In what situation would Bitcoin die? - page 76.

boris singer

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Quote from: phr0stbyt3 on May 03, 2017, 02:04:46 PM

Quote from: poplolnman on March 14, 2017, 06:33:47 PM

Quote from: phr0stbyt3 on March 14, 2017, 05:25:19 PM

There are many different situations and aspects for bitcpin to die. First one when all bitcoins are mined : Now we all know bitcoin has a supply limit so after all bitcoins are mined people will start selling their coins as price growth will be low and mostly by 2060 it will be over.
Other thing that can happen is countries banning the use of bitcoin or actually holding any coins or in online wallets.

i'm not sure with your statement, even though the whole bitcoin has been mined which estimated in the next 100 years not 50 or 40 years. miner would always needed to proccess the transaction , so it's not the reason bitcoin gonna die, things could make bitcoin die and disappear are when there's no interest in bitcoin due too high fee and too long confirmation proccess for example.

The last 2 issues are currently facing most of the users in the community. The fees has significantly increased and the time for confirmations is 2-4 hours or sometimes even more. It is really hard to say and think that people will actually lose interest in bitcoin.

This is very classic problem, and the issue of segwit vs BU will always appear in search for a solution to this, it will always mempool flooded in the future if there is no clarity about the size used in each transaction, but don't worry because it is still far from our estimates, now segwit already sought 2-4 mb size for each bloksize

kikeda

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Quote from: SharkCoinerHD on May 03, 2017, 02:46:28 PM

Bitcoin will never die

Lol how can you sure about that bitcoin will never die? If people will stop using bitcoins or if price of bitcoins drops dramatically then there is a full chance that bitcoin will die and people will move to some other investments.

SharkCoinerHD

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Bitcoin will never die

phr0stbyt3

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Quote from: poplolnman on March 14, 2017, 06:33:47 PM

Quote from: phr0stbyt3 on March 14, 2017, 05:25:19 PM

There are many different situations and aspects for bitcpin to die. First one when all bitcoins are mined : Now we all know bitcoin has a supply limit so after all bitcoins are mined people will start selling their coins as price growth will be low and mostly by 2060 it will be over.
Other thing that can happen is countries banning the use of bitcoin or actually holding any coins or in online wallets.

i'm not sure with your statement, even though the whole bitcoin has been mined which estimated in the next 100 years not 50 or 40 years. miner would always needed to proccess the transaction , so it's not the reason bitcoin gonna die, things could make bitcoin die and disappear are when there's no interest in bitcoin due too high fee and too long confirmation proccess for example.

The last 2 issues are currently facing most of the users in the community. The fees has significantly increased and the time for confirmations is 2-4 hours or sometimes even more. It is really hard to say and think that people will actually lose interest in bitcoin specially when the price is at it's highest at the current state

Format.C^

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If internet era comes to an end or the price of bitcoins goes to zero level then bitcoin will surely die as without internet bitcoin is nothing and you would be never in position to use or earn bitcoins if internet goes dead.

South Park

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Quote from: MoneyIsDebt on May 03, 2017, 12:24:23 AM

Quote from: South Park on May 02, 2017, 12:01:12 PM

Quote from: hardtime on April 27, 2017, 03:22:12 PM

Probably would die out if the government really wanted to regulate it / put pressure on anyone who uses it, mines it, buys, sells, so on and so forth which would pretty much cause anyone and everyone who used it would kinda be forced to stop. I know a lot people on this forum come out and say how they wouldn't stop even if the government was forcing them to leave this.

Think about it like this, would you rather have this cryptocurrency or your livelihood and everything that comes with it? I highly doubt anyone is going to come to the conclusion of the niche cryptocurrency that we're all apart of.

Unless you have no livelihood then, yeah you'd pick this.

But a government can only make it illegal in their jurisdiction and not the whole world this is similar to what is happening with the war on drugs, on some places marijuana is legal while in others is illegal, so as long as it is legal where you are you are fine.

i don't think they will ever make it. i don't know why some people always said that government will make it illegal. i don't understand any fault it in or any illegal thing. the problem to some how is that the difference in black and white money problem. i hope the organizer will fix it in near future.

