Topic: What happen if Bitcoin shutdown? - page 7. (Read 1052 times)

The only way I can see Bitcoin shutting down is if people stop using it and mining it.
I don't think it could be hacked as a whole with current technology but never say never.

Why do you have so many questions about shutting down Bitcoin, about Bitcoin being shut down? Will it be useful?
We will not know what will happen to Bitcoin in the next 10 to 20 years, whether Bitcoin is still active or not.

But what is clear is that when Bitcoin as the king of all coins dies, then all of them will die.
Although there is life, it will not go perfectly, The crypto system will falter, but perhaps a new era of the crypto world will grow again.

After all, governments cannot regulate or shut down completely because Bitcoin cannot be regulated by anyone.

In the concept of a Bitcoin death scenario like this, perhaps a 51% attack could be the closest example of how Bitcoin and the blockchain can be controlled by attackers who can add or remove blocks as they see fit, make fake transactions, or even stop the network entirely.
This can severely undermine trust and disrupt the normal operation of the network.

So the death of Bitcoin or other networks is possible, but for now the development of Bitcoin continues to run so as not to occur such a scary attack.

Automatically the crypto market will experience a huge collapsed and majority of people will go away from it since many would provably think that this is the end point of the whole crypto market. If your question is can government shutdown bitcoin? Yes they can actually do that. They all have the power to restrict and influence the leaders of the country to restrict bitcoin and its circulation so once they put a hard stoppage on its usage this could affect the transaction and demand for bitcoin.

But for sure many could find ways to revive back the crypto industry and once bitcoin totally get crumpled for that reason maybe there's another crypto that can replaced its position then will dominate the market.

Shutdown Bitcoin?
Then who will do it? Bitcoin has many investors and has extraordinary growth, being on various strong exchange platforms globally too. So, if the government is going to shut down, what will be shut down? then which government? Will the shutdown mean that our Bitcoin will no longer be accessible or are they doing some bad FUD about Bitcoin so that we should no longer have anything to do with Bitcoin?

the answer in my opinion is no way. However the government prohibits the use of Bitcoin, we can still access it and carry out activities with it in various ways. Not only that, Bitcoin is not like a computer that we can shut down easily by just turning off 1 feature, right, so it will be very difficult to bring it down. We have experienced many things, a lot of FUD which made Bitcoin drop in price, but in the end, Bitcoin was able to rise again and was even much stronger. Many governments prohibit their citizens from using crypto and make various regulations, but that doesn't stop them from getting involved in the crypto world.

Yes the 51% attack aka majority attack has been proven to be another vulnerability and a threat to Bitcoin (if actually pulled off) because it would grant an individual more than half of the Bitcoin computing power, be able to create new blocks, and sources proved that it could even grant them access to even reverse a transaction. LoL I wonder the crazy genius that even came up with such a theory.

Although, inasmuch as it's actually possible to pull it off, it's really going to require lots of resources and expenses, making it very difficult to pull off.

Bitcoin is decentralized digital currency that no government or central authority controls.  Makes it wicked hard for any suits to just shut it down entirely.  But they got ways to make it a pain for folks to use.  They could outlaw biznesses trading it for regular fiat or the other way around and  maybe even get ISPs to block Bitcoin traffic.  Like how some governments block internet services they do not like.  But Bitcoin would probly adapt if that happened.  So, even if governments were to take all of these steps, it is unlikely that they would be able to completely shut down Bitcoin.

The only two hack that is possible to cause problem to bitcoin is the 51% attack and probably if a quantum computer comes out to be able break the SHA256 algorithm to able move from an address to the private key it comes from. The more realistic one is the 51% attack (which doesn’t mean having half the network nodes but the hashrate) which is also not possible because of the economic cost associated with having that. Only a 51% attack which can cause a reverse or say double spend of bitcoins will be a threat for now.


Release of bitcoin isn’t same as shutdown but yes it can cause a crash. Although even if Satoshi releases the bitcoin which is mostly rumored to be a round a million bitcoin it will cause the crash of bitcoin price but will not cause its shutdown because they are still 19 million plus available. So this isn’t a thing that would cause any bitcoin failure.

What happens when I die?
Do all of us die?
 Am I just Imaging all of this world?

pretty nonsense and hard to answer.

same as your question.

Now you really thought about the question like that. Why did you hear that since the creation of Bitcoin, there has been a government in a country that has been able to shut down Bitcoin or hackers that have been able to shut it down? Even if you type in Google or AI, you won't find anyone who has done that.

