Topic: Is Bitcoin really unbreakable? - page 4. (Read 5559 times)
I would say that the way bitcoin break down is that there is in a couple of years a better alternative and that people simply changing currency...
presently its look like so. in future what will happen nobody know about that. but if we look at the present situation of the bitcoin its look prety good. it is look like unbreakable. is is expected that the rate of bitcoin will increase in next few months. so we can expect that it will remain unbreakable in future specially in near future.
I agree with this aspect. Today Bitcoin, you can say, well received by the public. State banks and injected it into circulation, use. that only strengthens Bitcoin. Bitcoin increasingly gaining confidence, and thus becomes stronger.
However, I remembered that 60-70% Mining farms accounted for China. And if there is something wrong in China, and other countries will not be able to pick up the power ... scary to think what will happen.
Now we mine daily 1800 BTC in new coins and 100 BTC in tx fees. So tx fees went from being 0.00125% of the income a year back to the 3% of mining income they are today.
( Sorry if my calculations are flawed)
But you can see, mining does not stop when the minting of new coins stops.
yes i hope so. the reason is that the popularity of the bitoicn is increasing day by day and there is not doubt this. people are entering in the world of bitcoin. they have trusted on bitoicn.
Those member who gave their different opinions here are really a big help to each everyone of us,..due to everybody or majority here they loved Bitcoins. True it is totally now really unbreakable as time goes by of how the other business company adopt it and the mass adoption are actually so fast in the other countries. 
Everything's break in some point for now bitcoin is much more stable by this time. Its just like a glass if you cut it in half many times it will break. Same as bitcoin and from that moment some altcoins will replace bitcoin by then. So i think be vigilant on it what altcoin it will be. For now let's just enjoy bitcoin. 
Yup Bitcoin price gonna be stable after halving, I won't accept which you said that, Altcoin will replace bitcoin then. Because I believe nothing we can compare with bitcoin while we looking at the current price hike.Really We should accepts this decentralized money is unbreakable at any moment...
I don't believe that bitcoin is unbreakable. Besides the technical side, there are no guarantees that bitcoin will fully catch on in the mainstream. It could just be a minor financial tool or just fail altogether. There are just no guarantees.
Well really, really everything is of course breakable but considering it for the bitcoin its just highly unlikely.
The bitcoin is just so strong and cannot be defeated in my eyes.
The bitcoin is just so strong and cannot be defeated in my eyes.
Everybody says Bitcoin is unbreakable, set in stone, yadda yadda yadda. But it seems to me that this is not necessarily the case. Anything about bitcoin, including the amounts generated, method of transferring coins, size of blocks, time to mine blocks, etc. can be changed by changing the software, and in particular the reference client since so many miners use that. Really, if 51% of the bitcoin mining community agrees on a change and implements it, that blockchain will win out over time. So it's more of a democratizing of fiat rather than an unbreakable currency.
There have certainly been times in our history, even in the recent past, in which the country at large (US) has voted for a Keynesian monetary policy. Isn't it possible, even likely, that at some time in the future a majority of miners would simply implement software changes to increase the amount of bitcoins generated? The incentive to do so is rather large, is it not? Thoughts?
There have certainly been times in our history, even in the recent past, in which the country at large (US) has voted for a Keynesian monetary policy. Isn't it possible, even likely, that at some time in the future a majority of miners would simply implement software changes to increase the amount of bitcoins generated? The incentive to do so is rather large, is it not? Thoughts?
As you have said it bitcoin is not unbreakable. It is not a solid currency. It is not even legalized and there are no governing rules from the government in using bitcoins. Bitcoins are prone to hacking if the user is not careful and its price is unstable, though it is high today we do not know what will happen tomorrow.
no one can say anything about the future. but this time its look like that bitcoin will keep itself stable. lets see whats happend in near future.
Everything's break in some point for now bitcoin is much more stable by this time. Its just like a glass if you cut it in half many times it will break. Same as bitcoin and from that moment some altcoins will replace bitcoin by then. So i think be vigilant on it what altcoin it will be. For now let's just enjoy bitcoin.
presently its look like so. in future what will happen nobody know about that. but if we look at the present situation of the bitcoin its look prety good. it is look like unbreakable. is is expected that the rate of bitcoin will increase in next few months. so we can expect that it will remain unbreakable in future specially in near future.
I agree with this aspect. Today Bitcoin, you can say, well received by the public. State banks and injected it into circulation, use. that only strengthens Bitcoin. Bitcoin increasingly gaining confidence, and thus becomes stronger.
