What would happen to Bitcoin if a solar storm hits the earth? What if China starts a 51% attack against Bitcoin? Or if a quantum computer cryptography crack behind the digital currency? With these exciting questions and many more Phil and Alex involved in this particularly chilling episode of BTC-ECHO Podcast.
to have the Suitable Halloween, we thought what would be, in concrete terms, for Bitcoin of pure Horror. Sun storm, 51-percent-attack, massive price fluctuations, and broken cryptography, are among the hot candidates. Just opponent of the first crypto-currency access to these scenarios to illustrate the absurdity of the technology. But what is an actual danger and what fairy tale is only a nurse? We go to the bottom of it.
horror scenario: solar storm earth to a standstill
One day, in the year 1859, on the sun with the wrong foot and sent a huge magnetic storm to the earth. The event went under the name of the discoverer as a Carrington event in the story. The emerging electronic infrastructure was destroyed. One Similar today would happen in the year 2018, it is not difficult to realize that the damage would be massive. This would also be the end for Bitcoin? In this short Video you can find out more about solar storms:
Currently, Bitcoin would be the smallest Evil in our global, networked and digitised world. The traditional financial markets build finally also on electricity and would be affected. However, a solar storm like the 1859 one could not make the Bitcoin honey badger to the end. From the Minute two in the Podcast we talk about the stormy sun with a view on Bitcoin.
nightmare scenario: China attacks Bitcoin
Already in the Bitcoin White Paper, Satoshi Nakamoto identifies the possibility of an attack on the Bitcoin network: the majority – or 51-percent-attack. Is it possible that Bitcoin is subject to such an attack? You have to remember that the people’s Republic of China is one of the most attractive places for Bitcoin Mining. About 70 percent of the global Bitcoin Hashrate are based in China. The government could, in theory, authorize the Mining Hardware is a national and a majority of acquire – Out for Bitcoin?
here, Too, reality is not trivial. Bitcoin uses the SHA256 Hash algorithm for the Proof-of-Work consensus mechanism. However, this circumstance can be changed. The Mining Hardware is optimized for this algorithm, that is, a Change in the consensus mechanism would make the Hardware useless. The Bitcoin Community has an ACE up his Sleeve when it comes to the 51% attack. Everything to 51-percent-attack-China Podcast from Minute eleven in the BTC-ECHO.
Here is a little Video – a look behind the Scenes at a Podcast recording ;).
looking at the Bitcoin-horror scenarios, we can see that the crypto-currency is, in reality, very resilient. Not least, this property is just one of the value propositions of Bitcoin. So, you know, in the next conversation, as you and your opponent can counter you to listen to this horrifically entertaining sequence of BTC-ECHO Podcasts.