The MIT Apparently Knows How To Destroy Bitcoin...
Yes, the guys from the MIT apparently know how Bitcoin could be destroyed. They even came up with 3 possible scenarios on how it could take place. Personally I don't think that it's possible but let's take a look at what they came up with...
Scenario 1 - The Fedcoin
“The year is two-thousand-something-big, and it’s the day your taxes are due. But you don’t file them. Instead an algorithm automatically makes a withdrawal from your electronic wallet, in a currency called Fedcoin.”
Yep a Fedcoin, that's the first way the MIT imagines Bitcoin could eventually be destroyed. A centrally issued currency that's fully controlled by the banks and governments. So pretty much the exact opposite to the vision of freedom that Bitcoin holds.
It's actually quite likely that something like a Fedcoin might possibly exist in the future but I somehow doubt that it will replace Bitcoin or even destroy it. Cause as we all know, no one can really cease your BTC but they could take all your Fedcoins within a second...
Scenario 2 - Facebook Takes Over
“If Facebook could persuade a large enough fraction of Bitcoin users and miners to run its own proprietary version of the Bitcoin software, the company would thereafter control the rules. It could then refashion Bitcoin as a corporate version of the Fedcoin described above.”
Okay, so honestly that scenario just made me laugh. As if Facebook would still be around in the future. For me it's pretty obvious that steem and SMT's will have taken over by then easily. Our children might eventually ask us one day what the hack we thought back then to use such social media platforms xD
Scenario 3 - Multiple Cryptocurrency
“You’re in the checkout line at the grocery store. Inside your phone’s digital wallet you find not only Fedcoin and FacebookCoin but also AppleCash, ToyotaCash, and a coin specific to the store you’re standing in. There’s also a coin redeemable for babysitting services, and another that gets you rides on your local subway system.”
True, that scenario actually sounds at least a little bit more realistic. But honestly, whenever every company got its own token, how shall the customers get their hands on them? Oh and further do we really think that every small business owner will have its own cryptocurrency and only accept that one in his/her store?
So the longer you think about it the less likely it gets that company coins will destroy bitcoin. Maybe I'm just too enthusiastic about BTC in general but come on, who of you would exchange some Bitcoin for a Facebook- or ToyotaCoin? I definitely wouldn't...
My Conclusion/Opinion
For me personally those 3 scenarios are actually more nonsense than a real possibility. Maybe I'm just not thinking abstract enough but honestly it sounds like someone had too much to drink and came up with some cool fictional stories on how Bitcoin could be destroyed.
Of course that's just my 2 cents but I'd definitely as well be interested in your opinion on those scenarios. Are they likely/possible to happen or just pure nonsense?
(Source - Cointelegraph.com)
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Not impressed.
How about the evolution of quantum computers which could pre-mine all future blocks or be able to brute-force discover everyone's private keys.
That would do it! Quantum computing will eventually be able to undermine all current POW coins and discover all private keys. The cryptocurrency world will have to adapt when this happens, moving to a version 2.0.
As soon as quantum computing gets reality the whole sphere will have to change drastically. It's just as much a thread as well as a chance on the other handside. Through quantum computing the blockchain technology could reach a whole new level.
What a crock!
That’s the best these ‘geniuses’ can come up with!?
I guess BTC is safe from the government if the brainiacs at MIT are asked to come up with a way to mitigate its influence.
Yeah I thought exactly the same...
Sorry but every one of us could possibly come up with a better scenario, even drunk xD
These are not plausible situations. Crypto is alright for the present however expect drops in esteem. The banks won't surrender their hang on the currency showcase effortlessly.
Facebook may transform into an alternate stage soon. It is too enormous to kick the bucket quitely.
I think the only scenario that is likely to happen is scenario 1 but it's not gonna happen anytime some but sometime in the future
Agreed, out of those 3 scenarios it's probably the most likely.
The other 2 are rather nonsense...
Yeah
I dont see the other 2 happening
To me I will say nothing is impossible, but to my own understanding of cryptocurrency, it's not likely to happen except no 1 which is years away
Senerio 1 is
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Agreed...pure nonsense.
Did the Petro suddenly solve Venezuela's problems. When you have a token issued by an authority that is inept, corrupt, and uncaring, does it matter if it is fiat, crypto, or seashells?
Facebook is helping the cryptocurrency cause by pushing decentralization into the conversation. This company is too strong and people are realizing it. While they are not making the connection yet, their answer is decentralization. If we keep promoting this idea, people will realize how much more beneficial it will be.
Overall, these guys are way off base. They still believe in the power of the government and the corporation. These entities are not strong enough to stand up to this technology. It cannot be controlled, nor overtaken, or stopped.
What I see happening is the exact opposite. Cryptocurrencies will keep being created for a variety of projects enabling financing of all kinds of ventures. This is going to create massive wealth for hundreds of millions of people. Now that money creation is in the hands of all, we are in a different ball game. The leverage the few had is being stamped out.
I second your words as I'm of the exact same opinion here. I'm just curious how it'll work out in future though as blockchain technology will eventually get combined with the Internet-of-Things and IMO that's whenever the real fun starts. Humanity could develop so many awesome technologies that robots might eventually really do the work while we could enjoy our life's with a little less work :)
Maybe a pissed off bank or state with a quantum computer. Few years away
A quantum computer, see that's a reasonable scenario for me. Not a fedcoin or company coins etc. ...
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it's really getting annoying dude...
Really? Is that the best MIT can come up with? LOL complete nonsense. I agree with experts who are saying that Bitcoin dominance will weaken over the years and possibly will diminish it's power as a king of cryptocurrency, but that day is very far far away..
It'd just be healthy for BTC and cryptocurrency overall in case the dominance would be split among many major and solid coins rather than just a few. It'd make trading more interesting, stable and less dependent on the king.