What happen if Bitcoin shutdown? - page 3.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

If Bitcoin shuts down then it will have devastating implication on loads of industries and technoogical solutions. The Bitcoin as a currency, if it shuts down, the impact will be damaging as loads of people have now built their lives and businesses around the technology and leveraging it to offer solutions.

Corss border solutions were much of a challenge before Bitcoin's inception, have you considered the implications of Bitcoin shutting down, it resurfaces again. Note that the government and financial institutions are yet to offer solutions to the cross border challenges associated with finance. Little wonder why Satoshi never came to disclose his identity, he/they knew it will be devastating if he/they did

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Quote from: tjtonmoy on December 02, 2023, 08:08:01 AM

Quote from: gunhell16 on December 01, 2023, 09:48:05 AM

You stated it here, and they should get it. It is obvious that Bitcoin is not centralized like other currencies that may be readily controlled by any government. In short, no government has the power to truly regulate it.

Perhaps it's simply that other governments still believe they can overthrow or control Bitcoin. If the most powerful country on the planet cannot control it, we can clearly see that Bitcoin is unlike anything we've ever seen.

It's not like they can't control it, they actually can but it will take a lot of work. As I said, the whole network is scattered through all around the world, if they can make a deal with every country in the world to shut down the internet or the server, they can stop it or control it to some extent. Too much work, they won't choose that. That's why they are choosing a different route and targeting Bitcoin.

I can be sure that they cannot control the bitcoin network. Ideas such as turning off the power supply or turning off the global internet, or all governments in the world joining hands to eliminate bitcoin... all of those ideas are just in our imagination and will not happen can ever be done. You just have to look at what's going on in the world and you'll understand why I'm sure that will never happen. For example, America and Russia, do you think Russia will listen to America or vice versa? Each country has its own interests, they will have no reason to obey or listen to anyone. Even the idea of all governments coming together to fight terrorism hasn't even come to fruition, how can they join forces just to fight bitcoin? It sounds easy to say, but honestly, doing it is impossible.

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Quote from: gunhell16 on December 01, 2023, 09:48:05 AM

You stated it here, and they should get it. It is obvious that Bitcoin is not centralized like other currencies that may be readily controlled by any government. In short, no government has the power to truly regulate it.

Perhaps it's simply that other governments still believe they can overthrow or control Bitcoin. If the most powerful country on the planet cannot control it, we can clearly see that Bitcoin is unlike anything we've ever seen.

It's not like they can't control it, they actually can but it will take a lot of work. As I said, the whole network is scattered through all around the world, if they can make a deal with every country in the world to shut down the internet or the server, they can stop it or control it to some extent. Too much work, they won't choose that. That's why they are choosing a different route and targeting Bitcoin.

Quote from: atamism on December 01, 2023, 11:19:32 AM

Hi y'all! Thank you for all of your thoughts. I still have 1 question but this is a new topic, might create a thread tomorrow for that. I don't know if I am the only one who have questions like that. What if Bitcoin disappear in just one snap and so on. I still hope Bitcoin and Altcoin last, all of us here have a very big part in all of the coins around the market. I still have a lot of what if, and thread is still open for more thoughts.

Honestly speaking, you don't need a different thread for that. Bitcoin shutdown or Bitcoin disappearing is the same shit. If you don't have access to it, then it's useless and if it's gone, the same thing. I think the question has already been answered here.

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Quote from: Marvell1 on December 01, 2023, 07:18:18 AM

Quote from: CryptSafe on December 01, 2023, 03:57:06 AM

Bitcoin has long been in existence till this very moment and if it were to have crashed or be wiped out, that should have been long ago upon its inception but it has come a long way to face that and as such would be very difficult to be scrapped because it is not a one man show but rather community driven and as such would not bend to any pressure of being scrapped.

On the other hand, it is a known fact that Bitcoin is the head of the Crypto market and there is no doubt about it that what ever happens to Bitcoin, it affects the Crypto market and community as a whole because there would be panic but notwithstanding, the Crypto market is now very much strong as there are players in the system which would not allow it to fade away of anything should happen to Bitcoin. The Crypto market is now a financial giant on its own with lots of other crypto's running as an entity on their own coupled with the fact that there are stakeholders who would not allow it die as a result of the financial gains they derive from it including the government that always wants to control and regulate everything under their nose.
So therefore, the idea of Bitcoin shutting down is near impossible.

