Topic: In what situation would Bitcoin die? - page 60. (Read 101794 times)

Quote from: blackhawkeye1912 on February 09, 2017, 03:22:19 PM

When the government forbids and makes illegal bitcoin

The government may not ban transactions with bitcoin. Exchange which are engaged in the exchange are located in different jurisdictions and the government of one or several countries will not be able to influence them. Additionally, the bitcoin exchange takes place between user computers so it is very important to develop trade with bitcoins. Then the government will definitely be powerless.

I think you have to do your own research. Exchanges fall under a jurisdiction of a country, right? Then the government totally has a power above it. In my country, the exchanges have to pay taxes to the government. The users don't have to because it's included in every cash out that you do. Just like when you buy bread in the convenience store. There's already tax added to the price of the item.

If you ever notice that the price of bitcoin is lower in your exchange than trading sites or other exchanges, it might be because they already added the fee. The government has a power against exchanges. You should look it up. And even if you're using an exchange outside of your country, you still have to declare your cash-outs on your annual tax report because otherwise you will be evading tax.

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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?

Bitcoin would end up only, if all users will be gone away or disappear in this industry, and that will happen only if the features of bitcoin will no longer be implement and not function properly which might cause of the community be get disappointed unto it. which will lead the value goes down into zero.

If the user is lost then it is likely to disappear in the industry today, and if bitcoin is not productive then bitcoin will die and its users will also feel disappointed if the bitcoin price will be zero value.

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Quote from: Scorpion on July 02, 2017, 09:57:43 AM

The only situation where I see this happening is where the development and improvement of Bitcoin stalls and doesn't keep up with other technology that is coming - the biggest threat right now is quantum computers that could render encryption useless if we don't find answer for it.

Yeah, trivially breaking sha256 encryption will bring bitcoin mining to a halt. The landscape of computing and security will undergo a massive evolution in general. Though quantum computers has been within 5-10 year grasp for ages, depending on who you talk to, be skeptical it will happen as soon as advertised by those with an agenda. I'm still waiting for graphene to do something cool.

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Quote from: Vohoanghiep on July 02, 2017, 09:15:28 AM

When the government forbids and makes illegal bitcoin

The government may not ban transactions with bitcoin. Exchange which are engaged in the exchange are located in different jurisdictions and the government of one or several countries will not be able to influence them. Additionally, the bitcoin exchange takes place between user computers so it is very important to develop trade with bitcoins. Then the government will definitely be powerless.

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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 the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die

Yeah the governments can not kill Bitcoin, if the governments don't accept Bitcoin, people will still use it (secretly), the price should be lowered but Bitcoin users will still exist

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The only situation where I see this happening is where the development and improvement of Bitcoin stalls and doesn't keep up with other technology that is coming - the biggest threat right now is quantum computers that could render encryption useless if we don't find answer for it.

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Quote from: EthBooks on July 02, 2017, 08:27:53 AM

If mining isn’t profitable, this means Bitcoin is dead already. The profit comes from offering a useful service to the public - if the public doesn’t think it’s useful anymore, then there will be no profit.

So, it’s the other way around - if Bitcoin dies, then mining won’t be profitable anymore

If the last ever bitcoins is eventually mined and there isn't any others left to mine again, that's when bitcoins is going to die because the miners wouldn't be getting lots of profits from just the transaction fees alone and thus will make alot of people abandon it.

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Quote from: lecongnhan123 on June 30, 2017, 04:41:05 AM

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?

Bitcoin will die (or disappear) when no one uses it. I think when some/a coin(s) can be used to pay for micro payments, it's the time when Bitcoin is dead. At that time, people will use that coin(s) instead of Bitcoin, when no one uses it, it will die itself

Precisely, the closest thing to death something that is on our users or enthusiasts that exists therein. Where they are since first use be going for several reasons. And well, the death of the bitcoin can occur if there is already a cryptocurrency took over the payments at some strategic places. So, hopefully we can all get a lot of profit and trust in the latest case updates. In order not to get as many losses and too fanatic

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In my own opinion I think if Governments decide to block it by monitoring the internet affecting its accessibility

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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 the biggest cause of Bitcoin death is government. When Bitcoin is involved in many illegal activities, the government will not let it work anymore. Besides, the simpler cause is that the Bitcoin organization stops providing and exploiting Bitcoin.
All the above causes are hypotheses. I believe that Bitcoin is not so easy to die

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Quote from: EthBooks on July 02, 2017, 08:27:53 AM

If mining isn’t profitable, this means Bitcoin is dead already. The profit comes from offering a useful service to the public - if the public doesn’t think it’s useful anymore, then there will be no profit.

So, it’s the other way around - if Bitcoin dies, then mining won’t be profitable anymore

What's the point of your post? You're just showing the relationship of bitcoin mining and bitcoin. But that doesn't make any sense at all about how bitcoin dies. You just drew a conclusion that if bitcoin dies, then mining won't be profitable anymore.

I can claim right now that mining isn't profitable. Try mining bitcoins with your rig right now and you will see how unprofitable bitcoin mining is for people that doesn't have a mining farm. You have to invest 20K$ in order to see actual profits. And even if you have this amount of money, you still have to compute if your electricity cost is substantially lower than your earnings.

Bitcoin isn't profitable to us, only to people rich enough to buy tons of GPU. With that, is bitcoin dead to us but alive to them?

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If mining isn’t profitable, this means Bitcoin is dead already. The profit comes from offering a useful service to the public - if the public doesn’t think it’s useful anymore, then there will be no profit.

So, it’s the other way around - if Bitcoin dies, then mining won’t be profitable anymore

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Quote from: ethereumhunter on July 01, 2017, 11:32:27 AM

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?

