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Bitcoin is too entrenched to disappear. The only way Bitcoin and other crypto's will implode is if the underlying encryption is broken.
by UltraViolence 4y ago
Bitcoin is too entrenched to disappear.
The only way Bitcoin and other crypto's will implode is if the underlying encryption is broken.
- throw101010 4y agoBitcoin is also upgradable, it wouldn't be hard to convince miners to accept a hardfork to save their mining investments and holdings by switching to safe algorithms. It is also much more reactive in this regard than most of the banking and other cryptography-dependant sectors (think major encrypted protocols) which also rely on many of the encryption that you suggest would be broken... not sure Bitcoin will be the main worry at that point. Obviously if we are talking about SHA256 being broken then miners will lose on the mining equiment. I'm still not sure Bitcoin would disappear, but it would be catastophic... and not just for Bitcoin as suggested above.
- sentrms 4y agoIt will not easily disappear, but there is a clear negative sentiment around crypto, even more with the current heat waves and energy crisis. I don't think it looks good on the balance sheet of institutions, and institutional buy-in was a major driver of the recent crypto bull run.
- tromp 4y agoOr when, a few decades from now, the block subsidy has became insignificant after repeated halvings. If you then having a period without lots of high fee paying transactions, Bitcoin could fall victim to a 51% attack double-spending huge amounts. The immutability of the 21M limit that is Bitcoin's essence could also prove its long-term downfall.