The destruction of bitcoin

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The destruction of bitcoin

In 2013, a Reddit user Luka Magnotta left a letter from the future about bitcoin, which very accurately predicted the rate of BTC. The message of 2025 Luca told that the most popular cryptocurrency is already worth more than $1 million, and the $ is not used. A large part of the bitcoins were in a small percentage of people who have built a special city for the protection of themselves and the miners. States are unable to control the collection of taxes, as a result, most governments have ceased to exist. Economic growth slowed, the terrorist group began hunting for the cryptocurrency millionaires. The world was turned into chaos, the only way out of which was complete eradication of a decentralized cryptocurrency. Is it possible to destroy bitcoin, we shall understand in this article.

How many miners and full node is sufficient for the existence of bitcoin

The blockchain is a distributed database, which is updated every 10 minutes a new block. These data keep the full node. Miners do not need to store the entire block chain, they process the transaction, looking for Hesi and generate blocks. Full nodes do not receive remuneration for that store and update the blockchain. As a result, the full node there are no more than 10000. The owners of the GBR – it services that need the fastest possible confirmation of the transaction (e.g., mining pools) or bitcoin enthusiasts. To support the work of the blockchain is enough to have two miners and two full gcd to reach consensus algorithm PoW.

What will happen to Bitcoin with a sharp decrease in the number of miners

The throughput of bitcoin will not suffer from a sharp decrease in the number of miners, in contrast to their ability to produce new units. The fact is that before the conversion complexity through 2016 blocks could be months, not the required two weeks. Then it is possible to hold hard forks, changing the conditions of recalculation of complexity.

The test network during the term of bitcoin mining block more than 20 minutes allowed the release of the nearest block with reduced complexity, but the consequences are not fully understood. Few have dared to apply this in the core network in order to avoid chain forks. Some altcoins implement reduced complexity for one block, and in total overall, and it is also risky: the miner is motivated to buy hash rate, to drive complexity into the heavens, and then zero complexity salinity a large number of blocks in a row.

In practice such situations have not yet met. In stable conditions, the abrupt shutdown of miners is impossible by definition ? the reduction will immediately be noticeable, greed will encourage you to connect with new miners, all the while ignoring bitcoin because of the high complexity and to occupy the niche of the departed. This sequence of actions demonstrates that cryptocurrencies with bacchanal – a socio-technical mechanism that operates via the Internet.

What will happen to the bitcoin if you lost Internet

It is obvious that to destroy bitcoin, disable the world wide web. Then the transaction is simply not will be lost communication between the nodes and miners. But how to destroy the Internet in practice?

In fact, the network has two ways to transfer data:

  • Cables laid in the ocean waters.
  • Satellite.

Data on submarine cables available in the public domain. It turns out that if necessary they can be removed physically. Such a case has happened during the tsunami in Japan. Then the land of the rising sun has experienced problems with the congestion of the Internet, but the satellites and the remnants of the cables are still managed with data transmission.

If someone will exist the problem of disconnection, the impact will be areas of concentration of the reference nodes, which are located on the coasts of seas and oceans. To find the cable, you can use the minesweeper, and open enough saws for metal. Information about the reference point also is in the network. It is known that such points are located on the beach in the residential area of long island and other open spaces. Breakage of these points will not lead to the destruction of the Internet as a whole, but there will be notable problems in the transfer of data between defined regions. Sometimes the cable issue yourself.

All of these concentrations are about 10. They are located on all continents. If we assume that all nodes are disconnected at the same time, the Internet will not be world wide web – it will be divided into parts and to function locally (intranets). But will it be enough for the disappearance of bitcoin? Not enough, as the miners will continue to do their job, and to transmit data to other nodes will be via satellites. It turns out that even disabling will not hardforum. Do not be surprised that the nodes that transmit data via satellite, there are already not the first year.

Is it possible to disable satellites

Sometimes the sun ejects a coronal mass ejection, which leads to solar storms. Tons of stuff does not stand the magnetic field of the Sun and a significant part of the ionized plasma is on the Earth for three days after the release. When the Earth comes under the plasma flow, magnetic storms occur. These storms can cause induced currents in the conductors, and the conductors are in all the satellites and computers. Currents can bring down any computer hardware. In 1859 occurred a storm of such force that corrupted all the Telegraph poles of Europe and the United States. The ability to disable satellites was demonstrated in 2003 during the “Halloween” flare. Then the plasma flows almost do not hurt the planet, but has damaged the mass of satellites and disrupted mobile communications.

Even if you imagine that cable Internet is divided into 2 intranet, and the satellites put out of action, it is obvious that the connection between the local networks will still be restored after some time. Then should merge chains of blocks. Whose chain is longer, and will be added to the blockchain. This means that the region with more computational power will turn the chain the blockchain. As long as the connection is restored, transactions it is better not to, because you do not know which circuit it will be deleted or won. In any case, no hard forks this situation, most likely, will not do, but bitcoin will survive.

In the letter Luke Magnotta bitcoin tried to break through the nuclear bombing. Sounds strange, but a nuclear strike may be ineffective.

The fact that the Internet is built on fibre optic cables, which even electromagnetic radiation of a nuclear explosion will not have a strong impact (not considering the shock wave). Besides, the explosion would have to be conducted not only on Land but also under water.

Another option is the physical removal of cryptocurrency – simultaneous disabling of all full nodes. Information about the location of most of them is also available.

Software-ways to uninstall Bitcoin

More real method of attack 51%. Obviously, the owner of 51% of the computing power of bitcoin is not interested in the attack, as the cryptocurrency will just lose value. Another thing, if the access capacity will get the attacker. Then he can infinitely reject other people’s blocks or to repeatedly spend their money. The network will become unusable.

Another option is sending bitcoins to the addresses of the stub, to which access is missing. The problem is that you first have to buy the cryptocurrency.

The only way to eliminate bitcoin completely, i.e. so that they are not tracked on the blockchain don’t want to take the reward for mined blocks. Then the coins disappear from the blockchain. The pools is EclipseMC and Eligius functioned until 2013 and didn’t take the reward for mined blocks. This method removes only the new coins mined already it is impossible to erase from the blockchain.

The end of bitcoin possible?

In theory, bitcoin is the easiest to destroy with the help of transaction blocking attack 51%. Physical eradication network is almost impossible. Even if you imagine that the Internet and all information technology was disabled, sooner or later they will be restored. The question is how the data is stored in all nodes and private keys of users. As a side effect, ppl were.

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