Now & After 6 years , what the worst case scenario ?

pereira4

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Quote from: Slark on September 27, 2015, 10:42:24 AM

The problem with bitcoin is that it is purely virtual entity. It is hard to estimate assets cap of all bitcoin projects and startups.
Some say it is over 3 billion dollars market, but bitcoin companies are 'weak' they do not produce anything, they do not supply people with ideas.
They are so far only payment processor companies, wallets and financial institutions (exchanges).

Well then what is Blockstream? There are advancements of the technology happening all the time trying to improve it, Blockstream is a clear example, im sure there are more stuff happening out there, but a lot of people seems to be fighting to become the PayPal of bitcoin. I hope they all go bankrupt, Bitpay seems like it's already headed to fail. Good riddance.

Slark

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The problem with bitcoin is that it is purely virtual entity. It is hard to estimate assets cap of all bitcoin projects and startups.
Some say it is over 3 billion dollars market, but bitcoin companies are 'weak' they do not produce anything, they do not supply people with ideas.
They are so far only payment processor companies, wallets and financial institutions (exchanges).

Betwrong

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The worst case scenario IMO is a panic among Bitcoin holders when the price of bitcoin is dropping. If all of the Bitcoin holders will start selling their BTC fearing that they'll lose even more if they wait a couple of days the consequences of the panic could be disastrous. Fortunately this won't happen because there are enough smart folks among BTC holders who will start buying at low price. Wink

Frijj

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Quote from: OmegaStarScream on September 26, 2015, 07:41:31 AM

Now & After 6 years from the creation of Bitcoin by Satoshi Nakamoto , what's the worst case scenario that could happen to Bitcoin and make it dissapear once for all in your opinion , personally I guess it will be little bit hard to get 3 billion USD market-cap business destroyed just like that .

The worst case scenario is that bitcoin falls to such a low price that mining becomes unprofitable and the miners pack up. That would be the only death blow really. Even if bitcoin doesnt go fully mainstream I think it will survive as an alternative payment system even if the only thing people are buying with it are drugs.

gentlemand

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Quote from: redsn0w on September 26, 2015, 12:02:54 PM

So the mining of bitcoin will returned to the CPU, this is a good scenario.

There'll still be warehouses filled with ASICs that can't do anything else. They'll always be with us in some form.

neurotypical

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Quote from: Kprawn on September 27, 2015, 02:39:22 AM

I guess my worst case scenario would be, if a competing technology comes from the financial industry, that solve all of the troubles Bitcoins is struggling with now and the

incentive to use Bitcoin decline. This is not unrealistic, because they already started development of their own "Private" Blockchain technologies. At this stage Bitcoin is

still in front when it comes to innovation, but they stole the idea, and they have loads of our money to fund proper development. Angry

There's nothing under the sun that would solve the fundamental Bitcoin problems (that cannot be solved within the Bitcoin technological framework).
The main problems of Bitcoin are basically technological progress one. Namely, technology is not advanced enough to run worldwide transactions on-chain.

FanEagle

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Well, I remember that a "new" thing is first watched bad, then restricted, then hated, then accepted. it was like that right?
I don't know why it's being looked bad, if we all look at the criminals intents then we should ban even real world currencies.

Plus: If someone finds bad intents to act, it will always find a way of earning on the top trending currency.
No matter if its real world cash, trading object or a futuristic coin.

Kprawn

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I guess my worst case scenario would be, if a competing technology comes from the financial industry, that solve all of the troubles Bitcoins is struggling with now and the

incentive to use Bitcoin decline. This is not unrealistic, because they already started development of their own "Private" Blockchain technologies. At this stage Bitcoin is

still in front when it comes to innovation, but they stole the idea, and they have loads of our money to fund proper development. Angry

Amph

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Quote from: amazonrefunder1 on September 26, 2015, 01:26:59 PM

Quote from: Amph on September 26, 2015, 01:20:32 PM

Quote from: redsn0w on September 26, 2015, 12:02:54 PM

Quote from: Amph on September 26, 2015, 11:20:39 AM

worst case is if the price drop around a value that is not profitable anymore for the miners, at that point, they will shutdown their asic, and the netowrk will be unsafe

there is no return from that point, bitcoin would die

So the mining of bitcoin will returned to the CPU, this is a good scenario.

i think will not trust anymore bitcoin and it will die instead, like it happened to some altcoin, that tried to conquer again the trust of their users

there no going back, after you return to the initial point

dude BTC is better currency this world just to let u know

yeah but perhaps you didn't read what i've wrote, if the worst case scenario happen, you can't simply restart from zero, and believe that anyone will treat bitcoin as it is right now

OmegaStarScream

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Quote from: Q7 on September 26, 2015, 10:16:45 PM

At this stage after 6 years, a vulnerability hack on the system is very much unlikely. Any loophole would have been found by now. What I worry is more towards the collapse of a reputable exchanger the scale of Mt gox size to again dent the trust of the people but that won't lead to a complete meltdown. It will be a slow gradual decline.