How can you kill or destroy something if you don't control it? Go ahead and answer my question. You have a lot of questions in your mind, but have you researched properly about the matter you want to talk about here?

One simple answer to all the questions you are stressing yourself on is bitcoin can not be shut down because of how it was created to be decentralized. Therefore, wonder no more because bitcoin ain't shutting down by anyone. That's an impossible move for any government or entity to think of no matter how powerful they think to be. The government can only shut down what's under their jurisdiction not something above theirs and they can't find or trace its owner.

The existence and exposure of bitcoin would continue to spread until the whole wide world got to know about her and trust her more than the financial banking system that controls people's money on how they spend it.

There is no need to be surprised; it is clear and easy that even Bitcoin cannot be shut down, because if it is shut down, blockchain technology will not be of any use. Bitcion works with the help of blockchain technology. And the second thing is that, due to the decentralized nature of Bitcoin, it cannot be damaged or shut down, but it is impossible.

The crash of the market was possible only when Bitcoin shut down. While it is not possible to shut down Bitcoin, it is decentralized, and decentralized cannot be owned and When a thing is owned, then it is possible to lead or crash it.

First, it is not possible. And if it is possible, when Bitcoin is no longer there, where will the rest of the altcoins come from? Because the altcoin is also supported by Bitcoin; otherwise, who considers the altcoin reliable in the presence or absence of Bitcoin?

According to my opinion, there can be only one reason for Bitcoin to shut down or crash, and that is if Satoshi suddenly appears and releases the Bitcoins kept in his wallet into the market, then I think it can cause such a crash. which may be far beyond imagination. And when the price is dumped and goes to the absolute bottom, people will not be able to buy it out of panic, and the recovery of BTC will not be possible. But it is not possible to return satoshi and sell all BTC.

But these are my opinions, DYOR I could be wrong.

A shutdown would mean every single person disconnects from the network....but even then, the network would just stagnate, no new blocks will be produced and difficulty will reduce(?) until a new block is mined.

The better question is, what would it look like after a shutdown, and for those rejoining after someone joins the network again.
I doubt there will ever be a stage where everyone disconnects, then only one person starts to mine it again, but if this happens then the ledger could potentially be modified and the ledger will lose its integrity. If some join gradually, they'd probably enjoy easy rewards until activity readjusts(?), and the competition would quickly grow, if I'm not wrong.

I may be wrong about difficulty adjustment.

I'd love another expert to chime in based on the above to learn more personally

A very good question but it has been asked countless times on the forum and the answer remains the same, it's a NO! Bitcoin is an uncensored, temper-proof and decentralized protocol that cannot be controlled, manipulated or shutdown by any entity such as the government. Since it came into limelight, it has always been a threat to fiat and if the government had the power to extinguish it from the face of the earth, they would. Due to their inability to do this, they've branded it as a coin for bad actors, which is a lie.

It’s been over a decade since the creation of Bitcoin and from the start Bitcoin has faced resistance from the government and yet no government or hacker has been able to ”shut down” Bitcoin. It’s impossible to do, that’s why the government use a different approach in fighting Bitcoin. They use the media to give Bitcoin a bad reputation and they use legislature to ban Bitcoin and implement as much crypto regulation as possible.

The price of altcoins follow Bitcoin, so if Bitcoin crashes so do altcoins.

Bitcoin has a decentralized nature that cannot be controlled by a government, or any group or entity, so it cannot be easily shut down or totally stop its operation. But for altcoins as majority are centralized, well then the government might freely access them and they may force to shut down that will cause the altcoin market to collapse. But with bitcoin, no one can access bitcoin transaction without its wallet keys, so most likely, bitcoin will not be force to shut down, unless if the market itself decides to do so.

However, there's only one reason that will put bitcoin into final shutdown, and that is cutting all the internet access all over the universe, which means not only bitcoin will be affected, but the rest of the world's internet operated technologies that will definitely resort into the whole universe shutdown as well.

Well, I don't know exactly from which angle you question is drawn from but if you're to ask me, I'd say you're asking an impossible question, the chances of Bitcoin crashing are very slim, too slim that you'll need a microscope to see it. But to answer your questions.

1. WHAT WILL HAPPEN IF BITCOIN CRASHES.

In my opinion. Just like said earlier, the chances of Bitcoin crashing are very slim because the framework of which Bitcoin was built is very solid and makes it almost impossible for Bitcoin to experience a total crash, although Bitcoin has experienced price crash in the past years, such as in 2011, 2013 and 2017, but it has always escaped a total crash and found its way back to the top again, so that's why I'm confident that it's almost impossible for Bitcoin to crash.

