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    Author Topic: Best and Worst Case Scenario for Bitcoin  (Read 1230 times)

    • Mocoinaire (OP)
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    July 27, 2018, 08:12:31 AM
     #1
    Guys yesterday had a conversation with a friend and we found ourselves discussing this issue: What is the best and worst case scenario for Bitcoin?
    From the conversation it emerged (this is not from using bitcoin as investment vehicle) purely by assuming we understood the objectives of Satoshi lol! would be:
    Worst case scenario: It is overtaken by govt cartels and it becomes another type of gold just a store of value with huge transaction fees, also it finds a stable price which does not augur well with "investors" and thus the perceived bitcoin bubble maybe a price of $3000 maybe not a pessimistic though  Grin
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell promoting financial inclusion worldwide.
    Those are just thoughts of guys who were having a beer and maybe we thought too much but anyways members can contribute hoping to be roasted as well for my bitcoin newbie thoughts Grin
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  • outsider25
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    July 27, 2018, 08:54:31 AM
     #2
    Bitcoin can not be managed by the government or any other agency, but the bitcoin can be manipulated by a party, so I am afraid that there will be a party who wants to play bitcoin by means of manipulation, if that happens, then it can destroy the economy of many people.

  • Zidanetribal
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    July 27, 2018, 09:12:06 AM
     #3
    In my opinion, see three basic scenarios:
    1.Bitcoin triumph: Bitcoin replaces fiat currencies as the main unit of exchange. People buy pizzas, finance their mortgages and pay their rent in bitcoin.
    2.Bitcoin as gold: Fiat currency remains the main unit of exchange everywhere except in a few extremely dysfunctional economies like Venezuela’s. But 2.bitcoin’s market capitalization remains substantial, and it rises in value over time, occasionally experiencing large bubbles and crashes.
    Bitcoin bust: Bitcoin is abandoned, crashing relative to the dollar and never being used as a payment method for daily necessities.

  • gjaoirlaj9865
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    July 27, 2018, 09:18:38 AM
     #4
    Your analysis is correct but allow me to add a small comment on this issue. Bitcoin is simply created to change the user's habit of bringing a new technology to life. But many organizations use Bitcoin as a means of money laundering, drug trafficking does not do well. I hope Bitcoin will be managed by an organization.

  • mr777
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    July 27, 2018, 09:24:14 AM
     #5
    Quote from: gjaoirlaj9865 on July 27, 2018, 09:18:38 AM
    Your analysis is correct but allow me to add a small comment on this issue. Bitcoin is simply created to change the user's habit of bringing a new technology to life. But many organizations use Bitcoin as a means of money laundering, drug trafficking does not do well. I hope Bitcoin will be managed by an organization.


    Bitcoin will not be managed by any organization. Because of its simplicity, the nature of Bitcoin is anonymous. The ruling party just wants to make money and they do not want to lose their food

  • Slow death
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    July 27, 2018, 09:37:41 AM
     #6
    I go more on the second option.

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell promoting financial inclusion worldwide.
    Those are just thoughts of guys who were having a beer and maybe we thought too much but anyways members can contribute hoping to be roasted as well for my bitcoin newbie thoughts Grin

    is more likely to happen

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Worst case scenario: It is overtaken by govt cartels and it becomes another type of gold just a store of value with huge transaction fees, also it finds a stable price which does not augur well with "investors" and thus the perceived bitcoin bubble maybe a price of $3000 maybe not a pessimistic though  Grin

    about this option " Worst case scenario: ":

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    It is overtaken by govt cartels

    What do you mean? Do you mean governments took control of bitcoin?
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  • bitfocus
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    July 27, 2018, 09:56:39 AM
     #7
    The problem is, no-one can control Bitcoin, maybe they can buy/mine a huge amount of Bitcoin - but they cant control it.

  • pooya87
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    July 30, 2018, 03:53:35 AM
     #8
    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Worst case scenario: It is overtaken by govt cartels and it becomes another type of gold just a store of value with huge transaction fees, also it finds a stable price which does not augur well with "investors" and thus the perceived bitcoin bubble maybe a price of $3000 maybe not a pessimistic though  Grin
    if this happens then bitcoin will simply die. bitcoin exists and is strong because it is decentralized and it is a currency. otherwise a "store of value" or a "investment" is meaningless on their own and can not keep something like bitcoin alive.
    remember we are not talking about some closed source thing that nobody knows how to work. bitcoin is completely open source and the technology is out there. if bitcoin were to become centralized everyone would simply move to another decentralized new system.

    Quote
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell promoting financial inclusion worldwide.
    i'd like to think the best case scenario doesn't involve "rekting" anything. bitcoin can still exist and be strong and even be worth $1 million+ and not replace or ... anything else. it can exist as an additional option for those who want the benefit of a decentralized currency, or for those countries with corrupted government.

  • TheGodFather
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    July 30, 2018, 04:00:42 AM
     #9
    Quote from: pooya87 on July 30, 2018, 03:53:35 AM
    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Worst case scenario: It is overtaken by govt cartels and it becomes another type of gold just a store of value with huge transaction fees, also it finds a stable price which does not augur well with "investors" and thus the perceived bitcoin bubble maybe a price of $3000 maybe not a pessimistic though  Grin
    if this happens then bitcoin will simply die. bitcoin exists and is strong because it is decentralized and it is a currency. otherwise a "store of value" or a "investment" is meaningless on their own and can not keep something like bitcoin alive.
    remember we are not talking about some closed source thing that nobody knows how to work. bitcoin is completely open source and the technology is out there. if bitcoin were to become centralized everyone would simply move to another decentralized new system.

