Topic: What set of conditions can crash blockchain or bitcoin to zero USD? - page 2. (Read 541 times)
January 25, 2020, 11:47:35 AM
The scenario that can make bitcoin crash is when the internet and electricity on this earth are destroyed which we will not see that thing happening in the near future ( I hope so). Because basically you need electricity when transacting with bitcoin, miners also need electricity so that your transactions on the blockchain can be verified by them, the internet needs electricity too, the point is electricity.
January 25, 2020, 09:31:34 AM
The most important thing to bitcoin is the internet. At the very worst, If the internet got shut out allover the globe.
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
No more, no less. These concludes all as bitcoin is highly and totally dependent in the internent itself. So if ever there will be total shutdown of the internet the it is more likely the end for bitcoin era. No more send and received of datas around, but it is close to being impossible right now as we continue to progress, more developments will occur rather than shutting down. Such situation makes me wonder, what would the world looks like if internet doesn't exist anymore though. 1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
January 25, 2020, 06:48:35 AM
Blow up the world mate. Like seriously. The chances are close to impossible, but it doesn't mean that it is. Just that the reason for it happening cannot be imagined, with how the world is developed as of today.
If the world war were to happen I think Bitcoin and this whole market would go up crazy, do you remember the war between the United States and Iran in early 2020? it has helped this market go up like it is now, and in addition, if the price of bitcoin goes up, then everyone's demand will increase and they will keep it like gold. The only way for this market to collapse is that bitcoin has become a scam, but it certainly will never happen
Probably. But the major cause would be those affected by the war themselves. BTC spiked when Iran and US tensions were high most probably because of how the economy of Iran is so underdeveloped that a war that might happen might make their current currency completely dead. Buying BTC on the other hand, would make sure they have the avenue to retreat somewhere safe. 
January 25, 2020, 05:59:59 AM
I summarize from all my friends in this thread, it looks like it will not stop as long as there is internet and technology is always developing to handle any case in the future, I think only the apocalypse is destroying bitcoin and blockchain because governments with superpowers can't stop Bitcoin let alone technology blockchain, they are increasingly developing and developing in almost all countries
don't ever try to stop it because it's not easy, friend
don't ever try to stop it because it's not easy, friend
January 25, 2020, 05:57:05 AM
If electricity will perish off the earth, if the internet will be gone, if there will be no more miners, if there are no more interested of the coin itself; these are the conditions that would put Bitcoin or blockchain into a thing of the past. Which are all, for me, not going to happen.
January 25, 2020, 05:49:25 AM
Tons of sh*t
-Time travelling and the assassination of satoshi
-Armageddon
-Explosion of every PC
-Human extinction
-The USD not existing anymore
Don't hold on to your BTC as much very likely things are waiting
-Time travelling and the assassination of satoshi
-Armageddon
-Explosion of every PC
-Human extinction
-The USD not existing anymore
Don't hold on to your BTC as much very likely things are waiting
January 25, 2020, 05:29:32 AM
I think it's too much and it's hard to imagine. and there are certainly many possibilities that can make bitcoin zero.
blockchain value may not be zero because this is modern technology, so it cannot be measured by value.
bitcoin can be zero if;
- the whole internet is dead (all satellites are broken)
- war throughout the world
- bitcoin prices bounce too high then no one will be able to buy it and no one will trade it because there is too much risk of bubbles bursting.
If the world war were to happen I think Bitcoin and this whole market would go up crazy, do you remember the war between the United States and Iran in early 2020? it has helped this market go up like it is now, and in addition, if the price of bitcoin goes up, then everyone's demand will increase and they will keep it like gold. The only way for this market to collapse is that bitcoin has become a scam, but it certainly will never happen blockchain value may not be zero because this is modern technology, so it cannot be measured by value.
bitcoin can be zero if;
- the whole internet is dead (all satellites are broken)
- war throughout the world
- bitcoin prices bounce too high then no one will be able to buy it and no one will trade it because there is too much risk of bubbles bursting.
January 25, 2020, 05:17:27 AM
I think it's too much and it's hard to imagine. and there are certainly many possibilities that can make bitcoin zero.
blockchain value may not be zero because this is modern technology, so it cannot be measured by value.
bitcoin can be zero if;
- the whole internet is dead (all satellites are broken)
- war throughout the world
- bitcoin prices bounce too high then no one will be able to buy it and no one will trade it because there is too much risk of bubbles bursting.
blockchain value may not be zero because this is modern technology, so it cannot be measured by value.
bitcoin can be zero if;
- the whole internet is dead (all satellites are broken)
- war throughout the world
- bitcoin prices bounce too high then no one will be able to buy it and no one will trade it because there is too much risk of bubbles bursting.
