Is Bitcoin designed to last forever? - page 11.

Foref1982

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Quote from: Hazir on September 28, 2016, 09:38:13 PM

I want to clear some misconception here - please don't use term 'forever' most people by forever means a lifetime of a man - which is totally inappropriate use for this word.

And now stop and ponder for moment about human inventions and development of our tech. Have you seen atomic shelters from cold war era? With big computers with processing power lesser that current watches?

Do you see how Moore's law is affecting our progress? And now apply all this to bitcoin - it might last for 10, 20, 100 years - who knows. But I am sure that in the future something else will take its place.

Even if something replaced bitcoin in the future, bitcoin's advantage would be that you could easily exchange it to that new currency. Bitcoin was and is a milestone. The new milestone should keep the advantages of bitcoin so exchanging from bitcoin to the new milestone should be easy, quick and cheap like exchanging between cryptocurrencies.

mamichula

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It might be over a hundred years from now, but I assume it will die and something else will take its place. I don't think Satoshi anticipated Alt coins when he created Bitcoin, or even volatility. He was probably thinking of an alternative currency that everyone can use and be happy with, and when the time came people would just continue mining because it's a good currency.

Hazir

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I want to clear some misconception here - please don't use term 'forever' most people by forever means a lifetime of a man - which is totally inappropriate use for this word.

And now stop and ponder for moment about human inventions and development of our tech. Have you seen atomic shelters from cold war era? With big computers with processing power lesser that current watches?

Do you see how Moore's law is affecting our progress? And now apply all this to bitcoin - it might last for 10, 20, 100 years - who knows. But I am sure that in the future something else will take its place.

boyptc

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Quote from: Hugroll on September 28, 2016, 04:28:41 PM

I guess its designed to stay alive forever because the miner fee is adjustable and that will jsut take over when the block reward becomes too low for the miners. Atleast i hope it stays alive forever.

I guess so too, because as long as there are users all over the world it is going to remain alive. And the designed of having 21,000,000 in the circulation once was this already reached. For sure the cycle is just going to keep on working and moving because that is going to make the price of bitcoin unstable and fluctuating.

Yakamoto

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Quote from: coin_gambler on September 28, 2016, 05:10:49 PM

Quote from: bryant.coleman on September 28, 2016, 05:52:15 AM

I don't think that Bitcoin designed to last forever. There are several scenarios in the future, which can spell doom to Bitcoin. For example, if a supercomputer which can crack Bitcoin private keys are invented, then it will become impossible to safely store Bitcoin. Another scenario is the 51% attack. What will happen if someone invents a mining rig, which is 1 million times more efficient than the others?

in my opinion it actually is designed to last forever and it will because bitcoin is a perfect currency

Bitcoin was designed to last forever, however it is far from being a perfect currency. While there are a ton of great things about the Bitcoin protocol that can be applied to other currencies (or just overall for that matter), the confirmation times take too long and there is always the risk of someone controlling the blockchain.

Solve the confirmation length, get faster wallet syncing and get rid of the potential for someone to control the network with 50%+1 of the network, and you will have basically the perfect currency.

coin_gambler

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Quote from: bryant.coleman on September 28, 2016, 05:52:15 AM

I don't think that Bitcoin designed to last forever. There are several scenarios in the future, which can spell doom to Bitcoin. For example, if a supercomputer which can crack Bitcoin private keys are invented, then it will become impossible to safely store Bitcoin. Another scenario is the 51% attack. What will happen if someone invents a mining rig, which is 1 million times more efficient than the others?

in my opinion it actually is designed to last forever and it will because bitcoin is a perfect currency

Hugroll

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I guess its designed to stay alive forever because the miner fee is adjustable and that will jsut take over when the block reward becomes too low for the miners. Atleast i hope it stays alive forever.

Foref1982

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Quote from: abonarea on September 27, 2016, 02:07:20 PM

Bitcoin is going to facilitate us all for decades from now on wards. It is very difficult to say anything whether it will last forever or there will be some other thing more advanced and usable than blockchain in far future. We can not even imagine how the world will look like after 100 years as science and technology is at full speed even now.

The halving speed is estimated to be 3 years now, maybe more in the moment when I'm writing this post. You don't need 100 years to see the whole computing technology at an unimagineably different level. But bitcoin is a virtual technology that USES computing technology and as a virtual technology, it can adapt to the development of the computing. However, as hard it's to predict the future of computing, it's hard to predict the future of bitcoin, but I think it'll change and - I hope - survive in the end.

