In what situation would Bitcoin die? - page 111.

deppil

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Quote from: matthona on February 19, 2017, 04:09:40 AM

Quote from: BeGoods on February 19, 2017, 04:01:04 AM

Quote from: hollandvan on February 18, 2017, 05:05:40 AM

Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

yeah bitcoin will die when the internet is dead, but in this period, the Internet became a major need, so it is impossible that the Internet was going to die?
let alone in the future will be more advanced technology

Yeah neither internet nor bitcoin is going anywhere as internet have become the basic necessity of each and every individual and it will get more advanced in coming years so I don't think that will ever happen and bitcoin can only die if its price falls to zero level and that also seems to be impossible.

But for bitcoin prices down to $ 0 is a very difficult thing to happen. need a major event that makes all users panic and sell to each other all their bitcoin

Rostadom

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Quote from: deisik on February 19, 2017, 04:09:44 AM

Quote from: avikz on February 19, 2017, 03:26:07 AM

I don't think value decrease will kill bitcoin as of now but yes, one thing will surely kill bitcoin, is the government. Only the government has the power to kill bitcoin for their own country.

If the government steps up and start cracking up bitcoin users of their own country, then bitcoin would die and market cap will start getting decreased. I don't see any other reason for bitcoin to die soon enough

The recent events have revealed that it is an unlikely course of events. I refer to the Chinese authorities laying themselves out to prevent population from using Bitcoin in any meaningful way. China has been considered as the largest Bitcoin market, and after such attacks on Bitcoin we could have well expected the price to crash (and that's what the PBoC likely had hoped for), but it didn't happen. Now price is again slowly climbing to ATHs. The bottom line is that any single government banning Bitcoin may not change anything. It will likely require a concerted effort of all major governments to stop Bitcoin...

And it is still not a given

China was one of the countries that hold the most bitcoins but that was the past. Japan has the most bitcoins now. Supposed that Chinese government would want to cause a negative effect on bitcoins again, they can't do it anymore because you can't ban bitcoins twice. And since all the other countries don't have as much as China had when they banned bitcoins, any government trying to destroy bitcoin by banning it wouldn't cause that much damage (just like what deisik said above).

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Quote from: avikz on February 19, 2017, 03:26:07 AM

I don't think value decrease will kill bitcoin as of now but yes, one thing will surely kill bitcoin, is the government. Only the government has the power to kill bitcoin for their own country.

If the government steps up and start cracking up bitcoin users of their own country, then bitcoin would die and market cap will start getting decreased. I don't see any other reason for bitcoin to die soon enough

The recent events have revealed that it is an unlikely course of events. I refer to the Chinese authorities laying themselves out to prevent population from using Bitcoin in any meaningful way. China has been considered as the largest Bitcoin market, and after such attacks on Bitcoin we could have well expected the price to crash (and that's what the PBoC likely had hoped for), but it didn't happen. Now price is again slowly climbing to ATHs. The bottom line is that any single government banning Bitcoin may not change anything. It will likely require a concerted effort of all major governments to stop Bitcoin...

And it is still not a given

matthona

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Quote from: BeGoods on February 19, 2017, 04:01:04 AM

Quote from: hollandvan on February 18, 2017, 05:05:40 AM

Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

yeah bitcoin will die when the internet is dead, but in this period, the Internet became a major need, so it is impossible that the Internet was going to die?
let alone in the future will be more advanced technology

Yeah neither internet nor bitcoin is going anywhere as internet have become the basic necessity of each and every individual and it will get more advanced in coming years so I don't think that will ever happen and bitcoin can only die if its price falls to zero level and that also seems to be impossible.