I agree, it's unlikely that bitcoin will shut down or collapse, I'm pretty sure of that. But I don't think bitcoin and cryptocurrency is a huge financial market. If you look at the market capitalization, it's just over a trillion dollars. That means it's less than the US military's spending budget in a year and smaller than the capitalization of technology companies. How can it be said that it is a giant financial market that cannot collapse? Bitcoin cannot be shut down because it is decentralized and because no one can take down all the bitcoin nodes in the world. Not because it has become huge, bitcoin is still very small compared to other financial markets.

Of a truth the Crypto market capitalisation is less than the US military budget and some other giant business Capitalisation but I believe that the Crypto market capitalisation is very much bigger than some country's budget and as such it is no to a small ones to say as there is a huge lot of money in the system. Bitcoin I know can never be shutdown as the community controls it. With time, I know it would grow bigger and stronger than it is now when the adoption rate is blown into full scale.

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Quote from: mv1986 on December 01, 2023, 06:22:43 PM

Quote from: oktana on December 01, 2023, 05:25:32 PM

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

No, you can sue and punish people for using it if you can prove the case as a law enforcement agency, but the government can't shut it down in the sense that they can literally pull the plug. There are countless of copies of the Bitcoin blockchain and even in the early days the government would have been forced to find every single copy out there, every single download of the blockchain and then delete it. This is what makes Bitcoin so resilient. The most promising way to shut down the network would be to successfully attack the network, hacking private keys and letting the public know that there will be a file dropped in a few minutes where everyone gets access to everyone's keys. That would lead to the price dropping like a rock if it were proven to be true.

Well, attacking the network will be attacking the countries that have adopted it. You know very well that the country you’re working with made Bitcoin legal because they see a potential, attacking it means you want to turn enemy to that country because you’re intentionally destroying something they like. So, no country would do that. Also, think of the bad reputation a country will get for even attempting that. The other countries will likely stare in disgust, maybe not all but most of them.

About everyone’s keys, you have to be realistic though; that’s not even possible. If it were, we wouldn’t have this much investors/investment in Bitcoin because why hoard something that isn’t safe. If what you said were possible, price drop is an understatement of what will happen.

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Quote from: NotFuzzyWarm on December 01, 2023, 06:42:23 PM

Quote from: mv1986 on December 01, 2023, 06:22:43 PM

Quote from: oktana on December 01, 2023, 05:25:32 PM

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

No, you can sue and punish people for using it if you can prove the case as a law enforcement agency, but the government can't shut it down in the sense that they can literally pull the plug. There are countless of copies of the Bitcoin blockchain and even in the early days the government would have been forced to find every single copy out there, every single download of the blockchain and then delete it. This is what makes Bitcoin so resilient. The most promising way to shut down the network would be to successfully attack the network, hacking private keys and letting the public know that there will be a file dropped in a few minutes where everyone gets access to everyone's keys. That would lead to the price dropping like a rock if it were proven to be true.

Folks keep using the phrase, "the government". Um, there are 195 countries on this planet ergo 195 governments.
Does anyone seriously think every single one of them would ever work together to remove every single node and piece of mining HW on the planet? Not in this life bub...

I 100% agree with you on that one and in fact I have posted about this I think in the past. There has never been harmonization possible on a global scale when it is about politics, law, economics, trade or whatever you can come up with. I was more referring to this idea that "Bitcoin can be shut down" as if it was possible to pull the plug. No, it is not possible, but that is mainly because there will always be a copy of the blockchain, a node that can't be shut down, etc.

I really think that the only effective action to take Bitcoin down would be to successfully attack it on a massive scale. And of course innovation, maybe one day there is a solution that convinces investors to shift their wealth from the Bitcoin network to whatever that newly emerged, trusted thing could be.

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Quote from: mv1986 on December 01, 2023, 06:22:43 PM

Quote from: oktana on December 01, 2023, 05:25:32 PM

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

No, you can sue and punish people for using it if you can prove the case as a law enforcement agency, but the government can't shut it down in the sense that they can literally pull the plug. There are countless of copies of the Bitcoin blockchain and even in the early days the government would have been forced to find every single copy out there, every single download of the blockchain and then delete it. This is what makes Bitcoin so resilient. The most promising way to shut down the network would be to successfully attack the network, hacking private keys and letting the public know that there will be a file dropped in a few minutes where everyone gets access to everyone's keys. That would lead to the price dropping like a rock if it were proven to be true.

Folks keep using the phrase, "the government". Um, there are 195 countries on this planet ergo 195 governments.
Does anyone seriously think every single one of them would ever work together to remove every single node and piece of mining HW on the planet? Not in this life bub...

mv1986

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Quote from: oktana on December 01, 2023, 05:25:32 PM

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

No, you can sue and punish people for using it if you can prove the case as a law enforcement agency, but the government can't shut it down in the sense that they can literally pull the plug. There are countless of copies of the Bitcoin blockchain and even in the early days the government would have been forced to find every single copy out there, every single download of the blockchain and then delete it. This is what makes Bitcoin so resilient. The most promising way to shut down the network would be to successfully attack the network, hacking private keys and letting the public know that there will be a file dropped in a few minutes where everyone gets access to everyone's keys. That would lead to the price dropping like a rock if it were proven to be true.

