Since this is science please make no discussion about how crypto currency is bad, I think we are all in agreement it's a giant waste of electricity used only for cp and drugs. Let's discuss only ways crypto currency could be destroyed. Would introducing fake crypto currency destroy the value enough to make it worthless, or would there have to be a more brute force method of destroying the program itself or possibly targeting mining rigs with viruses? I'm not a computer expert that's why I'm asking you people.
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Quantum computers
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governments dicking everyone involved
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51 percent attack by state
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overflooding the transactions (requires a lot of capital), to render the currency unusable
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but why?
Because private property is stupid I want to upgrade my computer. My 1080 is worth more than I bought it for.
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I think the old style "proof of work" just needs a virus to take over 51% of the computers doing the work of keeping up with the ledgers and you might be able to cause some havoc.
Can add lots of transactions that don't actually exist that can affect the speculation side of the crypto currency market, causing wild price fluctuations. Might be able to add more coins and drop the value somewhat.
Would it be possible to have the falsified ledger make transactions with legit wallets, where the wallets are emptied into some other wallet (yours for your gain) or a wallet that serves no other purpose but to delete the coins from the economy?
Not smart enough to know if the GPU's for mining rigs would be (stupidly) open to virus installation through communication avenues. Might be able to change some system variables to disable overheating alarms, overheating countermeasures, while overclocking the GPU's so that they fry.
Could also target GPU farms infrastructure, like the AC units in their warehouse. Crank up the heat and shut down the circulation and make the mining room an oven. More difficult as there are too many points to attack with too much variation in the target so not worth the effort if the goal is killing a crypto currency.
Maybe killing bitcoin would be impossible but targeting a much smaller crypto currency could help lead the way in destroying crypto in the future.
It will die this fall, don’t worry, it cannot sustain itself money flow wise, and rn it’s getting flooded with people who will become bag holders of worthless shit
:capitalist-laugh:
there'll never be a shortage of capital under capitalism so long as people who need food, water and shelter exist. there are advanced economies with negative interest rates where depositors have to pay interest to the bank to deposit money. in america interest rates have been positive but less than 1 with inflation remaining stable around 1.5%. so long as fat capitalists lose money with traditional banks, they and their pilot fish will put some of their money into crypto because it could go either way, whereas banks could only go one way.
if there's a crisis coming this year, six months after the crisis the insanity will be back. none of this makes sense because the entire foundation of the economy makes no sense.
Shortage of capital as an entity sure, shortage of capital as a function of productive economy? I’m not so sure, plus people don’t like getting burned
BlackRock with its 8.7 trillion under management has begun to invest in bitcoin futures. very recently back in February of this year. not bitcoin itself, but gambling on whether or not bitcoin goes up or down in a given period. like oil futures.
what I was saying was, given how concentrated capital is, if institutional investors invest just a tiny portion of their capital into crypto, it will remain at it's current price just by virtue of the fact that what's tiny for them is huge for everyone else.
AND their investments will never have a 'moment of truth.' loans and equity investments have a moment of truth because loans have to be paid back and firms have to grow for their shares to be worth anything. bitcoin can remain as useless as it currently is, but it'll keep on growing because the entire thing is rooted in capital not having a better place to go. if people want to keep on pretending, itll keep on growing.
if you invest in apple you might make or lose 1%. if you invest in crypo you might make or lose 90%. that's literally the entire purpose of bitcoin. its russian roulette with a bb gun. there are plenty of small capitalist that have all of their wealth tied up in it. if it crashes theyll blow their brains out. but most of what is propping it up is institutional investors. and they dont give a shit which way it goes.
it'll keep on being a lucrative investment so long as the average rate of return on the market is less than inflation.
Yes, but purpose of any investment is to exctract money from the people, preferably poor ones. Market makers always make profit, that’s not relevant. What relevant is if poor people get burned, when all smoke and mirrors collapses, they’ll exit everywhere and liquidity in crypto is actually not there for simultaneous 200 billion exit. When dumb money disappears, suddenly the market is no longer so lucrative, and only main standing ones will remain somewhat relevant, like btc or eth. As for 90 percent return - commodities also swing by that amount sometimes
Best hope would be to destroy confidence in it enough to keep it relegated to the "good ol' days" of black market illegal purchases instead of speculation schemes...
:shrug-outta-hecks:
I'll be honest I don't even think the NSA has the resources to conduct a 51% attack. An interesting route to explore is poisoning the blockchain with illegal material, prompting a state response against miners, but this hasn't really done anything so far, and I don't think the specific theoretical examples outlined in that post are super plausible.
Is it even possible to add an image to bitcoin's blockchain, not gonna argue the morality of putting cp to get the government on it.