But however, if Bitcoin were to crash today, it would really shake the fate of Altcoins because we already know that Bitcoin remains the father of other cryptos, so the failure of Bitcoin would cause an immense amount of tension in the crypto market as other investors and would be forced to sell off their holdings.

 I also believe it would make the government have enough reasons to interfere in the crypto business  by making certain regulations to the market with excuse of protecting investors and to prevent similar crashes from occuring in time to come.

Again I feel it's going to make make investors loose confidence in other crypto projects as it would be impossible for them to go ahead and invest in other crypto projects because of the fear of the project crashing like Bitcoin, because people believe if Bitcoin can crash then other Altcoins is able to do the same so it would really affect the crypto market so badly. And of course we know that people would loose billions and trillions of dollars if Bitcoin is to crash to, which of course would send so many people and business into eternal doom, so if Bitcoin goes down, it's definitely taking a lot of people and businesses with it.

2. CAN GOVERNMENT SHUT BITCOIN DOWN?

First of all, let me point out that one of Bitcoin's super powers is being a decentralized Asset, which makes it difficult and impossible for the Government to interfere in the affairs of Bitcoin, so they lack jurisdiction or any judicial right to shut it down entirely.
 Again, even if the government of a particular country is to place a ban on Bitcoin, it would still be in use or a legal tender in other countries and lastly, the Blockchain technology that powers Bitcoin is an open source and can be replicated by anyone at anytime so even if Bitcoin is seized by the government, someone out their can still create another version of Bitcoin without breaking a sweat.

3. CAN HACKERS SHUTDOWN BITCOIN?

Well, theoretically, it's possible for hackers to hack the Bitcoin network but the chances are very slim as it's almost impossible to do so, I say this because Bitcoin is controlled by a network of nodes or computers which are distributed around the globe so for a hacker to be able to successfully hack the Bitcoin network or short it down, he'll need to take control of at least more than half of the nodes which of course we know is almost impossible. But even if the hacker succeeds to actually take control of a good number of those nodes, the Bitcoin network could still be forked and go back to using the actual Blockchain so th3 possibility of Bitcoin being hacked or shut down by hackers are technically Almost impossible.

What do you mean, hackers can also get into our wallet, if you are talking about the 51%, it has been discussed many times already.

I will linked you to some discussions and see if for your self:

• 51% Attack And The Effects It Poses
• Bitcoin 51% attack and its effect
• 51% attack
• How does a double spend 51% attack work ? Explanation and examples.
• Unraveling the Ridiculous: Exposing the Absurdity of the 51% Power Attack FUD
• Bitcoin 51% Attack - Protocol solutions?

So Bitcoin can't be shutdown per se, and Blockchain's uptime is 99%.

Bitcoin cannot be shutdown under normal circumstances, if bitcoin was centralized then the only thing governments will need to do is to charge the company that was behind bitcoin with criminal charges, seize the servers and it will be over, but bitcoin is decentralized which means that in order for the governments to do this they will need to do that at thousands of different locations at the same time, so do not stress too much about this as it is not possible, now if we were facing unprecedented circumstances like a natural disaster that destroyed all our technology or a world war in which nuclear weapons were used then bitcoin could be shutdown, but in that case you will have way more important things to worry about than your bitcoin.

Since its inception around around 14 years ago Bitcoin has been up for 99.999% of the time, with a negligible downtime. The chances of Bitcoin shutting down is basically zero, and this factors in the government's intervention too.

If hypothetically Bitcoin does have a downtime it will have a very significant effect on the value of Bitcoin and the entire cryprocurrency space. Exchanges will be run over with sell offs and could temporarily halt their services, this will happen for all cryptos in the market.
The news and media will be hyped causing more fud and even more panic sales.

BTC doesn't have a single point of failure, for example you can shut down a centralized exchange or a mixer because they have a single point of failure, you simply have to seize their website, but how do you shut down BTC that is run by the community, with thousands of nodes and miners scattered all over the world.

Even if you try to control miners in a particular jurisdiction, they can move to another area that is more user-friendly and censorship resistant, the government is not going to spend money in trying to shut down a decentralized system, they can only try to 'control' it through centralized exchanges and censoring mining pools, and that is why the community has to find a solution to the current attack by certain mining pools on the BTC network.