Since showing up, Bitcoin was a target of a huge number of attacks and criticism as we have covered extensively in our crypto news reporting. People have been asking themselves whether it is possible to kill bitcoin if we just stopped talking about it, but this is very unlikely to happen.
A Reddit user even created a list of all possible attacks that can eliminate bitcoin and according to him there are three types of attacks:
- Slowdown the development
- Slowdown the adoption
- Reduce the efficiency of the infrastructure
If bans are imposed on using Bitcoin, governments will cause inconvenience to people who own them. But, bitcoin was banned in many countries such as Vietnam, Bolivia, Ecuador and many others but the bans didn’t bring any results. In other countries such as China and South Korea, even a rumor about a ban affected the exchange rate of the cryptocurrencies. Despite the rumors, Bitcoin still remains alive.
Cyber warfare is a type of hacking and illegally manipulating social networks. Bitcoin was a target million of times but it showed excellent resistance and remained still. This is due to the extremely strong security system Bitcoin has and also because of the many decentralized nodes that are in the network.
Another type of attack could be the PR attacks. Popular media and government officials often say that Bitcoin is associated with crime. Media takes these statements and exaggerates the extent of damage that news like these makes.
Despite all the types of attacks out there and the creativity of the people who want to harm bitcoin, killing it would require a lot more effort than this. However, there are several agencies that can significantly impact and damage Bitcoin so we would be foolish to think that Bitcoin is indestructible.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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