because of the popularity and it's decentralization as well as billions of dollars in it's market cap.

'currency' is magical in that it shape-shifts into anything one wishes it to be.  At least within it's sphere of operation.  This is completely irrespective of any 'value in it's own right', and indeed, most successful currencies have this 'native usefulness' attribute only to a very limited degree if at all (e.g., gold.)

Put another way, Bitcoin (or any workable 'currency') has the magical ability to turn an illegal drug into and illegal gun which is a very valuable capability indeed.

As a user who can, has, and does use Bitcoin for 'speculation and profiteering', criminalization would suck.  For someone who is already a criminal the suckage is much less.  Even between these two classes there are areas of overlap.  The set of things I am interested in include, for instance, certain kinds of equipment.  Say, an airplane.  A drug-runner has a different set of interests but an airplane is in many cases one of these.  The upshot is that there will always be this overlap between the black market and the mainstream.  Bitcoin could easily help in this such transactions due to it's historic acceptance and usability.  If not Bitcoin than something else.

In any environment the value of the currency will be largely associated with 'velocity' an 'propensity to hodl' (Satoshi having simplified the currency base part of the equation in the design phase.)  The reality of black markets is such that we are probably at a tiny fraction of where Bitcion _could_ be in fiat denominated terms.  Bitcoin is eminently 'hodleable' and the value flows within black (or simply non-mainstream) markets are huge. 

i am hopeful that not a single country is going to banned bitcoin. still they do not have any any statement about bitcoin so we can say that bitcoin is still legal and hope that it will remain legal and all the countries of the world will start accepting bitcoin as legal currency.

I certainly understand your point

And I in advance agree with the examples you are likely going to bring forward proving the cases where the forbidden fruit is the sweetest. But these cases are obviously not applicable to Bitcoin. How come? Because Bitcoin has no value of its own. Right now its value comes from its use as an excellent vehicle for speculation and profiteering. But if it gets universally banned there will be no longer such use, and its utility will return to where it had been when Bitcoin was primarily used as a means of payment in the DarkWeb. How high it will cost in dollars would remain to be seen, but in any case you can safely forget about the first two digits in its price tag as of today

The beauty of bitcoins is that even if a hacker hacks half the bitcoins then still he has to sell them in market, right ?
and in doing so the hacker himself gives rise to the market as more people would buy and hence again growing community.

I agree with you completely here and bitcoins may just die in one situation if miners stop mining bitcoins, which is not gonna happen as it has become as a million dollars industrial business.

In every aspects bitcoins satisfy the basic aspects of general economics. Hence, sudden falling down not at all possible.

That seems to be demonstrably not true in many/most instances.  Normally criminalization of a desired thing increases it's value, and the more effective the enforcement, the higher the value goes.

You may argue that BTC would no longer be 'a desired thing' if Big Brother hassled users of it.  I don't believe this is true at all, though it absolutely would change the makeup of the userbase significantly.  Mostly it would shift it to the high-end criminal enterprise space, but this class is by no means small or weak.  Such shift would be a direct consequence of government policy and no fault of Bitcoin.

I had guessed that the idiot Chuck Schumer classes would get their way and try to criminalize Bitcoin prematurely.  As it happened slightly more shrewd strategists seem to have gotten the upper hand back in the day.  Their strategy was a much better one; attack Bitcoin internally, and the most likely avenue for this would be by damaging it's fungibility.  This would entail legislative means but probably can only be done with black/white listing.  For this x-listing, Bitcoin operation needs to be centralized to a smaller number of entities who can be pressured by the realities of needing corporate providers (space, power, bandwidth, etc.)  That I see as the primary driving force behind the various efforts to bloat Bitcoin.

Well technically the death of bitcoins means " there's no worth of bitcoins in the market" because then only the miners would stop, the gambling sites would stop and everything would come to a halt. The question here though is that since no one controls all the bitcoins then how can the value decrease to a zero value ? Impossible !

