{"id":353255,"date":"2018-10-09T19:30:08","date_gmt":"2018-10-09T19:30:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=353255"},"modified":"2024-06-11T07:37:48","modified_gmt":"2024-06-11T07:37:48","slug":"report-china-has-capabilities-and-strong-motive-to-destroy-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/report-china-has-capabilities-and-strong-motive-to-destroy-bitcoin\/","title":{"rendered":"Report: China Has “Capabilities” and “Strong Motive” to Destroy Bitcoin"},"content":{"rendered":"

It\u2019s commonly known that cryptocurrency mining farms located in China have a stronghold over the Bitcoin ecosystem. However, a scathing new report suggests that China\u2019s increasing influence over the leading cryptocurrency by market cap may be putting the Bitcoin network at severe risk.<\/span><\/p>\n

China\u2019s Control Over the King of Crypto<\/span><\/h2>\n

A new report<\/a> entitled The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin from a group of researchers hailing from Princeton University and Florida International University, takes a terrifying deep dive into China\u2019s increasing control over the Bitcoin network and the risks associated with the country\u2019s firm grasp.<\/span><\/p>\n

The researchers “singled out” China, calling it the “most powerful potential adversary to Bitcoin.” It also warned of a “variety of salient motives for attacking the system and a number of mature capabilities” that China uniquely possesses, which are a threat to Bitcoin\u2019s integrity and future as a world currency.<\/span><\/p>\n

The paper points out how “heavily centralized” Bitcoin mining has become, with “over 80 percent of Bitcoin mining” being performed by a total of six mining pools \u2013 five of which have base operations associated with China. Combined, the Chinese mining pools control 74% of Bitcoin\u2019s hashpower.<\/span><\/p>\n

Only 51% control over the network\u2019s hashpower is required for a “51-percent attack<\/a>” \u2013 a situation where miners are able to modify transactions on the otherwise inalterable ledger.<\/span><\/p>\n

The report also looks at how China\u2019s social policy, in particular, China\u2019s Great Firewall, could be giving Chinese miners preferential treatment in deciding which blocks to mine. Chinese miners<\/a> are using the priority to their advantage and are mining empty blocks in an attempt to move the miner up the queue and increase mining returns. However, the mining of empty blocks has a detrimental effect on the speed of Bitcoin\u2019s network.<\/span><\/p>\n

China Could Destroy Bitcoin to Make an Ideological Statement<\/span><\/h2>\n

Slowing down the network is the least of investors problems when it comes to China\u2019s control over Bitcoin\u2019s hashpower. The researchers identified 19 different types of attacks that the Chinese mining pools are currently capable of. One such attack, called a Goldfinger attack, researchers say could destroy Bitcoin. <\/span><\/p>\n

\n

“The most likely scenario is a death spiral in which China can credibly threaten a Goldfinger attack and rational miners will be scared off, thus destroying Bitcoin,” the report reads.<\/span><\/p>\n<\/blockquote>\n

But why would China be motivated to destroy Bitcoin? Researchers conclude that Bitcoin is in “ideological opposition” to China\u2019s communist policy, and could “weaken or destroy it” to make a statement. “Virtually any violation of Bitcoin\u2019s security suffices to achieve this goal as long as it is highly visible,” the researchers added.<\/span><\/p>\n

China Could Weaponize Bitcoin to Attack Enemy Economies<\/span><\/h2>\n

The paper ends with a chilling example of how China could use their influence to weaponize Bitcoin. Many foreign economies look to cryptocurrencies like Bitcoin as a safe haven due to the lack of financial infrastructure in their country, or due to the way their governments control traditional fiat currencies.<\/span><\/p>\n

The report says that China may seek to attack Bitcoin as a way to indirectly attack an enemy country and destabilize its already fragile economy.<\/span><\/p>\n

\n

“To exert influence in a foreign country where Bitcoin is in use, China may aim to weaken or even totally destroy Bitcoin. This could be done by targeting specific users or miners for attack or by generally weakening consensus to increase volatility to a breaking point,” the report warned.<\/span><\/p>\n<\/blockquote>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
It\u2019s commonly known that cryptocurrency mining farms located in China have a stronghold over the Bitcoin ecosystem. However, a scathing new report suggests that China\u2019s increasing influence over the leading cryptocurrency by market cap may be putting the Bitcoin network at severe risk. China\u2019s Control Over the King of Crypto A new report entitled The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin from a group of researchers hailing from Princeton University and Florida International University, takes a terrifying deep dive into China\u2019s increasing control over the Bitcoin network and the risks associated with the country\u2019s firm grasp. The researchers “singled out” China, calling it the “most powerful potential adversary to Bitcoin.” It also warned of a “variety of salient motives for attacking the system and a number of mature capabilities” that China uniquely possesses, which are a threat to Bitcoin\u2019s integrity and future as a world currency. The paper points out how “heavily centralized” Bitcoin mining has become, with “over 80 percent of Bitcoin mining” being performed by a total of six mining pools \u2013 five of which have base operations associated with China. Combined, the Chinese mining pools control 74% of Bitcoin\u2019s hashpower. Only 51% control over the network\u2019s hashpower is required for a “51-percent attack” \u2013 a situation where miners are able to modify transactions on the otherwise inalterable ledger. The report also looks at how China\u2019s social policy, in particular, China\u2019s Great Firewall, could be giving Chinese miners preferential treatment in deciding which blocks to mine. Chinese miners are using the priority to their advantage and are mining empty blocks in an attempt to move the miner up the queue and increase mining returns. However, the mining of empty blocks has a detrimental effect on the speed of Bitcoin\u2019s network. China Could Destroy Bitcoin to Make an Ideological Statement Slowing down the network is the least of investors problems when it comes to China\u2019s control over Bitcoin\u2019s hashpower. The researchers identified 19 different types of attacks that the Chinese mining pools are currently capable of. One such attack, called a Goldfinger attack, researchers say could destroy Bitcoin. “The most likely scenario is a death spiral in which China can credibly threaten a Goldfinger attack and rational miners will be scared off, thus destroying Bitcoin,” the report reads. But why would China be motivated to destroy Bitcoin? Researchers conclude that Bitcoin is in “ideological opposition” to China\u2019s communist policy, and could “weaken or destroy it” to make a statement. “Virtually any violation of Bitcoin\u2019s security suffices to achieve this goal as long as it is highly visible,” the researchers added. China Could Weaponize Bitcoin to Attack Enemy Economies The paper ends with a chilling example of how China could use their influence to weaponize Bitcoin. Many foreign economies look to cryptocurrencies like Bitcoin as a safe haven due to the lack of financial infrastructure in their country, or due to the way their governments control traditional fiat currencies. The report says that China may seek to attack Bitcoin as a way to indirectly attack an enemy country and destabilize its already fragile economy. “To exert influence in a foreign country where Bitcoin is in use, China may aim to weaken or even totally destroy Bitcoin. This could be done by targeting specific users or miners for attack or by generally weakening consensus to increase volatility to a breaking point,” the report warned. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":351949,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,5651,3],"tags":[14710,428,640,1310,2989],"class_list":["post-353255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-bitcoin","category-news","tag-51-percent-attack","tag-bitcoin","tag-bitcoin-mining","tag-china","tag-miners"],"acf":[],"yoast_head":"\nReport: China Has "Capabilities" and "Strong Motive" to Destroy Bitcoin<\/title>\n<meta name=\"description\" content=\"A new report takes a terrifying deep dive into China\u2019s increasing control over the Bitcoin network and the risks associated with the country\u2019s firm grasp.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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