Topic: What happen if Bitcoin shutdown? - page 6. (Read 1052 times)

I do not exactly know how you will be able to do that but I do not think that it is an easy thing to do because you are going to be targeting a lot of infrastructures that are although organized, is totally decentralized that they are not even connected to some way I think that is how the infrastructure of bitcoin is made. Also, if there was a way for bitcoin to be shutdown, it should have been done a long time ago by a lot of hackers already but so far, bitcoin is standing strong and no kinds of attacks has ever been done that compromised the whole network. But say if you are right that there is a person that was able to do just that, I think that the price would probably do a deep dive and people are probably going to be selling as quickly as possible given that the once impregnable bitcoin becomes compromised, a lot of people will be scared hell they might not be even be able to panic sell at all since a shutdown means that even the network stops functioning.

Who will shutdown bitcoin? as you asked if the Government can do this? no and never because if they can
 ? surely they have done that long time ago because of their concern about decentralization .
and how they cannot control this so what more about shutting down?
and hackers? why would hacker wanted to shut it down when they can make money instead of closing it?
you are very scared but you are not digging about what and how is the nature of bitcoin .

There is no way Bitcoin could be shut down. If hackers could have shut down Bitcoin, it would have occurred a long time ago. Many people want to bring Bitcoin down, especially the government, which is determined to shut it down. However, Satoshi Nakamoto, the founder of Bitcoin, made it immune and secure to hacker. It is probable that Satoshi has stayed unknown until now in order to avoid being abused by the government.

I'm still here after so many events against and against the work of Bitcoin, and there is simply nothing to worry about because of the skepticism at a time when the initial scale has passed, and now we are facing wide-ranging acceptance. The fact that many people are concerned about some things is inherently just a scare tactic to manipulate the psychology of the crowd. Remember that anything cannot bring satisfaction to everyone, so there will still be those who will stubbornly argue against bitcoin. But let them be, those of us who care about bitcoin will work together, and those who don't like it, let them be, because the truth is exposed before their eyes.

bitcoin has been around for more than a decade but I think bitcoin still has a long way to go and now it is entering the digital era which of course where people always have a hobby with digital things and interest in bitcoin among the public is increasing and there are more and more exchanges where bitcoin is bought and sold, in essence it will be difficult to dropping bitcoin even though the government is because the government also supports many people to invest in btc even though bitcoin is not allowed in various countries to be used as a means of payment, but you need to know that bitcoin is decentralized so it is very difficult to close btc.

If you look at the market you will certainly know the movement of altcoins and bitcoin, if bitcoin goes up altcoins will of course go up too but if bitcoin is destroyed then altcoins will also be destroyed more.

If Bitcoin is closed for me personally, of course it won't be a problem because before investing in BTC I first studied the risks of investing in BTC. but I'm sure BTC will continue to succeed.

I support your words. Bitcoin is not a refrigerator or an electronic machine that will shut down. It's coded in a way that makes itself completely decentralized, and I don't think Satoshi has any way to stop it too. And those who understand these things never make any bad comments about Bitcoin. And they are the ones who invest in bitcoin usage amount who don't think anything negative about bitcoin.  And can predict a bright future for Bitcoin.

Bitcoin is not a refrigerator that can be shutdown turned off using a switch. All these fears arise due to lack of understanding and ignorance of the principles of operation and internal structure. Bitcoin can't be shutdown by any government or hackers due to the decentralized nature of this technology. For bitcoin is nowhere and everywhere at the same time, so to speak. That is, there is NO single control center. Look for questions to answer your own questions. This has all been discussed many times, so as not to say “because who knows, right?”.

Because bitcoin is a decentralized network, it would be difficult for governments to shut it down. But bitcoin is like other products created by humans, its existence is based on human needs so it will stop working when humans no longer need it.

Our world is constantly evolving and bitcoin is also a result of that development. Therefore, it is difficult to say bitcoin will never collapse as technology development does not stop. Currently I think bitcoin is still safe but that doesn't mean it will be immortal forever, anything can happen.

I think you are very scared of the Bitcoin or crypto currency investing part so you have a lot of curiosity in your mind. At this point in time you can't say Bitcoin will shut down, that's ridiculous. Bitcoin is completely independent and moves at its own pace. With no government regulation of Bitcoin there is no question they will shut down Bitcoin. it is true that some altcoins have disappeared in the past. Altcoins are created as alternatives to Bitcoin, and they can come and go from the market. Many may have different opinions but I do not bother when such questions come before me. I believe Bitcoin has a long way to go.

I will be the first person to bring it back to life. because there is no competition anymore to mining it, and I will collect BTC as much as I want.
Dude, if you can do (shutdown) that, I am very thanks to you, I will give you a gift as thanks.
Because you are newbie, and don't know how the bitcoin network work; lots of people (big company, the government, and the richest people) want the Bitcoin network to die. Because they want to mining it as much as they want, if much then they can easily control it. And about the market, as long as the bitcoin is still decentralized as today, the bitcoin price is not be affected too much, because bitcoin is basic of traditional economy, supply and demand.

exactly , because we have seen other countries that getting their power banning bitcoin or its mining industry so what more if they have the power to shut it down?
but sadly no government has its power over decentralization so yes they wont and will never drop this down , though there are measures that can be taken to lower if not totally stopped the circulation and use of bitcoin in their jurisdictions.

If something comes out that can break what bitcoin can bring to people, then it is the people itself that will shut this down.

-lack of usage

 -using other crypto/online payments.

 -withdrawing all their funds inside.

if those are taking part then yeah bitcoin will shut down itself .