Personally I'am not worried about the exchanges at all , I think they all learned the lesson and even if they are holding few BTCitcoin online , most of them should be in cold storage , so they shouldn't get screwed all at once .

Q7

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At this stage after 6 years, a vulnerability hack on the system is very much unlikely. Any loophole would have been found by now. What I worry is more towards the collapse of a reputable exchanger the scale of Mt gox size to again dent the trust of the people but that won't lead to a complete meltdown. It will be a slow gradual decline.

Mickeyb

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Quote from: OmegaStarScream on September 26, 2015, 07:41:31 AM

Now & After 6 years from the creation of Bitcoin by Satoshi Nakamoto , what's the worst case scenario that could happen to Bitcoin and make it dissapear once for all in your opinion , personally I guess it will be little bit hard to get 3 billion USD market-cap business destroyed just like that .

The only thing that comes to my mind is having some major bug that would cause the people to lose their coins. But if this hasn't happened in 6 years, I don't see it happening now neither.

If Bitcoin would have to die, I see this possible death as rather slow and painful, not a quick death.

Also I don't think that if some country would ban a Bitcoin that this would destroy us. You cannot destroy decentralized movement so easy!

knowhow

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Quote from: Pab on September 26, 2015, 04:24:46 PM

China and Russia are two diffrent worlds.ForChinise btc was gambling,legal gambling.In China gambling is iligal,so they travel to Macau to gamble.It is only for very wealthy chinise,becouse Macau isone of the most expencive place in the world.Now ordinary chinise are loosing intersted in btc,chinise exchanges are going down.No more customers

Bitcoin is loosing interest i doubt from the country which has the biggest farms on their country.Trading less bitcoin means all wanna it to gain value,soo in a medium time market will be working on supply and demand,and demand will be bigger,since no one wanna to sell it too soon.

Pab

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China and Russia are two diffrent worlds.ForChinise btc was gambling,legal gambling.In China gambling is iligal,so they travel to Macau to gamble.It is only for very wealthy chinise,becouse Macau isone of the most expencive place in the world.Now ordinary chinise are loosing intersted in btc,chinise exchanges are going down.No more customers

knowhow

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The worst thing that may affect bitcoin is satoshi nakamoto makes a new coin and give is face to the new currency ,and say that bitcoin lost his road ,soo he created another coin wich he will lead ,im pretty sure market will react very fast if the real satoshi appears with a new crypto currency.Those would mean a fight to mine the new coin and to get it the faster as possible dreaming to achieve the price of bitcoin of 200 or 1000 dollars the diference should be satoshi presence that his the huge mind of bitcoin.

sana9821

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i think that the worst thing that can happen to bitcoin is that it will be forgotten by all people in the world and its price will drop sharply to only a few dollars each

amazonrefunder1

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illuminati

Quote from: Amph on September 26, 2015, 01:20:32 PM

Quote from: redsn0w on September 26, 2015, 12:02:54 PM

Quote from: Amph on September 26, 2015, 11:20:39 AM

worst case is if the price drop around a value that is not profitable anymore for the miners, at that point, they will shutdown their asic, and the netowrk will be unsafe

there is no return from that point, bitcoin would die

So the mining of bitcoin will returned to the CPU, this is a good scenario.

i think will not trust anymore bitcoin and it will die instead, like it happened to some altcoin, that tried to conquer again the trust of their users

there no going back, after you return to the initial point

dude BTC is better currency this world just to let u know

buddu

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Bitcoin will be more stable and stronger than ever and will be widely adopted and use in my opinion.I don't see any thing what can make Bitcoin disappear.No worry about the future of Bitcoin.

Amph

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Quote from: redsn0w on September 26, 2015, 12:02:54 PM

Quote from: Amph on September 26, 2015, 11:20:39 AM

worst case is if the price drop around a value that is not profitable anymore for the miners, at that point, they will shutdown their asic, and the netowrk will be unsafe

there is no return from that point, bitcoin would die

So the mining of bitcoin will returned to the CPU, this is a good scenario.

i think will not trust anymore bitcoin and it will die instead, like it happened to some altcoin, that tried to conquer again the trust of their users

there no going back, after you return to the initial point

LiteCoinGuy

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In Satoshi I Trust

Quote from: M28MmickT on September 26, 2015, 12:39:57 PM

Quote from: OmegaStarScream on September 26, 2015, 07:41:31 AM

Now & After 6 years from the creation of Bitcoin by Satoshi Nakamoto , what's the worst case scenario that could happen to Bitcoin and make it dissapear once for all in your opinion , personally I guess it will be little bit hard to get 3 billion USD market-cap business destroyed just like that .

I wonder what the market cap of VHS was? Grin

Topic: Now & After 6 years , what the worst case scenario ? (Read 2379 times)