Topic: What will happen to the concept of decentralization if Bitcoin die today? - page 2. (Read 274 times)

yes, blockchain and bitcoin have a very important relationship, both make the system become perfect, and work very well.

the explanation is that decentralized or blockchain systems will die if all the big investors or whales that control and dominate the bitcoin market go leave the bitcoin.

and all other negative factors will affect the bitcoin, so it will affect the blockchain, so blockchain cannot store assets and commodities properly.

Both will not die because no one can control it, it may just become obsolete and forgotten from some pages of the book, but the original nature will always exist in the network, and in fact Blockchain and Bitcoin is a future technology that will be very good in the future, many people are adopting Blockchain technology and at the same time for Bitcoin as well, the future development is very fast, do not think about it exactly as many years ago.

Assuming that the scenario that you are proposing becomes true even if the likelihood of that happening is very low, the whole ecosystem of cryptocurrencies will change, however the cat is out of the bag and the Pandora box is open and there is not going back, we can use the fall of bitcoin as a lesson of what not to repeat when a new and improved decentralized currency emerges.

bitcoin is the most widely known block chain because it is also the first,However,we can still have a decentralized (or several) by developing other blockchains.Bitcoin is just one of the many possibilities.

Impressive!
That so interesting.
From this its very clear that the cause of Bitcoin hypothetical death (type of flaws in Bitcoin consensus algorithms)  will determine the magnitude of effect on Blockchain technology.
Obviously the death of Alt coin have had no effect on Blockchain technology. Hence, my hypothetical death of Bitcoin was not related to other coins overrunning Bitcoin.

Bitcoin undoubtedly is the best Blockchain application in the world. its functionality is overwhelming.

I appreciate your responses hatshepsut93. it is breath taken learning from you.
Thank you

'Blockchain' is just an overrated buzzword these days. Bitcoin itself obviously relies on its blockchain, but the idea that the data structure itself is what's really powering the growth of cryptocurrency and supposed to radically change everything is wildly overstated imo.

well said.
the T-virus really got me laughing.
well that aside, while i may agree with you that the death of one person will not wipe the human race. i refer you that human race is not dependent on the life of that individual. hence, his or her death will literally have little or no effect on human race.

i am not however, oblivious of the fact that many Alt coins are dying and nothing in the world has change. 

Bitcoin on the other hand is not like any ordinary Altcoin. it was purposely created to run on the Blockchain technology. therefore, would Blockchain technology (flawless) out leave its usefulness if Bitcoins extinct? or it will still serve its purpose regardless the existence of Bitcoin?

Blockchain is still remain even if Bitcoin will die today, because the experience of Bitcoin being popular is starting the same of some other altcoin, all crypto currency has determination and wanting to be a popular but some of them are did not succeed.all the adoption of crypto currency is depending upon the people which they think the better crypto for the future.

You can't ignore the reasons of hypotethical Bitcoin death, because that's the key to your answer. If Bitcoin would die because it would turn out that all the consensus algorithms (PoW, PoS, DPoS, etc.) are inherently flawed, then decentralized blockchains would become impossible. There are also centralized blockchains that will probably be unaffected by it because they have some hard-coded centralized consensus. On the other hand, if Bitcoin would die because some other coins will be overall better, than there's no reason why blockchain technology should be affected.

But this is all highly hypothetical, because at the current moment Bitcoin is the best blockchain application in the world, it's one of the few that are truly decentralized and working, while 99% of other blockchains exist only on paper.

It may fail but we now know how to do it


Genie is out of the box.

The whole concept of decentralization, it was there before Bitcoin, but to bring it to an economic standard where day-to-day activities can be achieved through decentralization with a DB is what Satoshi Nakamoto introduced and that's a very big deal. Ten years, the basic idea has spread out. There are undersea cables, same with a decentralized Blockchain, would be futile to target when it's spread across globally.

https://medium.com/opacity/bitcoin-1537e616a074

Here's also an article on how Blockchain's differ,

https://www.forbes.com/sites/briankelly/2017/10/24/why-bitcoin-matters-more-than-blockchain

how is decentralization and BTC related?
each coin is a particular example of a blockchain. he can die only when everyone who uses it dies.

why would bitcoin die? you can't just ask a question and leave the most important part out.

if 1 person dies in the middle of street would the human race end?
did that 1 person die of heart attack or the T-Virus? the second one can end the human race

it is the same for a cryptocurrency too. altcoins are dying every day and nothing in the world changes. but if it is a flaw in the technology then the technology dies and everything with it.

Actually I do not know what is the possibility to happen to the concept of decentralization if bitcoin die today because I do not think about it and I think if it happen that it all gone. All the things that is connected to bitcoin will gone.

While i may agree with you that i may have gotten it all backward. my point is not actually focused on the "adaptability of Blockchain technology" by global industries. My point is focused on the unforeseen technical challenges that Blockchain technology might pose in future. I refer you that Blockchain technology is not absolute in its nature. The flaws incumbent in the technology, however, yet unseen may inevitably have tremendous effect on all/most  projects run on this technology. Hence my point is- a technical cliche in Blockchain technology for just a minute might amount to the loss of billion of investors fund, should that cliche is not identified and settled on time.

Obviously Bitcoin has shown quite impressive stability since its introduction. But records shows that the price of Bitcoin keep falling form it $20,000 to roughly $6000 and still falling in this recently periods.Well, i'm i saying that Bitcoin is not serving its functionality regardless its current market price? No! that's not what i'm saying...

This is what I'm... Bitcoin Obviously, over the years has faced and continue to face many global challenges which undoubtedly have had significant effect on the price of Bitcoin. But then, have this identified challenges been addresses yet? Not at all!
and so my point and question is: Regardless what will cause Bitcoin to extinct- whether elementary, apparent or emerging flaws- what will be the fate of Blockchain technology.

Prompt
Will Blockchain technology continue to thrive to support other Altcoins? or the whole concept of decentralization will die with Bitcoin?

You got it all backwards.
If the so-called blockchain technology will fail to get adopted by the industry in general, it would have absolutely no effect on Bitcoin. Why? Because Bitcoin is already stable from day one, it never failed in all these years and it is always working as intended - enabling global electronic transactions without centralized middleman.
If Bitcoin will fail, the effect it would have on blockchain industry will depend on the exact reasons of Bitcoin's failure: maybe it will be minimal or maybe it will be devastating if there are some fundamental flaws.

While appreciating the difference between Bitcoin and Blockchain a while ago, i found out that these two are no much of a different at all.

Reasons?
The major reason is that, the survival of both are hugely contingent on the survival of Either. if Blockchain dies Bitcoin and all other coins die too. if Bitcoin dies aint sure what will happen to Blockchain.

Refresh
Blockchain was built because of Bitcoin as a digital currency. With the intention of aiding the smooth use of Bitcoin.

Now, i want to believe that Bitcoin just as man can not live with out breath of life (Blockchain). Hence, in events when Blockcahin is down, Bitcoin suffers greatly.

This is evident in many real life crypto trading scenarios. in events when Blockchain has some technical problems transaction either go to halt or resort to delay.

My thought
And so i got thinking. Since it is significantly obvious what will happen when Blockchain goes down, it is not entirely clearly what exactly will happen should Bitcoin loss it value or dies.

My question?
Will the concept of decentralization die with it because Bitcoin failed?
what will happen to people funds stored and distributed on the Blockchain?