If states truly would want to get rid of cryptocurrencies

xtrump101

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$onion

Quote from: KingScorpio on June 04, 2018, 07:13:23 PM

they would easily be able to do that,
it costs just 6 billion to destroy bitcoin with a 51% attack

again going back to the basics of bitcoin and blockchain technology and one of it is that bitcoin cannot be destroyed it is distributed, so no matter how much money you use or how powerful you are you just cant destroy it!

CodyAlfaridzi

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Quote from: KingScorpio on June 04, 2018, 07:13:23 PM

however the developed countries promote and support cryptocurrency as cryptocurrencies are benefiting them more than the developing countries, so there is a division in the united nations consil, which prevents state sponsored 51% attacking as being legal.

Why would they "destroy" cryptocurrency? Countries would be burning their resource for nothing that way. Besides, there an easier way to destroy it. Simply ban any activities related to cryptocurrency. I'm sure the number of users, hashrate, and price would drop drastically.

Quote from: KingScorpio on June 04, 2018, 07:13:23 PM

and what makes it worse this cyber weapon would then be able to eat more and more as each destroyed cryptocurrency would make the attacker even richer, which he can invest to have even more hashpower

What??? How does each destroyed crypto make them richer? You're being absolutely nonsense here.

zwiggel

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If countries really want to remove electronic money, it will have a major impact on the world economy. Corporations, companies that invest in electronic money will go bankrupt. Many will be unemployed and the world currency system will be overturned.

mekie

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Why would any person, country or organisation want to do this? They have nothing to gain by it, so while it may be possible to acquire 51% of the Bitcoins then what? If they want to destroy Bitcoin then there are much cheaper and easier ways to do so-such as spreading false information about it's imminent collapse, use on the dark web to support terrorists and organised crime etc.

gowobonyok

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preferably, those of us who have entered the crypto world for a long time, or are still new, must be prepared for this. bitcoin and other crypto have been around since 9 years ago, and there is no country that really provides regulation on bitcoin and we really have to be prepared for the consequences if bitcoin is lost. it will not affect the economy globally, but the loss of crypto will make some people lose their investment assets to get profit.

Thundermike

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No country in the world will spend such huge amounts of money to attack something they can not even destroy. It is easy to resist it. After all, $ 20- $ 20 billion worth of extreme attacks need extreme support. The same thing will happen when a government-sponsored attack like this happens. This news will then trigger a shift of mining power to other Alt coins and also capital moves to those coins. These governments will have to fight against the combined power of 1000 Alt coins and various mining technologies. If the states really want to remove the encryption switch, then everything will end for a long time, but as long as there is a chance to beat the bitcoin and invest money into other cryptographic projects like Socratus . If they would attack each other, then it would be useless to just do it to anyone. Even if they destroy half of thousands, there will always be coins going out.

sitnibtc

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the government will sure not destroy crypto. they would the benefits they can get from cryptos

KingScorpio

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Quote from: Pursuer on June 26, 2018, 10:24:07 PM

Quote from: KingScorpio on June 26, 2018, 10:07:48 PM

Quote from: Pursuer on June 26, 2018, 12:05:07 AM

in is all in your head thinking such attacks are possible and that is because of your lack of understanding of bitcoin.
first of all it will take a lot more than just $6 billion to 51% attack bitcoin not to mention that you would have to add hashrate to the current existing hashrate effectively increasing it by a lot which makes the total hashrate and 51% of it a lot more than it currently is and the cost will increase by it also.
no nation in the world is going to dedicate such huge amounts of funds to attack something they can not even destroy which brings us to secondly.

secondly 51% attack is not going to destroy bitcoin! it is so easy to fight it. the most extreme solution is to simply switch algorithm. after all an extreme $10-$20 billion attack needs extreme fight backs. in short in your theory a nation wastes a HUGE amount of money to attack bitcoin for 1 day tops and cause disturbance for a short amount of time and then all their efforts will become obsolete in 24 hours.

i think it will be necessary to attack and destroy bitcoin, bitcoin will ultimately destroy itself due to its unability to fix issues. its just a propaganda coin along with many other cryptocurrencies.

why doesnt anyone use certified paper money called papercoin, or zertificated dollar?

because empty money loses its trust sooner or later.

if you truly believed that then you wouldn't have been here on a bitcoin forum, on a bitcoin board constantly talking about bitcoin.
I really believe Ethereum is a pure shitcoin, you don't see me go on an ethereum forum like forum.ethereum.org waste my time creating an account and waste my time talking about it constantly! there is nothing in it for me.

i missed a word "not" in my last post,

ohm jes i doubt on bitcoins long term ability to survive and go on.

same with many other coins,

just look at zcash or dash, they lost 85% or bicoin gold which lost 92% of its value when it hyped, the market disintegrated gets more and more diverse and confusing.

there might even be a new dynamic, of the creation of new markets and indexation of new markets, as there is no rule of law that defines a market.

this forum for now is used also as a project development plattform, this might also soon move somewhere else.

regards

Pursuer

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Where is my ring of blades...

