What could go wrong with Bitcoin? - page 3.

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

Anything could happen with btc or any other coin. There is something powerful that we cant control. It could be people or groups of people..

i287853

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Quote from: junoreactor on October 16, 2017, 07:08:21 AM

No, he talks smart. Smart investors always prepare themselves for the worst.
I do agree though with LoyceV when he says "all eggs in one basket" is not the best thing to do.

all smart investors prepares themselves for the worst and does something about it before it happens. There should be signs, as a smart investor you should be able to read and anticipate these signs and work your way of of it. I dont see the worst happening to bitcoin in the near future though so you’re good.

ALT67890

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This man has made the best out of bitcoin when everyone still have doesn’t know bitcoin at all. But living too dependently on cryptocurrency alone is not healthy at all. The best thing he must done since he got wealthy with it is putting up a business and take bitcoin as of now as an investment or second way of earnings. But if he does with those he earned is traveling and leisure would be just unpractical enough.

To answer does bitcoin be gone? is as impossible as the internet will be cut off.

audaciousbeing

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

Worst case scenerio could be much based on the current events of things but being prepared for is what matter. The only thing that could make bitcoin worthless I can think of is someone or government having the capacity to either hack the blockchain or destroy it all together. This is something that is likely impossible based on the readings and comments in the past.

Another threat is not able to spend your bitcoin that have been accumulated over the years because of the restrictions by government for the fear of bitcoin dominance. However, this is something that can be surmounted but the amount to cash out at once will only be limited considerably not to attract attention from the law enforcement agencies. Aside those two things in my opinion, there are no other serious threats that could bring bitcoin to its knee.

farhaan

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The main risk is that if bitcoin may get banned in future,especially in your country,then you would have to go and search for another country to make your living with bitcoin.

Also,if bitcoin price crashes by any critical event,then your life would be in a huge risk.

Also,even if bitcoin does not gets banned and its value does not crash,still in future,if quantum computers gets introduced,they may become a serious threat to bitcoins in your wallet since quantum computers would be able to read private keys of a wallet with its public key itself.

Xester

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I cannot think of reasons that could possibly go wrong with bitcoins. Everything is in its proper place and it was intricately structured. Bitcoin has been here for a long time now and if there is something that would stop it, it should be started since then. I will and cannot accept any reason if ever there will gone wrong with it.

hilda483

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If the countries didn't ban bitcoin so far, why would they do it now? It's obvious that Bitcoin was the enemy of every government when it appeared. Why didn't they destroy it then when nobody cared? Maybe that scenario is no longer a possibility?

patt0

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

If you are gathering bitcoins from 2013, you should have a good stack of them by now. If you are so worried about a possible crash, maybe you should spread your investments on other assets as well (gold is always a good option). As for what it could go wrong, it's hard to tell. Governments could go against bitcoin. They can't ban it for good, we would have to trade them underground, so the value would probably drop, because a lot of investors would get out from bitcoin, but I don't think you would ever lose all your wealth.
The worst scenario would be bitcoin being surpassed by another coin, and everyone would switch to that, and in that case, BTC would become useless. I don't think this will happen though, there is plenty of space for more coins, and bitcoin still has a lot of potencial.
Finally a chain split on a hard fork could also destroy bitcoin. I don't know what it would take for this to happen though, but I trust the devs working on the network, so we should be fine.

3x2

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I don't wish any bad luck to my prime investment .i.e. BTC but it can go a heavy correction in 2018, as per some big bankers BTC has moved a hell lot upward in 2017 and it will surely go down to at least half before it rises again, don't know when it will start but will happen for sure.

matuson

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A lot of people do. I think it's a mistake. Nobody knows what is the future of all cryptocurrency. So I'm glad that there are altcoins. If you keep some of your money in altcoins part in bitcoin and in Fiat then you ever will not lose. Greed makes people abandon Fiat but insurance. Better to earn less but not losing everything.