I don’t think they are going to do it either since they like the idea to get money from taxes but it is a possibility and we need to discuss what kind of repercussions that will have in the way we deal with bitcoins, if it was made illegal in my country I will just buy another coin and move on.

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Quote from: stevano on May 03, 2017, 10:13:44 AM

Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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

When it is in the leave by its users, then not bitcoin will die

Probably one of the most viable reason that will lead to the death of bitcoins. If every users of bitcoins decide to leave the industry which is possible one reason for the bitcoins to meet its demise but as far as bitcoins continuously develops and with a steadily number of users it is still far from impossible that bitcoins will die. Unless someone successfully sabotage bitcoins then no one knows.

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Quote from: timerland on May 03, 2017, 07:11:26 AM

Quote from: ?? on ??

i'm just a newbie here, and I'm not thinking any about how does bitcoin die, well I guess it not gonna be happen at the price of bitcoin has now, No I don't think so. And the only chance of it, if the internet now will be destroy that's the starting point of downfall of bitcoin, but like what I said, its not possible if that happen.

Can I ask you, In what way do you think blockchain may be destroyed?
There is pretty much only one option, in the case of the nuclear war. It is because there are thousands of nodes which contain blockchain, and which are "streaming" it if you want to simplify.
We cannot expect that bitcoin network will be erased, but we may see just a fall of the price in the BTC- which is not really likely right now.
Maybe, if the fees would have risen too high, and confirmation time will be even longer: than may cause a problems for bitcoins, as we already have the beginning of this issue.

During the nuclear war, most probably it's the major countries fighting each other and there will always be countries low-key being safe and sound. Thus, there will be miners from places like that. Assuming that major mining companies were bombed, then people will just have to mine from their basements and bitcoin will be more decentralized. A simple bitcoin user has an Internet connection and a decent computer at home.

During a war like this, the price of bitcoin can even be pumped because people know that their currency's value will go down when they lose in the war and the only way to be safe is to store their fiat into something like bitcoins.

stevano

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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

When it is in the leave by its users, then not bitcoin will die

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Quote from: bajing on May 02, 2017, 12:16:44 PM

Quote from: bitcoinisbest on May 02, 2017, 12:02:48 PM

Well bitcoin say may not die unless all major countries like China, US and Europe decides to ban btc.
Well if your country bans then btc for you may die.
If anything news comes up better than btc in coming time then its usage may get reduced and in coming time may die.

I don't think the three countries above are quite influential, which I know the Chinese government forbids the use of bitcoin but the bitcoin users there still use bitcoin to avoid taxes. No bitcoin is not dead for the next few years but do not know later after the technology is growing rapidly whether bitcoin can survive because there is a possibility that later there will appear a new currency.

Actually there are either 2 countries or 29 countries or 53 countries listed there.
Europe is not a country and he might refer to the EU or to the whole Europe which will probably never come to a 100% agreement over something.

And when talking about influence..
The EU, US and China hold 46 of the 79 trillions of the world GDP.
No influence??

timerland

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Quote from: ?? on ??

i'm just a newbie here, and I'm not thinking any about how does bitcoin die, well I guess it not gonna be happen at the price of bitcoin has now, No I don't think so. And the only chance of it, if the internet now will be destroy that's the starting point of downfall of bitcoin, but like what I said, its not possible if that happen.

Can I ask you, In what way do you think blockchain may be destroyed?
There is pretty much only one option, in the case of the nuclear war. It is because there are thousands of nodes which contain blockchain, and which are "streaming" it if you want to simplify.
We cannot expect that bitcoin network will be erased, but we may see just a fall of the price in the BTC- which is not really likely right now.
Maybe, if the fees would have risen too high, and confirmation time will be even longer: than may cause a problems for bitcoins, as we already have the beginning of this issue.

gringoprivelege

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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

Well value/price follows true value. So it's all about the technology it brings, and backing the technology has. If there's a better coin, it's possible to lose for BTC.