BeGoods

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Quote from: hollandvan on February 18, 2017, 05:05:40 AM

Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

yeah bitcoin will die when the internet is dead, but in this period, the Internet became a major need, so it is impossible that the Internet was going to die?
let alone in the future will be more advanced technology

grandy

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Quote from: Pattart on February 19, 2017, 01:23:44 AM

Quote from: Babayega31 on February 18, 2017, 04:01:04 AM

If the demand decreases in numbers, i think bitcoin will die because no one will buy bitcoin and everyone has been panic selling and yet no one demanded to buy. No profit will be circulated to digital currency market, and the price will not move; economy of bitcoin could possibly die.

when no one is buying bitcoin. then bitcoin will die, but for that to happen would be very difficult. because during the bitcoin has a price. there will always be users who will purchase bitcoin. its sure thing

but i do not think that such situation will ever happen. i think the demand of bitcoin is increasing from time to time. when people know about bitcoin then they desire to buy bitcoin, i think this trend will continue and bitcoin will survive for ever and is not going to die.

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Quote from: meemiinii on February 19, 2017, 03:18:59 AM

banning bitcoin means banning internet access. so as long as ther is internet connection, bitcoin is still accessible. furher, for me maybe the stituation that might let bitcoin die is the fact that no one will use it. or no one will no longer recognize bitcoin.

Banning will not stop people recognizing bitcoins as still people will use it and will find its importance.
Hence government's stand on bitcoin will not make any significant differences on bitcoin's growth on long term basis. Bitcoin's survival is purely depends on its own enhancements and development. If it stay versatile, there would be no dying possible.

avikz

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I don't think value decrease will kill bitcoin as of now but yes, one thing will surely kill bitcoin, is the government. Only the government has the power to kill bitcoin for their own country.

If the government steps up and start cracking up bitcoin users of their own country, then bitcoin would die and market cap will start getting decreased. I don't see any other reason for bitcoin to die soon enough.

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Quote from: Blitzboy on February 09, 2017, 11:49:44 AM

I think Bitcoin will dead if every country decides to ban Bitcoin permanently. Then, there will be no more people using Bitcoin because they might be arrested in this condition. And bitcoin can also be dead if there are a new cryptocurrency which is more profitable, more advance and can fix most of the bug of bitcoin. In the future, there will be more cryptos qualifying these facors.

although bitcoin will be ban in every country which you think might result to the fact that bitcoin may die, well some may find a way to still have or use bitcoin. we all know that it is so hard for a country to ban bitcoin. banning bitcoin means banning internet access. so as long as ther is internet connection, bitcoin is still accessible. furher, for me maybe the stituation that might let bitcoin die is the fact that no one will use it. or no one will no longer recognize bitcoin. another is if there will be no more internet access. then bitcoin will probably die..

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Quote from: hollandvan on February 18, 2017, 05:05:40 AM

Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

bitcoin work without internet but not without electricity, otherwise how cna you explain in the very early day of bitcoin the activity of the network, when only satoshi was connected?

if you have two computer connected with lan it's not different than having internet, you can setup a node and have your client running, you can build then a big mesh network and get rid of internet slowly

CyberKuro

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Quote from: RodeoX on February 09, 2017, 11:24:03 AM

If there were a loss of net neutrality I would divest at least 50%. It might even kill the project.

What might be kill bitcoin, based on your words :
Is that because bitcoin lose of it neutrality? Or if you divest at least 50%? Then, I'm wondering how much you've got, do you have BTC1 Million?
I think bitcoin may die if all of Government in the world ban bitcoin and exchanges, so people cannot use it and do not want to take the risk of going to jail because using bitcoin. I believe bitcoin will remain as the best cryptocurrency, so that none of altcoins can supersede it. But, it can't be happen right? Government should give legitimacy to bitcoin as an alternative currency/commodity which has many advantages and beneficial for citizens.

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Quote from: CryptoVzla on February 18, 2017, 06:11:21 PM

Quote from: deisik on February 18, 2017, 03:43:31 AM

Quote from: JerryWinski on February 17, 2017, 11:42:39 AM

When the bitcoin block reward is over and only transaction charges are paid out to miners then bitcoin will die. To fix this they will need to add a tail emission to each block, thus breaking the 21 million limit. Otherwise all of those large mining farms will be turned off as overhead will cost more than what is being mined

I don't see much plausibility behind this claim

If miners are not happy with just the fees they receive for confirming transactions, they may leave. And if many of them leave the mining difficulty will readjust in a matter of a few weeks and the fees that the miners which decided to leave will go to remaining miners thereby boosting their earnings. Since it is highly unlikely that all miners (or the best part thereof) are going to leave simultaneously, the adjustment will go smoothly and mostly unnoticed

Agreed with this, not all miners will leave at once. Also, at the point of reaching the 21mill bitcoin for sure will moon so, mining fees will be profitable if not, there would be and equilibrium point between difficulty/reward where it will be profitable.