It is not possible that bit coin will die, reason is there are more users joining daily, it is decentralized currency, everybody knows what the profit it gives, the technology it is uses hardly possible to end the bit coin. I disagree with the fact that bitcoin economy will be dead i mean how it is possible when the something is reaching to the highest peak will be dead and more users are trusting it.

That wouldn't be an end but it will certainly hit hard

The prices would likely go down dramatically if they would mean anything at all since most if not all exchanges will be closed down or denied access to (by the Greater World Firewall). Internet seems to be the weakest link where governments will likely hit first. Indeed, there is DarkWeb and things like Tor, but how many users would be using them? In other words, we would quick get back to the 10k bitcoins for a pizza times. Obviously, this is a doom and gloom scenario, and the longer Bitcoin exists the lesser are the chances for it to come true, but we still shouldn't write it off completely

Even if the government do ban the bitcoins yet how can they stop user's from it's trading ? I mean I can tell you any countries where the government does not appreciate or allow bitcoins transaction yet people are doing them quite happily.

The network is made in such a way that if a user is educated enough about bitcoins then he can use them in a totally untraceable manner.

Even if Bitcoin is banned by every nation, Bitcoin will continue to exist.  One example is, why crime still exist when it is actually banned and illegal in all corners of the world?  Because there is always someone who is doing it, breaking the laws and commit crime.  Bitcoin, mining and running node for it is not a different thing once Bitcoin is banned by all nation.
The only time Bitcoin die is when the network stop producing blocks and that goes to the miner.  If no one mines bitcoin then the network will die.

I think that's no simple, but i prefer to believe that btc only grow up

No, Bitcoin wouldn't die if governments banned it.  A lot of things survive despite government bans, otherwise crimes would cease to exist altogether.   This is why the illegal drug market is still thriving, and beyond that, Bitcoin's association with illegal activity would mean that the ban would just shift the market - criminals on the Dark Web would be less concerned that Bitcoin is being taken over by traders etc.

The main thing that I think could potentially kill Bitcoin is block size issues.  If a solution isn't found soon and the number of transactions continue to grow, that would ironically result in disillusionment with Bitcoin, which in turn would result in a decrease in transactions from less technical users.  This fall in transactions would result in mining revenues falling as there would be less transactions in each block (this would apply much more in a few years when there's another halving as transactions would be more reliant on fees) and therefore if mining was not profitable less transactions would get confirmed which would theoretically create a spiral resulting in Bitcoin's death.

That scenario is pretty unlikely and I let my brain run away a bit, but it's a shame that generally Bitcoin needs continued usage now to stay afloat, or at least will in the future.

When the tx fee become very very high.  Bitcoin will die.  Price will drop and everything wil become history

What's your definition of bitcoin's death? I think the scenario where bitcoin dies is when there's no more people using it or there's very little amount of people that are interested in it. I don't think it will come to a time when there's no miner at all since a regular guy can use his computer to start mining bitcoins. Combining tons of regular guys will be the same power as a decent mining farm.

I think no buy/sell power means that no one's using bitcoins at all and that means that bitcoin has already dead and it's not a situation where bitcoin will die.

Seeing currently on the situation of bitcoin i could say it wont easily die since there are gradually increasing of users who are engage to bitcoin and the adoption is on the move which indicates it becomes more stronger and stronger no matter what.Bitcoin would totally die if there would no users of it and making transactions and normally its value would be worthless.

agreed, it can take a hit, but cryptocurrencies are here to stay. And the governments know it, so I doubt they will ban it...the sooner they can find a way to regulate it though, the quicker it will become the new standard.

In my opinion, bitcoin wont die. It wont happen . Because nowadays many people started to prefer bitcoin over fiat currencies because of its wonderful features. Bitcoin's price can crash if many countries ban the usage of bitcoin. Or if any hacking or anything similar to that happens,  definitely its price will crash. But it wont die.

the only thing I can think of that can make a serious impact is quantum computing....even then I think that it would take a big hit in it's value but will still hold up because of it's ability to be transferred anywhere in the world instantly.

The liquidity of cryptocurrencies is just too valuable for it to die out completely.