Cryptocurrency Could Still Fail! Explains 2 Bitcoin Developers

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October 11, 2019

Cryptocurrency Could Still Fail! Explains 2 Bitcoin Developers

 

Eleven years will be completed in a few months since the launch of Bitcoin. It is an achievement for a digital currency to survive this long. But we should keep in mind that this is just an experimental project which could collapse anytime.

Till the end of 2019, the Bitcoin price could go from $42,000 to $100,000 by the end of 2021. But a blockstream mathematician Andrew Poelstra explains that the developers who are behind the Bitcoin are more or less worried that the system could collapse completely.

MIT’s Cory Fields and former Blockstream CTO Greg Maxwell who have contributed to the development of Bitcoin Blockchain shared their views on what are the real threats to Bitcoin.

The Social Attack

He explained why is the voting process of Bitcoin is necessary to order transactions. He also shared why 51% of the attacks get a lot of attention than they deserve.

“I think people obsess far too much about ‘51%’— it has some kind of attractive mystery to it that distracts people,” wrote Maxwell. “If you’re worried that someone might reorder history using a high hash-power collusion— just wait longer before you consider your transactions final, he added.

Maxwell also said that the system is more at risk when a social attack vector where the rules of the whole Bitcoin network are changed just for altering the centralized model.

If we see a bigger risk is also present. The people do not understand and they don’t protect the decentralization properties. These properties only provide an edge to decentralized properties over the centralized one. The systems also have the ability to change the rules with fake decentralization. This concern more than an expensive attack wrote Maxwell.

Introduction of a Bug

Bugs can be more dangerous than anything else. If a bug gets introduced in the internal system then it is more likely to cause a sudden death scenario. Bitcoin has also experienced these types of bugs in the past.

Fields also made a connection with the other Bitcoin developers so that they may work with him and make a ten-year plan. By this plan, it will be more likely that these kinds of bugs can be eliminated from the Bitcoin software and consensus.