The invisible enemy: who or what will put an end to Bitcoin?

Over the past several years, Bitcoin has undergone a huge number of negative comments and attacks. Cryptocurrency has earned the status of «invincible» and has gained serious popularity. How long will it last? In explained possible options for the fall of Bitcoin.

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Attack on Bitcoin: the past, present and future

By its nature, Bitcoin falls under the theory of «anthropolo» economist Nassim Nicholas Taleb. The well-known trader has deduced the principle that some things can benefit from stressful situations.

Some of the assets are just more in shock of the situation. They thrive when faced with volatility, risk and uncertainty.

However, even Bitcoin is in theory quite possible to destroy. Recently, a Reddit user under the nickname themetalfriend brought a list of the three most popular types of attacks for free.

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• attacks against the development of Bitcoin;
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• attempt to slow down the adoption of cryptocurrencies;
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• attacks slow the infrastructure of Bitcoin.

All three plans have dozens of ways of translating into reality. Here are some of the most popular ones.

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Bans at the state level

Different kinds of restrictions and prohibitions of cryptocurrency circulation often lead to the collapse of the market. Now Bitcoin is already banned in Ecuador, Afghanistan, Morocco, Vietnam, Bangladesh and Bolivia. Third world countries are very negative attitude to digital assets, and here in the US and the EU to ban Bitcoin, no one is going.

Most investors worried about the state of Affairs in Asia. Even rumors about possible limitations in the crypt and have a very negative effect. Often news be a great tool to manipulate the cryptocurrency market.

Despite all the efforts, the government of any state of the world can not forbid its citizens to use Bitcoin. There are several ways of sending anonymous BTC — Tor, VPN services and encrypted messages.

Moreover, ban Bitcoin or any other cryptocurrency is pointless. Developers can in a matter of days to change the code and the format of the coins. Even a coordinated attack of the UN and the WTO does not give the desired results. Under international pressure, the crypt may be smuggled goods.

Numerous arrests of prominent personalities of the sphere of cryptocurrencies will only lead to growing interest on the part of ordinary citizens. The opposition of the world against Bitcoin, of course, undermine the stock market, but not eradicate it completely. As Jimmy Wales, the math is impossible to deny.

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Hacker attack

Cyberwar against Bitcoin is in full swing with the creation of cryptocurrency. However, the blockchain of the coin demonstrates excellent resistance to all attacks — new blocks on the network consistently appear every 10 minutes for nearly 10 years. The track record of Bitcoin is very long, the cryptocurrency attempted to hack more than 12,000 times.

From then information about hundreds of millions of dollars stolen by hackers? The invulnerability of Bitcoin, unfortunately, does not apply to exchanges, wallets and people. Because of the attacks on Mt.Gox and Bitfinex from circulation of coins is already more than a million bitcoins.

The Weak link of cryptocurrency — the human factor. It beat the scammers and hackers. As a result, disappointed investors are leaving the industry. If action is not taken, massive hacker attacks greatly hurt the image of the digital asset, and they will lose their value.

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PR-attack

For many people, Bitcoin is associated with crime. Popular media and even politicians repeatedly published statistics on the use of cryptocurrencies in crime. While media often exaggerate the picture.

Journalists are sowing panic among ordinary citizens, and they begin to call Bitcoin a Scam, and does not understand it. The result is a loss of confidence in the crypt, which undermines development and the adoption of the stock market.

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National cryptocurrency

Own cryptocurrency Venezuela has not received popularity. All because the country is not sufficient to support the issuance of coins El Petro.

If a more developed country (e.g. USA or Japan) will reflect on the establishment of a national cryptocurrency, the outcome can be quite different. Development and promotion at the highest level it could take a substantial share of the capitalization of the stock market.

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Theft of a brand

Here all is simple — the same names to confuse investors. We already have Bitcoin Gold, Bitcoin and Private Bitcoin Diamond. Attempts to use the Bitcoin brand is also possible to recognize the attack on the cryptocurrency. This attack can succeed under the following conditions:

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• purchase in large volumes;
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• of interest on the part of the miners;
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• the spread of false rumors about the original Bitcoin;
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• distortion of facts (Bitcoin to Cash, Bitcoin and so on);
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• division of community coins. For example, r/btc on Reddit is separated from r/bitcoin.

However, the real Bitcoin is still the number one choice for people who are not even interested in cryptocurrencies. If the development of Bitcoin will reach a new level, it is unlikely someone will be able to forge his brand or to introduce novice investors astray.

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Attack on the infrastructure of cryptocurrency

Deliberate creation of trading volumes and transactions helps other cryptocurrencies gain popularity. In the case of the Bitcoin network congestion leads to higher commissions. As a result, many users simply stop using them as a medium of exchange. They prefer coins with a morecheap transactions.

All known attack 51 is unlikely to happen with Bitcoin, but its probability is not zero. Now the main danger is excessive capacity major miners in China. Some experts are afraid that Bitmain can even conduct a deliberate attack 51, sponsored by the Chinese government.

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cyber-Attacks high-level

Fixed critical bugs in the code developed in less than one day. One of these bugs has already been used by an unknown hacker in 2010. Then he managed 184 billion bitcoins out of the blue. Five hours after the incident, Satoshi Nakamoto and other cryptomnesia solved the problem through a fork of Bitcoin.

Those who have made transactions at the time the fork has lost his coins. The damage was virtually zero in financial terms, because then the cryptocurrency was used by a limited number of people. But what happened, happened if this incident today? Damage totaled to billions of dollars.

With due perseverance the U.S. government, too, can «try» the fall of Bitcoin. The national security Agency to force manufacturers CPU leave their products vulnerable. Long known that a well-known Silicon Valley companies (Apple, Microsoft, Google) work closely with the government.

Also do not forget about the dangers of the future. Most likely, in 10 years will be a full-fledged quantum computer that will be able to successfully attack the Bitcoin blockchain. In this case, developers will have to work on a new PoW algorithm that is resistant to this type of attacks.

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Conclusion

Bitcoin is not just a project of individual enthusiasts. For «murder» need a lot of money and effort. Now this can be done only a large organization with a good stock of resources.

You can Destroy anything, even the world's largest cryptocurrency. Fortunately, while it is not possible to anybody. Most likely, the next major test for the stock market to a new economic crisis. And yet worry about the stability of the blockchain is not worth it.