    Quote
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell promoting financial inclusion worldwide.
    i'd like to think the best case scenario doesn't involve "rekting" anything. bitcoin can still exist and be strong and even be worth $1 million+ and not replace or ... anything else. it can exist as an additional option for those who want the benefit of a decentralized currency, or for those countries with corrupted government.
    it would be the best scenario for the bitcoin in the market when you are lucky that in your time of investing the price of bitciin is low. and after few months the bitcoin is bull run like happened last year. it is the best of all situation in the market. yet, at the same side the worst case is when you invest in high price, the price of the bitcoin is going down. vice versa.

  • gesdan
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    July 30, 2018, 04:07:56 AM
     #10
    I'm agree with you with your conclusion about the worst case and the best case with your bitcoin, the worst thing for me is when the bitcoin is not accepted in all country and should block in all country in the world, and the best scenario is when the bitcoin is used for all people in the world that makes government automatically makes a bitcoin legal

  • Mocoinaire (OP)
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    July 30, 2018, 06:47:43 AM
     #11
    Quote from: Slow death on July 27, 2018, 09:37:41 AM
    I go more on the second option.

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell promoting financial inclusion worldwide.
    Those are just thoughts of guys who were having a beer and maybe we thought too much but anyways members can contribute hoping to be roasted as well for my bitcoin newbie thoughts Grin

    is more likely to happen

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Worst case scenario: It is overtaken by govt cartels and it becomes another type of gold just a store of value with huge transaction fees, also it finds a stable price which does not augur well with "investors" and thus the perceived bitcoin bubble maybe a price of $3000 maybe not a pessimistic though  Grin

    about this option " Worst case scenario: ":

    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    It is overtaken by govt cartels

    What do you mean? Do you mean governments took control of bitcoin?
    I know its impossible for governments to control bitcoin. However, meant they can pump their money into the bitcoin economy making it's price unbearable for low rate transaction. Or is there a way this can be overtaken ?
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  • fqhuqryfhjq11
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    July 30, 2018, 06:54:20 AM
     #12
    Experts say that Bitcoin and other currencies are not monetary, yet have the significant impact on the global economy and are completely manageable.

  • Mocoinaire (OP)
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    July 30, 2018, 06:55:39 AM
     #13
    Thank you for your input guys and time. Let's wait and see how it spurns but for sure bitcoin a'int dying at all. By "rekting govt" I meant it disrupting governments and taking away the monetary power from the govt to the people through decentralized system involved in Bitcoin. One thing for sure it is going to be interesting as more people agree to use Bitcoin
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  • Robert_Austin
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    July 30, 2018, 07:03:29 AM
     #14
    Quote from: Mocoinaire on July 30, 2018, 06:55:39 AM
    Thank you for your input guys and time. Let's wait and see how it spurns but for sure bitcoin a'int dying at all. By "rekting govt" I meant it disrupting governments and taking away the monetary power from the govt to the people through decentralized system involved in Bitcoin. One thing for sure it is going to be interesting as more people agree to use Bitcoin

    Yeah and that's what might take it to the next level, as more people agree to use it and are sick and tired of getting ripped off by their lying governments, it might breakthrough to the mainstream. The problem is that too many people still get their information from government controlled news sources, so they don't have their own conclusions about bitcoin.

    If the government did win, I don't think it'd be through bitcoin itself. It'd be through implementing their own alternative to it and shifting people over to that by violent price manipulations of bitcoin. Once enough people have lost out to hacks, crashes and busts, they might change their minds.

  • face foul
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    July 30, 2018, 05:06:20 PM
     #15
    I think youth always have the ability to adopt  new technology and crypto is a new currency in the world. If youth’s of many country adopt this currency that effectively bright the cryptocurrency.

  • Lattlyined
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    July 30, 2018, 05:15:20 PM
     #16
    Bitcoin is a new technology of currency it’s not handle by government but sometimes it’s manipulate by some party. And I hope this kind of issue will be developed by BTC ETF gradually.

  • ImpulseGhost
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    July 30, 2018, 08:26:06 PM
     #17
    No one can control bitcoin event not government also. Peoples are transaction their coin but they don't know who is his transaction partner. Investors only aim to earn money from this sector.

  • onaiwusun
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    July 30, 2018, 08:29:56 PM
     #18
    I do not think the worst case scenario for bitcoin is government taking over bitcoin, that wont be so much evil nor is it possible, the worst case scenario is actaully finding vulnerability in the bitcoin code, that is easily exploited, e.g making several copies

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    July 30, 2018, 08:33:25 PM
     #19
    Quote from: bitfocus on July 27, 2018, 09:56:39 AM
    The problem is, no-one can control Bitcoin, maybe they can buy/mine a huge amount of Bitcoin - but they cant control it.
    Control is not something you can actually do with bitcoin, it will mean you have to shutdown the internet, that is why i believe the worst case scenario for bitcoin is if anyone can maliciously exploit the bitcoin protocol

  • hugeblack
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    July 31, 2018, 04:19:51 AM
     #20
    Quote from: Mocoinaire on July 27, 2018, 08:12:31 AM
    Best case scenario: Bitcoin lives to serve its purpose of being the internet currency with global adoption of-course "rekting" government and other central capitalistic entities. In a nutshell, promoting financial inclusion worldwide.
    I prefer this scenario, and I hope it might happen, but there are some doubts and lots of questions.
    One of the most important questions is where did 17 million Bitcoin go? Who controls it? How the government will allow individuals to produce their currencies.
    I do not expect any government to have a reserve of Bitcoin, so it will always be out of control. expect the contracts and platforms of bitcoin trading to be accepted more fancifully than the real acceptance of Bitcoin, where governments can break the 21 million coins indirectly
    H
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