However, I remembered that 60-70% Mining farms accounted for China. And if there is something wrong in China, and other countries will not be able to pick up the power ... scary to think what will happen.
So that is really nice but you are not for sure what will happen later with the Bitcoin and what you have to do with it.
The bitcoin protocol, like any other, is theoretically only unbreakable until it actually gets broken.
That said, it has been opensource and received numerous attacks over the last 7 years, that it seems reasonable to regard its overall security as fairly robust.
That said, it has been opensource and received numerous attacks over the last 7 years, that it seems reasonable to regard its overall security as fairly robust.
presently its look like so. in future what will happen nobody know about that. but if we look at the present situation of the bitcoin its look prety good. it is look like unbreakable. is is expected that the rate of bitcoin will increase in next few months. so we can expect that it will remain unbreakable in future specially in near future.
I agree with this aspect. Today Bitcoin, you can say, well received by the public. State banks and injected it into circulation, use. that only strengthens Bitcoin. Bitcoin increasingly gaining confidence, and thus becomes stronger.
However, I remembered that 60-70% Mining farms accounted for China. And if there is something wrong in China, and other countries will not be able to pick up the power ... scary to think what will happen.
presently its look like so. in future what will happen nobody know about that. but if we look at the present situation of the bitcoin its look prety good. it is look like unbreakable. is is expected that the rate of bitcoin will increase in next few months. so we can expect that it will remain unbreakable in future specially in near future.
Isn't it possible, even likely, that at some time in the future a majority of miners would simply implement software changes to increase the amount of bitcoins generated? The incentive to do so is rather large, is it not? Thoughts?
Not really. Let's think this through. Let's say 90% of miners decide to implement Bitcoin B, which increases the block reward tenfold. The other 10% of miners stick with bitcoin as it exists today (we'll call it Bitcoin A). The result is a hardfork and two competing blockchains. Exchanges and the general public are forced to decide which coin they want to go with. Some exchanges stick with Bitcoin A, some with Bitcoin B, some offer to handle both.
Because the miners on Bitcoin B have demonstrated they will jack with the coin supply, confidence is near zero that they won't do so again. That and the flood of new Bitcoin B's into the market from the miners quickly drives the price down towards zero. Meanwhile, the miners on Bitcoin A see the value of their coin sustained, and they are earning 10X as many bitcoins because of the lack of competition. Rather quickly the humiliated and financially stressed miners of Bitcoin B start abandoning their ill-conceived effort to alter the supply of bitcoins. Within a few weeks, Bitcoin B ceases to exist.
The public could support a restriction on the block reward, reducing the coin supply, in principle. But so long as anyone was willing to mine the existing protocol and exchanges were willing to support it, I can't see the opposite happening. Except maybe if world governments stuck a gun to the head of miners, exchanges and the public and said "You will accept only Bitcoin B - or else."
No its not.It can still be broke nothing in the world has the best security even the strongest may fall.But thist past years bitcoin stay strong and at it's finest of all cryptocurrency and it keeps on growing.But i still hoping that someday bitcoin will be unbrekable and unstopable online.
Yes i agree because bitcoin is can be manipulated by all of us if we want it to dump we can dump it if were holding big amounts of btc and thats why its breakable for now and their so many scene and instance can break bitcoin if something black propaganda wil spread it can be the cause of bitcoins falldown.
There will always be problems like 51% attack, but it is one of the safest systems until the dates
No its not.It can still be broke nothing in the world has the best security even the strongest may fall.But thist past years bitcoin stay strong and at it's finest of all cryptocurrency and it keeps on growing.But i still hoping that someday bitcoin will be unbrekable and unstopable online.
Quote from: jeffthebaker
Nothing is permanent. It is very possible that something pops up down the road that will overtake Bitcoin. As of now there is no competition, but a superior cryptocurrency could gain massive popularity at some point down the road and make BTC obsolete.
Very true. For the moment the technology behind Bitcoin and it's dominance in the cryptocurrency market seem unbeatable, but the future is difficult to predict. Anything could happen.Posted From bitcointalk.org Android App
well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end
Impossible because of decentralization.you think that because of it, the miners will grow indefinitely and thus rising the power to a much greater extent? well a central autorithy could see this as a competition, and use more energy to increase its network/circuit in the case of a centrlized system like visa/matercard
or maybe you are referring to the contrary
Well then we need to invent decentralized electricity aswell. Until the electricity is controlled by paid shills, they can easily increase the electricity bill cost just to mess with bitcoin mining.
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