1: Some black hat will gain a temporarily controlling compute share of a cryptocurrency (either the chinese ASIC companies or a massive AWS/google cloud/azure... cloud mining to override the majority share and convince the network that some illegal transactions occurred). 2: They will then proceed to massively tumble the hacked coin through different exchanges through multiple different cryptocurrencies so that hard forking is nigh impossible to undo the hack (cryptocurrencies are 1 way transactions so the buyers of the hacked coins are SOL). 3: Cryptocurrencies all crash because they are susceptible to mining takeovers which cannot be detected quickly enough to hardfork to undo the hack which render their whole design impractical.
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Mine is that people will realise the emperor has not clothes and it will tumble.
......such as....fiat currency backed by nothing a la USD?
BTC is clearly going to zero in the next 10 years
Can you explain your position?
He's going to EMP strike and screw it all up, obvs.
Possible, but difficult. I could see it with low share alts, but hard to imagine with coins in the top, say, 25 of market cap. Look what just happened with the Tether hack. Those stolen coins were very quickly identified, partitioned, and then the chain was forked to render the stolen items useless.
All they would have to do is immediately transfer them to exchanges and trade them with other people and other cryptocurrencies. Once the money is in other people's hands, it will spread across accounts exponentially. Also, if it gets traded to a dozen other currencies, that would then require hard forks for each currency to undo it.
Bitcoin would be hard due to the ASICS but I highly bet you could provision enough compute capacity across all the different cloud vendors (say at night when demand is low and more capacity is available and main developers are asleep which gives you more time before they find out)
Industries and governments are never going to get behind something they can’t control. That’s the fundamental challenge with crypto currencies and technologies like blockchain that claim they bypass all the regulation and put people in charge of their data. Anyone losing money and influence from that data is going to fight it. I could be very wrong, but I predict bc as we know it will be worthless in a few years.
They can fight and come but they will fail miserably
You actually think if the US made crypto illegal, it wouldnt drop to 0? It doesnt matter that they technically cant control it. Threat of jail for trading in it would be enough.
4. Aliens will attack earth
Lol do you even crypto currency
Lol, do you even understand valuations
Cryptobros do not. They are suckers.
LOL another wannabe expert that thinks he knows how crypto works
This would require a massive capital investment to pull off... no one with that capital would try to steal coins which could be potentially worthless should there be a hard fork
digiconomist [0] estimates that current etherum mining cost is 1.3 billion a year, or 3.6 million a day, or 151,000 an hour, or 2,500 a minute. Multiply by 5 for cloud on demand premiums and you could still dominate the etherum network for an entire day for 18 million. you could also do it for free if you can manage do to it with stolen credit cards. Per the hard fork, if you manage to trade it across a dozen different cryptocurrencies across a dozen different exchanges and keep tumbling it with other people so that the number of transactions that need to be rolled back grows exponentially, it would be nigh impossible to get all of them to hard fork all of those transactions (you’d have to get every exchange to fork over their data for each transaction too). https://digiconomist.net/ethereum-energy-consumption
I️ don’t know of any ASIC cloud providers. Doing this with GPUs is going to cost you 10x more
No hasn't happened so far 🥺
Short btc then do this.