It sort of funny when you think about it the real 51% attack comes in the form of lost of market cap, and through impotent development
implementation.
This was a very unexpected attack vector.
I think its needs some sort term coined for it....as a cautionary tale to future coins....
I shall call it a
Devexed [Attack]
when the failure dev implementation causes your coin go below 51% of the market share or similar. This causes a coin to go into a death spiral as to market and use despite high demand. There is also an usual pathology where the proponents of conflicting development solutions are incapable of seeing the other side of the argument or reaching any compromise and even attack any suggestion that their position is deleterious to their eventual goal.
Topic: The Flipening when? 51% Devexed Attack - page 2. (Read 1804 times)
What is the critical market cap / event(s) / non-event (eg failure to adapt) that will see a terminal decline or marginalization of btc and over what time scale?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
2 years is wildly too long. I agree that bitcoin will have a few months to recover if/when it loses the #1 position. At that point there will absolutely need to be a solution to the scaling debate. If it is not found, bitcoin will drop at an increasing rate and become a footnote in a matter of months. There are too many alternative onramps to crypto now.
I expect BTC dominance to drop below 50% within the week, waking up some people not paying attention yet, and causing some maximalists to start hedging. The hedging and increased awareness could create a vicious circle as more maximalists and passive BTC holders finally start diversifying, resulting in the flippening happening in a matter of days or weeks, not months.
Bottom line, I think it is dangerously close to too late right now for BTC. And there is just no real sense of urgency to drive home a solution to the scaling impasse. I'm not saying people aren't concerned, but the sense of impending doom is not there yet like it should be. Governance turned out to be the big weak point in bitcoin.
legendary
Activity: 1302
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Core dev leaves me neg feedback #abuse #political
If Bitcoin ever becomes #2 instead of #1, while at the same time not having a scaling solution fully implemented, its over.
What is the critical market cap / event(s) / non-event (eg failure to adapt) that will see a terminal decline or marginalization of btc and over what time scale?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
BTC is the world reserve currency for the crytocurrency world. Your question
is like saying, "When will the Rupee or the Peso overtake the US Dollar?".
There are times when it ebbs and flows, but to overtake it is ludicrous.
It is more likely for Bitcoin to fail as an experiment and die, then for it to be
overtaken by an altcoin that currently exists and is being traded. Nothing is as
secure and well rounded as Bitcoin is today.
Anyone who invests into ETH, thinking it will overtake BTC is very ignorant as
to what BTC and ETH are and what they were both separately designed for.
What is the critical market cap / event(s) / non-event (eg failure to adapt) that will see a terminal decline or marginalization of btc and over what time scale?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
I feel an alt, say eth having a larger cap and volume than BTC for about 2 months will be hard for BTC to recover from.
If BTC moves to Number 3 or 4 by market cap even harder.
I know market cap is massively misleading, but its populist nature is alot of its power.
If BTC does not scale within 2 years is my time frame.
I wonder what the miners will be doing with all their paper weights at that point, particularly the highly leveraged ones?
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