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"Just make water not wet." Bitcoin is money, and there will always be people willing to trade it for something else, like candy, other money, gaming tokens or e

"Just make water not wet." Bitcoin is money, and there will always be people willing to trade it for something else, like candy, other money, gaming tokens or even non-virtual things. Several of these things are enabled by technologies like DEX's and Cross Chain Swaps. OTC trade desks are not going away either. The problem is equivalent to shutting down any and all trade/commerce between anyone at any time. Good Luck with that!

bpodgursky 6y ago
If Bitcoin's critical mass is ever shrunk enough that a single party can execute a 51% attack against the currency, someone will, and the currency will quickly cease to exist as an asset or tradeable currency. If the US and China crack down on trading houses and currency conversion (aka ban them) there's not enough mining happening elsewhere in the world to keep the chain safe.
- Reelin 6y ago
  On the contrary, if it ever shrank to an extent that posed an existential threat I think it is almost certain that a different consensus algorithm (such as proof of stake) would be adopted. There's no telling how the legalities surrounding crypto currency will evolve but I seriously doubt that it will ever disappear.
- gruez 6y ago
  >If the US and China crack down on trading houses and currency conversion (aka ban them) there's not enough mining happening elsewhere in the world to keep the chain safe. Getting such a ban in place would be the hard part. If US banned bitcoin, I'd imagine US's enemies would sponsor bitcoin exchanges/miners just to piss off the US. Also, considering that miners be located literally anywhere and only need a modest amount of bandwidth to operate, shutting down clandestine mining operations would be very difficult. See: all the illegal drug labs/grow ops around the world.
- Nextgrid 6y ago
  Even if you ban legitimate usage of cryptocurrencies, it will still have value underground for criminal activities as a settlement mechanism between criminals (Bitcoin/Monero seems easier to move than bags of physical cash).
- cwkoss 6y ago
  This happened - a mining group approached (and possibly passed) 51%, so they directed some of their miners to other pools because they didn't want to devalue their earnings. Anyone with that much mining power has a huge financial incentive to keep the golden goose alive.

bpodgursky 6y ago

If Bitcoin's critical mass is ever shrunk enough that a single party can execute a 51% attack against the currency, someone will, and the currency will quickly cease to exist as an asset or tradeable currency. If the US and China crack down on trading houses and currency conversion (aka ban them) there's not enough mining happening elsewhere in the world to keep the chain safe.

Reelin 6y ago
On the contrary, if it ever shrank to an extent that posed an existential threat I think it is almost certain that a different consensus algorithm (such as proof of stake) would be adopted. There's no telling how the legalities surrounding crypto currency will evolve but I seriously doubt that it will ever disappear.
gruez 6y ago
>If the US and China crack down on trading houses and currency conversion (aka ban them) there's not enough mining happening elsewhere in the world to keep the chain safe. Getting such a ban in place would be the hard part. If US banned bitcoin, I'd imagine US's enemies would sponsor bitcoin exchanges/miners just to piss off the US. Also, considering that miners be located literally anywhere and only need a modest amount of bandwidth to operate, shutting down clandestine mining operations would be very difficult. See: all the illegal drug labs/grow ops around the world.
Nextgrid 6y ago
Even if you ban legitimate usage of cryptocurrencies, it will still have value underground for criminal activities as a settlement mechanism between criminals (Bitcoin/Monero seems easier to move than bags of physical cash).
cwkoss 6y ago
This happened - a mining group approached (and possibly passed) 51%, so they directed some of their miners to other pools because they didn't want to devalue their earnings. Anyone with that much mining power has a huge financial incentive to keep the golden goose alive.