Mobius Capital Partners LLP founder Joseph Bernhard Mark Mobius has expressed some concerns over the security features that the blockchain technology promises. He even once called Bitcoin a ‘’very high-risk situation’’ as we reported in the previous altcoin news reports.
At the time of writing, the bitcoin network has been operational for 99.98 percent of its lifetime since 2009 but the Mobius Capital Partners founder believes that the blockchain can be infiltrated:
“A lot of people say, ‘blockchain can’t be broken into.’ No, it can be. Anything that’s created by man can be broken into. And it could create a big crisis.”
Mobius did not explicitly state which blockchain exactly has problems with the security. There are dozens of individual blockchains such as the ones provided by Ethereum (ETH), NEO (NEO), EOS (EOS), Stellar(XLM) and Waves but the most important-Bitcoin’s blockchain which is widely considered to be impenetrable. While the bitcoin network has been operational for almost 100 percent since it was initially launched, the same robust security cannot be really boosted by altcoin blockchains.
For example, Ethereum Classic (ETC) became a victim of a 51-percent attack which is also known as the ‘’double-spend attack’’ which happened in January this year. Some of the other smaller-cap altcoins including Verge (XVG) and Bitcoin Gold (BTG) have also become victims of multiple crypto attacks on their underlying blockchains so the concerns that Mobius has are not so strange after all. Even Ethereum’s blockchain network which is considered very robust can allegedly be attacked for $113,032 per hour. Bitcoin as well may not be impenetrable forever. There is a fear among the users and among the industry professionals that quantum computing will eventually be ready to break the bitcoin blockchain with its huge computational power and encryption-breaking capabilities.
As per the reports in the latest cryptocurrency news, the fear is proving to be legitimate but there is still no quantum computer that is available and capable of completing such a task. This means that the Bitcoin hodlers don’t even need to lose sleep over Mobius’s statements at least not in the near future. Currently, there are some other issues that need taking care of.
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