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November 07, 2017, 03:20:14 AM |
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Yes, you could theoretically destroy Bitcoin.
Here are some scenarios - although unlikely, still theoretically possible:
Massive DOS attack which completely takes out all miners. Without miners, you cant validate transactions and create new blocks. Without new blocks no movement of Bitcoins. Its dead. By the way, most probably the internet would be dead too. You break the cryptography behind the Proof of Work algorithm. Its a mathematically sound approach, as its mathematically possible but just very, very, very hard. In simple terms: You can fake the complete chain if you manage to re-create a new chain which is longer than the real chain, which is completely sound to all the mathematical constraints for blocks and transactions, in the time it takes the other miners to create the next valid block. Potentially possible, for example, if you build a quantum computer in your garage and work out an algorithm which is able to do that.
A massive restriction on the global scale: Governments all over the world restrict the contact points with regular money and make it very, very hard to exchange Bitcoins. Which would make it useless for transactions outside the network?
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