Topic: In what situation would Bitcoin die? - page 88. (Read 101794 times)

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

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

There are more possibilities for example the disappearance of some of the networks bitcoin depends, bitcoins depends on the electric network and also on the internet, so if one of those were to disappear then bitcoin will most likely disappear since there will not be a way to run bitcoin.

The main factor to make long life the bitcoin is Internet. We are know
that Bitcoin is very depends into Internet, without Internet I believe Bitcoin
will be die. Because there are can't any transaction will be active.

Dimelord

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

When no one is willing to buy bitcoins any more,it will start losing its value and finally may die.But i dont think so that it would happen.Some say that when Quantum computing is to be introduced,then bitcoin will die.But it would take around twenty more years for it to come.Lets wait and see.

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Quote from: Wesimon on April 12, 2017, 02:15:53 PM

Quote from: achain on April 12, 2017, 12:42:27 PM

yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)

What about a technical glitch?

Technical glitches are easy to be resolved. Only program codes, compatibility, and other software related issues are involved. These are easily (compared to other problems) fixed by some elite programmers and developers. But if the problem is people fully stopped using bitcoin, can you fix it? If the bitcoin was entirely banned by the government worldwide, can you fix it? There are ways to fix it but it is far too difficult to fix rather than the technical glitches.

Yes, you can easily fix those issues. Technical glitch on the other hand will surely kill bitcoins. Supposed that there's some glitch that allows you to send bitcoin using whatever address that you like without even using the address' private key will surely kill bitcoin. The effect of it to the victim will surely be devastating. Imagine if someone found that glitch and then made a bot to use all the addresses posted in this thread. Since there's no way to cancel the transaction, tons of bitcoin users will be affected.

Problems like the government banning it is very unlikely to arise. But since this is all just hypothetical, let's just assume the situation. Since bitcoin users spend tons of time on the Internet, they will eventually learn how to hide their identity from the government. With the bitcoin ban, the government will be more likely to announce bitcoin existence instead.

Even though the fact that government is banned by the government cannot be changed anymore, there would be ways to solve the problem and bypass the whole government scenario.

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

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

There are more possibilities for example the disappearance of some of the networks bitcoin depends, bitcoins depends on the electric network and also on the internet, so if one of those were to disappear then bitcoin will most likely disappear since there will not be a way to run bitcoin.

Intersan

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

How would bitcoin die? Bitcoin would die if no one will buy, sell and use it. It will be the same for all the cryptocurrencies if no country will stop using it.

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Quote from: hulla on April 12, 2017, 02:52:06 PM

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

You're both correct mate and what pangia said could happen if care is not taking with issue happening lately concerning the block size ignominious failure and the news about the bitcore/block stream which causes high transaction fees and sloppy transaction confirmation.

If the delay in confirmation issue is not resolved fast then there will be many people who will stop using bitcoins as every one wants instant confirmation and its very annoying to wait for hours especially when you are in urgent need of money.

hulla

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There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

You're both correct mate and what pangia said could happen if care is not taking with issue happening lately concerning the block size ignominious failure and the news about the bitcore/block stream which causes high transaction fees and sloppy transaction confirmation.

uneng

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Quote from: achain on April 12, 2017, 12:42:27 PM

There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

Very smart, directly to the point. Only these two possibilities could make bitcoin die. But there are infinity causes to reach to these two possibilities, like persons trying to sabotage bitcoin, it's the worse and most dangerous possible cause to the bitcoin failure.
And there are many others causes, we need to be aware about everything to protect bitcoin against threats.

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There are only two possibilities in which bitcoin can die.

Either people stop using it or there comes some new currency which is better then bitcoins and if that happens then I think bitcoin can disappear in quick time but as of now I think everything is fine with bitcoins.

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yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)

What about a technical glitch?

Technical glitches are easy to be resolved. Only program codes, compatibility, and other software related issues are involved. These are easily (compared to other problems) fixed by some elite programmers and developers. But if the problem is people fully stopped using bitcoin, can you fix it? If the bitcoin was entirely banned by the government worldwide, can you fix it? There are ways to fix it but it is far too difficult to fix rather than the technical glitches.

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Quote from: lemonade09 on April 12, 2017, 12:10:57 AM

yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)

What about a technical glitch?

