How cryptocurrency will die (but not really)

As bitcoin reaches for new highs I have been contemplating it's end once again.  Before I said it would be due to a lack of hashing power. That isn't true.  Any hashing power is enough to keep transactions processing at a constant rate.  The problem will really be one of trust.  Bitcoin will be 51%'d.  It may already be.  But as soon as something sparks it, the 51% attack will rear its ugly head and people will loose faith in the coin flocking to other coins.  It appears bitcoin cash would be a natural move.  However this will be shortlived.  A 51% attack on bitcoin - and a subsequent exodus into something like bitcoin cash - would cause a cannibalism event and the people who 51%'d bitcoin will turn their hashing power to bitcoin cash and 51% that as well.  This will keep happening and cryptocurrencies will drop like flies.  The only solution is to make a coin that requires different hardware to mine than bitcoin so the 51%ers couldn't also attack those currencies.  These currencies already exist.  Ones like bitcoin gold and monero and other CPU only or CPU/GPU coins will not be able to be attacked by these massive groups. Bitcoin gold and monero would likely beamong  the sole survivors of the cryptocurrency apocalypse.

1 comment:

  1. Bitcoin is a cryptocurrency, which can be spent, saved, or invested, and it can be stolen too. Trading with Bitcoins was considered to be risky, but the current trends show that it has become a big hit the binary options sector. This decentralized currency is not regulated by any Government, or by any central authority. coinmarket.net


Thank you for your feedback! Sharing your experience and thoughts not only helps other customers but also helps me to improve what I do!