The thing that will destroy Bitcoin. - page 6.

RustyNoman

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Quote from: angryrob on February 12, 2016, 11:01:35 AM

Quote from: trickshot22 on February 12, 2016, 10:49:35 AM

nothing will destroy the bitcoin because its impossible to destruct right now, the price of it might drop significantly but it will still exist

It will exist for sure and become more powerful in future, but at a moment bitcoin is not that powerful that can't be destroyed, if government wish they can destroy bitcoin by banning it in their countries.

Bitcoin is legal in many countries. It is like gold, a proper property. It can be used for good for bad things.

angryrob

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Quote from: trickshot22 on February 12, 2016, 10:49:35 AM

nothing will destroy the bitcoin because its impossible to destruct right now, the price of it might drop significantly but it will still exist

It will exist for sure and become more powerful in future, but at a moment bitcoin is not that powerful that can't be destroyed, if government wish they can destroy bitcoin by banning it in their countries.

trickshot22

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nothing will destroy the bitcoin because its impossible to destruct right now, the price of it might drop significantly but it will still exist

pinkslink

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Quote from: aarons6 on January 29, 2016, 09:57:20 PM

i think before that people are going to get tired of waiting days for transaction confirmations..

as it is now, if i want to sell something for bitcoin, i have to wait HOURS before it confirms.. unless you tack on a stupid high fee.. which nobody does..

which bank do you work for Huh

my transfers are near instant, and confirmations take a few minutes for the 1st
for a whopping big mining fee of 0.0001 BTC, yep today that is equalt to $0.04
and it does not matter about the size of the transaction

or i could pay a priorty mining fee
again a whopping big 0.0005 BTC
really pushing the boat out at $0.20

for a transfer i can send WORLDWIDE in a few minutes
that would take days with banks and fees much higher

i dont know about all these delays people rant about but i dont see them myself
as for BTC to transfer in seconds or instant what do you expect, solutions will come
but as BTC is now its much faster than other methods

BellaBitBit

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Quote from: RustyNoman on February 12, 2016, 05:45:23 AM

Quote from: HardFlaccid on February 11, 2016, 07:11:54 AM

Bank institutions, USA government or other powerful organization could bring down bitcoin if they wanted to. It's not that strong yet.

If these organizations can make more profit by embracing bitcoin. They will integrate it. If they cannot beat bitcoin, they will join it.

My answer is similar - what could take Bitcoin down is not disagreement among developers, this will be worked out. What can really take Bitcoin down is Banks, Governments and bad press. I am hoping though that they cannot beat it and will have to join.

matete

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=> Buying Bitcoins Everyday !

I think the issue of storage is not so big because there will always be a solution to storage. I remember when computers started there were issues with storage but this has been solved with time thanks to the fast growing technology. May be a solution will be to have options of fees for confirmation of transactions. For instance, say if you want a faster confirmation, you need to include a certain few otherwise the transaction will take a whole day.

Mitchow

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Quote from: labwork on February 12, 2016, 06:18:50 AM

If you think carefully you'll notice anything has the potential to destroy Bitcoin, but not anytime soon (hopefully). As far as I am concerned, the best plan to stick with would be to simply just focus on more tactile moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Grin

That's true we should take things positively rather then focusing on negative things, as we would find more negative people around us who are continuously busy in taking negative things related to bitcoins, and I don't think any individual or a system holds that power to destroy bitcoin.

bitlost

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I think the best argument in its defense is that Bitcoin was created years ago, time in which it would have died if it would have been so full of imperfections as you say it is. I think time has been and will show that the system really works for everyone.

Amph

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Quote from: kokojie on February 12, 2016, 06:02:14 AM

Quote from: ebliever on January 29, 2016, 11:46:34 PM

I would also mention that altcoins are experimenting with a range of different approaches to blockchain bloat. If even one of them pans out, the software protocol of bitcoin can almost certainly be updated to implement the fix. (I would think sidechains would be a good solution to bloat as well.) People who declare that bitcoin is sure to die should first make sure their expected cause of death really is something intractable and unsolvable by changing the software. Bitcoin is not a fixed entity.

That's way too optimistic. Faster blocks is a PROVEN success in altcoins, 99.999% altcoins uses faster blocks, many of them produce blocks every few seconds. This is a pretty obvious trend ever since litecoin was introduced, uh FOUR years ago.