Maybe bitcoin will die if no one sees it useful, in short, zero demand will end bitcoin, just like any other coins

The catch is, unlike other dead coins, there may still be people mining bitcoin when bitcoin has no market value. Bitcoins will only die when they stop getting mined and halving can go on for quite some time even when rewards are sub 1 BTC.

i don't think so and its not because the bitcoin mining is ended then bitcoin is dead and if bitcoin mining is ended, there are still exchanges that using bitcoin as comodity or for traded. but i think when people is not trust with bitcoin, they don't used bitcoin and other coins, the value of cryptocurrency is decrease until its zero value then its the end of cryptocurrency and not just bitcoin.

Lol what kind of world do you live in? Bitcoin is different from altcoins. If bitcoin dies, then bitcoin dies. Altcoins wouldn't die along bitcoin. Bitcoin is not the heart of cryptocurrency. It's just the first one and can be seen as the foundation of the concept but altcoins don't rely on bitcoin. Bitcoin's fall might even be the rise of altcoins because bitcoin investors will migrate to another coin. Unless a new technology obsoletes the whole cryptocurrency concept, the death of bitcoin will be the rise of other coins.

Just think about it like apples and oranges. If the apple goes bad, does the orange go bad too? Not unless if someone/something destroys all of them together.

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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?

Maybe bitcoin will die if no one sees it useful, in short, zero demand will end bitcoin, just like any other coins

The catch is, unlike other dead coins, there may still be people mining bitcoin when bitcoin has no market value. Bitcoins will only die when they stop getting mined and halving can go on for quite some time even when rewards are sub 1 BTC.

Do you know if Bitcoin will stop after Bitcoin miners from everywhere in the world stop mining Bitcoin? I would like to see that situation go on since the people that are into Bitcoin like to talk about splitting Bitcoin and such.

Mining is a central component in recording transactions onto the blockchain. Splitting doesn't stop transactions from occurring in the future. It's the reliability of those transactions that give bitcoin value.

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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?

Maybe bitcoin will die if no one sees it useful, in short, zero demand will end bitcoin, just like any other coins

The catch is, unlike other dead coins, there may still be people mining bitcoin when bitcoin has no market value. Bitcoins will only die when they stop getting mined and halving can go on for quite some time even when rewards are sub 1 BTC.

Do you know if Bitcoin will stop after Bitcoin miners from everywhere in the world stop mining Bitcoin? I would like to see that situation go on since the people that are into Bitcoin like to talk about splitting Bitcoin and such.

So that even when no one uses Bitcoin, there are miners that are still mining Bitcoin to store them, waiting for a day that everyone uses Bitcoin again? So I think with the continuing to mine Bitcoin of miners will make Bitcoin raise once again, Bitcoin won;t never be completely dead.

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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?

Maybe bitcoin will die if no one sees it useful, in short, zero demand will end bitcoin, just like any other coins

The catch is, unlike other dead coins, there may still be people mining bitcoin when bitcoin has no market value. Bitcoins will only die when they stop getting mined and halving can go on for quite some time even when rewards are sub 1 BTC.

i don't think so and its not because the bitcoin mining is ended then bitcoin is dead and if bitcoin mining is ended, there are still exchanges that using bitcoin as comodity or for traded. but i think when people is not trust with bitcoin, they don't used bitcoin and other coins, the value of cryptocurrency is decrease until its zero value then its the end of cryptocurrency and not just bitcoin.

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Quote from: minizi99 on July 01, 2017, 09:22:39 AM

Quote from: bitcoinmasterlord on July 01, 2017, 08:28:30 AM

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?

Maybe bitcoin will die if no one sees it useful, in short, zero demand will end bitcoin, just like any other coins

Yup when the demand of Bitcoin will completely go in the market, and people stop to use bitcoins for anything. And the value drops to below $100 then that is the end time for Bitcoin. But this is not easy if this happens then all the other cryptocurrencies will lose their value in the market. People will never trust any cryptocurrencies.

The price of bitcoin is now largely dependent on investors who invested in it. Simple users have little impact on the price of bitcoins. Therefore, we can conclude that bitcoin will die when investors lose interest in it

You can simply say that bitcoin's market is just a bubble. But what market has 0 investors. Even when something comes along the way that's better than bitcoin, there will still be people who are using bitcoins. Since there will be lesser people here, the transaction fee will go down and it will be faster as well. Bitcoin will always have value. Gold is better than silver yet both of them are valuable but gold is, of course, more valuable than silver.

A market don't just die in one swoosh especially something like bitcoin. Bitcoin has started all these possibilities of altcoin and a lot of people have become rich because of bitcoin.

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Quote from: DaftAjax on June 29, 2017, 08:05:46 PM

Quote from: poplolnman on June 21, 2017, 02:11:47 AM

not only bitcoin would die if then there's no internet access , but also a lot of banks that operated with internet, a lot of public facilities that rely on internet as yeah nowadays the Internet of Things has begun . so for me it's more to universal disaster rather than bitcoin only who would die. the possibility this scenario happened also are so small let's skip that talk.

I agree, talk about post apocalyptic situation. Well for now internet is really a necessity, but if you think of it this way, the internet would really die, then we have to find alternate solutions for that.

In the post apocalyptic world we will eventually learn to adapt on what we have, that's human nature I guess. Therefore, we can live without internet.

that's too far away to think like that , the influence wouldn't only on bitcoin ecosystem only but more wide than that. so it's wasn't a reasonable factor. be more specific like when the fee getting bigger and bigger then people would sure leaving bitcoin as out there a lot of currency/crypto have their own vision better than bitcoin. that's could be the start of bitcoin story i gues.

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