Well, if the bitcoin's price is rising because the bitcoin block reward is over and make the transaction fees could cover any costs to maintain the mining rigs and still make some profit then I guess this is not going to be the end of bitcoin.
As you've seen the latest halving giving pretty big impact to the current price and as for now I can say that after halving I haven't seen the price of bitcoin falling below $400.

Pattart

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Quote from: Babayega31 on February 18, 2017, 04:01:04 AM

If the demand decreases in numbers, i think bitcoin will die because no one will buy bitcoin and everyone has been panic selling and yet no one demanded to buy. No profit will be circulated to digital currency market, and the price will not move; economy of bitcoin could possibly die.

when no one is buying bitcoin. then bitcoin will die, but for that to happen would be very difficult. because during the bitcoin has a price. there will always be users who will purchase bitcoin. its sure thing

CryptoVzla

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Quote from: deisik on February 18, 2017, 03:43:31 AM

Quote from: JerryWinski on February 17, 2017, 11:42:39 AM

When the bitcoin block reward is over and only transaction charges are paid out to miners then bitcoin will die. To fix this they will need to add a tail emission to each block, thus breaking the 21 million limit. Otherwise all of those large mining farms will be turned off as overhead will cost more than what is being mined

I don't see much plausibility behind this claim

If miners are not happy with just the fees they receive for confirming transactions, they may leave. And if many of them leave the mining difficulty will readjust in a matter of a few weeks and the fees that the miners which decided to leave will go to remaining miners thereby boosting their earnings. Since it is highly unlikely that all miners (or the best part thereof) are going to leave simultaneously, the adjustment will go smoothly and mostly unnoticed

Agreed with this, not all miners will leave at once. Also, at the point of reaching the 21mill bitcoin for sure will moon so, mining fees will be profitable if not, there would be and equilibrium point between difficulty/reward where it will be profitable.

bncbnc

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Quote from: Eodguy149 on February 18, 2017, 04:43:59 AM

I find it hard to believe that it will ever truly die (as in be worth absolutely nothing)... I know I would buy quite a few just as a novelty if they dropped to one thousandth of a cent or something crazy.

yes i also do not think so that bitcoin can be ever die. i am hopeful that bitcoin will continue their journey for ever. bitcoin is becoming more and more popular and people are accepting bitcoin as their first currency. i think in future bitcoin will be use as fiat currency and will be using it for shopping in local shops.

RhodaGila

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Bitcoin will die if it had no interest to have this again.
So people are not going to mine Bitcoin, there is no no blockchain, no exchange market and is no longer the technology that supports Bitcoin.
If in addition, such other security issues and I think it still can be fixed and it will not be able to kill Bitcoin as a whole.

Eodguy149

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Quote from: hollandvan on February 18, 2017, 05:05:40 AM

Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

Yeah, I always end up coming to a very similar conclusion. If things get bad enough that the internet is completely shut off then the price of Bitcoin will be the least of our worries. Guns and food will be the new currency of that world.

hollandvan

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Unless internet can't be working any more, or your question is negative. Maybe in world war III, but people need food first, who likes bitcoin?

lOvE mE forEvEr

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When many users leave bitcoin and switch to another, thus making bitcoin die. I'm sure one day it happened, so I suggest to sell bitcoin that we have, don't hold for long term and don't think bitcoin eternal.

Eodguy149

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I find it hard to believe that it will ever truly die (as in be worth absolutely nothing)... I know I would buy quite a few just as a novelty if they dropped to one thousandth of a cent or something crazy.

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