The One Thing That Could Stop Bitcoin - page 2.

BitHodler

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Quote from: gentlemand on October 27, 2019, 07:13:36 AM

It is now broadcast over satellites,

It's not going to do anything in case governments order the companies behind the satellites to terminate Blockstream's (or any other entity) contract. If that happens you can kiss your satellite goodbye.

It only provides an advantage as long as the government isn't your direct enemy, which they might become when Bitcoin grows larger at cost of their own financial system. That's why I'm not really hyped by these satellites.

JC btc

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Quote from: gentlemand on October 27, 2019, 07:13:36 AM

Quote from: gandame on October 27, 2019, 06:23:45 AM

Only one thing i know that could stop bitcoin if internet connection has stop in the whole world bitcoin will die because no one can open there wallet.
That is only my thought and i think its never been happen that one.

It is now broadcast over satellites, though I think it's receive only, and I remember experiments with broadcasting it over TV or radio waves in Finland. I expect internet free from centralised hubs to grow as well.

And if the internet is down as a whole bitcoin will be a minor concern.

Internet has been part of our everyday life now and majority of people cannot live and cannot do business without it, and companies also needs internet for them to operate. So, it won't happen the Internet will shut down unless something happened in our world, that shuts down the internet.

For me, the only thing that could stop Bitcoin is when all countries ban it as it will be hard for us to access and to transact using it.

xiboothrezi

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mining bitcoin is not a simple thing, it requires a capable device for maximum results, maintenance and operational costs, especially electricity costs quite a lot. Of course it is still quite profitable, as a "first hand" that gets btc from mining results, especially if it is done collectively as described by the OP. This does not mean that mining individually is not profitable, it's just less effective, I think.

gentlemand

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Quote from: gandame on October 27, 2019, 06:23:45 AM

Only one thing i know that could stop bitcoin if internet connection has stop in the whole world bitcoin will die because no one can open there wallet.
That is only my thought and i think its never been happen that one.

It is now broadcast over satellites, though I think it's receive only, and I remember experiments with broadcasting it over TV or radio waves in Finland. I expect internet free from centralised hubs to grow as well.

And if the internet is down as a whole bitcoin will be a minor concern.

gandame

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Only one thing i know that could stop bitcoin if internet connection has stop in the whole world bitcoin will die because no one can open there wallet.
That is only my thought and i think its never been happen that one.

hello_good_sir

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Quote from: RealMalatesta on October 18, 2019, 02:29:29 PM

Most people sees china stopping their miners from mining as a threat to the existence of bitcoin, but I must say that I really do not see it much as threat, first you have to see from the aspect of most investors as they will never react to such news as we can see form the time that we were first threatened by the government of china to stop all miners, and the market never reacted negatively to this.

If china stops mining now, I think it will only end up giving power to some other countries that will see it as an opportunity to boom by giving chance to miners to do so in their country. If you see how much mining gives to some of these miners, you will understand that it is not really easy to give up the mining just like that as some of them would rather prefer to relocate than staying in china.

I am personally not under the opinion that if China's miners dropped off the grid, Bitcoin would be screwed and the coin would be dead essentially.

How did Bitcoin survive in the early stages? It was fine during then, maybe it'll revert back to that and transactions won't be as fast as nowadays (avging 15-20 minute blocks), but it'll chug on.

If China completely died as an industry we'll see a lot of newer companies enter the market in order to make up for the lost market share. We'd instantly see a bunch of new companies try and capitalise off the huge gap in the market and it'll be filled quite easily.

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Quote from: pjcaruci on October 11, 2019, 04:30:09 AM

I'm not even sure that anyone will actually be able to stop bitcoin

Actually I also think the same way, I mean lets think about how bitcoin get over different problems and challenges through the years. Some of the government officials from different countries hates bitcoin but it is still here handling it very well despite of those problems you can still see a lot of people supporting and believing on bitcoin. No doubt but bitcoin gives us so many opportunities and even benefits that is why I can't find any thing that can stop it. Maybe china has enough power to do it, but it will be difficult for them to stop bitcoin.

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Quote from: Shasha80 on October 27, 2019, 04:09:19 AM

The thing that can stop bitcoin is all people in the world agree not to use bitcoin and the entire internet network the world is dead.

so with this you already said that its impossible for that to happen lol

Quote from: Shasha80 on October 27, 2019, 04:09:19 AM

So both of these reasons can make bitcoin unusable, not China which is destroying the fate of bitcoin as is widely discussed. Although
it is true that most investors come from China, but China could not stop bitcoin. Because as long as there is demand for bitcoin, nothing
can stop bitcoin.

they wont stop bitcoin but they can make movements and eventually shaken the market?as you have mentioned them having the most investors.

but its nonsense to tackle because i'm sure China government will not do stupid actions like this as they already knew it will affect their economy as well

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Quote from: Shasha80 on October 27, 2019, 04:09:19 AM

The thing that can stop bitcoin is all people in the world agree not to use bitcoin and the entire internet network the world is dead.
So both of these reasons can make bitcoin unusable, not China which is destroying the fate of bitcoin as is widely discussed. Although
it is true that most investors come from China, but China could not stop bitcoin. Because as long as there is demand for bitcoin, nothing
can stop bitcoin.

