Topic: What would happen if Bitcoin went offline for good tomorrow? - page 2. (Read 2311 times)

If Bitcoin went offline tomorrow we would have to go to the altcoin forum section

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Dear Lord. Some people here shod actually find a regular job. Incomprehensible!

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If Bitcoin down for technical reasons, it will be fixed sooner or later by the devs. If it is a global ban by governments through internet providers, a patch will be found to circumvent the ban. The only way Bitcoin can be gone is a complete shut down of the internet.

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The blockchain remains and the hodler value is safe and sound within it.  Workarounds for whatever happened will be invented.

If the workarounds or a long down-time requires a code change, patches will be available to bring the system back up.  There will likely be multiple competing efforts to bring Bitcoin back on-line.  'consensus' will define which of these succeed.  In this phase it will be critical for users to have information on who to trust.  I suggest that people spend some time evaluating this problem before it is necessary.

I don't even think it is all that improbable that such an event will happen, though I suspect that there will be corners of the earth where Bitcoin continues on unmolested and that complicates analysis.  Some of these corners will likely be private networks of size, and some of these networks may not have Bitcoin's best interest in mind.  Relatedly, a global network attack could punch tactical holes in the shield to aggravate recovery efforts.

Even in the best of circumstances, difficulties may be problematic as it was for certain sha256-based alt coins when attacked by Bitcoin proponents.  I would lean toward efforts to make some fixes to Bitcoin corresponding to bringing it back on-line.  Several of the biggest of these would be to do away with sha256 proof-of-work (and consequently, the consolidation of mining power behind ASIC investors) and also the regrettable fact that simple verifying transfer nodes are not rewarded.

Though highly improbable, bitcoin's price on fiat would probably plummet, and everything would be written on books, blogs, articles. In short, everything about bitcoin would only be a history for us to ponder on.

The only way for Bitcoin to go offline is for the internet to go offline. The only way that can happen nowadays is for a massive solar flare to hit the Earth. This would do much more damage than just shutting down Bitcoin, and Bitcoin being offline would be the least of our worries. Without any electricity, entire infrastructures would collapse and many people would probably die from lack of food and water (which both need electricity to produce).

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If bitcoin goes offline,few of us would become poor as they have invested lot in mining etc the rest will come here on forum to share how much they lost
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If Bitcoin goes offline, what will happen to the BTC I hold at my address? It will become NIL or it will be unaccessible?

I wouldn't be quite affected by it but would feel bad for the end of a crypto currency that I learnt about and used for about 2 years. For me it will be an end to one which could lead to the birth of another crypto currency.

I would assume these wallets would be offline also. IE ALL wallets are dead in the water.

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I think that I'd finally realize that I should stop investing in things that don't deliver concrete returns (like ISA's and savings accounts).

I'm hoping Bitcoin is the high risk/reward investment I've been wishing for.

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Nothing, we would all lose our investments. The few lucky ones that are trading and holding coins on the exchanges would be able to sell their coins but I am not sure they would be allowed to withdraw the Fiat by the exchanges.

Something else would emerge, some new coin but I don't know how successful this would be, not too much probably, since all of the Bitcoiners would have lost money with Bitcoin and bad press would be enormous for this new coin to take off!

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i would lose a good amount of wealth, but i'm sure that something akin will emerge quickly, for this reason i'm not worried too much

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You mean "The entire internet went offline" or just Bitcoin (edit: not possible as long as we have the internet)?
Which catastrophe would need to happen to the worldwide internet to go offline?

I guess, we would have other problems than Bitcoin at that moment.

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Well for starters I will be very disappointed or sad as that would mean that I will have to deal with my bank again for anything financial.

This would mean waiting ages to send and or receive international transfers and worse having to wait until 9:30 in the morning before any of the branches are open so I can do these kind of transfers because they are so anal that I can only do these up to a certain amount with internet banking.

So essentially, without bitcoin I'll be back to the 'dark ages' in so far as my financial transactions are concerned.

if bitcoin just disappeared tommorow, first I'd convert all my btc to fiat today. and you can probably expect tons of angry mobs tommorow.

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If it goes offline there will be chaos and twitter will explode...ltc might start see huge pump

Well if Bitcoin goes offline for good then how will you donate us ? First off this is not going to happen and if happens somehow then we all lost investment thats all.

if somehow  "Bitcoin went offline for good tomorrow" ( i don't think this is actually possible but lets pretend ) price would be 0 a few minutes before the system went down.

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same thing happened before there was BTC