NotFuzzyWarm

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Quote

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash?

Um, if the Bitcoin network ceases to operate then there no longer are Markets... One cannot exist without the other. If the BTC network ever shuts down then there is no way to buy/sell it ergo, no markets...

That said, it would be near impossible to shutdown Bitcoin. As long as at least 1 node and 1 miner is accessible on the internet the it can work. There is no way every single government in the world will ever cooperate to take down every single node and miner on the planet.

As for alts aka crapcoins, most folks don't really give a flying fuck because most alts are useless anyway. That said, since most alts are traded for BTC and then converted to fiat then they become even more worthless Wink

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Quote from: gunhell16 on November 30, 2023, 09:31:02 PM

Quote from: n00ber on November 30, 2023, 06:50:55 PM

Quote from: philipma1957 on November 30, 2023, 05:30:17 PM

Quote from: oktana on November 29, 2023, 06:14:34 PM

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Actually the government can shut down bitcoin but it needs the cooperation of all governments, but one government and one country cannot do that even if it is a power like America. But countries have competition and hatred for each other, so it is almost impossible for them to join together, so it is almost impossible for the government to shut down bitcoin. Furthermore, bitcoin brings benefits to everyone, it does not cause harm like terrorists or murderers, so banning it without a valid reason will encounter fierce opposition from the people.

In Bitcoin's 14 years in this field of crypto space, if it really had the ability to shut down bitcoin, they would have done it long ago. But the only thing they can really do with Bitcoin is change it, not shutdown it. Why? That is because of the decentralization that it has.

They have to destroy or remove the decentralization that Bitcoin has before they can shut it down. Why didn't many countries ban Bitcoin, but in the end they also revoked it? With their ban, did they get rid of Bitcoin's decentralization? Isn't it, and until now, this decentralization has been the obstacle and thorn in their throat. In short, it is not possible for the government to shut down Bitcoin.

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

What will happen?
People will lose money
People will lose hope
Most people will lose faith in digital asset.

But why worry about what will happen when you can think about what will not happen and get all the positive vibe that you can get from it why holding it, we know it won’t happen any ways as the chances of that coming to pass is very low, why we look at the possibility of it coming to reality. For now all I still think of is, invest and hold the little I could and take profit when ever it’s due, that’s what matters to me right now.

atamism

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Hi y'all! Thank you for all of your thoughts. I still have 1 question but this is a new topic, might create a thread tomorrow for that. I don't know if I am the only one who have questions like that. What if Bitcoin disappear in just one snap and so on. I still hope Bitcoin and Altcoin last, all of us here have a very big part in all of the coins around the market. I still have a lot of what if, and thread is still open for more thoughts.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

Will the market crash?

No, if Bitcoin shutdown, Ethereum will become the dominant coin

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Quote from: tjtonmoy on December 01, 2023, 09:30:20 AM

Bitcoin is not centralized and is not run by one single entity. It is scattered through all around the world. Only a natural apocalypse can stop it from running but only if it happens all around the world at the same time. Nothing other than some kind of natural disaster can stop Bitcoin. Hackers can only hack one device and in order to hack every system that is running BTC nodes is nearly impossible.
But theoretically speaking, if that ever happens, the market will face a huge crash. Especially the altcoin market. But the opposite could happen after the market starts to recover. When the big dog is out of the picture, the others will compete to fill that place. Many altcoins can come up and take that place. Or as many believe, the whole crypto market could vanish.

You stated it here, and they should get it. It is obvious that Bitcoin is not centralized like other currencies that may be readily controlled by any government. In short, no government has the power to truly regulate it.

Perhaps it's simply that other governments still believe they can overthrow or control Bitcoin. If the most powerful country on the planet cannot control it, we can clearly see that Bitcoin is unlike anything we've ever seen.

tjtonmoy

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Bitcoin is not centralized and is not run by one single entity. It is scattered through all around the world. Only a natural apocalypse can stop it from running but only if it happens all around the world at the same time. Nothing other than some kind of natural disaster can stop Bitcoin. Hackers can only hack one device and in order to hack every system that is running BTC nodes is nearly impossible.
But theoretically speaking, if that ever happens, the market will face a huge crash. Especially the altcoin market. But the opposite could happen after the market starts to recover. When the big dog is out of the picture, the others will compete to fill that place. Many altcoins can come up and take that place. Or as many believe, the whole crypto market could vanish.

