Is black monday possible in Bitcoin?

xypos

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat if bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

I don't think you understand how bitcoin works.

Bitcoin doesn't work like that. Satoshi can't come and suddenly shut down "bitcoin servers" which do not exist in the first place. The whole point of bitcoin from the beginning is to create a decentralized environment where people can trade and transact.

First of all, it'll never crash below $1000 in my opinion again. Even if it does, it's for a reason. Sure investors will lose money but bitcoin framework still works.

Lionidas

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I just can not see it going down to nothing all the sudden with out any reason for it to.
It would need all the exchanges to go down and the miners to all the sudden stop mining all at once which is impossible unless there is a power outage that would render them useless.

figmentofmyass

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Quote from: diouf67 on October 28, 2017, 04:13:14 PM

A huge crash in bitcoin is really a possibility, anyone who says otherwise should be careful. I don't see it ever going down as low as $1 though whatever really happens.

i used to say that a fundamental flaw at the protocol level (broken POW, or broken signature curve) could send the markets to $0. but even if that happened (say, on the day the news came out) i think that the core developers would develop and release a hard fork version that carried forward the chainstate/UTXO state to a new blockchain.

it might be a rocky road, but i suspect that the market would eventually react quite bullishly to the notion that a fundamental flaw were found, a fix was released, and the ecosystem adopted the fix. we could then cross it off the all-time list of fears (which includes contentious hard forks, among other things)...

Oceat

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yeah the price maybe can drop sudenly, but it will raise again through time

Quote

If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?

no, satoshi cant do that bitcoin have no central server to take down. if you want to shutdown bitcoin you should shutdown all the bitcoin user around the world

I guess the OP doesn't fully understand what bitcoin is he should have do his own research if he's wondering what will going to happen if someone ruined it. All i know that can ruin bitcoin so far for now is this Segwit2x forks and yea those whales too. I guess they were good at messing around people by manipulating the price with their great power in bitcoin. And still people are still lucky to have this kind of opportunity that's given to them.

uszaty43

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The crash is only possible if everybody decides to sell their bitcoins, and i dont think that it is going to happen because most of the people who bought bitcoin only did it because one reason, and only because they want to get rich as fuck, or just to increase their capital by a lot of money.
And satoshi can not decide anything about bitcoin, maybe he is holding some bitcoins, but he can not sell the bitcoins from the other holders, because it is impossible.

diouf67

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A huge crash in bitcoin is really a possibility, anyone who says otherwise should be careful. I don't see it ever going down as low as $1 though whatever really happens.

Pearls Before Swine

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Not only is it possible, it happened before in 2013-14 with the Mt. Gox diaster.
That didn't exactly happen in one day, but the market crashed and we had a
panic, big time. And we had a crash recently, from $3000 or so to $1900, and
that happened within a couple of days.

We're due for a black Monday in my opinion, and I think we're going to get one,
too. Soon? Maybe not. The market is definitely bullish right now, so we might
get to $10k before we get hammered....but it's going to happen.

rayneh

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Quote from: PokerDiceMan on October 28, 2017, 03:46:39 PM

Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat if bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

bitcoin is open source
server not control satoshi nakamoto, bitcoin is ready much dev, much server, much miner, much mining pool, so not only satoshi nakamoto

According to your point as you said that bitcoin is decentralized no one can control bitcoin. Nobody can control bitcoin because bitcoin is now a days giving much benefits to people which is best thing from bitcoin so we should ignore the background and go for investing in bitcoin and do trading in bitcoin.

PokerDiceMan

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat if bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

bitcoin is open source
server not control satoshi nakamoto, bitcoin is ready much dev, much server, much miner, much mining pool, so not only satoshi nakamoto

farhaan

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Its estimated that satoshi has one million bitcoins with him.The only thing that he would be able to do is to sell his one million bitcoins.If he sells it at regular intervals,then it won't have any significant impact on bitcoin's price.Instead,if he dumps them at once,then bitcoin price would crash since there would be supply of one million bitcoins more than the present demand.

Other than this,he could be able to do nothing to the rest of the 20 million coins.But i don't think that satoshi would like to make bitcoin price crash and delay its progress by himself.

harizen

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat is bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

There is no such thing that will happened overnight.

Do you really think that with the current price, price will crashed down to $1 in an instant? Of course others will able to get out at some levels it will passed once investors or the community sees really has no chances to bring up bitcoin again.

I think you are just thinking too much. Just relax and take advantage of what bitcoin is giving us today. It's possible but I will considered that as impossible today. If that will happened then let it happened.

