Bitcoin's Achilles

De: Hatsu Ansaldo

Narrado por: Virtual Voice

I love cryptocurrencies, especially Bitcoin, as I like risk and love gambling. It could be the future of finance if and when traditional finance is merged with Web 3.0. I love the idea of tokenized stocks as it would be great to join a trading pool to rapidly inject and pull capital via raw computing power to get rich quick. There's only one problem; what little I do own in this world is denominated in dollars and my meager savings are FDIC insured, but none of this exists in the Blockchain, especially Bitcoin as it's running on outdated technology and, of course, not insured. So, if all fiat currency is devalued and worthless, How will be paid out for our Bitcoin and other alternative coins? Sadly, it's a fact that there is a zero use case scenario for Bitcoin outside of speculation as well as the requirement of new money coming in to make any profit. Aren't there like only 2 million Bitcoins left to mine? What happens then? Who is this Nakamoto character? A terrorist organization or a government sideshow that will engage in a rug pull causing the entire house of cards to collapse; after all, Nakamoto is the largest single holder of Bitcoin right behind the US ETF market and could cause a complete collapse of the price in seconds in conjunction with a hack if they chose. What people aren't saying about Bitcoin and all other cryptocurrencies is that the networks are most definitely vulnerable to hacks, specifically during hard forks, which will be inevitable for Bitcoin as the community will have to update the software in an attempt to stay abreast of quantum computing. Plus, what if a hack gained 51% ownership of Bitcoin and the network? They would gain full control of Bitcoin, steal the other 49%, double spend coins, etc... We can't forget the theft of Ethereum during its update back in 2016; after all, all Bitcoin holders could be like the suckers who have Ethereum Classic in their digital wallets right now! It's possible that Nakamoto chose the elliptic curve, secp256k1, as it theoretically could contain a backdoor; unfortunately, no programmer or cryptographer can say with 100% certainty that it exists or doesn't. I guess we'll find out someday. Finally, ten years ago, we would have had to turn off every computer and the entire Internet to stop Bitcoin, but the inevitable hack that will discredit all the diamond hands HODLers is all but itself imminent in consideration of governments having to do it out of necessity to force capital back into traditional finance or, possibly, as a result of human greed during an update that will be needed to allow the network to survive in the dynamic technological age that we are living in today. The use of the blockchain may be the future of many things but to think it's impenetrable is a huge mistake. It's digital and accessible by anyone on the Net, and even if you are holding your crypto in a cold storage wallet, that has to be hooked up to a network to retain value. In short, I support Bitcoin, but it's full of risk, theft, and extreme volatility. Bitcoin may survive the series of hacks that are coming, but it's not a hedge against fiat currencies, it's not digital gold, and it's not a commodity. It's sexy and risky, but all gambling is. We must call a spade a spade!

"Quantum computing algorithms will break nearly every practical application of cryptography in use today, making e-commerce and many other digital applications that we rely on in our daily lives totally insecure." - Cryptomathic