Have read this many times before and have answered several of them but yet here we go again same question different account.

Bitcoin is Decentralized and am not sure if there will even one entity that can shut this down , though banning worldwide will hurt it but never be shut down.

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Considering it can be shutdown(but surely will never) then yeah  other altcoin if not all will also die with Bitcoin , though some will survive and may be used as alternative to what bitcoin use to bring them , but also if bitcoin will be shutting down then sure every crypto will face the same faith sooner or later.

Is hard to think of a way to shutdown Bitcoin because it works with nodes. That means is not a single machine that you can turn off and shut down Bitcoin, taking off all the nodes from the network is an impossible task.

But let's think in that scenario for a moment, let's say bitcoin gets off. That means no one can send transactions and miners are not validating blocks, in that scenario bitcoin would be worth zero because it would be useless. Simple as that. Even if the market's still operating for a day, the price would go in free fall because everyone would want to get rid of those useless coins.

The market will definitely fall, albeit temporarily assuming problems are eventually addressed. And that's a normal reaction. We can actually go back to Bitcoin's history for this.

Contrary to what others are saying, Bitcoin doesn't have a perfectly smooth operation. Bitcoin doesn't have a 100% uptime since the genesis block. There were two instances when the network went down. First was in 2010. It was down for more than 8 hours. Bitcoin didn't have a USD value at that time so there was no price reaction. The bug was eventually addressed by Satoshi himself/herself/themselves.

The second down time of Bitcoin happened in 2013. It lasted for more than 6 hours. Again, there was a bug. By this time, however, Bitcoin was already actively traded. As a result, the price fell to more than 20%. Had the downtime lasted longer, I'm sure the impact on the price was much worse. Hence, my belief that the market will experience some serious red candles should Bitcoin go down.

However, these two downtimes of Bitcoin aren't caused by an outside attack. It wasn't because of a hacker or a government. Those were simply caused by bugs which were easily addressed.

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Sources:

1. https://bitcointalksearch.org/topic/m.9474
2. https://buybitcoinworldwide.com/bitcoin-downtime/

I believe if anything was to happen to Bitcoin then the whole industry is as good as nothing because people won't believe anything can be achieved again as the pioneer of the industry and the most decentralized cryptocurency has been taken down. People are only paying attention to the industry because of Bitcoin. Investment are flowing into the market from both institutional investors and small investors because of the success of Bitcoin so if anything was to happen to Bitcoin, the industry is dead but nothing can happen to Bitcoin (at least not any of those you mentioned) so you don't have to be scared, Bitcoin Blockchain can't be hacked and for there to be any form of manipulation of the blockchain, it'll cost so much that it'll not be worth it.

Bitcoin controls the whole market, a positive move in Bitcoin price affect other coins either directly or indirectly that's why the market decrease when Bitcoin is having a bad season (bear market) and increase when Bitcoin is having a good season (bull market). The government can shutdown altcoins because they're centralized and having a face that they can be targeted and get negative publicity to affect the price of the coin but that isn't possible with Bitcoin because it's a decentralized cryptocurency without any identifiable face just a community of supporters and adopters.

What will the hackers hack to shutdown Bitcoin? Bitcoin doesn't have a centralized server that can be attacked and the blockchain is basically unhackable. Bitcoin service providers can be targeted and shut down especially does operating centralized but nothing can be done to Bitcoin except manipulation of the price by sell pressure and negative policy but it'll recover from that as well.

This question shouldn't be asked and can be answered personally, obviously if the source shutdown, automatically anything that have something to do with the shutdown source will crash.  Same goes with Bitcoin, if Bitcoin shutsdown its market will be paralyzed and automatically crash.


There are two different effects of this incident on altcoin, the first one is some may lose trust in cryptocurrency and pull out their investment making the altcoin industry crash, or if there is some altcoin that emerges as an alternative then this altcoin market will greatly boosted because the fund from the crashing Bitcoin will then be moved to that altcoin.


The government can ban bitcoin but they can have difficulty or probably impossible to shutdown Bitcoin network.  You can see how they track and shut torrenting sites but the government still fails to shut them down due to its decentralized nature.  Same goes with Bitcoin, due to its decentralized nature, the Bitcoin network is somehow impossible to shut down by the government unless they shut down power supplies and the internet.

If Bitcoin goes down, it will be the end for majority of the altcoins in the market. Maybe the top altcoins like Ethereum would continue standing, but that would make people doubt the reliability of the coins that are still left in the market, including ETH. People have invested their money in Ethereum would start withdrawing, because they will have the fear that if Bitcoin is able to shut down, then there is no doubt that Ethereum would also shut down one day. It's definitely going to create chaos and panic in the market for sure.

But that's not something we are hoping, and I also don't see the possibility of that happening, because of the way that Bitcoin is made. It would have only been possible if Bitcoin was centralised.

Bitcoin operated without any disruptions since the first block was mined so it's safe to say that it's extremely unlikely to be shut down ever. And this hypothethical scenario of Bitcoin shut down really depends on how severe it is. If it's just a few days an then return to normal, then the confidence in Bitcoin will be bruised but ultimately it will recover, while if it would be more severe and Bitcoin would be down for weeks or months, many people would not return to it and dump it as soon as they can.

The market will crash.

The effect will be huge just like how the Bitcoin halving influence the market.

The government can only shut down something they can control and for the record Bitcoin is decentralized so there's no way they can shut it down. Besides, BTC surpasses the verge of the government shutting it down.
What the government can do now is to introduce new regulations or frameworks that will put most crypto platforms under their control.

Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.