Post
Topic
Board Bitcoin Discussion
Re: In what situation would Bitcoin die?
by
Rostadom
on 14/04/2017, 17:48:03 UTC
In my own opinion it bitcoin may die if there is a world war and almost damage all things .
Second will be if internet dies ,welll bitcoins is mine and exist through online. Bitcoins storage will be spend only if there
is a internet ,however it will be a too impossible to happen now if so, how we may kill the internet .

Even though the internet dies, it will never stay dead for too long. ISPs and the government, especially to the powerful countries, will not let that happen. Many businesses and government agencies depends on the internet in giving their services so this will be prioritized. That was the reason why bitcoin was made decentralized in the first place.

Nope, bitcoin was made decentralized so there will be no central point that the government can attack. It doesn't have a "power source" or a "heart" if you will. Taking down one part of a decentralized network will have no effect at all because other people just have to support it again. When the government shuts down the major mining farms, people that have PC at their homes will take advantage of this and mine bitcoins on their PC, not only to make money but to support the network as well. This way, bitcoin will even be more decentralized.

Only two things can kill the Internet, one huge disaster that will destroy all the power lines (loss of electricity) or one disaster that will destroy the internet cables (loss of connection). These will both be the opportunity of the government of a country since almost everyone (including large companies in which the government can collect huge tax from) relies heavily on Internet and electricity

Logical decentralization cannot override physical centralization

While I certainly agree that the Bitcoin network is logically decentralized, it is surely not so with physical connections (cables) that make up the Internet infrastructure (as you say yourself). So it won't take a lot to cut continents from each other (say, Americas from Eurasia). And then Bitcoin will get split into two independent chains. And the longer there is loss of connection, the stronger and more dramatic will be the consequences for the Bitcoin blockchain. There is satellite Internet but its bandwidth is limited, and it is unclear if it will be able to support Bitcoin integrity

But will they allow it, though? Why would a country/continent want to be disconnected from the world? Except if you're living in North Korea, I don't see any reason why you're government would do this. A lot of people are online workers and a lot of jobs need the Internet. Even simply selling stuffs digital goods require you to be connected to as much people as possible.

This move of the government will certainly raise questions by their citizens. If it's something that's been done because of something so little like bitcoins, it would totally upset everyone. People barely know bitcoin's existence.