TanyaDegurechaff

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat is bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

wow that imagination of your is quite amazing you should become a novel writer like me Grin

. There is no way Satoshi would ever do that. why would you destroy something you have created when it does good to everyone? And besides there is no way to shut down bitcoin by using a single machine because bitcoin is decentralized. and besides if bitcoins goes back again to $1 all of his bitcoins will be useless so he will not do anything to harm it.

stompix

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat is bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,

They are going to lose millions of dollars simple as that.

Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?

There is no such thing a server. From that assumption it's clear you have no idea what bitcoin is and how it works.
Start here:
https://en.bitcoin.it/wiki/Main_Page

Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

Then what will be the value of the bits??? again $1.

If he dumps all of them in one go temporarily the price will probably go below 1$.
Then it will come back at the value the market decides, it can be 2$ (lol) or back up to 6000$.

oookova

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Quote from: iamTom123 on October 27, 2017, 01:17:39 AM

Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat is bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars,
If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?
Then what will be the value of the bits??? again $1.

I understand your apprehension. Now, what will happen if there can be a sudden crash in the value of Bitcoin? You mean a big dip can happen...well I would say that many people would be so happy if there can be a big crash because by then many can buy Bitcoin at a cheaper rate and when people are buying in dip its value would start to rise again...this is just a cycle it happened with Bitcoin before and nothing is stopping it from happening again. Now, every time that Bitcoin could fall, it can easily gather itself and get back on its feet again as if things just returned to normal. Now, as to your proposition that Satoshi can suddenly be possessed by the devil and would do something that can harm Bitcoin, the answer is that Satoshi has no power to do that...that is why we have the blockchain technology where no single person can decide anything that can affect the whole network and it is Satoshi himself who designed things that way...this is just one of the many meaning and application of the word decentralization.

So, just relax and buy your own Bitcoin now knowing that we have a god future here...the whole cryptocurrency has a good future though you have to be careful with entering just any type of ICO and 'shitcoins' as these can be used by many scamming artists to be victimizing others for their money (this is a general statement and not specific meaning not all ICOs are bad and not all are good).

Good luck.

Very informative answer! Thank you!

Iranus

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Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

BTCWhat is bitcoin is suddenly crashed, what will happen to the investors who have invested millions of dollars

Just to clarify, this kind of crash would most likely be due to the excessive speculation and the bubble which led up to the crash. Therefore, it's the investors' responsibility when something like that happens.

It's mind-bogglingly unlikely that something like that would happen as a result of a bug, because the Bitcoin Core software has been reviewed by loads of different people who can understand it and can be read through by anyone.

There was an overflow bug in 2010 which resulted in loads of BTC being created, but this was when only a small group of people were interested enough in BTC to read through the code. That's very much not the case anymore.

Quote from: bakerlisa510 on October 27, 2017, 12:39:06 AM

If satoshi nakamoto suddenly decides to become devil and crashes down the server and take away all the money?

That's objectively impossible.

krauzzer02

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First Satoshi can't do the crashing and hacking of the server and the bitcoins on it even he is the creator and founder of it he needs to hack all the miners and users of bitcoin in order to hack through the blockchain and change its value even it is public it needs the confirmations and approval of the miners. Bitcoin will never crash unless all the people who uses bitcoin decide to sell it and dump all their coins making large companies and investor loose their money.

Zorbak

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He can make a big crash of course, but in long term market cap would recover. Daily traders would be crazy but long term investors should not worry for it. Of course it would be a great opportunity too to buy more.

ALT67890

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As everybody say “let it be” and for sure many will buy on that crashed bitcoin and will rise again like there is nothing really happens. Big investors or millionaires mostly are not that negative thinker and the risk they’re taking is just of what they say “business”. Losing for them is part of it and we can’t hear them whining about it even if it happens. Only like us and small investors are too noisy about this and that and it’s annoying sometimes. But that is the reality.

jseverson

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It's possible. If it happens, then everyone loses the money they've invested into Bitcoin. It's really that simple. I know that this forum is full of people who are optimistic with regards to Bitcoin's future, but I'm sure most of them also know that it's not impossible for it to lose value in a heartbeat. It's very, very unlikely, but some catastrophic event involving vulnerabilities, security, etc. could make it happen.

As for Satoshi crashing the server, there's no such thing lol. If peer-to-peer systems were that easy to crush, torrents wouldn't exist anymore. Bitcoin was built to be resilient.

mistanama

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You know what you can do and you know the answer too. Of course if you lose a million you will also be happy? That way the world can rob you and lose your property. But it's also money money bitcoins is a money too and the only thing that's just going to lose is because of not keeping your Bitcoins and other Altcoins. To lose and be totally zero the value of bitcoins will not happen. Because it is a decentralized and many people use it. Can you see it ? Even governments with power can not stop them. Because bitcoins will become the world's currency and the country will become cashless society.

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