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Quote from: d5000 on February 09, 2017, 12:50:55 PM

There were already some cryptocurrencies (very small altcoins) that "died" - that means, the blockchain doesn't grow anymore because there are no users (=users with running full nodes). Example: TGCoin.

That would be the most probable scenario for a "dead Bitcoin", too. No demand, no users, no transactions. The "why" question would not be that relevant - it could be a better cryptocurrency or - a bit sci-fi - less need to use money for everyday life, or a much better technology than cryptos (e.g. a kind of artificial intelligence which manages our needs). It would not be dramatic, just boring - "the last Bitcoiner" will power off the light, most probably without anyone noticing it.

Another scenario would be a severe software bug. That could be much more dramatic, because it's very probable that there would be still people trying to use it. Although in this case if the bug can be solved, the blockchain can be started again, although there would be, for sure, a big price crash. This also already occured in some altcoins (e.g. Slimcoin).

I think if no one is using a currency that is one the the reason that a currency could die the more people uses the currency the more the price of the bitcoin goes up and when no one uses bitcoin the currency of the bitcoin will go down and eventually it will go down and gone ..,,

That only applies to a currency that is based supply and demand and has limited supply like bitcoins. But to currencies like fiat, it's a different story. The famous Zimbabwean dollars still have Zimbabwe people as user yet the price is extremely low. Here's an article from 2015 about $100 trillion Zimbabwean dollars that can't even buy a candy bar. Zimbabwean dollar has hyperinflated and so it's the lowest valued currency.

Fiat currency is so fascinating. It's almost as if the whole thing is based on whatever the government wants to do with it. We don't need anything like that. Good thing we finally have bitcoins.

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Quote from: doomloop on April 12, 2017, 09:00:32 AM

Quote from: skorupi17 on April 12, 2017, 09:40:53 AM

yeah you are right bitcoin only die if people stop using bitcoin. And bitcoin also die or close if all country's government put BAN on bitcoin , hence it's impossible to ban bitcoin as their was a big community of bitcoin from the all over world (japan acccepted bitcoin so i dont think any govt ban on bitcoin)

yeah its just one situation to die bitcoin when people stop to using bitcoin.

But do you really think that people will stop using bitcoin in near future as bitcoin is like an addiction once you start using it you will only keep on looking the ways to increase it so that you can get better benefits in future so I don't think that bitcoin will ever die in future.

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Well I think Bitcoin will die if another type of digital currency will emerge which is more efficient that bitcoin. Knowing that there is more efficient and faster than bitcoin would make the users to choose the new one because they will benefit more there. If most of the users of bitcoin shifted to the new one, this may lead to the harsh drop of bitcoin's value and this may cause bitcoin to die.

Bitcoin should have died years ago then. Altcoins surely are more efficient than bitcoins and faster than bitcoins. Most people are ranting about the wasted resources (thus, inefficiency) that there is whenever you transfer bitcoins. The fees when having a transaction with altcoins surely are much lesser than the transaction fee of bitcoin. And since there's far lesser altcoin users, sending altcoin is much faster than bitcoins.

But is this enough? Based on what you can see, no altcoin has replaced bitcoin yet so all this improvements aren't enough. There might be some people that have switched to using an altcoin because of these improvement but bitcoin is still the best way to store value amongst other cryptocurrencies.

On a side note. At the end of the day, when we're going to cash out our money to fiat, we are still going to convert it to bitcoins first. So others don't even bother switching to using altcoins and just accept the fact that there's ridiculous fees in using bitcoins.

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Quote from: layoutph on April 11, 2017, 06:58:13 AM

I think the only way to illiminate bitcoin and other crypto currencies in the market is by banning it by the whole government in the world. Prohibit people from withdrawing it. Making all Internet Service provider block all ports used by Bitcoin clients. Banning all website domains. This would end up everything.

That will be a big hindrance to bitcoin but the amount of collaboration you are suggesting in your post is something we have not seen I think ever, you will need the collaboration of every single government, banks and ISP and even with all of that we could still find ways to avoid all those measures.

skorupi17

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Well I think Bitcoin will die if another type of digital currency will emerge which is more efficient that bitcoin. Knowing that there is more efficient and faster than bitcoin would make the users to choose the new one because they will benefit more there. If most of the users of bitcoin shifted to the new one, this may lead to the harsh drop of bitcoin's value and this may cause bitcoin to die.

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