Topic: Threats to bitcoin - page 2. (Read 2531 times)

Over-regulation and lack of innovation.
I am not sure that lack of innovation will kill Bitcoin, but it will limit its use, so allow it to be replaced by a more dynamic crypto, or payment system.

I don't see China as a problem, in fact without China the price and general landscape would probably be much worse.

If something is on the growth, surely threats need to be faced. One among that is the speech of MasterCard ceo's. It doesn't gonna make impact on bitcoin because it has faced more and more issues put forth by various techies.

I think that recent advances in the fields of higher mathematics and analytics pose the greatest contemporary threat to the bitcoin network.  Recent computing capabilities have been uncovering new modes of reasoning in the fields of mathematics and analytics that expose vulnerabilities in bitcoin's pseudo anonymous nature and it's capacity to remain fungible.  In fact, there is already software available on the market that exploits some of these vulnerabilities. https://www.elliptic.co/financial-institutions/

I think the biggest threat to bitcoin there are many, I'll give you two threats to bitcoin.
First, if many people using bitcoin for money laundering, my country can ban bitcoin. With it then I will become criminals if we violate that prohibition.
Second, bitcoin security from hackers from now until the next few years I think, is still vulnerable

I hope you don't take offense to my question; I am merely curious. Are you foreign (to English-speaking nations) or are you, like, 10-12 years old? Or both? I ask because it sort of changes my interpretations of what you've said above.


Either way, though, I sort of think the whole users thing is a bit overrated as a threat. I've been with Bitcoin since a little before this user account was created and believe it is solid enough for there to always be users using it in some way, regardless of what happens in the future.


Your second point is one I am a bit confused about and my question to you in my first paragraph comes into play the most as to my understanding of it. From what I am reading, you seem to think there is a single developer of Bitcoin that has such control as to shut down the Bitcoin network and/ or disrupt communications and control the supply and ownership. This is completely false and goes against everything Bitcoin is (decentralized, etc.). Much of the point of Bitcoin is to avoid said controls entirely. Bitcoin was designed with no central point of failure or control. I find it impossible to believe you could be involved in Bitcoin for 3 years and not know this, hence my question about your age and/ or English language skills. If so, it might be possible I am misinterpreting and you are actually just talking about the block-size debate?


This statement has no place in reality, in my opinion. Everything I've read leads me to the opinion that the governments couldn't care much about Bitcoin despite the attention some have paid to it. Even if they did, Bitcoin is hardly a money-making opportunity for them.

There are many threats for bitcoin.First is ofcourse the users.Because if the user dont uses bitcoins anymore bitcoin price may drop.Second is the developer can be a threat also at bitcoin because anytime he can close all bitcoin networks and cut all supplies.Last is other cryptocoins and the government.Most government wants to beat bitcoin and earn money

There're no threats that can't be eliminated.
But Bitcoin threats major corps a lot, remember the Mastercard CEO's speech

Legislation against crypto in general is of concerns to me, I definitely could see with the upcoming election year in the US hitting some obstacles from candidates funded by the financial institutions.

governments making their own crypto and saying that its the legitimate, legal and good crypto. And most people in the world will believe it, even if people on this forum won't.

Well a major threat would be the refusal to use the search button. There have been countless discussions to this very subject.

I'd say that the only real risk is a 51% attack. Besides that, the only real threats would be events that could possibly destroy or severely damage our planet/civilization. Something in the lines of a Hypernova in which the gamma ray burst is directed towards Earth. People shouldn't worry about 51% that much, nor about possible weaknesses in encryption, as Bitcoin can always get upgraded/fixed.

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Nonsense. That's not a threat at all.

Neither were the spam attacks, and yet they happened.

ISP's can't shut down a node if they do not know that it is a node. Exactly what I'm doing under a VPN, the ISP does not know.
Bitcoins can't be destroyed, but rather abandoned. Even if we are left with only a single Bitcoin, we can divide it enough times for everyone. If Satoshi does sell his stash, that would only have an affect on the price (supply and demand).

Panic threads are not a threat to bitcoin. What is posted on this forum hardly has an impact on the price.. The big movers do not base their moves on threads about bitcoin falling posted by a newbie user here.

I think the biggest threat is the need to make the block size larger. It's not really a problem at the minute but it will be in the future, but I hope its sorted long before then.

The mine will be centralizated may is the biggest threaten for bitocin
                                                                                                         
                                                                                                       

not now of course but read my last part of that quote, the possibility is there

I don't think a 51% attack would be profitable.

That, yep.

Seriously, does it not occur to them that in the past 6.5 years of Bitcoin, perhaps somebody else might have had the same idea? (especially coming from them as total newbies)

How would that be a treat?

My biggest problem is with new users that come in here and post some Panic Threads from time to time. I mean why don't they just lean back and try to understand the system.

Isp shutting down nodes etc
Governments secretly buying bitcoins and destroying them
Satoshi selling his 1 million BTC
Centralization by microwallets for big business etc
Scammers in the community
The list is very big if you count all of them

Centralization and blockchain bloat.