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?
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.
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.