January 25, 2020, 04:08:29 AM
What set of conditions (technical or socio-economic) can crash blockchain or bitcoin to zero USD? Is this notion of bitcoin crashing inconceivable at this point 10 years into its existence (so long as there is electricity and the internet)? My corollary question is: Can bitcoin be obsoleted by another cryptocurrency? What would that path of obsoletion look like for bitcoin? For example, I hear about other crypto currencies like Etherium or Lightcoin or Bitcash or Altcoin or Bitgold. What would be signs to look for that would make it prudent to cash out of Bitcoin to buy Etherium, for example.
I can appreciate your line of questioning. I think many, most or all of us have had to ask theses questions in our early discovery of BTC. Rightfully so, Bitcoin is not like any currency or tech we've ever experienced and anyone investing will want to know that their investment is on reasonably solid ground. Learning why Bitcoin is immutable & censorship resistant is the key to answering your question for yourself. Sure, everyone can give their conclusions on how it could happen, war etc. Because Bitcoin is a relatively new concept and a new proposal to value, scarcity and money in general, it requires each of us who questions it to rethink, re-learn and discover the hard fundamental values of this new digital money. It's not exactly something most people simply 'get' in their first attempts but with perseverance and decent teachers it's easier to jump into the Bitcoin rabbit hole.
Nobody wants to miss this train but because so few are willing to understand money and value, most will miss it no less. Redefining money will take time, we are still so early.
May I suggest starting with Andreas Antonopoulos if you're not already familiar.
https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ
January 25, 2020, 03:29:59 AM
What set of conditions (technical or socio-economic) can crash blockchain or bitcoin to zero USD? Is this notion of bitcoin crashing inconceivable at this point 10 years into its existence (so long as there is electricity and the internet)? My corollary question is: Can bitcoin be obsoleted by another cryptocurrency? What would that path of obsoletion look like for bitcoin? For example, I hear about other crypto currencies like Etherium or Lightcoin or Bitcash or Altcoin or Bitgold. What would be signs to look for that would make it prudent to cash out of Bitcoin to buy Etherium, for example.
It's extremely hard to imagine such a scenario.
The worst case scenario would be some sort of catastrophic network failure occurring alongside a complete global ban on BTC. Even then, I think that there would still be a certain degree of demand for BTC when it comes to both sentimental value in terms of collectors (much like the physical coin collectors now), and people who believe that these problems will be addressed in the future.
To address your second question, it could be possible, but extremely unlikely, that any other crypto will overtake BTC in the foreseeable future. Even if one does, it would not render BTC obsolete.
January 25, 2020, 03:21:03 AM
What set of conditions (technical or socio-economic) can crash blockchain or bitcoin to zero USD? Is this notion of bitcoin crashing inconceivable at this point 10 years into its existence (so long as there is electricity and the internet)? My corollary question is: Can bitcoin be obsoleted by another cryptocurrency? What would that path of obsoletion look like for bitcoin? For example, I hear about other crypto currencies like Etherium or Lightcoin or Bitcash or Altcoin or Bitgold. What would be signs to look for that would make it prudent to cash out of Bitcoin to buy Etherium, for example.
I think condition where people wouldn't think anymore about internet. Because if only lost belief from people i think there are still a lot of bitcoin supporter which still use it and it still created value. Maybe something that really bad happen in a lot of countries which make internet not accessible. 
January 25, 2020, 03:07:36 AM
Very simple, just need we go back to before 2009. At that time the whole market did not exist and Bitcoin did not have any value. In addition, the end of the world can cause this market to collapse and not be able to develop as it is now. But I want to ask you, why are you asking silly questions like this. You do not want this market to grow and help more people get profit from this market?
January 25, 2020, 02:40:11 AM
How can an Alpha cryptocurrency become obsolete because it was taken over by another cryptocurrency or altcoin? Basically, majority of alts prices in the market are are paired or based with Bitcoin. Now, I can't think of any possible reason why Bitcoin will become obsolete.
On the other hand, the question by the OP has already been discussed before :
https://bitcointalksearch.org/topic/can-bitcoin-be-worthless-5119335
https://bitcointalksearch.org/topic/will-crypto-really-go-to-zero-5184138
https://bitcointalksearch.org/topic/if-bitcoin-goes-to-zero-2614154
There are actually more discussions related to your question if you know how to navigate and use the search button.
On the other hand, the question by the OP has already been discussed before :
https://bitcointalksearch.org/topic/can-bitcoin-be-worthless-5119335
https://bitcointalksearch.org/topic/will-crypto-really-go-to-zero-5184138
https://bitcointalksearch.org/topic/if-bitcoin-goes-to-zero-2614154
There are actually more discussions related to your question if you know how to navigate and use the search button.