Tyrantt

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Quote from: pandalion98 on July 12, 2016, 09:59:57 AM

No in my opinion. There are simply too much issues with it at the moment.

For instance, block times are way too long for instant transactions. The blockchain is getting too bloated. It's using up energy inefficiently.
One day, bitcoin will fall.

Maybe but bitcoin is an open source and it can/will be improved in time greatly. But you can never know, bitcoin will probably (surely) outlive you, so for you it will last for ever but I see the bitcoin as a side option in the future, probably will never get into the mainstream or will take pretty long time.

Red-Apple

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any kind of technology will die some day in the future but that future is not near at all. and also you should know that technologies like bitcoin are always evolving and matching the new world as we move forward so this future is pushed a bit more forward again.

lienfaye

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Bitcoin will be around for years but it wont last forever as there is no permanent in this world. the important thing is now, many are using it and what matters is the present.

Daniel91

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What is designed to last forever?
Technology we have around us now, our buildings and houses, countries, banks, our current money or even this planet earth?
Nothing will last forever.
Realistically, in 100 000 or 1 000 000 years we can't be sure that even Internet will exist.
So, enjoy current ride with Bitcoin and don't think so much about the future.
We can't even predict what will happen tomorrow, in one month or year.
I will be personally very happy if value of Bitcoin increase 10-20 times in next 5-10 years.
It will be enough for me to get rid of my current job and start enjoying life.
For rest I don't care really (since I can't influence it).

jayce

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A new technology will change the old one, thats a common thing in this world. Well I think we dont need to worry for now since there is still no other cryptocurrency who really can beat bitcoin.

haankoammu

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Quote from: Carlsen on September 27, 2016, 06:26:36 AM

One day all bitcoins will be mined.
That means no transactions will be confirmed anymore.
I think that coins can still be sent, but without the confirmation, I don't think that people will still use it.
So no, I don't think bitcoin will last forever.
Besides, I think that the confirmation times will become so slow that long before the last coin will be mined nobody will use bitcoin anymore.

I don't think this is accurate when you consider the halving time, it would happen eventually but it would take a very very long time with the halving occurring gradually, also BTC is not set in stone, at that time I am sure there would be a solution.

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Quote from: pearnapple on September 28, 2016, 05:21:15 AM

Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

of course it is volatile because it depends only on people and nothing else and i think it is a really good thing

Its volatile because there are lots of people who uses it thats why its keeps moving its price and thats a normal thing for bitcoin. In fact bitcoin was created for many reasons it may not last forever but we could somehow assure that it would last for a long time as long there are people who still uses and buy it.

OmegaStarScream

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Bitcoin is getting developed more and more , It takes time but we are getting there so I personally wouldn't be worried about transaction speed etc... we will get to Lightning network , eventually.
the only issue I can think of is the ability to crack the private keys easily If computers keep getting more powerful with time but If the algorithms could be changed , I don't think It's going be a big issue.
I personally like to think that It could survive forever If the development stays active, because with more altcoins with new features keep popping up , Bitcoin has no chance unless they continue to develop it.

bryant.coleman

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I don't think that Bitcoin designed to last forever. There are several scenarios in the future, which can spell doom to Bitcoin. For example, if a supercomputer which can crack Bitcoin private keys are invented, then it will become impossible to safely store Bitcoin. Another scenario is the 51% attack. What will happen if someone invents a mining rig, which is 1 million times more efficient than the others?

pearnapple

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Quote from: Usainbot on September 27, 2016, 01:10:39 PM

Quote from: rektDude on September 27, 2016, 06:50:34 AM

I dont think allot of people will stay for the rest of their lifes into the bitcoin because one day he will drop down that much and rebuild all of it again so that makes very many people sad.

The bitcoin price is volatile. But as long as it is under good development, the price will rise in the long term.

of course it is volatile because it depends only on people and nothing else and i think it is a really good thing

bitbunnny

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The amount of Bitcoins is limited, that is the fact that we l know. Whether it could last forever, it's hard to say. This is completely new concept of virtual digital currencies with no prior experience so any prediction is possible. It's possible that some new and more advanced technology (currency) in the futrure replaces Bitcoin.

Omegasun

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There is no project that created by man that last forever even if it is well established as of now. At some point, Time will come that bitcoin will be abolished because of new coins that is more advanced to it and have better feature, mark my word.

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