DoublerHunter

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Quote from: Semar Mesem on May 03, 2017, 02:56:09 AM

Quote from: n2004al on May 03, 2017, 02:00:26 AM

Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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 bitcoin will die only if the life on the Earth will die. All the other obstacles are and will be only temporary. During his short life bitcoin has declared as dead more than 120 times but here we are. Every day will a new value more than previous one of the previous day. As for the other altcoins they will day if there will die the project connected with each of those.

you are too optimistic, don't expect bitcoin can last forever because until now users no more than 1% of the world population. I think bitcoin will survive only 10 years again.

There is nothing wrong about being too optimistic about bitcoin because there is a possibility that bitcoin will last for a long time because bitcoin is so strong right now and there is still a lot of coins to mine for bitcoin and will be around a few years before fully mined and after that there were supply that will continue to circulate so bitcoin has a high chance for staying long.

Semar Mesem

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Quote from: n2004al on May 03, 2017, 02:00:26 AM

Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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 bitcoin will die only if the life on the Earth will die. All the other obstacles are and will be only temporary. During his short life bitcoin has declared as dead more than 120 times but here we are. Every day will a new value more than previous one of the previous day. As for the other altcoins they will day if there will die the project connected with each of those.

you are too optimistic, don't expect bitcoin can last forever because until now users no more than 1% of the world population. I think bitcoin will survive only 10 years again.

n2004al

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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 bitcoin will die only if the life on the Earth will die. All the other obstacles are and will be only temporary. During his short life bitcoin has declared as dead more than 120 times but here we are. Every day will a new value more than previous one of the previous day. As for the other altcoins they will day if there will die the project connected with each of those.

boyptc

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Quote from: LeyMonte on May 02, 2017, 10:37:17 PM

it will die if ever people will no longer avail, acknowledge and use bitcoin. and most importantly, if there will no internet all over the world then it will certinly die. but i dont think that will happen.

That's the only way to make bitcoin dead, if all of us are going to make this coin ignored. But that is very impossible to happen, the market cap of bitcoin is really high and it's the leading one. All of the coins next to it are just getting the idea of bitcoin. Bitcoin will remain to the top because it is the origin of all crypto's.

Jembut Ireng

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No altcoin, we all know that a large number of altcoin make the price of the bitcoin increase dramatically so that it could make a bitcoin survived until now and future.

MoneyIsDebt

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Quote from: South Park on May 02, 2017, 12:01:12 PM

Quote from: hardtime on April 27, 2017, 03:22:12 PM

Probably would die out if the government really wanted to regulate it / put pressure on anyone who uses it, mines it, buys, sells, so on and so forth which would pretty much cause anyone and everyone who used it would kinda be forced to stop. I know a lot people on this forum come out and say how they wouldn't stop even if the government was forcing them to leave this.

Think about it like this, would you rather have this cryptocurrency or your livelihood and everything that comes with it? I highly doubt anyone is going to come to the conclusion of the niche cryptocurrency that we're all apart of.

Unless you have no livelihood then, yeah you'd pick this.

But a government can only make it illegal in their jurisdiction and not the whole world this is similar to what is happening with the war on drugs, on some places marijuana is legal while in others is illegal, so as long as it is legal where you are you are fine.

i don't think they will ever make it. i don't know why some people always said that government will make it illegal. i don't understand any fault it in or any illegal thing. the problem to some how is that the difference in black and white money problem. i hope the organizer will fix it in near future.

babysweetTiger0401

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Quote from: geschtonkenflapped on February 09, 2017, 11:14:05 AM

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

i'm just a newbie here, and I'm not thinking any about how does bitcoin die, well I guess it not gonna be happen at the price of bitcoin has now, No I don't think so. And the only chance of it, if the internet now will be destroy that's the starting point of downfall of bitcoin, but like what I said, its not possible if that happen.

LeyMonte

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it will die if ever people will no longer avail, acknowledge and use bitcoin. and most importantly, if there will no internet all over the world then it will certinly die. but i dont think that will happen.

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