In what situation would Bitcoin die? - page 108.

The_Dark_Knight

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Quote from: susila_bai on March 02, 2017, 10:18:54 AM

Quote from: Ewinsane on February 23, 2017, 03:42:28 PM

Quote from: guoyu78 on February 23, 2017, 03:24:29 PM

Quote from: Teemotje on February 22, 2017, 10:02:35 AM

The only way Bitcoin will ever die is if the internet dies or when the worth drops to zero. I don't think that the internet will die because it is something almost everyone uses en need.
And also that the worth of the Bitcoin will drop to zero because it is being used by more people each day.

you are right when internet dies then bitcoin will be die but it really impossible and internet would be never die and bitcoin is depend on internet and there a lot of users of bitcoin and more people adopting bitcoin.

it mean bitcoin will never die because internet technology is permanent and its true that bitcoin depend on internet and we know that bitcoin digital currency just using through internet and i am sure internet internet will be survive forever.

I dont agree with your point of Internet cannot die, what if all the servers are got crashed due to some natural calamities then what can you do, Their is always possibilities of 1% chance of anything can happen, Bitcoin relies on Internet and what if Internet got crashed due to natural calamities like their is full of unnatural floods, earth quakes nothing can stop it.

The internet was designed to give communication in the case of a nuclear holocaust, so while there is a chance the internet could be destroyed the event needs to be of such a big magnitude that not having internet will not be the greatest of our worries.

Tyrantt

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Quote from: freedomno1 on March 03, 2017, 09:03:29 PM

If people are unable to process timely transactions and the utility becomes more difficult for services that provide transactions for users.
That or the security in the cryptography is broken and is not updated promptly.

Couldn't there be implemented a way specifically designed for businesses? Like a blockchain storage unit that will hold all transactions that are made during the day and then later on sync them with blockchain.

freedomno1

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If people are unable to process timely transactions and the utility becomes more difficult for services that provide transactions for users.
That or the security in the cryptography is broken and is not updated promptly.

dihari

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Bitcoin will be die if peoples with massive fund race to collect bitcoin and they just hold it. Just hold bitcoin and no one spend it with any transactions will make bitcoin price fall. If you see the price by now, you can beleive me that bitcoin got touch this highest price because of peoples now have trust on this cryptocurrency, and they start doing transactions with bitcoin. Buy it and spend it to buy some goods or services. Bitcoin is still alive because the users spend it everyday.

blackhawkeye1912

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Quote from: geschtonkenflapped on February 09, 2017, 12:14:05 PM

How and why would the end of bitcoin (and any other cryptocurrency) occur? Value decrease? Legality issues? Different technology/ideas to supersede it?

I think that will happen if the no investors will get trust into bitcoin. After that bitcoin users will be gone at once in this industry , when it happen it will surely the value drop as like a skyrocket crashing on the ground. And centralization will be declared to all nation.

Pattart

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Quote from: Przemax on March 03, 2017, 06:32:37 AM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.

maybe that was the reason the most reasonable bitcoin replaced by cryptocurrency better technology and beyond bitcoin. users would be interested in something nicer maybe it's one of the reasons

tvbcof

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The ability to sign a transactions without access to the secret key in enough instances is the only thing I really worry about. Say through an undetected weakness in the necessary cryptography and/or built in back door in some crypto and/or hardware implementations.

Absent that I don't think it possible that Bitcoin would 'die', though various things could drastically change it's trajectory.

justdimin

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Quote from: bitllionaire on March 02, 2017, 01:24:37 PM

natural disaster will not only effect internet but will also bring a big change throughout the world. it will even effect all aspect of life. but in normal routine i think there is no chance that internet will down and hope that bitcoin will continue increasing from time to time and we will get enjoyment from it.

Natural disaster is an exceptional case and I think it is not the point of discussion. I think it is hard for the bitcoin to die or decrease its popularity. I know nothing is impossible but if we see its latest progress and popularity I don’t think it will ever going to be happened.

In extreme cases, both bitcoin and human being will not survive. Nuclear disaster must be one of that kind. When human could not survive on this planet there will be no point of discussing about survival of bitcoin along with that.

Vikingr

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The time has gone when it was thought that bitcoin will ever die. Now bitcoin is a powerful currency and people from all over the world have benefit from bitcoin and they want to support it for more strength as if bitcoin will develop more we will get more benefits.

the.scientist

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Only if all the miners around the world stop mining. Any cryptocurrency using PoW algorithm could not survive in such a scenario. But this is very unlikely to happen.

tyz

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I see the possibility that Bitcoin will eventually perish on his own success. As you know, Bitcoin has pretty technological limits at the current state.
Even at highs at the beginning of the year there were more than 30k unconfirmed transactions. They have all bottled-up. My transactions were confirmed at the standard fee after 17 hours. If suddenly one million more people would use Bitcoin actively, then it would be problematic for Bitcoin and its ~~infrastructure~~ network.