Yet it's not even remotely on the road map of Bitcoin development.

I have no reason to believe an altcoin solution to blockchain bloat can be adopted by Bitcoin. Since many solution to blockchain bloat actually already exist in altcoin for YEARS.

how many orphan block they produce? i bet a large amount, even bitcoin produce orphan with its current block time, but there is a solution for this coming, called subchain

m4nki

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A sun storm that is so powerful that it will destroy most electronical devices on earth happens every 500 years and will throw us back into the stone age with en estimated 2.7 trillion in damage.

http://science.nasa.gov/science-news/science-at-nasa/2014/23jul_superstorm/

labwork

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If you think carefully you'll notice anything has the potential to destroy Bitcoin, but not anytime soon (hopefully). As far as I am concerned, the best plan to stick with would be to simply just focus on more tactile moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Grin

kokojie

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Quote from: ebliever on January 29, 2016, 11:46:34 PM

I would also mention that altcoins are experimenting with a range of different approaches to blockchain bloat. If even one of them pans out, the software protocol of bitcoin can almost certainly be updated to implement the fix. (I would think sidechains would be a good solution to bloat as well.) People who declare that bitcoin is sure to die should first make sure their expected cause of death really is something intractable and unsolvable by changing the software. Bitcoin is not a fixed entity.

That's way too optimistic. Faster blocks is a PROVEN success in altcoins, 99.999% altcoins uses faster blocks, many of them produce blocks every few seconds. This is a pretty obvious trend ever since litecoin was introduced, uh FOUR years ago.

Yet it's not even remotely on the road map of Bitcoin development.

I have no reason to believe an altcoin solution to blockchain bloat can be adopted by Bitcoin. Since many solution to blockchain bloat actually already exist in altcoin for YEARS.

RustyNoman

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Quote from: HardFlaccid on February 11, 2016, 07:11:54 AM

Bank institutions, USA government or other powerful organization could bring down bitcoin if they wanted to. It's not that strong yet.

If these organizations can make more profit by embracing bitcoin. They will integrate it. If they cannot beat bitcoin, they will join it.

HardFlaccid

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Bank institutions, USA government or other powerful organization could bring down bitcoin if they wanted to. It's not that strong yet.

mavrick951

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I think the only thing that could definetely destroy bitcoin would be a massive change that would make people get away from it. I don't see this massive change happening, though. Why would that be?

sirdevil

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Quote from: aarons6 on January 29, 2016, 09:57:20 PM

Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

i think before that people are going to get tired of waiting days for transaction confirmations..

as it is now, if i want to sell something for bitcoin, i have to wait HOURS before it confirms.. unless you tack on a stupid high fee.. which nobody does..

Well, this is invalid. If people do need fast confirmation, they just put higher fees. Even with higher fees it is very cheaper than traditional methods of moving money around.

crairezx20

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I think there's no other reason that can destroy bitcoin in the future. because if you see some website they accepted bitcoin as payment.
And bitcoin will be strong as real money or fiat.. unlike other new born altcoin in few days they will scam.

RustyNoman

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Quote from: Nemesis099 on February 10, 2016, 04:01:24 PM

Bitcoin can only will be destroyed by some other new and other innovative currency if it appears in near future, there are no other factors that can destroy bitcoin, as bitcoin would be ruling the world unless it doesn't face any competition from any other new currency.

Bitcoin can only be destroyed internally. There is a conflict of interest in the developer team at the moment.

Cryptochan

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I one thing did not mentioned here, IT so fast moving, that in nearest 10 - 25 years technologies will make very large step, and such things like now days crypto algorithms will be just simple lessons about "how it was starting in early 20xx" . New processors will work 1000000^x faster then today, it will give ability to make backward changes or some kind vulns, that impossible to do today. Then every body will remember Bitcoin like you know Fidonets(early 1990)

just very old past ... But now blockchain very cool and we need to pleasure it, just like it possible.

AGD

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Keeper of the Private Key

Quote from: David Rabahy on February 10, 2016, 08:29:05 PM

Quote from: eon89 on February 10, 2016, 07:26:02 PM

How about a bet? 1 BTC. You name the time period. If BTC lives I get the BTC. If it doesn't you do.

What is the measure of being live?

Transaction volume>0

Topic: The thing that will destroy Bitcoin. - page 6. (Read 7374 times)