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Quote from: CryptSafe on December 01, 2023, 03:57:06 AM

Bitcoin has long been in existence till this very moment and if it were to have crashed or be wiped out, that should have been long ago upon its inception but it has come a long way to face that and as such would be very difficult to be scrapped because it is not a one man show but rather community driven and as such would not bend to any pressure of being scrapped.

On the other hand, it is a known fact that Bitcoin is the head of the Crypto market and there is no doubt about it that what ever happens to Bitcoin, it affects the Crypto market and community as a whole because there would be panic but notwithstanding, the Crypto market is now very much strong as there are players in the system which would not allow it to fade away of anything should happen to Bitcoin. The Crypto market is now a financial giant on its own with lots of other crypto's running as an entity on their own coupled with the fact that there are stakeholders who would not allow it die as a result of the financial gains they derive from it including the government that always wants to control and regulate everything under their nose.
So therefore, the idea of Bitcoin shutting down is near impossible.

I agree, it's unlikely that bitcoin will shut down or collapse, I'm pretty sure of that. But I don't think bitcoin and cryptocurrency is a huge financial market. If you look at the market capitalization, it's just over a trillion dollars. That means it's less than the US military's spending budget in a year and smaller than the capitalization of technology companies. How can it be said that it is a giant financial market that cannot collapse? Bitcoin cannot be shut down because it is decentralized and because no one can take down all the bitcoin nodes in the world. Not because it has become huge, bitcoin is still very small compared to other financial markets.

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To be shut down of Bitcoin.It is very difficult impossible. But if it happen it will be difficult for its sub-coin to survive. In this way, the existence of the crypto market will be on the way to danger and extinction.
But on the other hand, there is also the fact that this is a hypothetical and imaginary thought. And there is no chance of such a situation. Because Bitcoin's roots have become so strong that it is unlikely to be uprooted or destroyed. Even if it is temporarily closed. So it will recover soon.Because Bitcoin is a hope and an opportunity to remove your poverty and improve your condition۔

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While Bitcoin is decentralized and not controlled by any single entity, its shutdown, either by government intervention or external factors, could indeed have significant impacts on the crypto market. A sudden closure might lead to a temporary market downturn, affecting both Bitcoin and altcoins. However, the resilience of cryptocurrencies and the diverse nature of the market could mitigate long-term effects. It's crucial to stay informed and diversify your crypto portfolio to manage potential risks. As for the possibility of hackers shutting down Bitcoin, the decentralized nature of the network makes it challenging, but security measures are continually evolving to counter potential threats

CryptSafe

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Bitcoin has long been in existence till this very moment and if it were to have crashed or be wiped out, that should have been long ago upon its inception but it has come a long way to face that and as such would be very difficult to be scrapped because it is not a one man show but rather community driven and as such would not bend to any pressure of being scrapped.

On the other hand, it is a known fact that Bitcoin is the head of the Crypto market and there is no doubt about it that what ever happens to Bitcoin, it affects the Crypto market and community as a whole because there would be panic but notwithstanding, the Crypto market is now very much strong as there are players in the system which would not allow it to fade away of anything should happen to Bitcoin. The Crypto market is now a financial giant on its own with lots of other crypto's running as an entity on their own coupled with the fact that there are stakeholders who would not allow it die as a result of the financial gains they derive from it including the government that always wants to control and regulate everything under their nose.
So therefore, the idea of Bitcoin shutting down is near impossible.

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Quote from: Blitzboy on December 01, 2023, 01:58:39 AM

Now, lets entertain the hypothetical scenario: if Bitcoin were somehow "shut down", would the market crash? Most likely, yes, because it has a big market cap and a lot of symbolic value. What will happen to altcoins? They might suffer at first, but they could get better in the long run because the crypto ecosystem is broad and strong. Hackers putting the system down? Again, very unlikely because Bitcoin's design is strong and decentralized. Thats proof of how strong and reliable blockchain technology is.

I also used to think that bitcoin was the creator of the cryptocurrency industry and also the symbol of the industry, so if it collapsed, this market would most likely disappear. But then, I don't think that will happen even if bitcoin disappears. The cryptocurrency industry will certainly be hit hard if bitcoin is stopped, but since this is a financial market, as long as it remains profitable for market makers, they will always find a way to maintain this playground. So it can still exist even if bitcoin no longer exists.

But bitcoin being shut down is almost unlikely. Bitcoin has become too big and it is just an illusion that the government or someone wants to shut it down.

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