We all know that it is impossible to happen.
For me, the one thing that could stop bitcoin is being unable to make an improvement. If bitcoin will stay as it is even after so many years without any development, it will be left behind by other cryptocurrency.

Shasha80

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The thing that can stop bitcoin is all people in the world agree not to use bitcoin and the entire internet network the world is dead.
So both of these reasons can make bitcoin unusable, not China which is destroying the fate of bitcoin as is widely discussed. Although
it is true that most investors come from China, but China could not stop bitcoin. Because as long as there is demand for bitcoin, nothing
can stop bitcoin.

DaftAjax

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Quote from: Vertex_ICO on October 17, 2019, 07:43:50 AM

True, China is kind of the ideal environment for Bitcoin miners in terms of electricity costs and mining pools. However, if China does dump its Bitcoin, it will negatively impact Bitcoin to such a degree that it could fail. Ultimately, this is an unlikely scenario but not completely impossible. You sound like you know a lot about crypto though. If you're into trading, you should check out Vertex.You can find loads of good offers on coins on the marketplace.

Quote from: Vertex_ICO on October 17, 2019, 07:46:17 AM

You have a point - although it is possible that China may someday overtake the Bitcoin network and they have already established a strong presence. China remains a popular choice for miners regardless of nationality because of their cheap electricity, and leading Bitcoin mining pools.

China is indeed a powerful country, but AFAIK it's likely a communist type of government. Hence, the more reasons why the Chinese government wants to put a stop to Bitcoin--it does not help them. Yeah, sure we can compliment them for having an ideal/suitable environment for mining, but just some time ago, China kinda banned a lot of Altcoins, I'm not pretty sure about the details but it also affected Bitcoin. And now with the heat between mainland China and Hong Kong, since people of Hong Kong are considering using Bitcoin to save their money, Bitcoin is becoming an eyesore for the government. Also recently a mining station of Bitcoin was set ablaze, you might've notice some bumps on the price, but the more I think about it the more I conclude that it's intentional. Not sure if terrorism is the right term, but I don't it's hard to believe if it's just a coincidence.

jarhed

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Quote from: Wysi on October 18, 2019, 03:00:30 PM

Quote from: RealMalatesta on October 18, 2019, 02:29:29 PM

Most people sees china stopping their miners from mining as a threat to the existence of bitcoin, but I must say that I really do not see it much as threat, first you have to see from the aspect of most investors as they will never react to such news as we can see form the time that we were first threatened by the government of china to stop all miners, and the market never reacted negatively to this.

If china stops mining now, I think it will only end up giving power to some other countries that will see it as an opportunity to boom by giving chance to miners to do so in their country. If you see how much mining gives to some of these miners, you will understand that it is not really easy to give up the mining just like that as some of them would rather prefer to relocate than staying in china.

This is a reality dose as investors are least bother about this news about China pushing to stop mining which keeps popping up once in every two month and if they do it then it will be a loss to them as there is some or the other country waiting to take over and I personally believe China and Russia will never give up on mining as it gives them a huge source of income and as you have rightly mentioned they might prefer to relocate to some under developed nation without much restriction if they are forced to stop mining.

I think that China is manipulating the price and will continue to build up its own mining. Perhaps in the future, we will see even economic cryptocurrency wars between states.

Wysi

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Quote from: RealMalatesta on October 18, 2019, 02:29:29 PM

Most people sees china stopping their miners from mining as a threat to the existence of bitcoin, but I must say that I really do not see it much as threat, first you have to see from the aspect of most investors as they will never react to such news as we can see form the time that we were first threatened by the government of china to stop all miners, and the market never reacted negatively to this.

If china stops mining now, I think it will only end up giving power to some other countries that will see it as an opportunity to boom by giving chance to miners to do so in their country. If you see how much mining gives to some of these miners, you will understand that it is not really easy to give up the mining just like that as some of them would rather prefer to relocate than staying in china.

This is a reality dose as investors are least bother about this news about China pushing to stop mining which keeps popping up once in every two month and if they do it then it will be a loss to them as there is some or the other country waiting to take over and I personally believe China and Russia will never give up on mining as it gives them a huge source of income and as you have rightly mentioned they might prefer to relocate to some under developed nation without much restriction if they are forced to stop mining.

RealMalatesta

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Most people sees china stopping their miners from mining as a threat to the existence of bitcoin, but I must say that I really do not see it much as threat, first you have to see from the aspect of most investors as they will never react to such news as we can see form the time that we were first threatened by the government of china to stop all miners, and the market never reacted negatively to this.

