Quote
This looks incredible invention. How before no one realised this?
What exactly? I really want to know.
Topic: How can you break the price of bitcoin (but do not destroy it at all), and what (Read 188 times)
October 22, 2017, 09:43:04 AM
What exactly? I really want to know.
October 22, 2017, 08:54:30 AM
As I wrote earlier, some governments may well start a war against bitcoins and partially succeed. Let's think about how this can be, and what we can do against it.
Bitcoin can not be completely destroyed by software methods, it is. But it is possible to undermine the trust of unqualified investors, attacking it in the sphere of mass media.
It can only be done by powerful states such as the US or China, together or separately.
First of all, the weak point of bitcoin is the crypto-exchange for the exchange of bitcoins for fiat. The attack will be conducted against them, and this has already happened (we recall the situation of the Mt.Gox exchange). The exchanges can be attacked as a hacker's way, and they can be legally liquidated.
What we can do? Beforehand place exchanges in states loyal to bitcoin (Japan, for example).
The state can stupidly isolate its citizens from the Internet within its local network, like China or soon Russia, Iran.
What we can do? Develop an independent cross-border provider, including independent satellite communications. Such projects are already being implemented, for example, OneWeb /
All these events will be held simultaneously to strengthen the power of pressure on bitcoin. Also the most powerful weapon will be the propaganda against bitcoin against non-professional investors, who are already many in bitcoin. Instead of bitcoin they will try to shove his replacement, shit coin, controlled by the state. This is already happening. China and Russia recently announced plans to create their own crypto-currencies, which will be fully controlled by the state. This idea is completely meaningless, and nothing but laughter can not provoke. But if we understand that in fact this is the first stage of preparing an attack against bitcoin - the meaning of this venture will appear, and this is no longer ridiculous.
What we can do? It's hard to do anything here. So far, the state has great power in the dependent mass media, and people listen to them. Such an attack will affect non-professional investors, and they will start withdrawing money from Bitcoin. The price of bitcoin will collapse dramatically, and then it will be a long time to stagnate without rising or falling. But you can not completely destroy the bitcoin, there are many reasons for this. Bitcoin - the very first crypto currency, exists for a long time, its protocol is one of the most reliable, so it is now strongly trusted by investors, and it will still recover after any fall.
There is another way to reduce losses when attacking exchanges and prohibiting the input and output operations of Bitcoin-Fiat. A professional bitcoin community should investigate and select one or two altcoins that can act as a reserve currency relative to bitcoin in order to use them as an intermediary during an attack on bitcoin. This should be a crypto currency, close in all its parameters to bitcoin, which will allow you to maximally trust such coins.
A little bit about when this all can begin. Such attacks on bitcoin will begin as soon as the world financial system feels a strong destructive effect of bitcoin. Only then will the states be able to agree and act. This may be the collapse of significant financial instruments and currencies, major bankruptcies. After such events, in a short time, an attack on bitcoin may begin.
Bitcoin can not be completely destroyed by software methods, it is. But it is possible to undermine the trust of unqualified investors, attacking it in the sphere of mass media.
It can only be done by powerful states such as the US or China, together or separately.
First of all, the weak point of bitcoin is the crypto-exchange for the exchange of bitcoins for fiat. The attack will be conducted against them, and this has already happened (we recall the situation of the Mt.Gox exchange). The exchanges can be attacked as a hacker's way, and they can be legally liquidated.
What we can do? Beforehand place exchanges in states loyal to bitcoin (Japan, for example).
The state can stupidly isolate its citizens from the Internet within its local network, like China or soon Russia, Iran.
What we can do? Develop an independent cross-border provider, including independent satellite communications. Such projects are already being implemented, for example, OneWeb /
All these events will be held simultaneously to strengthen the power of pressure on bitcoin. Also the most powerful weapon will be the propaganda against bitcoin against non-professional investors, who are already many in bitcoin. Instead of bitcoin they will try to shove his replacement, shit coin, controlled by the state. This is already happening. China and Russia recently announced plans to create their own crypto-currencies, which will be fully controlled by the state. This idea is completely meaningless, and nothing but laughter can not provoke. But if we understand that in fact this is the first stage of preparing an attack against bitcoin - the meaning of this venture will appear, and this is no longer ridiculous.
What we can do? It's hard to do anything here. So far, the state has great power in the dependent mass media, and people listen to them. Such an attack will affect non-professional investors, and they will start withdrawing money from Bitcoin. The price of bitcoin will collapse dramatically, and then it will be a long time to stagnate without rising or falling. But you can not completely destroy the bitcoin, there are many reasons for this. Bitcoin - the very first crypto currency, exists for a long time, its protocol is one of the most reliable, so it is now strongly trusted by investors, and it will still recover after any fall.
There is another way to reduce losses when attacking exchanges and prohibiting the input and output operations of Bitcoin-Fiat. A professional bitcoin community should investigate and select one or two altcoins that can act as a reserve currency relative to bitcoin in order to use them as an intermediary during an attack on bitcoin. This should be a crypto currency, close in all its parameters to bitcoin, which will allow you to maximally trust such coins.
A little bit about when this all can begin. Such attacks on bitcoin will begin as soon as the world financial system feels a strong destructive effect of bitcoin. Only then will the states be able to agree and act. This may be the collapse of significant financial instruments and currencies, major bankruptcies. After such events, in a short time, an attack on bitcoin may begin.
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