January 25, 2020, 02:10:37 AM
Is there any lightcoin in the market cryptocurrency? Please tell me where is it.
Seem like you are an altcoin fan, aren't you? But I'll tell you bitcoin will never be obsoleted, even altcoin itself will be obsoleted because in the future we will see many investor comes just invest on bitcoin.
Also, I remain firm that something who will make bitcoin and cryptocurrency as whole dissapeared is only through internet also electricity as has mentioned above. Without those things bitcoin will never be used anymore.
Seem like you are an altcoin fan, aren't you? But I'll tell you bitcoin will never be obsoleted, even altcoin itself will be obsoleted because in the future we will see many investor comes just invest on bitcoin.
Also, I remain firm that something who will make bitcoin and cryptocurrency as whole dissapeared is only through internet also electricity as has mentioned above. Without those things bitcoin will never be used anymore.
January 25, 2020, 01:16:51 AM
Cut off the internet, which is really close to zero chances of it happening. Hell, if it did happen, I'd expect the majority of the population dead, with only a close to less than 1% of the population still remaining, and that's already me looking at it quite positively. Also, even if let's say that the market of BTC sucked, much so that the price continuously decreased everyday, as long as someone is holding it, I doubt it could reach zero USD. It would only approach that number, but never reach it.
January 25, 2020, 12:48:35 AM
The most important thing to bitcoin is the internet. At the very worst, If the internet got shut out allover the globe.
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
The chances of the internet being shut-off around the world is pretty much impossible. Internet is sort of decentralized, one country can shut it down but not the entire planet. Making mining impossible is also "impossible" because its highly unlikely for electricity to be shut down everywhere on the planet. People need electricity to survive. Plus there are other ways of generating electricity like diesel generators.
I think the only way how BTC might go to $0 or close is if there is some quantum computer released which can solve private keys or some fault found in ECDSA encryption method. Basically its what is used to secure a BTC address with a public key using a private key.
Who knows, maybe Satoshi sending all his BTC to an exchange can cause it to crash also. All 1 million worth, not enough buy orders out there to absorb that in such a small time-frame.
January 24, 2020, 07:36:02 PM
What set of conditions can crash blockchain or bitcoin to zero USD?
Fundamental flaw that could not be fixed. If it could be fixed I am sure the change would be forked into protocol, but if it could not get fixed, then would go close to zero. Not to zero, since there would be still some lunatics believe in Bitcoin. For some is like a religion.
January 24, 2020, 05:31:05 PM
Blockchain and Bitcoin is different. Any coins we can consider crypto are using blockchain. What could be the reason why someone would want to crash BTC to zero, thats full scale hatred
I don't think there is some condition that can crash BTC to zero unless there will be no internet at all which the world's economy also rely to it. That is nearly impossible to happen.
I don't think there is some condition that can crash BTC to zero unless there will be no internet at all which the world's economy also rely to it. That is nearly impossible to happen.
January 24, 2020, 05:30:54 PM
The most important thing to bitcoin is the internet. At the very worst, If the internet got shut out allover the globe.
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
1. The nodes wouldn't be able to run/communicate
2. Mining would be impossible
3. Transactions would not be possible
4. The value/demand would consequently drop to Zero as people wouldn't be interested in buying something that doesn't work
5. The End
Yes but in the near future we wont be reliant on the internet as we know it now!
Take SpaceX's Starlink project which from the opening text from the Starlink website states "
SpaceX is leveraging its experience in building rockets and spacecraft to deploy the world's most advanced broadband internet system."
https://www.starlink.com
The world in regards to Communication, FInance, Trade and Navigation etc. is too reliant on the Internet it simply is not going to end.
The only thing I can see ending Bitcoin is a Hack and lockdown or lockout [I dont know how that would happen or if it is possible, but in my imagination this seems quite dramatic!]
January 24, 2020, 05:18:49 PM
Only it happens with the earth will collapse and nobody is alive...that sounds ridiculous.
I'd find no reason that Bitcoin would have to collapse. It is in the fact that Bitcoin is considered to be the new and most demand technology in the future. We are already been living into the new era and somewhat as fiat money will soon be obsolete and that makes cryptocurrency dumb to have an important role someday.
I'd find no reason that Bitcoin would have to collapse. It is in the fact that Bitcoin is considered to be the new and most demand technology in the future. We are already been living into the new era and somewhat as fiat money will soon be obsolete and that makes cryptocurrency dumb to have an important role someday.
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