Thursday, August 16, 2018

How can Bitcoin fail?

  • Bug discovered or coding error
  • Encryption broken
  • Hacking attack on Bitcoin nodes and Wallets
  • Internet access cut off for countries - undersea cables and satellite
  • Malware / virus deletes blockchain on nodes
  • New cryptographic discover renders Bitcoin obsolete
  • Not physically backed asset - e.g. Gold (even though energy used)
  • No real use case
  • Quantum computing breaks encryption
  • Regulation by Governments with tax policy
  • Regulation by Central banks not allowing Fiat into the Bitcoin ecosystem and out of the Bitcoin ecosystem
  • Satoshi Nakamoto identity revealed or sells Bitcoin
  • Trust issues - no trust, no confidence, trust broken

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