Less than a week after declaring the death of Bitcoin, the English magazine ‘The Economist’ has again published an article predicting the end of cryptocurrencies. This time, he makes an essay on how governments, miners and investors can unite to try to destroy digital assets.
In summary, the newspaper states that cryptocurrencies will only die “if everyone stops using”
, but classifies this possibility as “extraordinarily difficult”, as Bitcoin and other cryptocurrencies are extremely popular now and gaining more and more adoption.
“The current high value of bitcoin and Ethereum makes this even more difficult.”
– says the Journal.
Miners and governments
Citing coordinated actions on how governments and miners could attack cryptocurrencies, ‘The Economist’ points out that destroying Bitcoin is a possibility with attacks .
An attack on a blockchain by a group of miners who control more than 50% mining hashrate – the sum of all computational power dedicated to mining No – it’s called a 51 attack.
“The security of these networks – measured by the amount someone would have to spend to attack them – is now in the range of US$ 5 billion to US$ 10 billion. It would take a government or a very wealthy individual to mount such an attack. And even if Elon Musk was interested, he seems a little busy right now.”
In the attack, attackers can interrupt the confirmation and ordering of new transactions, thus, they can rewrite parts of a blockchain and reverse transactions.
“The more valuable the tokens, the more energy is needed to attack a proof-of-work network like Bitcoin, and more money to attack a proof-of-stake blockchain like Ethereum.”