11.16.2017

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.

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