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

I think the worst that could happen is losing bitcoin, the forum itself. Many people depend on this forum and almost half or maybe gain money for themselves. Not only luxurious but their needs.

batang_bitcoin

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

You love bitcoin and you have 99.9% of your wealth and asking this thing? You don't discourage yourself by this way and instead of thinking negative you are seeing the proper progress of bitcoin. Keep cheering up I don't see a thing that bitcoin could go wrong unless the whole world will stop it's popularity and growth. You are preparing yourself mentally if something goes wrong but are you prepared to become a millionaire with bitcoin?

StockBet.com

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Make A Bet on WORKING SOFTWARE

The biggest threat to Bitcoin is an altcoin.

NEM, Dash, Monero, PIVX, Zcash all have superior features to Bitcoin, such as privacy. However, Bitcoin has the brand, first mover advantage and name recognition.

Nobody knows which aspects will win out.

goldenchip

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The worst thing that could happen would be if the vast majority of miners decided to mine some stupid fork, leaving the Bitcoin chain unprotected. But there are no economic incentives for this to happen

junoreactor

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No, he talks smart. Smart investors always prepare themselves for the worst.
I do agree though with LoyceV when he says "all eggs in one basket" is not the best thing to do.

N@p$t3r

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I'm now 21, and I have about 99.9% of my wealth in Bitcoin, I started to accumulate since 2013 till today, almost going to buy every time there's a dip (consolidation).

Many people have same goal/dream like me, hoping that Bitcoin will grant them earlier retirement or luxury life, but what could go wrong?

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

Don't get me wrong, I love Bitcoin, and I like how it makes us able to afford luxurious stuff, but I also wanted to be mentally prepared for the worst possible scenario.

Talk shit dude!

bit-freedom

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You are a smart guy with good foresight to invest in BTC when you were 17, how I wish I have invested in 2013.

IMO, BTC lost its value when no one believe in it anymore and dump all their BTC for fiat or altcoins. One example could be all governments ban BTC strictly.

The Hitman

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There is a lot governments can do. For example all those stores , websites and everything, that has that "We accept Bitcoin" sticker. Well that would be illegal. Wallet apps may also become illegal and ordered to delist from App stores. Only a rumor of that would floor the price to under $2000.
Now, decentralized stores and exchanges. That would make it a lot harder for them. Whatever they do i doubt it will pass without a legal fight.
Dont forget, every goverement did not disregard or burn all the seized BTC from illegal activities, but they sold it on the same market that we use.

LoyceV

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Quote from: RetireWithBitcoin on October 16, 2017, 05:33:31 AM

I also wanted to be mentally prepared for the worst possible scenario.

Here you go: Bitcoin can lose 99.9% if it's value. Done.
[/sarcasm]

Why would you prepare "mentally", if you can prepare by spreading your investment? All eggs in one basket is a very risky strategy, it's great as long as it goes up, but you're literally risking everything.

Quote

What's the possible scenario that could render Bitcoin into worthless, and what're the probabilities of that happening?

If crypto taught me one thing, it's that everything is possible. Most Bitcoins are still in the hands of a few people with very strong hands, but if they start panic-selling, the market gets flooded with cheap coins.
It can also go up 10x or more. I'm betting on that, but I don't risk everything. In retrospect, I could have had 20 times more now if I would have gone all-in when I started with crypto.

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Quote from: junoreactor on October 16, 2017, 05:50:45 AM

Hi (funny username

)
You are a smart man if you accumulated BTC since 2013, I wish I did.
IMO the worst that could happen is that all the countries in the world decide that Bitcoin is illegal. This is very unlikely IMO but it would make the price crash. Bitcoin would'nt disappear in such a scenario, but the value of it would return to what it was long time ago.
For me this is the highest risk.
Personal risks for you is to be hacked, of course, but you probably know how to make your bitcoins safe.

I totally agree with this! There are lots of countries which not accepts Bitcoin. The worst case scenario that I can think of is majority of the countries around the world will ban Bitcoin or at least will try to regulate it. If that will happen, many people will be afraid to use it and it will lead to price drop. Bitcoin can lose its value in the future if that will happen. I suggest that you diversify your wealth and not focus purely on Bitcoin.

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