What could stand in the way of BTC? | Bitcointalksearch.org

ajax3592

full member

Activity: 210

Merit: 100

Crypto News & Tutorials - Coinramble.com

Quote from: PlaysWithPaint on November 13, 2013, 11:24:58 AM

Just out of interest, what could go wrong with BTC? Hacks, government regulations etc, if anything would bring it down, what would it be? Its always fun to think of both up and down sides.

The biggest hurdle in the progress of Bitcoin becoming a universal currency are:
1) USA
2) Banks of different nation
3) Hackers
4) Alt Coins (A year from now)

BitCoiner2012

sr. member

Activity: 364

Merit: 250

Quote from: MAbtc on November 13, 2013, 01:21:52 PM

Yes, I think the government is the biggest threat. However, as time goes on, their window of opportunity to cripple bitcoin is quickly passing.

This is the important side note of the threat.

javaguardian

newbie

Activity: 26

Merit: 0

essentially banks and government. Possibly also the IRS, cuz you betcha they wanna tax people's hard earned bitcoins oh yea.

MAbtc

hero member

Activity: 826

Merit: 508

Yes, I think the government is the biggest threat. However, as time goes on, their window of opportunity to cripple bitcoin is quickly passing.

lambdaE

sr. member

Activity: 251

Merit: 250

Quote from: PlaysWithPaint on November 13, 2013, 11:24:58 AM

Just out of interest, what could go wrong with BTC? Hacks, government regulations etc, if anything would bring it down, what would it be? Its always fun to think of both up and down sides.

Government, anti-bitcoins laws might be approved in future because of fear of laundering money

BitCoiner2012

sr. member

Activity: 364

Merit: 250

Governments and banks are the biggest obstacles to Bitcoin.

www.bluevec.co

member

Activity: 112

Merit: 10

Come little sailor, visit me...

One word: Goverments

wannasurf

newbie

Activity: 17

Merit: 0

I think big hacks will be rare. Small user hacks will start to get under control with more products (hardware wallets and reduction of windows OS machines etc)

If bitcoin were an idea for a single country like the U.S., I would say it would be vulnerable to govt legislation. As a global idea, that makes it robust. Governments will have to compete for liberal (i.e. not restrictive) regulation. So I've gotten comfortable with the govt risk part of this investement, at least as an individual buyer of bitcoin. I can't imagine legislation preventing ownership of these things, as long as we pay our taxes. If I were trying to do a bitcoin business it's a whole 'nother headache.

So my "down" scenario isn't a huge crash but more that just the marketplace friction remains with U.S. or others shutting down transfers of money a la Mt Gox and the market just cools for a while (year or two) which shouldn't be a terrible thing.

Bitcoin is the mother of all lock-in business models, probably in our lifetime, so I can't see an alt coin making headway against the dominant player.

PlaysWithPaint

newbie

Activity: 9

Merit: 0

Just out of interest, what could go wrong with BTC? Hacks, government regulations etc, if anything would bring it down, what would it be? Its always fun to think of both up and down sides.

Topic: What could stand in the way of BTC? (Read 502 times)