Quote from: KingScorpio on June 26, 2018, 10:07:48 PM

Quote from: Pursuer on June 26, 2018, 12:05:07 AM

in is all in your head thinking such attacks are possible and that is because of your lack of understanding of bitcoin.
first of all it will take a lot more than just $6 billion to 51% attack bitcoin not to mention that you would have to add hashrate to the current existing hashrate effectively increasing it by a lot which makes the total hashrate and 51% of it a lot more than it currently is and the cost will increase by it also.
no nation in the world is going to dedicate such huge amounts of funds to attack something they can not even destroy which brings us to secondly.

secondly 51% attack is not going to destroy bitcoin! it is so easy to fight it. the most extreme solution is to simply switch algorithm. after all an extreme $10-$20 billion attack needs extreme fight backs. in short in your theory a nation wastes a HUGE amount of money to attack bitcoin for 1 day tops and cause disturbance for a short amount of time and then all their efforts will become obsolete in 24 hours.

i think it will be necessary to attack and destroy bitcoin, bitcoin will ultimately destroy itself due to its unability to fix issues. its just a propaganda coin along with many other cryptocurrencies.

why doesnt anyone use certified paper money called papercoin, or zertificated dollar?

because empty money loses its trust sooner or later.

if you truly believed that then you wouldn't have been here on a bitcoin forum, on a bitcoin board constantly talking about bitcoin.
I really believe Ethereum is a pure shitcoin, you don't see me go on an ethereum forum like forum.ethereum.org waste my time creating an account and waste my time talking about it constantly! there is nothing in it for me.

KingScorpio

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Quote from: Pursuer on June 26, 2018, 12:05:07 AM

in is all in your head thinking such attacks are possible and that is because of your lack of understanding of bitcoin.
first of all it will take a lot more than just $6 billion to 51% attack bitcoin not to mention that you would have to add hashrate to the current existing hashrate effectively increasing it by a lot which makes the total hashrate and 51% of it a lot more than it currently is and the cost will increase by it also.
no nation in the world is going to dedicate such huge amounts of funds to attack something they can not even destroy which brings us to secondly.

secondly 51% attack is not going to destroy bitcoin! it is so easy to fight it. the most extreme solution is to simply switch algorithm. after all an extreme $10-$20 billion attack needs extreme fight backs. in short in your theory a nation wastes a HUGE amount of money to attack bitcoin for 1 day tops and cause disturbance for a short amount of time and then all their efforts will become obsolete in 24 hours.

i think it will not be necessary to attack and destroy bitcoin, bitcoin will ultimately destroy itself due to its unability to fix issues. its just a propaganda coin along with many other cryptocurrencies.

why doesnt anyone use certified paper money called papercoin, or zertificated dollar?

because empty money loses its trust sooner or later.

billsted86

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Activity: 198

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I truly believe that 50% foray will happen to bitcoin. Because if it want to happen, it would have happen before now. Because a lot of property people you can't conceive are environ in bitcoin. Meanwhile, this one of job of this denomination and other bitcoin forum to watch over and monitor the bitcoin custom.

shakhana

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Attackers are the most unpleasant, which can be in any field, but this can and should be fought.

f150

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if it happens maybe every country will be a past that only rely on currency alone, there is no longer mutual benefit between currency and Cryptocurrency. but I think that's not possible because cryptocurrency is mutually beneficial for every country that receives it.

shackleford

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Quote from: KingScorpio on June 04, 2018, 07:13:23 PM

they would easily be able to do that,

it costs just 6 billion to destroy bitcoin with a 51% attack

this is something a commited developed country easily could affort,

however the developed countries promote and support cryptocurrency as cryptocurrencies are benefiting them more than the developing countries, so there is a division in the united nations consil, which prevents state sponsored 51% attacking as being legal.

however if there is an intelligent bussinesman who lends a ton of money to create this hashpower as some form of cyberweapon of a state, this could truly exist.

and what makes it worse this cyber weapon would then be able to eat more and more as each destroyed cryptocurrency would make the attacker even richer, which he can invest to have even more hashpower

regards

I think you and many here don't understand or maybe I do not understand. any coin you can bring down and depreciate when you have 51% or more of all coins. Accordingly, as I understand it, 6 billion is not such a large amount, which is not large and strong States.

panchangjiang

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I don't think that the national government will oppose cryptocurrencies. They can't object to this movement. They will accept cryptocurrencies.

