What Could Cause Bitcoin to Meet Its Untimely End? A Look at the Category-Creating Coin’s Future
- Ryan Selkis wrote a Twitter post to explain the circumstances that would take down Bitcoin.
- Presently, the price of Bitcoin is above $11,000.
When Bitcoin was born, it came at a time when the economy was greatly suffering from the recession and the banks who were failing. The entire goal of Bitcoin was to beat out the centralized control that was in the economy at the time, hoping to build a financial system that could better service the public. Even though technical issues plagued it at the beginning, it rose up.
There are many people that have already accepted Bitcoin, but the cryptocurrency has a lot of opponents this. The enthusiasts completely believe in what Bitcoin can do, but there are plenty of others that understand that it is far from perfect or invincible. Ryan Selkis of Messari Crypto recently took to Twitter to point out the three things that he believes will destroy Bitcoin – two types of sovereign attacks and quantum computing.
Only three things that I think could kill bitcoin at this point:
1) sovereign attacks (bans on holding)
2) sovereign attacks (coordinated mining takeover – shutdown + 51%s)
3) quantum computing (we’d have much bigger problems, though)
What are other remaining macro risks?
— Ryan Selkis (@twobitidiot) June 29, 2019
The threat that quantum computers have on Bitcoin has not been a new development. In fact, if these types of computers were invented tomorrow, the whole network would easily come down.
However, Bitcoin Wiki states,
“Humanity currently does not have the technology necessary to create a quantum computer large enough to attack Bitcoin keys.”
Changpeng Zhao, the CEO of Binance, tweeted about this circumstance, stating that there’s a chance of an attack coming against Bitcoin. However, killing the cryptocurrency industry entirely is entirely unlikely.
nah, they can attack bitcoin, but they won't be able to kill crypto.
It's a concept in people's head now. No delete button possible. Humans don't work that way. https://t.co/mTj0sr9kE6
— CZ Binance (@cz_binance) June 30, 2019
The idea that a 51% attack would come against Bitcoin is not a new idea, since it comes up every once in a while. Andreas Antonopoulos described this type of situation recently, explaining that this type of problem could arise with altcoins, but not with Bitcoin.
“Bitcoin has achieved a level of computing that no single nation-state can overthrow it through computation alone.”
He added that even creating this type of attack would need,
“massive covert operation of chip fabrication, then the coordinated assault would give them dominance over the next block for ten minutes until we kick those bastards off the network and rework the protocol around them.”
The CSO of Blockstream, Samson Mow, added that it “doesn’t work that way.” He added that if Bitcoin was down, all of the other cryptocurrency assets would be tumbling down with it.
However, he added,
“I don’t think the attack vectors mentioned are actually feasible.”
According to details on CoinMarketCap, Bitcoin is presently at $11,214.35, even though it has dropped by 6.56% in the last 24 hours.