Real Threats to Bitcoin or Cryptocurrency - U.S. Government crackdowns or 51% attacks?
U.S. Government would like to shut down Bitcoin after it's almost 11 years of successful journey. Is it the real threat to Bitcoin? And two of the Bitcoin developers explained the possible failure of Cryptocurrency due to 51% attacks.
Bitcoin network is about to celebrate its 11th anniversary within a few months. But, Bitcoin conspiracy theorists have long suspected the move of U.S. government targeting cryptocurrency world. According to the report, The U.S. government would like to shut down Bitcoin network, which was launched by Satoshi Nakamoto.
Why U.S. Government is behind Shut Down conspiracy of Bitcoin ?
First decade of the Bitcoin has seen its price explode and many millionaires who early adopted the bitcoin technology. In fact, some of the biggest technology companies have also shown their interest to create their own coins and tokens similar to the versions of bitcoin.
The bitcoin is still an experimental project that could fail against the digital cash system, which is in existence for a long time. As Blockstream mathematician Andrew Poelstra has explained in the past,
'the developers behind the cryptocurrencies are much worried about just making sure the system doesn't completely fall apart more than anything else.'
Meanwhile, Talking about the current bitcoin price predictions, it is ranging from $42,000 by the end of 2019 to $100,000 by the end of 2021 have been made this year, according to the reports.
According to the report published on Forbes on Oct. 8, Now, it's been revealed federal prosecutor-turned Bitcoin and cryptocurrency expert Katie Haun was asked to look into "shutting down" bitcoin by her boss at the U.S. attorney’s office in 2012.
"They said 'we have this perfect assignment for you'–there’s this thing called bitcoin and we need to investigate it,"
Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin. "That was the first time I’d ever heard of bitcoin."
Over the next few years Haun would go on to sit on the board of U.S. Bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.
Is there any other to Threat to Bitcoin apart from U.S. Government crackdowns?
Looking to the various threats to Bitcoin, 51% attacks are often brought up. It's another reason, in which bitcoin could eventually fail. Although, according to a report, Improvements related to mining decentralization are in the works. Various governments crackdowns on Bitcoin are often discussed, which talked about the skeptics of the digital cash system. But, some U.S. lawmakers seem convinced that they wouldn't be able to implement a Bitcoin ban.
So, what are the real threats to Bitcoin?
MIT's Cory Fields and former Blockstream CTO Greg Maxwell—both of whom have contributed heavily to Bitcoin's development over the years—recently shared their thoughts on the matter in separate forums.
Maxwell, who can often be found correcting people who are wrong about Bitcoin-related things on various subreddits, recently shared his view on one of the most pressing issues facing Bitcoin today in response to another Reddit user's question about 51% attacks. After explaining why Bitcoin's voting process for ordering transactions is necessary in the first place, Maxwell shared his view that 51% attacks may get more attention than they deserve.