Now & After 6 years , what the worst case scenario ? - page 2.

M28MmickT

sr. member

Activity: 433

Merit: 250

BTG CEO

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

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: deanbtc on September 26, 2015, 12:20:56 PM

the worst scenario for me is that governments control bitcoin and it wont be decentralized any more

That's not going to happen :

https://en.bitcoin.it/wiki/Myths
https://en.wikipedia.org/wiki/Bitcoin

Quote

Of course, actually 'shutting down' Liberty Dollars was as easy as arresting the head of the company and seizing the offices and the precious metals used as backing. The decentralized Bitcoin, with no leader, no servers, no office, and no tangible asset backing, does not have the same vulnerability.

Quote

The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency.

Only thing that make Bitcoin centralized or less anonymous is those shitty exchange that ask you for your ID , passport and residence and this kind of stuff and well .. while buying using Credit card or Bank account or Paypal or whatever , your name will be visible .
That's why people should LocalBitcoins since it's decentralized or people could trade in forums like Bitcoin between them selfs , beside that .. Bitcoin still and will remain Decentralized .

celebreze32

sr. member

Activity: 296

Merit: 250

The worst case scenario would be if America banned Bitcoin and the rest of the world followed, although America already decided not to ban Bitcoin in late 2013. If it was illegal everywhere no Bitcoin exchanges could legally operate, and Local Bitcoins would be closed down too. If nobody could buy and sell it without fear of arrest then it would probably result in it becoming worthless, but I don't think a worldwide ban is likely.

deanbtc

newbie

Activity: 8

Merit: 0

the worst scenario for me is that governments control bitcoin and it wont be decentralized any more

Blawpaw

legendary

Activity: 1596

Merit: 1027

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 guess there is no turning back at this point... bitcoin is here to stay. In this case, the worst scenario would be one that might affect the holders; a price crash! if BTC goes under $100 there will be a huge dump... could this mean that bitcoin as a currency might fail or could this mean that BTC is going mainstream?

VCLChief

newbie

Activity: 31

Merit: 0

This much be btc doom week! It will pass.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

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.

Amph

legendary

Activity: 3248

Merit: 1070

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

Herbert2020

legendary

Activity: 1946

Merit: 1137

i think the worst thing that can happen is if things like the bitcoin xt arguments create more and more split in the developers and they give up on bitcoin because of this.
also another thing is if the price goes lower after a couple of block halvings and makes the mining unprofitable so miners give up mining.

coinableS

legendary

Activity: 1442

Merit: 1188

For bitcoin to drop to zero there would have to be a break in protocol or design. For example, being able to extract the private key from a public address so you can spend others coins or the ability to create 'fake bitcoins' without mining them. As long as these two things don't happen, bitcoin will not die.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

The worst case will be the lost of trust in bitcoin and I'm not talking about the value or the price... only the trust. I don't know what it will lead people to lost confidence in the btc network.

bryant.coleman

legendary

Activity: 3808

Merit: 1219

Worst case will be a scenario in which double spending is made possible. The Bitcoin will lose all of its value, and its market cap will come down from $3 billion to $0.000. Hundreds, if not thousands of Bitcoin based ventures (including payment systems such as Bitpay and exchanges such as Bitstamp and Kraken) will become bankrupt and a large number of people will lose their jobs.

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

worst case = BTC zero

Wink

------

BIP 106 sounds interesting.

manselr

legendary

Activity: 868

Merit: 1006

I think there is no technological dead end that could put Bitcoin in a position where I would worry about the continuity of the project. My main concern tho, is all governments allying to start a massive disinfo campaign and fearmongering all over the place so Bitcoin never goes mainstream and stays as some niche underground thing. But even then, the project would be unstopable to keep developing and improving and money would come in anyway.

CounterEntropy

full member

Activity: 214

Merit: 278

Quote from: MicroGuy on September 26, 2015, 08:20:43 AM

This has made a dire situation in terms of development, leadership, and direction. With that being said, however, Gavin does have some pretty dumb ideas from time to time. His hairbrained scheme (BIP101) to double the block size every two years is probably the worst idea since the invention of software.

I agree.

Quote from: MicroGuy on September 26, 2015, 08:20:43 AM

The best thing that could happen would be for me to take charge of the development. It doesn't take a rocket scientist to figure out you simply raise the block size limit to 8 MB now, monitor network growth, then implement future forks/updates as needed. This is one line of code change basically.

BIP 106 seems to be a more programmatic approach.

maokoto

hero member

Activity: 770

Merit: 500

✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

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 have been thinking for a while and I don't come to a scenario that would destroy it completely.

But more scam scandals, or the fall of a big online wallet being hacked and losing their coins could be a big blow.

NorrisK

legendary

Activity: 1946

Merit: 1007

I guess the worst thing that could happen to bitcoin at the moment is a way to crack private keys easily from the public key or just by bruteforcing.

As long as people are not losing any of their coins, I don't think bitcoin will be into a lot of troubles.

MicroGuy

legendary

Activity: 2506

Merit: 1030

Twitter @realmicroguy

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 .

Bitcoin will never disappear, but the most troubling event at this stage is how "the person Satoshi left in charge of the code has now left the core team."

This has made a dire situation in terms of development, leadership, and direction. With that being said, however, Gavin does have some pretty dumb ideas from time to time. His hairbrained scheme (BIP101) to double the block size every two years is probably the worst idea since the invention of software.

The best thing that could happen would be for me to take charge of the development. It doesn't take a rocket scientist to figure out you simply raise the block size limit to 8 MB now, monitor network growth, then implement future forks/updates as needed. This is one line of code change basically.

TibanneCat

full member

Activity: 210

Merit: 100

BTC > etc

Quote from: ?? on ??

Where do you live? Hopefully in the land of liberty.

http://www.coindesk.com/russian-ministry-correctional-labor-penalty-bitcoin-crimes/

This won't stop it, a futile attempt to halt technology.

Both China and Russia are authoritarian regimes who feel threatened by anything that challenges their control at home, hence the "anti-bitcoin" regulations

yet chinese and russian citizens are considered some of the most active in the bitcoin scene.

randy8777

legendary

Activity: 896

Merit: 1000

if some one found a way to crack our private keys probably. it might never happen, but it is a possibility. or the price of bitcoin gets down to a level where miners shut down their hardware for good.

Topic: Now & After 6 years , what the worst case scenario ? - page 2. (Read 2380 times)