MAIN THREAD - Death Hypothesis: Can Bitcoin be killed if...?


#1

Death Hypothesis: Can Bitcoin be killed if…?

I always wanted to create this thread, but held back because I fear some crazy haters may actually want to test some of these theories for real! :illuminati::neutral_face:

Anyways Guys, use this thread to post all of your death hypothesis scenarios and let The Pub discuss and dissect to see if it’s possible or not. However, please note that while you’re allowed to create worst case scenarios, please keep it realistic, as this will make the discussion more fruitful and engaging.

Let’s go! :8bitcoin::crossed_swords::ghost:


Kill Bitcoin? Keep Trying. :eyes:
#2

Can Bitcoin be killed if:

  1. A prince in Dubai decides to buy all or most mining farms and all Bitcoins on all exchanges as they become available, and keep them all for himself?

  2. Elite haters conspire and buy as much Bitcoin as they can (mostly during dips), and just deposit them all to a single wallet and destroy the keys?

We all know of many elite-threatening small companies who were bought out by the elite and shutdown just to prevent their potential threat. What makes you think they won’t try with Bitcoin?


#3

I think that has the reverse result…unless you can buy them all, like shares in a company all your doing is reducing available supply forcing the price up…


#4

That will force the price up yes, but their goal is to acquire it then kill it. Moreover, we have witnessed how accumulating high amounts can be used to manipulate the price (Mt. Gox guy). So while the price may rise or drop, the elite intends to kill it by owning it and keeping it out of circulation, hence keeping it centralized and out of the hands of the masses. That’s a scary thought.


#5

agreed, but we can just move on to another coin and so on…they cant buy em all…:wink: so yes its possible to nearly kill bitcoin but not crypto :thinking:


#6

I thought about that, but who is worthy to be the next gold standard? Satoshi Nakamoto created Bitcoin and then just vanished. No one even knows if he’s dead or alive. But the other coins’ creators are alive and have definitely amassed their respective holdings in their own coin (a sort of centralization in a sense) which is a disadvantage to the buyers. If Nakamoto is dead and all access to his wallet is lost, then Bitcoin is truly the purest most decentralized coin that you can safely invest in without fear.


#7

Roughly 17 million coins in circulation… if you tried to buy even 1 million of those coins the price of bitcoin after purchasing the millionth coin would be very very high…I cant see anyone with money like that purchasing all the coins, combine that with all the hard hodlers out there.


#8

yeah, he picked 17 million for a reason,some thought must have gone into that for sure…


#9

its 21 million total, many arent out and many have been lost


#10

My brotha, we live in a crazy world. If a guy can buy a (worthless) license plate for his car for $9M, then what more wouldn’t they do for Bitcoin? (FYI, certain license plates in Dubai are more expensive than that and are actually considered status symbols :exploding_head: )

Moreover, you forgot the part where they buy and control the mining farms. So they will be generating most of the future supply.


#11

The second point would only increase the value. Many feel most of satoshis coins were burned


#12

Burned by who? And for what purpose?


#13

Burned as in sent to invalid addresses or addresses which the private keys have been destroyed. To keep the massive amounts of btc he mined out of the possession of one person.


#14

Right, but who has the authority, access and permission to do so?


#15

Feel free to post your own scenarios and questions guys.

Also, what do you guys think will happen if this continues:

Looking forward to hearing your thoughts on this @peter


#16

This is interesting as you have to claim airdrops meaning someone/something still has access to his keys


#17

Correct. Which means we have a security (backdoor) issue on our hands. But with that part aside, wouldn’t it have been more beneficial to auction off those coins and keep them in circulation rather than destroying them instead?


#18

What makes u so sure he has destroyed them/dosnt have access to them?


#19

nothing. if he is alive/has access hes the strongest hodler of all time


#20

Talk about tight hands, that’s a tight wallet!

Taken from the article I posted above:

When bitcoin hits $60,000, Satoshi will become the world’s richest man, overtaking Warren Buffett and Bill Gates, who have $75.6 and $86 billion respectively.