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BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!

Discussion in 'CryptoCurrency' started by Asif WILSON Khan, Nov 5, 2013.

  1. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    I think BitCoin is a terrific idea but here are my 3 reasons why I think it is doomed:

    1. Governments will eventually try to ban or destabilise it. Why?
    Because they have no control over it and because it is de-centralised it can be transferred across borders instantly.
    People aren't paying Tax. It is a threat to the financial industries and could affect the markets.

    2. All Bubbles burst. All currencies fluctuate but when BitCoin crashes hard it will make people lose confidence.
    It could become worthless overnight. And I don't see the IMF jumping in to save it. What will you be left with, nothing but an obsolete wallet.
    People are mining BitCoins not to trade for goods or use in transactions but as an Investment trying to get rich quick. Remember the Gold Rush?

    3. All systems designed by Man can be cracked or broken eventually, given enough time and resources.
    Cryptography is a fascinating subject but it is only secure until it is cracked. Technology moves at an extraordinary pace.
    What might take 1000 years to crack now might be crackable in 10 years. Until some form of AI is developed then anything designed by Man will have faults or holes in it. All currencies or forged and faked, how long until somebody cracks it?


    Anyway, the idea was to get some debate going. So what do you think ?




    Here are some interesting articles:

    http://mashable.com/2013/11/04/bitcoin-cornell-researchers/
    http://www.wired.com/magazine/2011/11/mf_bitcoin/
    http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html
    http://www.economist.com/blogs/babbage/2011/06/virtual-currency
    https://www.schneier.com/blog/archives/2013/04/bitcoins_in_the.html
    https://www.schneier.com/blog/archives/2012/10/analysis_of_how.html
    https://www.schneier.com/blog/archives/2012/03/bitcoin_securit.html
    http://en.wikipedia.org/wiki/Bitcoin
     
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  2. AquaticGamer

    AquaticGamer Jr. VIP Jr. VIP

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  3. Panther28

    Panther28 Elite Member

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    I think that bitcoin has already shown that a single global currency, easy to trade online, and get access to, should be an important topic of discussion at the bilderburg, and is probably already being given very advanced "priority".

    Liquidity is almost certainly the most important feature of any currency/market, and if a digital currency becomes large enough, all governments will join together to back it, so they can actually help channel the funds into "safe institutions" where you then pay tax.

    I think paypal will join in shortly, and allow you to receive/send them, that will be a big shaker.
     
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  4. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Bitcoin Researchers: You Can Game the System

    Computer science researchers at Cornell University claim to have found a way to subvert the system driving production of the digital currency Bitcoin.

    The researchers call their technique "selfish mining," through which individuals or groups of Bitcoin miners can collect more than their fair share of the currency. This could cause a chain reaction collapsing the system.

    Ittay Eyal and Emin Gun Sirer published their findings Monday on the open e-print archive arXiv in a paper titled "Majority is not Enough: Bitcoin Mining is Vulnerable."

    The Bitcoin ecosystem is open to manipulation, and potential takeover, by miners seeking to maximize their rewards," Eyal and Sirer wrote.


    This vulnerability challenges the decentralized nature of Bitcoin, a key tenet of the currency. Bitcoin is supposedly free from manipulation since it's not controlled by a government or centralized group.
    The stakes are particularly high right now, as Bitcoin prices are approaching the all-time high set in April.



    Source:http://mashable.com/2013/11/04/bitcoin-cornell-researchers/
     
  5. Panther28

    Panther28 Elite Member

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    instead of using your gpu to solve the block, can't you just ask google for the answer? :)
     
  6. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    I tried...Computer said No


    [​IMG]
     
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  7. Untouchable

    Untouchable Supreme Member

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    Once quantum computing is developed. Bitcoin will fall instantly.
    Quantum computing is light years ahead of what we have now. All bitcoins will can be mined in mere seconds.
     
  8. Veyron

    Veyron BANNED BANNED

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    I wish I had quantum computing power.

    Veyron
     
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  9. lancis

    lancis Elite Member

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    I doubt it will fail. Its hard to kill an idea on its root, especially if its a brilliant idea.
    Maybe it will not remain in its current form, evolving as the time goes by, but the basic idea is most likely to stick.
     
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  10. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Agreed it is a fantastic idea.
    I am sure it will evolve.
    Not sure if the world is totally ready though.
     
  11. tkirk

    tkirk Newbie

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    It's only a matter of time before it crashes. It's just the fad right now. Most people who say good things about it are probably already heavily invested in it. I'll compare the bitcoin to collectors of blue spotted apples. Sure, they're fun to look at and there is a little demand for them to a specific audience. However, do people really want to put a large amount of money behind something that provides minimal real value?
     
  12. eagle-flux

    eagle-flux Regular Member

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    Try to watch this video on Bitcoin..Just found it..

     
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  13. saber210

    saber210 Supreme Member

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    The problem is that the currency
    Code:
     is computer generated too..
    
    Not all of the system are perfect, Im sure that they are now finding ways to forge/fake it.
     
  14. kacsa1337

    kacsa1337 Junior Member

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  15. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    Did you mean Conspiracy Theory ?

    http://en.wikipedia.org/wiki/Conspiracy_theory

    http://en.wikipedia.org/wiki/Chaos_theory


    It is just MY opinion.
    If you want to persuade me otherwise then you need to post WHY it will work and HOW it will succeed.
     
    Last edited: Nov 5, 2013
  16. partymarty4870

    partymarty4870 Elite Member

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    I think bitcoin's got a few years left, but it won't be the winner in the digital currency race. The eventual winner will be backed by the big online players, and the big online players aren't making money from bitcoins.
     
  17. lancis

    lancis Elite Member

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    The same could be said about Wikipedia, yet no big player managed to beat it until now.
     
  18. kacsa1337

    kacsa1337 Junior Member

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    Last edited: Nov 5, 2013
  19. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    They will try. The promise of the system is that a) they can't currently do and b) it will keep evolving - either it 's call bitcoin or not. What bitcoin did is prove the crypto-currency concept and got it mainstream.

    BitCoin price will fluctuate for long and that 's obvious and healthy since it 's in its infancy. Crypto-currencies will never be worthless now unless the crypto part somehow goes away.

    That 's exactly the point. No printing money - no debt on your kids.

    If that 's what you see BitCoin used for, it 's obvious why you got to the wrong conclusions.

    You better take a crypto 101 class.

    I can take the risk of having it cracked in 10 thousand years.

    That crypto class will help you immensely.
     
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  20. partymarty4870

    partymarty4870 Elite Member

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    who says wikipedia is the final installment?