ArnoldChippy

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Quote from: fudster on June 26, 2018, 09:45:45 AM

Its not just bitcoin that the states would have to get rid of, there are more than a thousand of tokens that are listed on coinmarketcap. If they are going to attack each, it would be pointless in the end when forking can just be done by anyone. Have you noticed how many times bitcoin had been forked? Even if they destroy half of the thousands, there will always coins that will come out.

I do not think that the states are really interested to get rid from crypto currencies. They know the importance of fiat currency and therefore they want to give some deal, and may be thinking about to legalize it just like Japan and some other currencies, but they may be measuring and analyzing the good and bad aspects of crypto currencies.

fudster

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Its not just bitcoin that the states would have to get rid of, there are more than a thousand of tokens that are listed on coinmarketcap. If they are going to attack each, it would be pointless in the end when forking can just be done by anyone. Have you noticed how many times bitcoin had been forked? Even if they destroy half of the thousands, there will always coins that will come out.

bob123

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Quote from: BrewMaster on June 26, 2018, 09:25:36 AM

Quote from: bob123 on June 26, 2018, 06:15:02 AM

Quote from: Kakmakr on June 26, 2018, 01:27:47 AM

Let's say they are successful, then they must sustain this attack for it to be affective. Roll Eyes

This news will then trigger a shift of mining power to other Alt coins and also investment capital moving to these coins.

I doubt that a successful 51% attack would lead to money moving from BTC to non-PoW alts.
If there really should be such an attack (double spendings, rewriting blockchain, ..) the most probable outcome (in my eyes) would be that the whole crypto market would suffer heavily.

It doesn't matter if such an attack happens on bcash (or any other PoW coin). But if it would happen to bitcoin, the price would probably dump pretty hard.
Since this would lead to a heavy monetary loss for the miners (especially bitmain), i doubt that this will happen to btc.

the problem with non-PoW altcoins is that they are usually more flawed than PoW coins. for instance take PoS coins. they are literary the "Rich get Richer" schemes.
in PoW you have to literary work for new coins but in PoS you just have to be rich to become richer just by having coins.

I did not intend to give the impression better alternatives to PoW would exist.
Other consensus algorithms do definitely have flaws, PoW doesn't have.

But to be fair, regarding the wealth needed to generate more wealth it doesn't differ much.
Whether one casual guy will be buying 2 graphic cards compared to 200 asics, doesn't matter much from a casual guy staking 500$ compared to 50.000$ being staked.

It is basically pure money in PoS and hardware+electricity in PoW.

BrewMaster

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There is trouble abrewing

Quote from: bob123 on June 26, 2018, 06:15:02 AM

Quote from: Kakmakr on June 26, 2018, 01:27:47 AM

Let's say they are successful, then they must sustain this attack for it to be affective. Roll Eyes

This news will then trigger a shift of mining power to other Alt coins and also investment capital moving to these coins.

I doubt that a successful 51% attack would lead to money moving from BTC to non-PoW alts.
If there really should be such an attack (double spendings, rewriting blockchain, ..) the most probable outcome (in my eyes) would be that the whole crypto market would suffer heavily.

It doesn't matter if such an attack happens on bcash (or any other PoW coin). But if it would happen to bitcoin, the price would probably dump pretty hard.
Since this would lead to a heavy monetary loss for the miners (especially bitmain), i doubt that this will happen to btc.

the problem with non-PoW altcoins is that they are usually more flawed than PoW coins. for instance take PoS coins. they are literary the "Rich get Richer" schemes.
in PoW you have to literary work for new coins but in PoS you just have to be rich to become richer just by having coins.

Psychee

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If the states really would like to get rid of crypto conversions, then everything would have been over for a long time, but as long as there is a chance to beat the bitcoins and invest money in other crypto projects like Socratus

Topic: If states truly would want to get rid of cryptocurrencies (Read 448 times)