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Quote from: bitllionaire on March 02, 2017, 01:24:37 PM

natural disaster will not only effect internet but will also bring a big change throughout the world. it will even effect all aspect of life. but in normal routine i think there is no chance that internet will down and hope that bitcoin will continue increasing from time to time and we will get enjoyment from it.

Definitely, the world is entering a new digital era and we are relaying on internet more and more becoming a vital thing in our lives, we use for food of entertainment and for economy and I don’t think that it is going to go away for a really long time, and bitcoin presents the best way to adopt to this new world.

BitcoinExpart

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Quote from: whizter on March 03, 2017, 02:02:32 PM

Quote from: Przemax on March 03, 2017, 06:32:37 AM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.

i do not think that still there is any other currency which can take the place of bitcoin, because still there is no such a close currency to bitcoin.

Absolutely right. It's not the right time talking about this issue.

whizter

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Quote from: Przemax on March 03, 2017, 06:32:37 AM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.

i do not think that still there is any other currency which can take the place of bitcoin, because still there is no such a close currency to bitcoin. we can see that the demand of bitcoin is increasing continously and hope that this trend will continue for a long time and the best proof is that bitcoin is now trading in 1290 USD level.

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Quote from: Barbut on March 03, 2017, 10:35:11 AM

I don't think that bitcoin will die, it will have some value even if some new technology appear, people will collect it cause it's first of it's kind.
Everything around us is evolving, bitcoin will have the same destiny, and I think bitcoin will be only better with the time. Quantum computing is also technology, and why bitcon can adopt on it? For me all mentioned scenarios are lucky guessing, I think bitcoin is strong enough to survive all upcoming problems and threats.

If you meant "adopt" meaning that bitcoin will survive the attack of quantum computers, then it will be because there's an algorithm that's going to counter quantum computing attacks. I wouldn't actually sweat the possibility of quantum computers finally going mainstream since it will be mainly used by other things. Bitcoin is just a small thing if you look at the bigger picture.

"Google's D-Wave 2X quantum computer can solve algorithms 100,000,000 faster than modern computing devices." (link) There's already a quantum computer and it can easily brute force its way to our accounts but it doesn't, why? Because there are far better things to do using a quantum computer.

Barbut

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I don't think that bitcoin will die, it will have some value even if some new technology appear, people will collect it cause it's first of it's kind.
Everything around us is evolving, bitcoin will have the same destiny, and I think bitcoin will be only better with the time. Quantum computing is also technology, and why bitcon can adopt on it? For me all mentioned scenarios are lucky guessing, I think bitcoin is strong enough to survive all upcoming problems and threats.

Dimelord

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It is said that when quantum computing will be introduced,it would affect the block chain system.But, i hope it would take 20 more years to come.Devs should take appropriate measures to avoid such situations.

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Quote from: Przemax on March 03, 2017, 06:32:37 AM

Bitcoin would die if there would be some technology making it obsolete or some other altcoin that is so superior that takes place of btc. I dont see any way that Bitcoin can die.

Yeah no digital currency is found superior to bitcoin. In the recent days ETH is the one that has become popular as well grown high following bitcoin. Bitcoin never dies. Past days a rival glorycoin got emerged based upon blockchain technology with advanced data management solutions and anonymity. In a short such coins gets vanished and bitcoin never dies.

Xester

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Quote from: carlfebz2 on March 02, 2017, 11:37:14 PM

Bitcoin would die if theres no already users on it because theres no demand then bitcoin would be useless because no one would like to buy it which means no value.We are just talking on the possibilities relating to circulation but speaking on technical if theres no internet then bitcoin cant circulate.

If we support segwit and then adopt LN then we can even make transactions on bitcoin without internet connection or offline. The only reason that will kill bitcoin is if the users will no longer buy and accept bitcoins then its value will be reduced to zero. When that time comes it becomes an ordinary digital number because people left it.

Bitcoin0916

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Quote from: carlfebz2 on March 02, 2017, 11:37:14 PM

Bitcoin would die if theres no already users on it because theres no demand then bitcoin would be useless because no one would like to buy it which means no value.We are just talking on the possibilities relating to circulation but speaking on technical if theres no internet then bitcoin cant circulate.

You are right. The primary key is the user can determine of bitcoin. Take a look the altcoin, they compete and make altcoin became uncertain. users remain while more make altcoin look dead.

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