If china stops mining now, I think it will only end up giving power to some other countries that will see it as an opportunity to boom by giving chance to miners to do so in their country. If you see how much mining gives to some of these miners, you will understand that it is not really easy to give up the mining just like that as some of them would rather prefer to relocate than staying in china.

Edraket31

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Quote from: Vertex_ICO on October 17, 2019, 07:46:17 AM

Quote from: pawanjain on October 08, 2019, 10:44:46 AM

While it's true that most of mining hashrate comes from the world populous country China, it's still not necessary that China will be able to overtake the bitcoin network. Also, as others said, it's not necessary that people from individual pools are from China itself. So it will really be hard for China to gather enough mining power to overtake the bitcoin network. Besides that, day by day the mining power is constantly getting distributed as more people are using the network and mining. So it would be even harder for China or any body to overtake the network as the mining power is getting distributed itself.

You have a point - although it is possible that China may someday overtake the Bitcoin network and they have already established a strong presence. China remains a popular choice for miners regardless of nationality because of their cheap electricity, and leading Bitcoin mining pools.

I don't think so, China has no enough power to do that, they even banned Bitcoin but still it is growing, maybe Bitcoin could stop if something new discovery could replace it, faster and more stress free, just like the new tech developing right now the quantum generation. We don't know what future holds, so better to always keep ourselves updated all the time.

Vertex_ICO

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Quote from: pawanjain on October 08, 2019, 10:44:46 AM

While it's true that most of mining hashrate comes from the world populous country China, it's still not necessary that China will be able to overtake the bitcoin network. Also, as others said, it's not necessary that people from individual pools are from China itself. So it will really be hard for China to gather enough mining power to overtake the bitcoin network. Besides that, day by day the mining power is constantly getting distributed as more people are using the network and mining. So it would be even harder for China or any body to overtake the network as the mining power is getting distributed itself.

You have a point - although it is possible that China may someday overtake the Bitcoin network and they have already established a strong presence. China remains a popular choice for miners regardless of nationality because of their cheap electricity, and leading Bitcoin mining pools.

Vertex_ICO

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Quote from: Mandoy on October 08, 2019, 06:52:11 AM

Though China can have a big impact on bitcoin since the largest hashrate in mining bitcoin comes from China and even the powerful mining hardware are also coming from China. The antminer series that are hot stuff on the market are made by bitmain which is located in China. Also the electric cost in mining in China is much cheaper compared to other countries. But even though that is the case even if China dumps all of its bitcoin and all miners in CHina stops mining and even if bitmain stops producing bitcoin mining hardware bitcoin will not stop. Other country will see this as an opportunity and will replace China, remember as long as there is profit companies will race to catch that opportunity.

True, China is kind of the ideal environment for Bitcoin miners in terms of electricity costs and mining pools. However, if China does dump its Bitcoin, it will negatively impact Bitcoin to such a degree that it could fail. Ultimately, this is an unlikely scenario but not completely impossible. You sound like you know a lot about crypto though. If you're into trading, you should check out Vertex.You can find loads of good offers on coins on the marketplace.

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Quote from: lobat999 on October 08, 2019, 08:35:14 AM

I don't think China can influence or overtake the Bitcoin network even though it hosts most of its BTC's major mining pools. This is a wrong perception of China's supposedly dominance over the network and this is simply because these mining pools are composed of aggregate miners not necessarily located in China just like an ordinary miner from another country joining a mining pool from China.

Aside from that, in terms of nodes that supports the Bitcoin network, China is only currently ranked no. 8 among the top 10 countries who holds the most number of nodes. Unless otherwise China holds more than half of mining power and more than half of nodes, it would be very difficult for them to "own" the network so to speak. Imho.

Reference: https://bitnodes.earn.com/

This explains all, its not always about China, for how many times China's government bans bitcoin yet it still here able to trade, to mine and do transactions in it. China might gives tons of numbers in transactions before but it's not necessary mean that their the ones who have power on it. Without them bitcoin will still be bitcoin, if the price weren't big as what we wanted, someday as many adopts it other than China it can reach it's ATH again, let's not put too much favor that Bitcoin belongs to them unless United States and European countries gives the spot to them in terms of number of nodes.

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If you say about one thing that could stop Bitcoin then I dare to say that the internet system is the main pillar of this platform, if you could stop providing the service of internet then there will be nothing about cryptocurrency and even Bitcoin, But it doesn't happen because, without the Internet, we are nothing. we could do nothing, we will be nothing, So stopping Bitcoin is not an easy way, because of the decentralized system, Nothing would be able to stop it in the future. China has got a lot of initiatives but they can't dominate on this platform yet, so it will have vanished when it doesn't have any demand in the market. when it doesn't have any value then people naturally stop it, But Bitcoin is the future of the monetary world in the coming future.

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