Who can destroy Bitcoin ? - page 48.

doublebit21

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

Bitcoin cannot be truly destroyed without a global catastrophe that wipes out pretty much all electricity on the planet. There are many things which could cause the value of Bitcoin to decrease, but it is nearly impossible for Bitcoin to be completely destroyed. In my opinion the way to hurt Bitcoin the most would be to buy an enormous amount and artificially sustain the price at ridiculous levels; get mining difficulty insanely high; and then unload your coins. If the market crashes enough miners will be unprofitable and shut down; causing blocks to not be processed.

annbagira

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

Hello author! It can be affected by losses from natural hazards and related environmental and technological disasters.You hear about Fukushima and Chernobyl ? You know about forests and how awful people destroy the Earth. Tell me please to whom needs yours bitcoin in Syria where your life costs nothing? You can feed your family with digital currency?
It is seems very strange to me how people make deforestation this is awful because trees do a lot of positive things for example trees produce oxygen. I think someday people will need by it as something expensive and then I hope digital currency will be enough to buy some oxygen)

leonair

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

For me Bitcoin will never be destroy by anyone at any chance as of now because it is too strong and at its peak at this very moment, I don't even see a reason for its fall down no matter what. But everything can change though even in a snap of a finger, maybe the only way to destroy it is by using that 51% computing power in the whole world and breach the network of it then show the people that is hack-able(even though it is not).

Rinaze

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Segwitx2 which is going to claimed itself as Bitcoin posed significant threat in my opinion (if it comes to pass in November). In this case of who, that would be the 58 companies located in 22 countries who support the fork. Other than that, miners probably is the next closest group that could bring down Bitcoin. Especially so when a majority of the miners (despite different entities) come from just one country.

Bionicgalaxy

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

In my own opinion, only the government can only destroy bitcoin they are the one's who makes the laws and they can do whatever they want because they are powerful to command people. But i still hope that bitcoin cannot be removed by the government as long we don't do any bad activities using bitcoin.

The_Dark_Knight

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Quote from: Ryan Dugan on September 30, 2017, 04:37:56 PM

No single entity can bring down bitcoin and I think anything that does bring down bitcoin will cause much bigger problems then to worry about bitcoins.
Destroying bitcoin will be like destroying the internet and peoples freedom. It just won't happen. People will never stand for it.

Anyway what will be gained for destroying bitcoin ?

What can be gained by destroying bitcoin? Easily, banks do not like competition, bitcoin allows you to be your own bank, and if every person is his own bank then, why do we need banks at all? So they are doing their best to avoid that scenario, and governments hate bitcoin as well, they cannot tax your bitcoin directly, they cannot confiscate your money, so both of these entities need to destroy bitcoin.

infinity33

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Quote from: Mukulislam on October 06, 2017, 12:10:25 PM

Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

I do not think anyone can destroy bitcoin.Because it is safe and well developed currency.When most of people sell it, the price will drop, when most of people buy it, the price will go up.I think bitcoin will survive much more.

And as the day it start it is last until now we see the development of it so how can anyone can destroy it as we can see that this a decentralized currency as of now.

mammoniter

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

if by anychance there would be a better crypto currency that will reduce the demands of bitcoin investors or someone find a hole in the blockchain and somehow convinced everyone that it is not secure to use bitcoin. Those are the only factors that I see that may make bitcoin obsolete but I doubt it will happen, bitcoin wouldn't strive up to these day if it were easy to be destroyed.

Mukulislam

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

I do not think anyone can destroy bitcoin.Because it is safe and well developed currency.When most of people sell it, the price will drop, when most of people buy it, the price will go up.I think bitcoin will survive much more.

Reid

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Quote from: mukeymon on October 06, 2017, 10:46:53 AM

i think yes , If no one mines bitcoins anymore, nobody can exchange them. Miners basically get a commission because they use their processing power to process transacrions between bitcoin wallets.So, if no one is mining anymore, which is unlikely for now, you will actually destroy the currency. Even if it is still worth something, you won't be able to exchange it, so it is like destroying it.

But the problem is it wont stop since there is a good income there as long as you have the equipment for it.
If I have the capital and time to make one then I will. But this time my friends might start it so maybe I will just invest with them. There are still many who wants to do it so it is impossible to stop.
Now, if there is something who could destroy it, it will just be the FUD that will scatter and people believing it. That is all that matter.

Swopon

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Gamdom

only it's creator and founder can destroy it 😎

mukeymon

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i think yes , If no one mines bitcoins anymore, nobody can exchange them. Miners basically get a commission because they use their processing power to process transacrions between bitcoin wallets.So, if no one is mining anymore, which is unlikely for now, you will actually destroy the currency. Even if it is still worth something, you won't be able to exchange it, so it is like destroying it.

Lintels

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Bitcoin cannot be truly destroyed without a global catastrophe that wipes out pretty much all electricity on the planet.There are many things which could cause the value of Bitcoin to decrease; but it is nearly impossible for Bitcoin to be completely destroyed.Dev's in prison would do very little Outlawing would need to be done in-sync globally; or else the nations that continue to allow it will allow it to prosper even more.In my opinion the way to hurt Bitcoin the most would be to buy an enormous amount and artificially sustain the price at ridiculous levels; get mining difficulty insanely high; and then unload your coins. If the market crashes enough miners will be unprofitable and shut down; causing blocks to not be processed.However it would be possible in such an emergency scenario to hard-fork Bitcoin to lower the difficulty. So an attack like this would cost billions and there is no guarantee Bitcoin wouldn't just route around it.

cutecute

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Quote from: senne on September 18, 2017, 04:05:21 PM

Bitcoin is growing very powerfully but in this present scenario which factors can destroy or make its market value Zero.

I think no one can destroy Bitcoin you know why? Because there are so many people who using Bitcoin and I think that they not let somebody to destroy it. Some of us are defending on Bitcoin so why we let somebody to destroy it.

skjus

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I dont think that something or anyone can destroy bitcoin.

zarados

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don't you think the bitcoin is the pure form of democracy?

So if you talk about who can destroy bitcoin, My answer is ofcourse the users of bitcoin. They could made the bitcoin price increasing over time,

but they could also bring bitcoin to its extinction. And this applies equally to other cryptocurrencies. Without users, they could not be survive.

The user are the key of cryptocurrency existence.

Maria_Martin

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Quantum Computers maybe?
Cryptocurrencies are remarkably and progressively gaining mainstream recognition. However, it is time for the cryptocurrency developer community to keep a close watch on the development of quantum computing and get armed with contingencies, in case what is feared does indeed becomes a reality.

Rajamuda

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It's been true that bitcoin keeps getting stronger as time goes by, but i don't really think that bitcoin will be crushed until its market value becomes zero.. i don't think that's possible. I think bitcoin will continue to growing up and more intelligent people will support bitcoin in the world considering bitcoin is already proven to helping many people in financial problems and very benefical.

Real_Person

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"Quietly Making Noise"

The Bitcoin network is secure, as far as we know. BTC can be "destroyed" by a greedy, thieving community always in a mad rush towards a quick payday. Thank goodness that will never happen.

Singwala

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I think that just breaking the bitcoins is the government. Because they can stop bitcoins and if all the governments around the world are united to break down the bitcoins it is certain that many people will lose interest to get into it. Just like china made nearly $ 1,000 they dropped the price of bitcoins after saying they stopped the ICOs, Exchanger and Bitcoins

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